Real Estate Buzz: Another Bosa brother has his eye on Seattle

As Featured in The Daily Journal of Commerce

Written by Nat Levy

Image Courtesy of Pexel

In an article describing Robert Bosa's plans for the site at 2014 Fairview Ave, Dean Jones describes the Bosa's influence and the climate for new development in the Greater Seattle Area: "the Bosas are one of Canada's most prolific and respected real estate families . . . '(The Bosas) prefer to be on the front end of a market cycle because they have the resources to build what others won't,' Jones said. Jones noted that almost all of the condos being built in Seattle now are backed by foreign money. Luma is a 24-story condo tower under construction on First Hill with money from the Swedish pension fund Alecta. Several other condo projects here have Chinese money behind them. Jones said foreign investors can be more comfortable with risk than U.S. inestors. In the condo boom prior to the recession, Jones said, condo builders would use mezzanine financing from Wall Street and then get a construction loan for the rest, but that financing model never returned after the recession. And with rents and values so high, apartments are the safer and smarter investment right now. 'In order for condos to make more sense, you would have to achieve an even higher value. Not matching the value of apartments, but exceeding them,' Jones said."