We are back!
After we articulated a few personal thoughts about 2008 Sequim Real Estate, I came across a few articles in our local newspapers like the Sequim This Week and The Peninsula Daily News, which I thought should be mentioned here on our Sequim Town blog.
As Sequim has developed into this attractive retirement town for people from CA, AZ, CO or even Hawaii over the past 20 years, a lot of them financially independent and thus building or buying quality homes at the most desired Sequim locations - ocean or mountain views being a must - it seems like the regular folks are left behind. Those people who work at Wal-Mart, Costco or HomeDepot for hourly wages around $8 can definitely not buy a house in Sequim at the current prices.
City Councilman Bill Huizinga, a former real estate agent, quoted the median selling price for Sequim in 2007 at $316,750. He concluded this number from an online search of last year's house sales. The average 3 Bd home on a lot was $230,000. These high selling prices for Sequim homes affect naturally the rents people have to pay for renting a house. When we lived in Sun Meadows, we did not see one of the 2Bd homes for rent under $1000 a month. Basically, it comes down to the situation that there is hardly any affordable housing in Sequim, whether to pay or to rent.
For all the Sequim residents or those people intending to move to Sequim and work there and who are in the low income range, the new apartment buildings 'Elk Creek' off Hwy 101 might offer a solution for finding affordable housing in Sequim. The article in the Peninsula Daily News about 'Affordable Housing in Sequim' does not only list features of the apartments, requirements for being eligible but also seriously reflects an the entire issue of promoting affordable housing in Sequim and integrating those into our community. Whether Mr.Huizinga as member of Sequim's affordable housing subcommittee, will be able to 'bring home prices down to earth' in Sequim, depends probably to a great deal on Sequim developers but also Sequim residents.
Remember the value of your house gets affected by the value of houses in your neighborhood, meaning not all Sequim residents support the idea of lower-priced homes in their neighborhood. Let's hope Sequim town will find a solution accommodating the needs for affordable homes and protecting the value of Sequim homes at the same time!
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