Bellevue Has A New Earthquake Resilient Reservoir
The City of Bellevue Utilities Department has completed construction of a new 1.25 million gallon reservoir. The new reservoir replaces an aging one million gallon steel reservoir. The new concrete reservoir, which is earthquake resilient, provides essential water to all of Bellevue and also supports fire protection to residents of the Bridle Trails, Pikes Peak and Cherry Crest neighborhoods. Bellevue Utilities has owned, operated and maintained the Pikes Peak Reservoir for over 50 years.
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What’s the Expected Local Impact of Recent Tech Industry Layoffs?
There’s been a lot of media coverage in the last six weeks relating to local and national tech industry layoffs. The Pacific Northwest has a significant tech industry presence, not just all the major players but also many smaller but successful start-ups What impact can we expect in the Seattle and Eastside economy and housing market as a result of these layoffs?
Matthew Gardner, Windermere’s Chief Economist, doesn’t anticipate significant change as we move through 2023. Take a look at his thoughts on the local economy and housing market.
East Link Light Rail Progress
While shops and restaurants were closed throughout 2020, construction progress for Sound Transit’s East Link Light Rail continued moving forward. Tracks have been installed across I-90 and throughout the Eastside, stations are under construction, the Bel-Red maintenance facility is complete and landscaping is beginning to frame the tracks and stations. Driving through the Bel-Red neighborhood last week it was exciting to see trains parked outside the maintenance building.
Great news for commuters . . .parking at the South Bellevue Park-and-Ride will be available to bus riders later this year. The East Link South Bellevue Station garage will open to bus service in September 2021, nearly two years before train service begins.
When East Link opens in 2023 riders will have access to nearly 40 miles of light rail from the Eastside to downtown Seattle, Northgate and Sea-Tac Airport. Trains are scheduled to run every 6 minutes at peak hours. Estimated travel time from the Redmond Technology station to Bellevue Downtown is 10 minutes – South Bellevue to Sea-Tac just under 50 minutes.
Building light rail that travels on solid ground and a floating bridge has never been done before. It has taken years to design a safe and dependable system that will integrate with the I-90 floating bridge and continue to sustain auto traffic. Learn more in this video about the design and construction process.
2021 US Housing Forecast – What to Expect Next Year
This week Matthew Gardner, Windermere Chief Economist, takes a look at the US housing forecast for 2021. Topics include mortgages, existing home sales, existing home values, new construction, the impact of homes in forbearance and the urban condo market. Overall the outlook is positive for a continuing strong real estate market and low interest rates.
Matthew Gardner’s Housing & Economic Update
This week Matthew Gardner, Windermere’s Chief Economist, shares his thoughts on the latest US home sales data.
Single family and multi family home values continue to rise while available inventory levels continue to decline. What’s the news for condos? Condo prices are trending higher nationwide, up 10% year-over-year. It’s difficult to know how long this trend can be sustained as we close 2020. What could impact values next year? We may hit an affordability issue, which could push some buyers out of the market, and increasing inventory levels may create more selection for buyers but more competition for sellers.
I specialize in Bellevue’s condo and townhome communities. If you have questions about the market or what’s been happening in your community, call, text or email.
Happy Thanksgiving. While this year may be very different from years past, if you have an opportunity to safely share the holiday with family, enjoy the day. Be safe and stay healthy.
Are You Eligible for a Property Tax Exemption or Deferral?
Did you know . . . there are King County real estate property tax relief programs for qualified senior citizens, disabled persons and veterans. It is estimated that many qualified seniors and disabled persons are not registered for available exemptions and only 1 in 100 of those eligible for deferrals are enrolled.
The application process is fairly easy. There are income, age, disability and ownership/occupancy guidelines that must be met. Details can be found on the King County Assessor’s Office website.
There is also a tax relief program that may assist those who own property damaged in the recent wildfires. The program assists homeowners of properties damaged or destroyed by flood, storm or something beyond the property owner’s control. Owners may be eligible for a reduction of assessed value resulting in lower property taxes. Information and forms for the destroyed property tax relief program are on the King County Assessor’s site.
Detailed information, forms and instructions for applying for all tax exempt or tax deferral programs are available from the King County Assessor’s Office. Applications for the 2021 tax year may be submitted starting in January 2021. Contact the King County Assessor’s Office at 206-296-3920 or on line at www.kingcounty.gov/depts/assessor/taxrelief.
Robin Myers is a Realtor® with Windermere Real Estate/East, Inc. specializing in Bellevue’s urban condominiums and townhomes.
Understanding the Case Shiller Home Price Index
This week Matthew Gardner, Chief Economist with Windermere Real Estate, explains the Case Shiller Home Price Index which has accumulated data over the last 130 years of home prices in 20 major cities in the United States.