2020 Vision
With a focus on looking forward and eyes on new frontiers and possibilities, real estate in 2020 is all about visionaries. Be it Puget Sound, Marin County, Jackson Hole or the East Bay, we take an in-depth look at the market leaders in the ever-competitive destinations and the prime locations they serve. From new opportunities and emerging markets, to tax havens and established strongholds, to the next generation of real estate’s brightest stars, we profile who, where and what you need to know, now.
By: Kevin Daniel Dwyer
Michele Schuler - Seattle, WA
Seattle calling
As the fastest-growing large city in America, Seattle’s booming and diversified economy has spurred unprecedented development and population growth with a clear urbanization trend. Home to 730,000 residents and counting, the city has grown 18 percent since 2010, with over 4 million residents in the greater metropolitan area. With homegrown giants like Amazon and Microsoft firmly situated in the region, along with multiple unicorn-status start-ups like Auth0 and Convoy, the Puget Sound feels a little like the Bay Area’s younger sibling. Expedia, Alaska Airlines, Boeing, Nintendo and Costco also call the Emerald City area home, and Facebook, Google, and other Bay Area companies have opened outpost offices. It’s not surprising that the greater Seattle area has been dubbed the “Silicon Forest”.
“I spend my time creating deep, meaningful relationships.”
But it’s not all tech. Seattle has a long history of booms and reinventions—from the lumber industry to the Klondike gold rush, from shipbuilding to Boeing to Microsoft. Cycles aside, Seattle’s abundance of natural resources put the city on the map, and today, these same natural surroundings attract buyers seeking a pristine environment and immediate access to nature. There’s no shortage of outdoor activities for locals and visitors alike; hiking, skiing, snowboarding, rafting, sailing, mountain biking, kayaking and more. The city is also pulsing with culture and events, has a culinary scene rivaling Portland and is dubbed a “must visit” food destination, and is renowned for its craft breweries and artisan coffee roasters. As more and more transplants are beginning to find out, Seattle is a pretty special place.
No one knows this better than Michele Schuler. A native Washingtonian, Schuler is one of Puget Sound’s top producing real estate advisors and a founding member of Realogics Sotheby’s International Realty’s newest Bellevue office. A former finance professional and self-professed data geek, Schuler has developed a book of business and deep-rooted client relationships thanks to her underlying service ethos: obsessive due diligence, always looking out for the best interest of her clients, to the point of holding them back rather than pushing them forward if need be.
“Seattle is beautiful. I truly believe there is not a prettier place than Seattle on a sunny day,” Schuler says with a hint of humor. “It doesn’t rain that much.” (With an average annual rainfall of 37.7 inches per year, Seattle is only the 32nd rainiest city in the country.) “It feels like a big city and a small town at the same time. Given I have lived in greater Seattle my entire life, I do consider myself a Seattle expert.”
A graduate of the University of Washington, Schuler was a CPA for Microsoft before joining a startup and growing the company from nine to 147 employees. She then began buying and flipping houses with a friend until becoming a full-time broker. Since then, Schuler has been one of the top-performing agents in the area, hitting a professional milestone in 2018 with $60 million closed in sales volume.
Her ultimate value-add for buyers new to the area? Schuler works as a VIP relocation specialist with highly confidential C-suite clients relocating to the area. Schuler often meets with these families as they make their initial visits to Seattle, prior to signing any official offer letters. “My role with hiring companies is critical, as my job is not only to educate and acclimate clients to the area, but to help them discover all things Seattle has to offer,” says Schuler. “I love helping people, as I am incredibly empathetic to the stresses endured by families relocating to the area.”
Schuler prides herself on being a community resource and navigating the hurdles of relocation for her clients. For the past decade, Schuler cites 25 percent of her business dedicated to helping over a hundred buyers relocate into—or out of—the Seattle area. “People relocating often know nothing about the area and are desperate to learn more about commutes, communities, amenities, schools, pros and cons of each neighborhood. Some are looking to recreate the life they had in their departure city, others are looking for a true Pacific Northwest experience,” says Schuler. “I spend my time creating deep, meaningful relationships with my clients to really help them intuit what will be the best fit for them, and then executing on a plan to find it.”
Schuler owns homes on both Mercer Island and Bainbridge Island, working extensively in both communities as well as listing and selling homes from Bainbridge Island to the Eastside, and everything in between. Though an expert in these areas, Schuler is not married to one specific community. “I can provide a unique perspective to buyers and don’t pigeon-hole them into one community, but rather show them the larger landscape and alternatives,” says Schuler. “Most buyers are looking to stay within a 45 minute commute of their workplace. If they have kids, they want to be in a great school district. More and more buyers tend to want to purchase in an area that is walkable and offers more neighborhood amenities.”
Schuler also notes a shift in buyer trends. Her clientele is becoming even more tech-focused, which she notes: “I liken buying a house to online dating as the photos or information provided online look great, but when you meet, there might not be any chemistry. Much can be gained through technology in terms of statistics, pricing history, aerial imaging, automated valuation models and such, but the reality is that when purchasing a home, an emotional connection is forged. Every family, situation, and individual is unique, just as communities are unique. My goal is to coordinate all of those variables much like a matchmaker might do.” Beyond that, Michele works to stay on top of tech trends in real estate as to ensure her clients can utilize new advancements in technologies (think home automation, renewable energy sources, etc), versus being wary of technological implementation.
Speaking of perfect matches, Silicon Valley and Seattle have had a symbiotic relationship for years. The Emerald City’s strong tech ecosystem has led to a number of startups choosing to start here, but more importantly, many tech giants are moving jobs to Seattle so they can afford to expand, take advantage of the tech talent in the area, or diversify in the region. The influx of new high-paying jobs, plus relocating employees to Seattle, is driving demand for homes in Seattle. Over the past 10 years, Amazon has grown more than tenfold in Seattle, from about 4,000 employees in its hometown to over 45,000. During the same time, the median home price in the city has shot up from $420,000 to $720,000 according to the Northwest MLS, and home prices in the metro area as a whole have gone up 47 percent. That’s nearly twice as high as the national increase of 24 percent according to the S&P Case-Shiller Home Price Index. Between 2008 and 2018, over 535,000 homes have sold in the greater Seattle metro area.
“Businesses aren’t just relocated to Seattle to tap into a growing, skilled labor market. Some are simply relocating to grow their business in a more cost-efficient way. California has the highest income taxes in the United States. Incredibly intrusive and endlessly proliferating regulations only make it harder for businesses to operate. While many businesses are moving to Texas, Chicago, and the East Coast, Seattle is the closest to the Bay Area in both culture and geography. These companies can find talent and real estate while gaining more freedom to operate their businesses,” says Schuler.
The tech effect is not only strong, but building fast. Seattle home prices rose faster in October 2019 than they have for a year, rising 3.3 percent to $775,000 — the largest percentage increase in 12 months. With only 1.63 months of supply of single-family homes (excluding condos), King County’s available listing inventory is notably below the national average of four months with 25.7 percent fewer homes on the market in October 2019 compared to the previous year. Condo inventory is only slightly better, at just over two months of inventory, although that could improve with several high rise projects in Seattle and Bellevue in the pipeline.
“Seattle’s tech landscape and real estate market are rapidly evolving together. Google just upped the size of its new Seattle campus. Facebook has been on a hiring spree in the Seattle area, particularly for its virtual reality arm Oculus, which is growing fast in Microsoft’s backyard of Redmond. There are 35,000 jobs in Bellevue alone. For the past five years we have seen 50 percent price growth in this market, which, frankly, has priced out many middle-class buyers,” says Schuler.
Price growth and tech evolution aside, one thing is certain—The Schuler Team is among the most sought after real estate teams in Puget Sound. Practical, prepared, and present, they welcome the opportunity to help Bay Area buyers discover the Silicon Forest and all it has to offer. G
Michele Schuler - The Schuler Team
206.992.2013 | michele@theschulerteam.com | TheSchulerTeam.com
Christian Cisco - Jackson Hole, WY
Why Wyoming?
There are plenty of reasons to be thankful for owning a home in Jackson Hole, Wyoming—the mountains, the rivers, two national parks, three ski resorts, art galleries, restaurants, a charming Western-style downtown, and a close-knit, philanthropic-minded and fun-loving community. The real estate market is small, yet mature and exclusive. Inventory is fixed and demand is high, and no one knows it better than Christian Cisco.
A major player in the real estate market, Cisco is a top producer at Jackson Hole Sotheby’s International Realty and has been involved in many significant sales in the region. His own road to real estate began with his Aunt, a top producer herself in Jackson Hole in the 1980s. Cisco moved back to Jackson Hole with his family in the 1990s after successful sales careers in Houston and Chicago. “I have lived here for the better part of forty years and know just about everything (and everyone) there is to know,” says Cisco. “My clients describe me as very responsive, yet patient…a rare combination in our industry they say.” Cisco is also known for his creativity, intuitive nature and the ability to find people just what they are looking for, even though they might not immediately recognize it themselves.
A proven, trusted expert, Cisco’s clientele are mostly baby-boomers who love Jackson Hole and are at a place in their lives where they are seeking a change, mainly moving from their overpopulated and overtaxed urban lifestyles for everything the town has to offer. “The trend is simple and clear: Jackson Hole is a small philanthropic mountain community at the foot of the Teton Mountain range in the most tax friendly state in the country,” says Cisco.
“As enviable as our lifestyle is here, reality does intrude occasionally, as it does with taxes. But even in that area, we as Wyoming residents are better off than most. After all, Wyoming has been cited by Bloomberg Wealth Management magazine as the most tax friendly state in the country. This is largely due to the State of Wyoming’s budget surplus of nearly $1 billion,” says Cisco. “Tax savings helps us stretch our hard-earned dollars farther, whether to buy real estate, leave property to our heirs or buy a new mountain bike.”
“Tax savings help us stretch our hard-earned dollars farther, whether to buy real estate or leave property to our heirs.”
Cisco also notes a trend in California buyers, having represented multiple buyers from the San Francisco Bay Area in recent years. Cisco helped one such client purchase the first publicly sold furnished private residence in three years at the Four Seasons Jackson Hole. He also recently represented another client in their two purchases and one sale in Shooting Star, Jackson Hole’s most exclusive new development. As improved quality of life and the draw of low taxes continue to attract buyers, Cisco enlists the expertise of Brian Jones, Wealth Management Associate at J. Singleton Financial, to present the top ten reasons why it’s good to own home in Wyoming.
Why Wyoming – Ten Reasons to Know
1. No state income tax: With no state tax on personal or corporate income, “you have more disposable income,” says Jones.
2. Dynasty trusts: In Wyoming, you can shield your real estate from federal estate taxes for up to 1,000 years through a dynasty trust. “You can establish a trust in Wyoming for the benefit of your family or other beneficiaries,” says Jones. “You can transfer your real estate into a limited liability company or family partnership and then put that into the ‘dynasty trust,’ which can continue for a thousand years.” As a result, multiple generations can make use of and enjoy the property, without having to pay estate taxes or worse, having to sell the property in order to pay the taxes. A key point to remember: The trust must be administered in Wyoming.
3. No inheritance tax or estate tax: “Wyoming repealed its estate tax as of January 1, 2005,” says Jones.
4. No state gift tax: “Somebody who owns property in Wyoming can ‘gift’ that real estate to their heirs without having to worry about paying a state gift tax,” Jones says.
5. No tax on out-of-state retirement income: “A lot of people in Jackson Hole use Wyoming as a second home,” says Jones.
6. “They have retirement income that comes from other states where they may be a resident. Wyoming doesn’t tax that retirement income that’s earned outside of Wyoming, which is certainly beneficial.”
7. Low property taxes: “Wyoming has very low property taxes compared to other states,” says Jones. “The taxes that you do pay here are based on the assessed value of the property.” For Teton County, Jones says, the rate is 1.2 percent of a property’s assessed value. The rate for the city of Jackson is 8/10 of one percent
8. No excise taxes: When you fill-up your car’s gas tank or buy a bag of groceries in Wyoming, you won’t pay any state tax on your gas or food.
9. No tax on mineral ownership. “A lot of states charge owners a tax on their mineral ownership, but Wyoming does not,” says Jones. “If you own minerals, you won’t pay a tax on it like you would your home.
10. No intangible taxes: Wyoming doesn’t make you pay a tax on financial assets like stocks and bonds. G
“Our market is small, yet mature and exclusive—inventory is fixed and demand is high.”
Christian Cisco
307.699.1390 | ChristianCisco.com | christian.cisco@jhsir.com
Jackson Hole Sotheby’s International Realty
Magdalena Sarkissian - Marin, CA
Marin’s Natural
Magdalena Sarkissian has risen quickly to the top of her industry in Marin County— having closed nearly $100 million in sales in 2019 alone with the Sarkissian Bullock Team—but her road to success is a lifetime in the making. We catch up with the real estate natural to learn about her holistic approach to the business, closing deals and helping the next generation of real estate buyers and sellers.
“Residential real estate is an emotional industry. You have to listen to serve clients’ needs and desires.”
“Residential real estate is an emotional industry. When a client vocalizes what they are feeling, you have to listen, create empathy and appreciate the opportunity to serve their needs and desires,” says Magdalena Sarkissian, a top agent at Golden Gate Sotheby’s International Realty. “I learn everything I can about the person I am representing. I want them to feel mutual trust so that I can do what I do best for them.”
Sarkissian is an integral part of the Sarkissian Bullock Team, one of Marin’s top performing real estate teams for nearly 20 years, comprised of Lydia Sarkissian, Magdalena Sarkissian and Bill Bullock (who also is President and CEO of Golden Gate Sotheby’s International Realty.) Catering to predominantly repeat and referral based clientele, the team concentrates exclusively on the upper-end Marin County residential market, with a serious market share of Belvedere and Tiburon’s ultra-prime listings, among other enclaves. A Marin-native, Magdalena joined the team in 2015, after graduating college and working for several years at an architectural firm specializing in five-star resorts, a period she credits for giving her a global perspective of luxury and building her ever-growing network.
Relationships are at the core of Sarkissian’s approach to real estate. Not surprisingly, her road to real estate began with one of her closest relationships—her mother. “From a very young age, I have always been by my mother Lydia’s side. I learned the business through osmosis by watching and listening to her. I sent out thousands of mailers back in the day and went to countless open houses she would bring me to. She was always dressed in a suit, ready to tackle any obstacle. This was a huge inspiration for me growing up. She taught me the importance of a woman following her passion and creating financial independence for herself,” says Sarkissian proudly. “I learned the ins-and-outs of the luxury market, discerning clientele’s preferences and how to always think outside the box.”
The ability to connect with people at all levels and having wisdom beyond her years have enabled Sarkissian to break into the real estate market with ease and work with a variety of exclusive clients, expand the team’s business into new markets and satisfy the needs of the next generation of real estate buyers and sellers. She credits a holistic approach in taking care of her clients and their properties, her team’s reputation and how she carries herself. It’s also teamwork that gets her team through complex transactions.
“Obstacles are a fact of life and they happen a lot during a deal. I like to find the solution rather than get stuck on the complications. When a problem is very complex, solutions come easier when you push the irrelevant information to the background and keep focus on closing the deal. Taking a comprehensive, holistic approach to real estate incorporates every aspect of the business and everyone in it. You need to know this industry inside out and be able to execute and deliver for your clients,” says Sarkissian.
A reputation for delivering has put the Sarkissian Bullock Team top of mind among their growing clientele. The team has served some of the most dynamic and confidential individuals in the San Francisco Bay Area, from business entrepreneurs to professional athletes to technology and finance tycoons—many of which are typically all-cash buyers.
“Our highly productive relationships with our clients has enabled us to work on multiple purchases and sales with each of them over the years. Our clients near retirement have excellent spending power thanks to the appreciating values of their homes and their success in equity markets over the years. The next generation of luxury buyers have specific needs and wants to purchase a property that fits a particular lifestyle. We understand those needs and have the resources and connections to pair clients accordingly,” says Sarkissian.
Sarkissian notes that the next generation of real estate buyers seeks out their team thanks to their massive presence in the Marin marketplace as well as their renowned white-glove level of service. “We really roll up our sleeves and are hands-on from the moment we sign a listing contract. We are known to be ‘closers’. We bring our knowledge, resources and expertise to get the job done. From contracts to inspections to disclosures to negotiations, our team handles every part of the process with professionalism, necessary urgency and precision,” says Sarkissian.
When asked when she had her first big break in the business, Sarkissian lights up: “I love when I get asked this question because it puts a smile on my face. Shortly after I received my real estate license, we closed on a $10,000,000 property in Tiburon. The client was a friend of mine that I met in San Francisco. I left a lasting impression on him when we first met because I made the client feel comfortable in my presence. They were going through a difficult time and needed to hire a team that could make the transaction as smooth as possible. I will never forget the morning I got that phone call. Until this day, the client remains a close friend of ours and constantly sends me referrals. I truly appreciate the willingness to help me grow further in my career, especially as a younger agent in the market.”
“We are known to be closers.”
Gratitude is also a huge motivator for Sarkissian. “I’ve realized that in real estate, you come across all different types of people and being able to work with a diverse set of clients with varying needs is a privilege. I’ve met some of the smartest people in the world and I learned a great deal from them. I am humbled that I have an opportunity to cross paths with people of this nature. There is nothing better than adding value to someone’s life and that is what I do in real estate.” G
Magdalena Sarkissian | Sarkissian Bullock Team
415.847.7913 | m.sarkissian@ggsir.com | GlobalEstates.com | Lic.# 02028978
Golden Gate Sotheby’s International Realty
Anthony Cassel - Berkeley, CA
EAST BAY ROOTS
The East Bay has been one of the hottest markets in the San Francisco Bay Area for several years, attracting buyers from the City, Silicon Valley and the Peninsula to the cross bridge, enjoy the sunshine and enter the housing market at a more affordable price point. Its gentrification – a phenomenon that has its benefits as well as its share of critics – has also fueled a renaissance of culture; from cuisine to the arts to city parks. Attractive, thriving communities and rising home values are at the heart of the movement attracting newcomers to the area. So is Anthony Cassel, a top agent who’s an expert in East Bay real estate thanks to his deep connections to clients and unyielding commitment to the communities he serves.
“This business is about relationships - building them, supporting them and fostering others to connect.”
A top producer at Golden Gate Sotheby’s International Realty, Cassel works with his wife and business partner, Maria and their passion for their work – and subsequent success – is all about trust. “This is a relationship business, and clients trust us to do what’s best for them. My goal is to treat every situation as if it were my own. I want to do what feels right, whether that means closing a deal or not. Life is too short to choose money over people or our reputations and integrity,” says Cassel.
Cassel’s first brush with real estate came as early as age 18 while working with a business partner in Philadelphia, renting a historic brick warehouse where Cassel began to rent out extra space and the grounds around the building. “Pretty soon the rental funds began to cover all our costs and we began generating strong cash flow without the income of our main business,” recalls Cassel. “I took this business and real estate experience with me to California at the age of 23 to help build multiple businesses with my wife Maria, some of which revolved around real estate investment, construction and building materials.”
After having significant success, Cassel notes that many people who got to know him and Maria started looking to the pair for advice on residential homes and real estate investments. “It didn’t take long before I realized I wanted to move my career into real estate. I was thoroughly enjoying the process of helping people achieve their home and financial goals, while at the same time applying all the business tools I learned over several years of running various companies.”
In his first ‘official’ year in real estate, Cassel was named in the ranks of a top producer based on closed sales volume. He also had a multi-million dollar sale in Piedmont, while at the same time helping a desperate family get into a home for under $500,000. These and other significant moments reaffirmed his decision to get into real estate: “It felt like everything I had been doing in my career had led up to that moment.” With this momentum, Cassel continued on and has remained at the top of his game, an achievement he attributes to a strong focus on his clients’ goals.
“Most of the time, people want to sell their property for the most amount of money or buy something for the best overall value. I truly believe that I am a part of a small percentage of real estate consultants that know how to maximize exposure and net profit while protecting my clients as much as I possibly can,” says Cassel. “My wide array of business and personal real estate experience plays a crucial part to creating the best plan for maximizing my clients’ goals. Just like with building businesses and investing, I am always looking for advantages or to be creative. Many times you have to think on your feet, especially during negotiations.”
After just three years in business, Cassel was honored by The California Association of Realtors® (C.A.R.) as a “Champion of Home” during the California Realtor® EXPO 2015, an award given to an individual that has changed their clients’ lives for the better, raised the standards for others, and led by example. The recognition was a major point of gratitude for Cassel, and was selected by his peers for going to great lengths on behalf of his clients and practicing business with the highest ethics and morals.
Since then, Cassel’s growing clientele are mostly referral-based and are looking for someone that has a proven track record with residential homes, luxury estates, and investment properties. The price points he serves are “all over the board” in the East Bay, but some extend outside this area. Core markets he focuses on include Alameda up to Richmond and out to Lamorinda, including Oakland, Berkeley, Kensington, Lafayette, Orinda and Piedmont. “The diversity, beautiful architecture, lifestyle, and friendly people drew me to these areas. Despite a lot of new development there still is not enough supply, which has led to several straight years of appreciation,” says Cassel, noting that many listings attract bidding wars due to the lack of quality supply.
“My goal is to treat every situation as if it were my own.”
A lack of housing supply also strikes another underlying mission for Cassel. Passionate about making a difference, Cassel is a proud supporter of Home for a Home—a San Francisco-based charity funding the construction of safe, secure homes in the poorest areas of highland Guatemala. Cassel donates a portion of his real estate commission and travels to Guatemala to help build homes for families, having made multiple trips to the region over the years.
Locally, Cassel’s roots and charitable efforts—and effects—run deep: he’s worked on an initiative to provide a men’s homeless shelter in Berkeley; he and Maria are active in animal rescue groups, and they are supporters and advocates for Creative Growth, a non-profit art studio founded in 1974 for artists with disabilities in downtown Oakland. When he isn’t working with home buyers or sellers, Cassel is known to be mentoring new agents, taking them on showings, and offering support and advice. “This business is about relationships - building them, supporting them and fostering others to connect. When you immerse yourself with clients and the communities you serve, the rewards are endless. Referrals are the heartbeat of our business.” G
Anthony Cassel
415.310.0066 | AnthonyECassel.com | a.cassel@ggsir.com | Lic.# 01475854
Golden Gate Sotheby’s International Realty