BellevueBellevue Farmers MarketDowntown Bellevueeventsurban living May 17, 2023

Opening Day – Bellevue Farmers Market

photo courtesy flickr

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.

Bellevue condominiumcondominium speciaistcondominiumsDowntown Bellevuereal estateRobin Myers/Condo Specialist May 11, 2023

Downtown Bellevue First Quarter Condo Market Statistics

2023 had a bumpy start. There’s been a lot drama and speculation regarding interest rates, the stock market, investments, employment, etc. While the eastside hasn’t been immune to these issues, the downtown Bellevue condo market has looked like a fairly normal spring market. Sales prices are gradually increasing, the difference between list price and sale price is narrowing and the days-on-market continues to decline.

 

DOWNTOWN BELLEVUE CONDO MARKET STATISTICS  –  2023 YEAR-TO-DATE

1st Quarter 2023
total condos sold in 1st quarter     25
average sale price                            $913,398
average days on market                 66
% of sale price vs. list price           97.7%

April 2023 sales
total condos sold in month          17
average sale price                          $970,382
average days on market               42
% of sale price vs. list price         99.35%

Current Pending Sales
total condo pending sales           14
average list price                          $1,186,986
average days on market              40

There are 42 condos actively listed for sale in downtown Bellevue with an average list price of $1,820,196. This includes several new construction pre-sale units that won’t be available for occupancy in the 3rd or 4th quarter of 2023. Removing the pre-sale units, there are just 28 homes available for occupancy within 30 days of closing escrow.

buying a homecondo financingcondominium speciaisthome financinghome loansmortgage interest ratesRobin Myers/Condo Specialist April 27, 2023

Mortgage Interest Rate Buydowns

flickr.com/mikelawrence

If you’re thinking about buying a home, the good news is mortgage interest rates continue to decline. Rates are in the low 6% range compared to over 7% a few months ago. There are ways to lower the mortgage interest rate even more with a temporary or permanent mortgage buydown, but there are pros and cons.

A mortgage rate buydown allows a buyer to secure a lower interest rate on a mortgage by paying more money up front in the form of discount points. Each “point” is equal to one percent of the total loan amount. This can be beneficial when mortgage rates are high.

Permanent or Temporary Buydown?
With a permanent interest rate buydown, the interest rate is reduced for the life of the loan, but there are generally heftier up front costs. With a temporary interest rate buydown, a borrower can get a temporary discounted interest rate and ease into the permanent mortgage interest rate.

1-0 buydown mortgage – a 1% discounted interest rate for the first year
2-0 buydown mortgage – a discounted interest rate for the first two years of the loan. The first year the interest rate is 2% lower, decreasing to 1% the second year.
3-2-1 buydown mortgage – a 3% discounted rate the first year, 2% in the second year and 1% the third year.

With a temporary mortgage buydown the borrower must qualify for the mortgage at the higher interest rate even though initially paying a lower rate.

Does it pay to permanently buy down a mortgage? Mortgage payments will be more affordable for the life of the mortgage, but there are higher up front costs. If you plan to stay in the home for a long period of time, this could be a wise financial decision, but if you plan to move in a few years you may not break even given the up front costs.

Talk with your lender or mortgage broker for information about current interest rates, loan programs, mortgage buydowns and calculations to see which scenario is the best for your financial situation and future plans.

 

condominiumsDowntown Bellevueeconomyhome property valueshousing marketreal estateRobin Myers/Condo SpecialistWindermere February 22, 2023

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.

 

 

 

 

Bellevue condominiumDowntown Bellevuereal estateRobin Myersurban livingWindermere Real Estate August 24, 2022

Thoughts on Bellevue’s Fall Condo Market

downtown Bellevue skyline

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.

 

Downtown BellevueDowntown Parkfamilylifestylerecreationsupporting communitiesurban livingwalkability August 7, 2022

Summer Movies in the Park are Back

photo courtesy flickr/Heather Harvey

 

A favorite summer event, movies in the Downtown Bellevue Park, are back on Tuesday evenings beginning July 19th through August 23rd. This is a free, fun family event that always draws a big crowd. Pre-movie entertainment starts at 7:30 PM and movies start around dusk (9:00-ish).

 

 


July 19th 
         Sing 2     Light Up the Night – bring your glowsticks

July 26th          Rango     Country Western Night – don’t forget your cowboy hat and boots

August 2nd      Sgt. Stubby: An American Hero     Military Appreciation Night – represent your favorite branch

August 9th       Space Jam: A New Legacy     Sports Day – wear your favorite sport/team jersey

August 16th     The LEGO movie     LEGO builders night – LEGO building time

August 23rd     Back to the Future     80s Night – wear bright colors and bit hair

(movies will be canceled in the event of rain)

Movies are also scheduled at the Crossroads Park every Thursday evening beginning August 4th through August 25th.

Pack up the family, snacks, drinks, blankets and jackets, find your favorite spot in the park and enjoy a fun outdoor night at the movies.

For more information call 425/452-4240 or visit BellevueWA.gov/outdoor-movies

Bellevue Farmers MarketDowntown Bellevueeventsfamilyurban living May 11, 2022

Bellevue Farmers Market Opening Day – Thursday, May 12th

photo courtesy flickr

Opening day for this year’s Bellevue Farmers Market is Thursday, May 12th. The market is open every Thursday from May through October from 3:00 PM to 7:00 PM. The market is located at Bellevue Presbyterian Church at 1717 Bellevue Way NE.

The market offers a mix of local vendors offering seasonal fruits & vegetables, flowers, fresh meats and artisan goods along with live music, activities for kids, tasty cuisine and community booths. Stop at the information booth for more details. Vendors accept cash, credit and debit cards.

There’s ample free parking on site. Service dogs are permitted as well as pets. Dogs must be owner controlled and kept away from food and other shoppers. Dogs who cannot mind their manners will be required to leave the market.

This is a welcome spring/summer event, even though spring weather has been a bit slow to arrive.  The market is open rain or shine.

BellevuecommunitylifestyleneighborhoodsWindermere Real Estate July 30, 2021

Another Great Reason to Call Bellevue Home

The City of Bellevue was one of 10 cities nationwide honored with this year’s All-American City Award. This year’s theme focused on building equitable and resilient communities. The award celebration was held virtually in June.

“We are honored to receive this award on behalf of a city that addresses community needs together with resilience and equity, even in the midst of new and unprecedented challenges.”
Mayor Lynne Robinson

Joining Bellevue as a 2021 All-American City award recipient were Carlisle, PA, El Paso, TX, Evanston, IL, Fort Wayne, IN, Kansas City, MO, Livermore, CA, Miramar, FL, Morrisville, NC and Wheat Ridge, CO.

First presented in 1949, the award recognizes communities that leverage civic engagement, collaboration, inclusiveness and innovation to successfully address local issues and create stronger connections among residents, businesses, nonprofit and government leaders.

Read the full story here:

https://nwreporter.nwmls.com/Issues/July-2021/page/Bellevue-AllAmerica-City

Bellevuebuying a homecondominium speciaistreal estateselling a home July 8, 2021

Summer May Offer Temporary Relief for Home Buyers

downtown Bellevue skyline

Downtown Bellevue Skyline

This week’s press release from the Northwest Multiple Listing Service (NWMLS) provided a hint of hopeful news for local home buyers. NWMLS data shows the number of active listings added to the market in June was at it’s highest level in 17 months.

In the tri-county area (King, Snohomish and Pierce counties) single family and condo inventory was up 14% in June compared to May. It’s tough to know how the typical summer slowdown when buyers and sellers take a vacation break, could impact the market. With the easing of COVID restrictions, more people may choose to travel and temporarily abandon their home search.

If there’s a pause in the summer market, it isn’t likely to last long. Tech companies continue to lease large blocks of office space, so it can be expected hiring will accelerate as well which will put demand on available housing inventory. Tech industry growth may also increase demand for the urban housing market in the third and fourth quarters as employees return to downtown offices and the many buildings under construction, and already leased, are completed and occupied.

Condo sales activity was hit hard in the early days of the strict COVID restrictions, mostly due to concerns about living in a community setting and navigating elevators and common areas. As those restrictions have eased condo sales have increased  –  nearly 60% compared to a year ago  –  and prices have increased more than 20%. Interest in urban living will likely continue as employees return to downtown workplaces and companies ramp up hiring.

For buyers who decide to stay-cation and continue their home search efforts, July and August could provide opportunities. Staying ahead of the fall hiring cycle and corporate relocation schedule could pay off for buyers this summer.

 

 

 

Robin Myers lives and works in downtown Bellevue. She is a Realtor® with Windermere Real Estate specializing in condominiums and urban lifestyles.

Bellevue Farmers MarketcondominiumsDowntown Bellevueeventslifestyleurban living May 11, 2021

Bellevue Farmers Market Opens May 13th

Farmers Market

courtesy: flickr

It’s a sure sign spring is here . . . the 2021 Bellevue Farmers Market opens this week. The market is open every Thursday from 3:00 to 7:00 PM. You’ll find the market at the same location as years past – Bellevue Presbyterian Church located at 1717 Bellevue Way NE. Look for a variety of vendors offering fruits, vegetables and cut flowers that will change with the season. All vendors grow and/or make all  featured products within Washington State.