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Bellevue Farmers Market
flickr/Tim Bowens
Due to the extension of Washington State’s stay home/stay healthy order, the opening of the Bellevue Farmers Market has been delayed. This year the market will have a soft opening. Beginning on May 14th and again on May 21st and May 28th, pre-ordered produce boxes will be available for drive-through pick-up from 3:00 – 6:00 PM on those dates. Flowers and eggs may be added to the produce box order. (PLEASE NOTE – The inaugural Bellevue Farmers Market Box has sold out for May 14th. Orders can still be placed for May 21st and 28th. Visit the website for order deadlines.)
Visit bellevuefarmersmarket.org for information on how to pre-order, order deadlines and instructions for pick-up. Order early, as supply will be limited.
Opening day for the weekly market is scheduled for Thursday, June 4th from 3:00 – 7:00 PM. The market site at the First Presbyterian Church offers ample free parking.
Bellevue Presbyterian Church
1717 Bellevue Way NE
Bellevue, WA 98004
A Bright Spot in Confusing Times
The past few weeks/days have created concern, uncertainty and chaos in everyone’s world. Like many people, I am working at home, keeping clients advised of what’s happening in the real estate market and in their neighborhoods (homes are continuing to come on the market and sell) and responding to questions, emails and phone calls.
We’ve had amazing weather this week. Since exercise and sunshine are both good for relieving stress, I’ve made it a point to take the dogs on a couple walks each day. They too enjoy getting outside to enjoy the fresh spring smells and roll in the grass (them, not me). It’s been a great reminder that we live in an incredibly beautiful place, that we should take advantage of this amazing weather (especially for March) and that sunshine and walking are good for your soul. When will things return to normal, I can’t predict, but I do know the rain will return and we will be forced to spend more time indoors. There’s a lot going on in the world right now that is confusing and scary and that we can’t control. Along with social distancing, using appropriate caution and staying in touch with family and friends, remember to step outside, take a deep breath, enjoy the sun, take a walk and clear your head.
Thursday is the first day of spring. Happy Spring!
Selling Your Home? Prepare for the Photo Shoot
This is the time of year when more homes are listed for sale. It’s rare to see a home on the market that doesn’t have professional photos. Quality photography is critical for on line marketing and could be the most important piece of the marketing plan your broker will (or should) commit to when listing your home for sale.
Not even professional photographs can hide flaws, clutter, dirt, etc. and sometimes those are more evident through the camera lens. There are easy steps to take to be sure your home is camera ready which will help the photo shoot go more quickly so you can return home sooner.
- Replace burned out bulbs (table lamps and ceiling fixtures)
- Clean and de-clutter all surfaces throughout the home. Remove personal items and photos from view (recommended for security reasons as well)
- Open all drapes and blinds
- Remove pets, bedding, bowls, toys, etc.
- Same goes for children – head to the park during the photo shoot
- Remove refrigerator magnets and artwork, paper towel holders, towels hanging on cabinet handles, sponge or soap holders/dispensers
- Make the beds and take a quick look from all sides to be sure covers are even all the way around. Fluff pillows and remove personal items from bedside tables.
- Clear bathroom counters, tub and shower ledges and remove toothbrushes, hair styling items, soap and shampoo bottles, etc.
- Decks, patios and courtyards – sweep all surfaces (power wash if needed), cover the bar-b-q, plant fresh flowers in the pots, remove broken pots or furniture
- Turn all lights before leaving
The photographer and your broker will appreciate your effort, the photo shoot will go more quickly and you will be able to return home sooner. It is, no doubt, inconvenient and stressful to have your home listed for sale. Your efforts to have it photo ready and prepared for open houses and showing appointments will go a long way toward having buyers take away a favorable impression and sell more quickly.
Senior Property Tax Exemption Program
photo courtesy CreditDebitPro.com
It’s that time of year when we start collecting receipts, mortgage interest and property tax statements, all in readiness to work on taxes or at least deliver your box of receipts and statements to your accountant.
Did you know . . . anyone 61 years or older who owns their own home may be eligible for Washington State’s senior property tax exemption. The maximum annual income for this program has been significantly increased to $58,423 which will allow many more people to be eligible for property tax relief.
For more information, to find out if you or a family member qualifies fore a reduction in property taxes, or to apply, visit the King County website at https://www.kingcounty.gov/depts/assessor/tax relief/seniorexemptions .aspx or call 206-296-3920. Anyone who is eligible should take advantage of this tax exemption law.
A Reminder of Bellevue’s Past
I didn’t have any change with me to see if this still worked, but it was fun to find a phone booth still existed in downtown Bellevue. During a walk through Meydenbauer Bay Park I saw this outside the entry to the boat house at the park. Wonder how many kids over the decades used this phone to call their parents to pick them up after swimming at the lake. Bellevue is growing, entering another development phase that will change the skyline. This was a fun reminder of when a phone was actually used for making calls!
Excavation Started at Avenue Bellevue
With demolition complete, excavation has begun at the Avenue Bellevue site located at the northwest corner of Bellevue Way NE and NE 8th Street. (This is the former Cost Plus site, or if you’ve been around Bellevue for a while, the former Albertsons grocery store.) The mixed use project will include 85,000 square feet of retail, the Pacific Northwest’s first Intercontinental Hotel and 322 luxury condominiums positioned in two towers. Completion is projected for mid-to-late 2022.
Affordable Housing in Bellevue?
You might be surprised to find there are many affordable housing options close to downtown Bellevue. Apartments in the city are expensive and it’s likely the rent will increase each time the lease renews. The average monthly rent for a 2 bedroom apartment in downtown Bellevue is $3,250 or more per month (plus utilities). That’s a lot of money for housing with no return on investment.
Last year more than 100 one and two bedroom condos in or near downtown Bellevue that sold with median sales prices* under $475,000 (98004 & 98005 zip codes). Some of these homes were in communities walk-able to downtown, others were less than a 10 minute drive to Bellevue’s workplaces, shopping, dining, arts and entertainment events, parks and sought after Bellevue schools.
With a budget of $550,000, a lot of money but considered affordable in the Eastside real estate marketplace, if you were buying a condo what could you expect to pay for your monthly housing expense?
- A 2 bedroom condo priced at $550,000 with a 5% down payment ($27,500) would have a monthly mortgage expense (PITI) of about $2,850/month
- There are great loan programs available with 3%, 5% and 10% down, but if the down payment is less than 20% the lender will require PMI which will could add $300-$400/month to your mortgage payment. (Consult your lender for more information.)
- Budget $395-$495/month for homeowner’s dues, but that will include the water/sewer utility, garbage/recycle service, master insurance policy and sometimes even basic cable.
With a 5% down payment on a $550,000 purchase the monthly PITI + PMI would be approximately $3,240 – about the same as renting a 2 bedroom apartment downtown, except you would get the benefit of a tax deduction for some of the closing costs and the deduction for mortgage interest and real estate taxes every year.
Before you renew your lease, talk with your lender and Realtor®. This might be the right time to purchase a home and avoid the next rent increase. You would own your home, shelter income and start building equity and wealth. You may even reduce your commute.
* median sales price – half the homes sold for more, half sold for less
Snow Days
I grew up on the East coast, so was used to several snow storms every winter. School was rarely cancelled or delayed and you hardly ever got a day off work due to snow. The north and mid-Atlantic states on the East coast are prepared for snow every winter. There are more snow plows there than there are Starbucks and Teslas here in Bellevue. Still, when we occasionally get snow here it reminds me of when I was a kid and we couldn’t wait until the snow was deep enough to head to the perfect sledding streets.
The Puget Sound region doesn’t get as excited about snow – too many hills and not quite as many snow plows. I live downtown and whenever it snows I can’t wait to find my snow gear and head out for a walk. Everything seems quieter when its snowing and the skyline takes on a different look in the snow. The dogs love the snow too – they’re like little kids jumping, rolling and snow-plowing their noses through the snow. Its great fun to watch the kids build snow people and navigate their sleds down the hillside at Ashford Park. Living downtown, I have the luxury of being able to walk everywhere for anything I need – a definite advantage to urban living.
It’s Wednesday afternoon and here comes the snow again. Hope everyone makes it home safely and someone has a hot chocolate ready when you get home. Be patient . . . the days are getting longer and before you know it, it will be spring.
Eastside Condos – What Can You Expect in 2020?
Today’s Seattle Times and Puget Sound Business Journal reported that the 2020 real estate marketplace was likely to open fast paced with low inventory levels and high buyer demand following a robust December of residential sales. Without a significant increase in available housing inventory it could be a “red hot market” this year with a return to multiple offers and rising prices.
While most of 2019 was relatively flat for home sales and property appreciation in King County, the last quarter of the year ended up being the most active in recent years. The same was true for Snohomish, Pierce and Kitsap Counties.
Downtown Bellevue’s condo market was no different – flat throughout most of the year with a flurry of activity in the last quarter. There were 258 downtown condo sales in 2019 reflecting a median sales price of $729,500, less than a 1% increase over the prior year. More notable is that 46 of those 258 condos sold during the last quarter and the median sales price for the last 90 days of the year was $869,500. There are currently only 16 condos listed for sale in the Bellevue downtown/98004 zip code.
More jobs are coming to downtown Bellevue this year and continuing for the next few years as companies plan to move to or expand their footprint in Bellevue. Employees, anticipating a move to the Eastside, are already searching for homes close to workplaces and transit. Location, location, location is still true in real estate, but of growing importance are transit options and access to those workplaces, schools, amenities, services, etc. Communities in and near downtown will be in high demand as buyers more on available transit options (light rail, bus, ride services, bike, etc.) to reduce commute time and regain quality of life. Location will always favorably impact value, but the word for this decade may be “transit” when it comes to property values and market desirability.
Welcome Winter
I love the change of seasons, despite winter’s shorter days. Embrace the grey! Though slowly, the days will begin getting longer.
