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Condos Come in Many Shapes and Sizes
There is on one-size-fits-all condominium. Condos can be one level (known as a flat) in a low-rise, mid-rise or high rise building, or an attached or detached multi-level home.
Condominium actually refers to the form of ownership or the legal description of the property – how it is deeded. With the majority of condominiums, whether a flat or townhouse, you own the unit from the walls-in, and the legal description or deed designates the property as a condominium. When you purchase a condo it is individual ownership, like a single family home, but you only own the interior which includes walls, floors, fixtures, etc. Condo owners pay property taxes and insure only their individual home.
Condos have individual ownership but there will be shared ownership of common areas such as hallways, lobbies, parking structures, roadways, pools, playgrounds, community spaces, etc. Typically a homeowner association and often a property management company maintains the common areas. Owners pay a monthly assessment (homeowner dues) to cover the management fee, maintenance, master insurance policy, reserves for future repairs, utilities, common area property taxes, etc.
Townhouses sometimes blur the lines. Most are condominium ownership, but in some communities townhomes, whether attached or detached, can be deeded as single family homes. Depending on the governing documents of the community, owners may own the building and the land beneath the structure. In this case, depending on the legal description and governing documents, the owner may be responsible for the maintenance and related expenses for the building and the land.
Before purchasing a condo it is important to understand how the ownership is structured, whether there are regular monthly assessments, what those assessments cover and if a homeowner association and/or professional management company oversee the maintenance of common areas, limited common areas, building exteriors, amenities, etc.
Living in a condominium is different than a single family home. There may be some compromise on privacy and space, but condos generally offer a more maintenance free lifestyle. There are often sought-after amenities such as parks, pools, designated pet areas, sport courts, etc. that you wouldn’t have with a single family house. There may also be rules and regulations regarding exterior alterations, pets, parking, etc. If a low maintenance lifestyle is appealing a flat or townhouse could be the right home choice.
Selling a Home? How Important is Staging?
Early in my career home staging was rare and typically used only in high end properties. Professional photography wasn’t common either – most brokers took their own marketing photos.
Today online is almost always the first exposure buyers have to a new listed home. Hiring a professional photographer is a requirement, rather than an option, and staging has become more common regardless of price.
If a home is occupied staging can be as simple as decluttering or depersonalizing a home. Removing excess artwork, decor and furniture, personal photos, pet items, hobby items, toys, etc. can help potential buyers envision themselves living in the home rather than the current owner.
If a home is vacant staging takes home prep a step further. A designer will bring in neutral furniture, decor and art specifically chosen to fit the style of the home and interior spaces along with soft staging items for the kitchen and baths. Staging can make an empty home feel warm and inviting.
Staging doesn’t have to be expensive . . . a homeowner can stage their home for the market by completing updates/upgrades/repairs. A quick refresh can be completed in a few weekends – fresh interior or exterior paint, update light fixtures inside and out, landscape clean-up, update kitchen and bath plumbing and/or cabinet fixtures, clean/replace carpet, clean out and pack closet and garage clutter, etc. Minor repairs and updates go a long way toward improving the presentation and appeal of a home.
For vacant homes, staging provides buyers with a vision of how they could live in the home. Staging can set a vacant home apart from other properties and often reduces the time a home is on the market. The staging designer selects furniture to specifically fit a room size and layout and enhance the best use of the space. While the whole house can be staged, it’s common to see living and dining spaces staged, outdoor living areas to draw a buyer’s interest outdoors and “soft” staging in kitchens and bathrooms.
Professional staging is a valuable marketing tool but can be expensive. The cost includes the designer’s fee, charge to deliver, move in and set up the furniture and decor and the cost for move out after a home has sold. There is also a monthly rental charge for the furniture and artwork placed in the home.
Virtual/digital staging is another option and less expensive. Furniture and decor is digitally added to the professional photos giving the appearance of being furnished. It should, however, be disclosed that a home has been virtually staged.
If you’re getting ready to sell your home, talk with your real estate broker about the benefits, pros and cons of staging.
Bellevue Towers – Just Sold
• Bellevue Towers offers a walkable, dynamic urban living experience.
• 1,575 SF residence offers 2 bedrooms/2 baths + corner den with a
southern exposure and expansive floor-to-ceiling windows.
• Unique to this community is a private half acre park offers expansive
lawn space, walking paths, water features, outdoor fireplace and large
patio.
• Indoor amenities include state-of-the-art fitness studios, spa and cold
plunge pool, private dining and screening rooms, a game room and
multiple gathering areas and access to rooftop gardens.
• 24/7 concierge in each tower, secure building & garage.
SOLD – $1,425,000
RobinMyers
Condominium Specialist
Here Come the Trains
flickr/Zack Heistand
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
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.
Thoughts on Bellevue’s Fall Condo Market
Downtown Bellevue Skyline
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.
