House Bill 1110 | Q&A

House Bill 1110 | Q&A With Tadashi Shiga, Founding Member Of Realtie, LLC

Realogics Sotheby’s International Realty would like to extend a massive thank you to all who attended the 2025 FutureCast Forum on June 5, 2025, at the Kirkland Performance Center. From the experts who participated in lively debates and thought-provoking panels to the brokers and industry professionals who came together to collaborate and “Thrive in ‘25,” it was remarkable to see the collective power of our peers and those with whom we work alongside.

We have provided a recording of the event, allowing you to access the amazing insights shared, even if you were unable to attend. Scroll below for a summary of some of the top insights.

Stay tuned for future event highlight reels and key takeaways.

For those who are looking to stay ahead of the curve as the regional real estate market experiences an inflection point, the Futurecast Forum, which originated in 2017, is the center of innovation, insights, and news you can use. From the latest trends to housing bills shaping the landscape, it’s an essential platform for anyone planning to navigate the 2025 market with success.

Despite several years of market and economic turbulence, there was much to look forward to, including new opportunities for increased middle housing development, made possible by House Bill 1110, advancements in custom homebuilding and the integration of technology, and the impending $90 trillion “Great Wealth Transfer” as part of the “Silver Tsunami” demographic shifts, which will allow a whole new generation to become homeowners. Spirits were high amongst the audience, as all looked forward to a brighter future made possible by innovative minds and forward-thinkers, such as those presenting and in attendance.

The day kicked off with a morning mix and mingle as guests filed into the Kirkland Performance Center and prepared for the anticipated event. After a welcome address by Dean Jones, Futurecast Forum Founder and CEO of Realogics Sotheby’s International Realty, the day was off to a bold start, with a debate on Trumponomics, tariffs, and taxes by special guest, Jonathan Woloshin, CIO of UBS Wealth Management and local legend and economist Matthew Gardner. From there, even more hot-topic subjects were covered, like the potential for a recession, the presence of YIMBY’S (“yes” in my backyard) as House Bill 1110 changes arrive, the ripple effect of Baby Boomers passing down their wealth to younger generations, first-time homebuyer desires, and the rapid adoption of artificial intelligence (and the potential implications for regional jobs, housing demand, and wealth effect of tech titan stock performance).

The Futurecast Forum wrapped up at Kirkland Performance Center, but the festivities continued at the grand opening and ribbon-cutting of FogRose Atelier, a curated café and lounge located at the front of Realogics Sotheby’s International Realty’s downtown Kirkland office at 15 Lake Street. Quyen Dang, owner of FogRose Atelier, was excited to welcome Futurecast Forum attendees and community members into her beautiful new space as she gave a taste of its elegant offerings over champagne toasts and delicious treats.

“We are confident that FogRose Atelier will be remarkably successful, and that’s because of the passion and pursuit of Quyen Dang, who has persevered through the COVID pandemic with a loyal following and now, an upgraded storefront,” said Dean Jones.

For more information on the remarkable new café and event space, read our blog post here →

Overall, the day was one of innovation, celebration, and market intelligence, and it is all owed to the participants and attendees who came together to share their expertise.

As an additional treat, Captain Jones welcomed sponsors and contributors to a sunset cruise on Lake Washington to round out the experience and celebrate their contributions to a successful collaboration.

The Futurecast Forum would like to thank our incredible sponsors: Realogics Sotheby’s International Realty, Alair Homes, Movement Mortgage, and Wipliance. We recognize the many contributions to our presenting partners: Gardner Economics, UBS Wealth Management, Bellden Cafe, Realtie, Blackwood Homes, Bellevue City Lifestyle Magazine, Snohomish City Lifestyle Magazine, Mercer Island City Lifestyle Magazine, Kirkland City Lifestyle Magazine, Bellevue Chamber of Commerce, Seattle Agent Magazine, Pitch CPA, Build Magazine, Iridius, and Clarity Northwest Photography for capturing the event.

To view the full Futurecast Forum agenda, photos, list of participants, sponsors, and more, visit https://www.futurecastforum.com/

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Futurecast Forum Top Insights

Explore the entire summary of the event here ⇒

Debate: Trumponomics, Consumerism, and Trajectory of Fundamentals | Jonathan Woloshin and Matthew Gardner 

• The uncertainty surrounding tariffs, particularly U.S.-China trade relations, is a significant concern. Increased costs of imports (e.g., lumber) could impact housing affordability.

• The long-term expectation for mortgage rates is stabilization around 6%, with potential reductions during economic downturns.

• Despite a 7% capital gains tax, Washington remains competitive compared to states like New York and California, with no income tax offsetting other costs.

Myth and Fact of Custom Home Building and Integration of Technology | Stacy Eakman and Lee Travis 

• Technology in homes has evolved, making automation intuitive and integrated. Modern smart homes deliver convenience without visible complexity.

• Construction costs, driven by labor shortages, rising material prices, and stricter regulations, are unlikely to decrease.

• Delaying construction to wait for lower prices is counterproductive; costs will likely rise further.

House Bill 1110 and Future of Housing in Washington State | Tadashi Shiga, Kelly Mann, Trevor Johnson, and Dean Jones (Moderator)

• The bill represents the largest upzone in Washington State’s history, essentially ending single-family-only zoning in many areas.

• Homeowners may now explore options such as accessory dwelling units (ADUs) or redeveloping lots to maximize their property’s value.

• Realtie, in partnership with Realogics Sotheby’s International Realty, has developed a “Virtual Architect” AI tool which allows users to input an address and instantly see development possibilities, including potential units, performance projections, and detailed plans.

The Silver Tsunami and $90 Trillion “Great Wealth Transfer” | Kurt Owen, Tyler Kowal, and Anne Hartnett (Moderator)

• Over the next 20 years, between $85 to $120 trillion is projected to be transferred from the Baby Boomer generation to younger generations.

• Around 40% of this wealth is tied up in real estate and closely held businesses, which presents both challenges and opportunities.

• Many are moving from active to passive investment models, driven by a desire for simplicity and freedom.

FOMI vs FOMO and First-Time Buyer Desires | Jolene Messmer, Shannon Olcese, Rebecca Mitsui, and Chris Ishii (Moderator)

• First-time homebuyers are caught between two competing fears:

  • FOMI: High monthly payments and affordability concerns.

  • FOMO: Long-term wealth creation and scarcity of housing inventory.

• The panel emphasized creating a culture where excellent service is delivered at all price points.

• Homeownership remains one of the most powerful tools for long-term wealth creation. Even a 3.5% down payment on a $1M home can yield hundreds of thousands of dollars in equity in 5 years, compared to renting.

Cityscape 2.0 and Urban Living Performance | Dehlan Gwo, Joe Fain, Claire Sumadiwirya, and Rick King (Moderator)

• Tech giants such as Amazon and others are requiring employees to return to offices, driving renewed residential demand, especially in high-rise urban towers.

• Strategic infrastructure like the Grand Connection in downtown Bellevue and light rail links housing, business, and tourism hubs seamlessly.

• The availability of sublet and vacant space in Seattle exceeds all of Bellevue’s commercial stock—signaling a once-in-a-decade reset for real estate investors.

Artificial Intelligence Impact on Regional Economy & Housing | Ofer Avnery, Oren Rubin, Matthew Gardner, Carese Busby (Moderator) 

• In the next 24 to 36 months, AI is expected to reshape employment, industry, and society, as dramatically as fire, steam engines, or electricity did in past eras.

• Agents who embrace AI can:

  • Multiply productivity

  • Provide personalized insights faster

  • Leverage new marketing tools like AI voice agents, visual staging, and client behavioral analysis

• As stock wealth (especially among tech employees) increases, it translates into:

  • More luxury home buying

  • Higher demand for desirable metro real estate

  • Sustained market strength in AI-centric regions like Seattle and Bellevue