After just over a week on the market a $6 million dollar condo in downtown Bellevue has a sale pending. Located at One Main Street the residence offers a one-of-a-kind lifestyle with 4,358 SF of customized living space and wrap around terraces capturing western views of Lake Washington, the Seattle skyline and Olympic Mountains. At $1,376/SF this rivals condominium and co-op prices common in NYC. There are currently just 3 condos available in downtown Bellevue with price tags in excess of $2 million dollars, one at Bellevue Towers and two at Washington Square. Those prices reflect square foot values in the $800.00 – $985.00 range, more common for luxury residences on the Eastside..
This latest sale definitely speaks to the fact that condo values in urban markets (including downtown Bellevue) have regained and in many cases exceeded values from the last peak market (2006/07). Not just for first time buyers anymore, condos and townhomes offer a wide range of lifestyle choices for entry level buyers, veterans of real estate downsizing or purchasing a second home and couples electing to stay in the city to raise their families to remain close to workplaces, excellent schools, amenities and transportation.