Here Come the Trains
If you’ve been out-and-about between downtown Bellevue and Redmond in recent weeks you’ve likely seen light rail trains on daily practice runs. On two occasions this week I’ve stopped at crossings to let trains pass.
Trains will start running on regular schedules with passengers this spring connecting the South Bellevue station and Redmond Technology station. In the next year or so the “2 Line” will connect Redmond and Bellevue to Mercer Island and Seattle.
After years of construction it is exciting to see trains running on tracks along roadways and overpasses. Drivers and pedestrians will need to be aware of train crossings, so keep in mind:
–trains run in both directions, so always look both ways before crossing
–when driving, stay alert and observe crossing markers, lights and traffic arms
–when walking, stay alert, especially if wearing headphones or focusing on a tech screen
–use designated crosswalks and pay attention to crossing signals
–bike riders remember to cross tracks at a 90 degree angle to prevent getting stuck
It’s been a long time coming, but light rail is going to bring an efficient and exciting new way to commute to the eastside.
BELLEVUE TOWERS – love where you live
Recently available, this SE corner residence offers the perfect urban lifestyle. Live just blocks from Bellevue’s business district, shopping and dining, arts and entertainment venues, parks and light rail stations.
The generous floor plan has quality finishes throughout with an open concept design that provides plenty of space for living, dining, entertaining or working from home. A well equipped kitchen with ample work and storage space is sure to please any level chef. The primary bedroom opens to a luxury bath and large customized closet and a second bedroom and full bath serve family or guest needs.
Owner amenities include a secure lobby entry with full time concierge plus multiple indoor and outdoor amenities. Take advantage of the private urban park with fireplace, lounging and dining areas, rooftop terraces, multi-level indoor lounge, fitness studios, whirlpool, sauna and steam rooms, private dining room, screening/media room and guest suites. Four legged family members will appreciate the dedicated dog relief/play area.
https://tours.dennonvisuals.co/2186836
2 bedrooms + study/1.75 baths
1,575 square feet
secure garage parking + storage
$1,500,000
For additional information . . .
Robin Myers
425/417-8137 robinmyers@windermere.com
Meydenbauer Bay Park Expansion
The City of Bellevue is planning to expand Meydenbauer Bay Park. Completed in 2019, the waterfront park has become a popular year round destination. Potential plans include improving access to the Downtown Park, adding a community building, marina and parking changes/improvements and continuing shoreline restoration. Meydenbauer Bay Park will be the anchor at the west end of the future Grand Connection.
The design phase is expected to last about 18 months. The City is soliciting community input for this project. Public meetings will be scheduled in the coming months and into early next year. You can visit EngagingBellevue.com to learn more about the project, take the survey, and let the city know what you’d like to see as plans to expand the park take shape.
Robin Myers/Windermere Real Estate/East, Inc.
Condominium + Urban Lifestyles
BellevueUrbanLiving.com
Have You Tried Bellhop?
Bellhop is a new alternative to driving and paid ride share programs. Bellhop, which started August 1st, is a pilot program running through the end of the year. Visit Bellevue Washington, in partnership with Circuit, is offering a free, all- electric shuttle serving the downtown Bellevue area.
The on-demand electric shuttle supports Bellevue’s commitment to sustainability and hopes to fulfill the need for a quick ride for around-town trips. The hope is this service will replace short car rides which account for nearly a third of daily car trips. Bellhop could reduce over 100 metric tons of CO2 emissions annually.
How does it work?
Download the Circuit app, schedule a ride and the driver will confirm when they’re on their way. It’s a free ride anywhere within the service area. Four-legged family members are welcome as long as they sit on a lap or on the floor directly next to their person.
For more information visit Visit Bellevue Washington at https://www.visitbellevuewa.com
Downtown Bellevue Pop-Up Dog Park
Have you visited Wildwood Park just south of Main Street in recent weeks? You may have noticed one of three new pop-up dog parks.
Bellevue Parks & Community Services has launched a pilot program to create safe and accessible spaces for pets and owners to play, socialize and exercise. Other pop-up parks are at Wilburton Hill Park and in Crossroads Park. These dog parks are part of the City’s 2022 Parks & Open Space System Plan to provide off-leash areas near downtown and other underserved neighborhoods.
The parks are fenced, have safe double entry gates, dog waste bag dispensers and waste cans. The temporary status could change depending on popularity and costs to convert to permanent installations. Feedback has been positive so far and two additional dog parks will be popping-up in Lincoln Center and just north of City Hall.
Stop by the Wildwood Park park and give your four legged family member chance to mingle with local pups and their people.
Visit Bellevue’s Park’s & Community Services website for more information.
AND DON’T FORGET . . . Friday, June 23rd is National Take Your Dog to Work Day
Summer Outdoor Dining Returns to Old Bellevue
You can tell it’s summer. Main Street is festively decorated with new and familiar al fresco dining opportunities serving breakfast, lunch and dinner. Enjoy temporary street side dining through early fall or familiar year round patios at at several restaurants, bistros and cafes offering a variety of cuisines, desserts, coffees and people watching. Many patios are dog friendly and welcome well mannered pups.
Take a few steps off Main Street . . . located between Main Street and the Downtown Park you’ll find more opportunities to satisfy your palate, caffeine craving or sweet tooth.
Calling All Dogs
Bellevue’s annual dog jog and walk event is just around the corner.
This year’s Inaugural Paws & Pride Dog Jog and Walk is scheduled for Sunday, June 4th at Ashwood Park. This year’s annual downtown Bellevue event benefits Seattle Humane of Bellevue and Lambert House. Registration is open for individuals/$25, pairs/$40 or $50 for a 4-pack. After the walk events continue at Ashwood Park with KidsQuest Children’s Museum activities, vendors and booths highlighting pets and LGBTQIA+ organizations and sponsors. All participants receive goodie bags and customized event bandanas
For more information and event registration or to volunteer visit: https://www.bellevuedowntown.com/events/paws-and-pride-dog-jog-and-walk.
Opening Day – Bellevue Farmers Market
It’s that time of year again, and a sure sign of spring/summer’s arrival. Opening day of the Bellevue Farmers Market is this Thursday, May 18th. The market is located at the Bellevue Presbyterian Church (1717 Bellevue Way NE). Access the market and parking area off of Bellevue Way. There’s ample parking available.
Market hours are 3:00 PM – 7:00 PM.
Thoughts on Bellevue’s Fall Condo Market
August tends to be a quiet month for real estate, but after the Labor Day holiday weekend, expect to see market activity pick up as we head into fall. It was a frenzied first half of the year, both nationally and locally, with a continuing shortage of existing and new construction housing inventory. The impact of two significant interest rate increases certainly caused the market to cool a bit this summer and demand declined slightly while buyers adjusted to 5%+ mortgage interest rates. (Not that an increase from 3% to 5% isn’t significant, but if you’ve been around long enough to remember, mortgage interest rates in the mid 1970s were in the mid-to-upper teens.)
There’s been a lot of talk about a housing market crash or a housing bubble. What we’re experiencing now is a normal market, and a normal market doesn’t mean buyer interest has evaporated. The Pacific Northwest is fortunate to have a strong business and economic base with companies continuing to expand, hire new employees and relocate existing employees to the area. During the height of the pandemic there was momentum to move away from the city to find space to spread out and create home school and work-from-home space. Not everyone decided to move to the country (some have chosen to move back to the city) and buyers new to the market are looking for convenience and access to employment, amenities, schools, transportation, health care, etc. Urban living is still in high demand and local sales activity supports that trend.
Over the past 90 days, here’s what’s been happening in downtown Bellevue . . .
- 45 condos sold in the last 90 days
- the median sold price was $1,175,000 (compared to $957,500 during the same period in 2021)
- 40% of those condos sold above list price
- 60% sold in 10 days or less (average days on market was 19)
Buyers are still active in the marketplace and downtown Bellevue is definitely on their radar. Multiple offers still occur but price escalations haven’t been as dramatic as seen late last year and the first half of 2022.
Downtown Bellevue (98004 zip code) currently has a 3 month supply of available condo inventory. It is a more balanced market but still slightly favors sellers. (A balanced market is considered 4-6 moths of available inventory.) New construction opportunities exist but those units, either under way or in the planning pipeline, won’t deliver homes ready for occupancy for 18-24+ months. One community, nearing completion, will add 16 new residences to Bellevue’s urban marketplace this year.
Looking at all Bellevue neighborhoods/zip codes, 146 condos sold over the last 90 days. 65% sold at or over list price with an average time on market of just 10 days. Right now there are just over 100 condos listed for sale throughout Bellevue (including downtown) or a 2.2 month supply of available inventory.
Nothing in the market data suggests home prices are declining or that we’re headed into a housing bubble or market crash. This year’s interest rate increases did have an impact on the market, and there was a moderate market correction as a result, but local condo values are expected to appreciate but at a far more normal and sustainable pace.