I was chatting with my youngest son the other evening and and he mentioned several condos and business buildings available in downtown Tacoma. Some sounded like re-listings. Perhaps there is a new and hopeful attitude growing about business property in the Pacific Northwest. I decided to nose around. While looking on Loopnet.com for news concerning business property for sale, I came across in the Pierce County area a number of places that looked familiar and then I stopped on the image of the property at 2901-2915 Bridgeport Way W in University Place. It’s the CHI Franciscan Hospice Property. I produced a video about Hospice there several years ago. It’s interesting to see connections.
Recently I was also talking with Anders Ibsen. Anders is a Windermere Professional. He used to be a member of the Tacoma City Council. We met when he was out door belling for election, or re-election. I always like to keep up on community news. Anders mentioned he had “Great News for VA Home Buyers.” I’m not a veteran, but I used to buy and sell homes. A few days later I heard a news item on NPR about a need for new cities in Washington State. The new cities would be for populations of between 200,000 to 400,000. Evidently the COVID pandemic has shown that many people can work from home and don’t need to be centralized for the job location. “An astonishing 14 million to 23 million Americans intend to relocate to a different city or region as a result of telework, according to a new study released by Upwork, a freelancing platform. The survey was conducted Oct. 1 to 15 among 20,490 Americans 18 and over . . . ” – npr.org/sections/coronavirus-live-updates/2020/10/30/929667563/now-that-more-americans-can-work-anywhere-many-are-planning-to-move-away
I was out shopping for Thanksgiving supplies, so didn’t have the opportunity to check out where these people where coming from, but if the news was from NPR, it’s good enough for me.
Anders had mentioned details almost too good to be true. “Buying a duplex with 0% down? Yes, that’s a thing! What many VA buyers may not realize is: you can use your VA loan to purchase investment properties like duplexes or fourplexes, too. All you have to do is live in one of the units for a year after closing, and move in within 60 days of purchasing the property. VA mortgage rates are insanely competitive now. Even for multi-family, if your credit is good you can expect rates into the low 3% or even high 2% range for a 2-4 unit property. With rents in our region skyrocketing, service members have a unique opportunity to build a lasting investment portfolio with minimal out-of-pocket expense.”
It’s too late for me to enlist, but those details seemed like a good deal to me. I know the economy is down, and business property hasn’t been selling too well, but with a new president coming to the White House and three pharmaceutical companies announcing versions of COVID Vaccines, Washington might very well be the center of a new real estate boom both for residential and business property. I have a grandson who is studying for his real estate license, so this might be really good news for him . . . and his parents.
Residential real estate has been doing well even during the pandemic. Tacoma and Pierce County homes are ideal for families wanting to relocate between downtown Seattle and Olympia. Commercial property is another matter, however. Before even considering buying or selling commercial property I would suggest talking to a non-selling agent. Rick Pinkley of GPA Valuation, which is located just a couple hundred yards away from CHI Franciscan Hospice Property. GPA Valuation is a commercial real estate appraisal and consulting company. – gpavaluation.net/
I’m not looking to buy or sell, but I am always interested. As people say, things change.