The President’s Pen is a weekly blog written by Jonathan Smith, New Vision’s President and CEO about local economic development projects and initiatives. It also covers economic trends, workforce issues, business climate policies, and manufacturing news.
Yakima County’s residential real estate market is ranked 10th nationwide for 1-yr appreciation levels at 2.97 percent for year ending March 31st, 2009. In addition, the report from the Office of Management and Budget showed that Yakima County’s residential real estate values increased 33.88 percent during the last five years; among one of the highest in the nation.
According to Doug Rich, a Yakima County Development Association board member and owner/broker of Prestige Realty, “This speaks as much to Yakima’s steady growth patterns as it compares to other more highly fluctuating and less predictable regions across the nation. Our region has strong underpinnings with a steady agricultural economy and very strong local financial institutions. We’ve lain in the weeds, so to speak, while we were growing slow and steady, other regions were growing exponentially.”
These trends are also unfolding in Yakima County's commercial and industrial real estate markets. "For patient investors looking for long term value, Yakima County offers some excellent opportunities", said New Vision's Business Development Director Lisa Smith. "Our land prices are still considerably lower than prices in most larger metro areas and this typically transfers in to tangible savings for growing businesses.”