We don’t yet know the exact effects the West Seattle Bridge will have on home price and rent values in West Seattle, but time will tell if it has a dramatic impact. Since we are in the midst of a partial city shut down due to the COVID-19 pandemic, traffic congestion is hard to gauge at this time. However, those that have lived through temporary bridge closures in the past understand the drastic impact a two-year closure could have on the area.
Currently, property tax assessments are being held up as the King County Assessor gathers information on pricing drops in the area. They are also looking at tax relief for commercial property owners in the area.
At Sound Point Property Management, we will continue to follow the impacts of the West Seattle Bridge closure and share them here. We just don’t know what the long term effects are but know that this major shutdown will most likely drive changes to both property values and rental rates in the area.
Do you own a rental property in West Seattle? We’d be happy to chat with you. Please contact us.
Resources:
West Seattle homeowners worry bridge closure will hurt property values
How will the West Seattle Bridge closure impact the housing market? 3 experts weigh in
