Everett's real estate market booming despite fears about Paine Field's growth
EVERETT, Wash. -- Hundreds of flights a day fly out of Paine Field in Everett. But soon passenger flights will begin there and that means large jets soaring over the areas around Paine Field. That has sparked some concerns from peopleHome Page Top Stories who live there.
“For me, it’s living right under the flight path,” said Jane Crawford. “We’re under the north-south flight path. I’ve heard from other neighbors that they’re concerned about the noise impact and dropping property values.”
Fear of lower property values has some neighbors telling us they are putting their homes on the market, right now.
According to Zillow, the Everett real estate market is very hot right now, with home values going up more than 11-percent in the last year. They are expected to rise another 7-percent over this year.
“Home prices continue to escalate well above long-term averages,” said Matthew Gardner, Chief Economist for Windermere Real Estate. “A lot of people are being priced out of King County and starting to drive north to find a cheaper house.”
Gardner believes it’s too early to tell what the impact on home values might be.
There has been opposition to the plan in the past. But a judge recently dismissed a lawsuit brought by a community group and the city of Mukilteo. And the man behind the plan for passenger travel believes the concerns are unwarranted.
“This airport currently handles roughly between 300 to 400 flights per day,” said Brett Smith, CEO of Propeller Airports. “We’re talking about adding 24 flights more to that number so it’s a couple more percentage points. I don’t think they’re going to notice at all.”