Local home building, home price spike coming

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by JAKE WHITTENBERG / KING 5 NEWS

Bio | Email | Follow: @jakewhittenberg

KING5.com

Posted on February 21, 2013 at 8:37 AM

Updated Thursday, Feb 21 at 11:00 AM

With home sales swinging back in a big way, Western Washington developers are reporting a long awaited boost in business, too.

Sundquist Homes is finally able to breathe life back into empty lots. Ten homes are sprouting up on a 1.8 acre lot in Edmonds. The first home was barely complete before multiple offers were made by potential buyers.

"This has been pretty dramatic stuff," said Bob Vick, Senior Vice President of Sundquist Homes.

But Vick points out that, while home prices are reasonable right now, buyers should expect a big spike in the coming years. Vick said the company can't build fast enough on lots to keep up with the demand.

According to new residential housing permits in King and Snohomish counties, the stage is set for more homes to pop up in the region.

In Snohomish County, 40 percent more permits were issued last year than in 2008. In Seattle, new home permits are up 30 percent.

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