Rain or shine . . . there are plenty of events and activities in Bellevue this weekend.
ROCK GARDEN PLANT SALE
Saturday, April 14th 10:00 AM – 2:00 PM
Bellevue Botanical Garden – 12001 Main Street
Saturday April 14th 2:00 PM – 3:00 PM
Mercer Slough Environmental Education Center – 1625 118th Avenue SE
Be prepared to get a little muddy and investigate the world of insects
Admission: free – open to all ages
Pre-Register at MSEEC@bellevuewa.gov or 425-452-2565
LIVE JAZZ MUSIC AT CYPRESS
Friday April 13th 8:00 PM – 11:00 PM
Cypress Lounge & Wine Bar/Westin – 600 Bellevue Way NE
GET CRAFTY SATURDAY
Saturday April 14th 1:00 PM – 3:00 PM
Bellevue Arts Museum – 510 Bellevue Way NE
Admission: free ($4 material fee per child)
No reservation required/first come first served
BELLEVUE LIBRARY GRAND OPENING – ideaX Makerspace
Saturday April 14th 10:30 AM – 3:00 PM
Bellevue Public Library – 1111 110th Avenue NE
A place to learn new skills – create electronic circuits, make a robot, craft with a 3-D pen
10:30 ribbon cutting
11:00 ideaX Makerspace opens
11:30 activities and demos
MASTER GARDENER’S URBAN DEMONSTRATION GARDEN WORKSHOP
Saturday April 14th 10:30 AM
15500 SE 16th Street
SEATTLE RESTAURANT WEEK
The last week for Seattle Restaurant Week – 165 participating restaurants with 13 in downtown Bellevue.
3 course meal/$33
For participating restaurants and more information https://srw.seattletimes.com
Living in communities close to workplaces, shopping, dining and other amenities is becoming increasingly important to buyers when searching for a home. A recent survey conducted on behalf of the National Association of REALTORS® found over half of the respondents preferred to live in a community that offered smaller or no yards but was within walking distance of local amenities and offered shorter work commutes.
Buyers no longer look at just the house – equally, or even more important, is the community and access to workplaces, shopping, dining, transportation, schools, health care and parks or open space. Women tend to put more importance on walk-ability and public transit than men but overall nearly 40% said having public transit nearby was important. Sixty percent of those surveyed would be willing to pay more to live within walking distance of parks, restaurants and shops.
In Bellevue the popularity of urban living was recently confirmed when the One88 condominium residences celebrated the grand opening and sales event. Over 80% of the homes sold in just weeks with buyers committing to reservations to purchase homes that won’t be available for two years. Several new Bellevue townhome communities have experienced the same robust sales activity with buyers committing to pre-sales for homes not scheduled for completion until late spring or summer. Resale condos and townhomes throughuot the eastside, walk-able to urban amenities and workplaces, are experiencing the same high level of buyer interest.
How does commute time impact local home values and buyer’s decisions on neighborhood selection?
According to the US Census, Americans rank having a short commute second only to low crime rates when it comes to determining where to buy or rent a home. One study found that New Yorkers will pay nearly $60 more a month in rent to trim just one minute off their commute. That trend is the same locally – buyers are willing to pay more for a home if it offers an easier commute. As a result, areas in King County with shorter commutes have higher home values.
Urban locations close to employment centers can be expensive, but efficient public transit will level the playing field, providing a more reasonable commute that reaches more affordable housing choices. In our area, the future expansion of light rail on the Eastside and north along the I-5 corridor will have a positive impact on many neighborhoods. Finally, developers are starting to take a closer look at demographics and buyer wants/needs, planning mixed use and multifamily housing near future light ail routes and transit centers. Continue reading
Another new restaurant, Henry’s Tavern, is scheduled to open August 30th at Lincoln Square. Henry’s Tavern is best known for its wide selection of beers on tap, its frosted bar rail to keep beers cold and a vast menu. This will be the sixth Henry’s Tavern for Restaurants Unlimited, Inc.
Henry’s opened in Portland in 2004 and expanded to Seattle in 2013 with a Sodo location. This is the second Bellevue location for Restaurants Unlimited, Inc. – the other is Palomino. The restaurant will be 11,000+ SF with a 700 square foot patio and a keg wall – a two tiered glass cooler that has all kegs on display.
Henry’s Tavern will join several other restaurants that have already opened or are scheduled to open in the coming weeks at Lincoln Square expansion.
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.
Both San Francisco and Seattle have an abundance of tech jobs. Anyone in the tech industry casting a wide net in their job search could expect to find job opportunities in both cities. While both locations would provide career growth opportunities and a stimulating lifestyle, where would you move and how would make that choice?
San Francisco is a fabulous city and salaries in the Bay area can easily be 20% higher, or more, than the Seattle marketplace, but many tech workers are choosing Seattle over the Bay area and Silicon Valley higher paying jobs. No question the cost of living here is on the rise, but the Seattle area has a significanty lower cost of living when it comes to renting or purchasing housing, parking, dining out, entertainment, groceries, etc. Locating where the employment base is, and where living is more affordable, could explain why Google expanded its campus in Kirkland and Facebook, Twitter, Uber and Dropbox have located offices here.
Friends who recently left San Francisco and moved back to the Eastside were renting a small studio in downtown San Francisco for $3,000/month + $300/month for parking. While the opportunity to return to the Eastside was key in their relocation decision, the difference in living expenses was also attractive. Renting a luxury one bedroom condo on the Eastside at $2,000/month, parking included, definitely made up for any difference in salary. While home prices and rents have increased in Seattle and on the Eastside, our prices still pale in comparison to San Francisco.
A higher paying job is enticing, and San Francisco is definitely a desirable place to live, but when adding up the list of basic items that can be as much as 30 percent cheaper here than in San Francisco, maybe the city on the bay is better as a great place to spend a weekend.
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.
Walkable neighborhoods continue to grow in popularity with buyers placing high value on access to workplaces, entertainment, shopping and dining without having to rely on a car. A home's walkability is not only increasingly in demand, its also a factor in raising home values. Recent data shows that mixed-use transit oriented neighborhoods improve property values and over the years walkable communities have held and increased their value, even in turbulent real estate markets. Respondents in a recent NAR (National Association of Realtors®) survey confirmed that buyers prefer to live in a neighborhood with a mix of homes and businesses. Communities where people can live close to work, buy groceries and socialize – all without needing a car – are the magnets that attract many of today's professionals, families and downsizing buyers.