An article in the Puget Sound Business Journal this week compared the available local condominium inventory to New York City. Granted, NYC is a much larger and more expensive market, but currently NYC has 388 condos for sale priced less than $500,00. At the time the article was written there were only five condos available for sale in Seattle priced under $500,000. Here on the greater Eastside there are less than 100 condos available for sale – not nearly enough to satisfy demand.
We are fortunate to live in a region where the economy is thriving, employers are hiring, housing is relatively affordable (compared to some other major metropolitan areas) and its a beautiful place to live with a temperate climate and year-round recreation options. Recent U.S. Census Bureau reports show that nearly 250 people move to the Seattle/Bellevue metropolitan area every week (for all the reasons just mentioned). Its also a great place to retire because of the mild climate, vibrant arts, entertainment and social scene and world class health care services, so people aren’t leaving in great numbers either. Because retirees stay in the area and because job opportunities bring hundreds of people a day to the area, it doesn’t appear there will be much change or relief to the tight inventory or escalating housing prices in the near future. Continue reading
It’s a common misconception that a minimum 20% down payment is required to purchase a home. Buyers, saving to put 20% down on a home purchase, could be missing the opportunity to buy a home, and instead are watching prices continue to escalate.
There are excellent loan programs available with 5% or 10% down (even as little as 3.5%), requiring less cash out-of-pocket for buyers. A lower down payment may likely result in a somewhat higher monthly payment, but when you consider that houses and condos in the Seattle/Bellevue area have increased in value 14% or more so far this year, and expected to continue to increase in value next year, waiting to buy could prove to be more costly. With rents also on the rise, it could make more sense to buy this year and start putting money toward building equity rather than toward another rent increase next year. Continue reading
There’s lots happening in the city. Watch the latest Lake-to-Lake video, produced monthly by the City of Bellevue.
- Meet Bellevue’s Newest 4 Legged Police Force Member
- Visit the Downtown Park Inspiration Playground
- Watch the progress of the light rail tunnel being constructed downtown
With it’s thriving central business district, a vibrant arts and entertainment scene diverse variety of shopping and dining choices, dozens of parks, top rated schools and medical care – its a great place to call home. I’ve lived and worked in downtown Bellevue for over two decades – I love living in the city. If you’re making a move to the city, or just need more information about what’s happening in and around Bellevue, let’s talk.
Enjoy the video.
The “Complete the Circle” project at the Downtown Park is underway with work scheduled to be completed in time for this year’s Fourth of July celebration. The nearly year long project includes completion of the last section of the circular canal and tree lined promenade, creating a new entry and water feature at the south side of the park, upgrading the playground to create a universally accessible Inspiration Playground, adding landscaping and terraced seating and enlarging the parking lot on 100th Avenue NE.
Construction of the park’s new south entry and pedestrian crossing caused the temporary closure of the intersection at NE First Street and 102nd Avenue NE. The intersection is expected to open again mid-to-late April.
The Downtown Park is a 21 acre oasis in the heart of the city and the centerpiece of the Bellevue Parks System. There’s something for everyone . . . a half mile level tree-lined promenade, canal, waterfall and reflecting pond, a ten acre lawn area, playground, picnic areas and formal gardens . . . all framed by views of the city’s skyline and Mt. Rainier. Its going to be exciting to see the improvements and have the park open again this summer.
With only 24 resale condos listed for sale in downtown Bellevue there are very few choices for buyers ready to purchase. (Add in the 39 developer owned units still available at Washington Square and the total is barely over 60 in the entire downtown marketplace).
Inventory is at historic lows, prices are at or near record highs, multiple offers are the norm, higher buyer demand continues and there's no new condo construction in site . . . this year may well be your best time to sell your home or investment property. Bellevue is continuing to grow, more companies are moving to the city than are leaving, the arts and social scene is thriving, some of the best shopping and dining north of San Francisco can be found in Bellevue and the city is in the center of an award winning school district. The city has so much to offer for a variety of lifestyles and budgets. Condo prices start in the mid $300,000s (yes, there are affordable condos downtown) and can skyrocket to several million for a view penthouse. Don't miss the opportunity to maximize your return on investment if you're ready to make a change, find more space, move up to a view or reinvest in another rental property. 2016 could be the year.
Housing prices keep going up and available inventory keeps shrinking . . . this combination continues to drive prices upward with no immediate relief in sight. With Eastside home values appreciating on average 10%+ per year, finding an affordable home can be challenging.
While the suburbs are popular with some buyers, the demand for urban living is on the rise. Buyers are seeking communities walk-able to workplaces, nightlife, arts and entertainment, transportation, schools ad parks. Downtown Bellevue checks off all those boxes which is what makes it an increasingly high demand place to live. While "affordable" may not be the first word that comes to mind when thinking about downtown Bellevue real estate, there are many condo communities in or within a block or two of downtown with homes priced under $500,000. So far this year 166 condos have sold in the 98004 zip code; 45% of those sold for under $500,000. There are less than 80 condos currently on the market in the downtown marketplace (about half of normal); nearly 20% are priced under $500,000. Expanding the search to condo and townhome communities within a mile of downtown significantly increases the choices and still keeps the commute to work, restaurants, shopping and events at less than five minutes.
Whether you're a first time buyer, relocating here for a new job, downsizing from a larger home or giving up the "burbs" for city living, its possible to find the right fit for your lifestyle without braking the bank.