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Downtown Bellevue Pop-Up Dog Park
courtesy flickr/Jelene Morris
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
courtesy flickr/Sarah
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
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.
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.
Windermere Foundation Reaches Its $50 Million Goal
For over 30 years the Windermere Foundation has donated a portion of the proceeds from every home purchased or sold through Windermere Real Estate. What started as a mission to serve families in need in Washington State now includes ten states in communities where Windermere operates. In 2022, Windermere’s 50th anniversary, the company set a goal to reach $50 million in total donations, launching the “50 in 50” campaign. An amazing goal and an amazing accomplishment. Windermere succeeded in raising over $50 million for programs and organizations that provide shelter, clothing, children’s programs, emergency assistance and other services to those who need our help the most.
It is an honor to be part of the Windermere family and support the Windermere Foundation. Funds raised go directly to support many organizations assisting low income and homeless families throughout our local communities.
Learn more about the Windermere Foundation at windermerefoundation.com.
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.
Don’t Just Downsize . . . Right-size
flickr/alden jewell
Many sellers in today’s market, myself included, are getting ready to not only move but also downsize their lifestyle, fitting their new home to fit future needs. Downsizing, or right-sizing, means more than just “getting rid of “stuff” and finding a smaller home. It’s important to consider how you live now, how you want to live in your new home, what is important, what you need and what you can do without.
This should be a simple task, but too often downsizing doesn’t focus on the things that are really important. If you love to garden, need space for a pet or enjoy hosting impromptu dinners and holiday gatherings, select a home that provides enough space for how you want to live or you may find it frustrating to have to eliminate activities or traditions that are important to you. When searching for a new home don’t just look at the square footage – keep in mind how you will live in and use the space day-to-day now and in the future.
It’s safe to assume much of the furniture in your current home won’t fit into a smaller house or condo. The reality is that very few of your existing furniture pieces will make the move with you. You’ve heard the phrase “measure twice and cut once”. The same is true for furniture. Measure pieces you might want to move or purchase and then measure the doorways at your new home (twice) and don’t forget elevators, hallways and stairwells. The stress on moving day doesn’t need to include discovering the buffet won’t fit through the door.
If you think you ‘ve had enough garage sales or trips to deliver donations, think again. Don’t try to fill your new space with too much sentimental artwork or decor. Select a few statement or heirloom pieces and use them as the foundation to build the decor in your new home. Too much “stuff” will make a space look smaller.
When it comes to closets and clothing, think again about what you keep and what you could donate. We’ve all heard that saying that if you haven’t worn something in two seasons, let it go. Are you relocating to a different climate? A more casual lifestyle? You may not need heavy coats, as many shorts and flip-flops or blazers and dresses.
Moving and downsizing takes time, effort, focus and patience. It can be stressful, but can also be a positive experience. The next chapter of your life should be exciting and something you look forward to. After you’re settled in your new home, if you find you parted with something that you wish you’d kept, it can be replaced and maybe it will be the right size, color or style that is a better fit for your space. Embrace the change. Invite family and friends into your new home and start making new memories and traditions.
Increased Conforming Loan Limits Will Benefit Buyers
flickr.com/mikelawrence
Conforming home loan limits are tied to local home prices. Each year the Federal Housing Finance Agency (FHFA) evaluates home values nationwide and adjusts the conforming loan limits for each state and each county within each state. FHFA also establishes higher conforming loan limits for areas deemed to be “high cost areas” based on local median home values. In the King/Snohomish/Pierce county region, considered a high cost area, the conforming loan limit for 2023 is $977,500. Any loan above this amount is considered a jumbo loan. (In most of the United States the average 2023 conforming home loan limit is $726,200.)
What this year’s adjustment to the conforming loan limit means is more buyers can qualify for a conforming loan vs. a jumbo loan – good news if you’re planning to purchase a home this year. Conforming loans allow lower down payments (as low as 3%) and have more flexible loan qualification standards. Jumbo loans typically require a minimum 20% down payment, higher credit score and stricter loan qualification guidelines.
If you’re planning to purchase a home this year, meet with your lender or mortgage broker before you begin your home search. Find out what’s needed to start the loan application process and learn which loan program will best meet your needs and budget. Obtaining a fully underwritten loan approval before you begin your home search will put you in a much stronger position when you find the home that best meets your needs.
