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Redfin CEO says housing downturn made real estate giant ‘leaner, hungrier and better’

GeekWire

But the Seattle real estate giant sees some silver linings. The company’s real estate services division, its primary source of revenue, dropped nearly 30% to $127 million. Kelman said the company’s 2023 budgeting assumption predicts 4.3 Redfin’s revenue fell 45% in the first quarter to $325.7

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Former AWS real estate managers, accused of taking millions in kickbacks, challenge Amazon’s motives amid FBI investigation

GeekWire

Eleven data center deals are now the subject of a suit by Amazon vs. two former AWS real estate managers and others. Two of the participants in the August 2017 meeting — Casey Kirschner, an AWS real estate manager, and Carl Nelson, Kirschner’s boss and mentor — were leading that physical expansion for Amazon.

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Seattle approves new city budget that plugs shortfalls with surplus revenue from business tax

GeekWire

Now the city is using the surplus to help close major gaps in its budget. ” Seattle already faced operating deficits of $141 million for 2023 and $152 million for 2024 before the budget planning process began this fall. .” (GeekWire Photo / Kurt Schlosser). million from the General Fund, and $4.5

Budget 101
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Seattle office market continues to struggle as vacancy rates rise for ninth consecutive quarter

GeekWire

It also marked the ninth straight quarter of negative net office absorption, which is calculated by the total amount of space leased minus the total space vacated in a given quarter. Companies are reducing real estate footprints with the adoption of hybrid work policies. In Seattle, vacancy rates increased from 16.6%

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Seattle lawmakers axe funds for gunshot detection tech that was part of mayor’s public safety push

GeekWire

billion city budget for 2023 will not include funds sought by Mayor Bruce Harrell for gunshot detection technology. The Atlanta Police Department announced last week that it was passing on the technology after a six-month trial because it doesn’t haven’t room in its budget for the system. ShotSpotter Photo). During an Oct.

Budget 124
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Redfin shares sink 10% as CEO says housing market sales volume is ‘near rock bottom’

GeekWire

The Seattle real estate giant reported total revenue of $275.6 The company’s real estate services division, its primary source of revenue, dropped more than 28% to $180.6 ” Kelman said the company maintains its budgeting assumption of 4.3 Redfin’s mortgage revenue was $38.4 million existing U.S.

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Seattle evaluating its own capital gains tax following new state law

GeekWire

” Mosqueda, also the city council’s budget chair, said she is not considering pursuing a capital gains tax ordinance independently. “If you are looking for a local jurisdiction that does not impose a net income tax, but does tax capital gains, I don’t have an example.”