This week Matthew Gardner, Windermere Chief Economist, takes a look at the US housing forecast for 2021. Topics include mortgages, existing home sales, existing home values, new construction, the impact of homes in forbearance and the urban condo market. Overall the outlook is positive for a continuing strong real estate market and low interest rates.
This week Matthew Gardner, Windermere’s Chief Economist, shares his thoughts on the latest US home sales data.
Single family and multi family home values continue to rise while available inventory levels continue to decline. What’s the news for condos? Condo prices are trending higher nationwide, up 10% year-over-year. It’s difficult to know how long this trend can be sustained as we close 2020. What could impact values next year? We may hit an affordability issue, which could push some buyers out of the market, and increasing inventory levels may create more selection for buyers but more competition for sellers.
I specialize in Bellevue’s condo and townhome communities. If you have questions about the market or what’s been happening in your community, call, text or email.
Happy Thanksgiving. While this year may be very different from years past, if you have an opportunity to safely share the holiday with family, enjoy the day. Be safe and stay healthy.
The trees lining Bellevue Way have been decorated in sparkling holiday lights and the toy drums have arrived and line the sidewalks. Soon toy soldiers will take their places on top of the drums. The holidays are almost here.
The Bellevue Collection’s Snowflake Lane will have a different look this year. The holiday season kicks off November 27th with a nightly celebration of lights, music and the occasional “snow” shower along Bellevue Way between NE 8th and NE 4th Streets. Keeping everyone’s safety in mind, there will be no parade or performers this year, but every night between 5:00 PM and 9:00 PM through December 24th you can still take a walk or drive down Bellevue Way and enjoy the sights, sounds and spirit of the season.
Its been rumored for years that Factoria Mall would be redeveloped to make better use of the large parcel. The mall and several free standing buildings currently occupy the 43 acre site. An application for design review has been submitted to the City of Bellevue for redevelopment of the Marketplace at Factoria. Eight phases are planned which will include expanding current retail space, adding a multi-family residential building, 150 room hotel, office buildings and renovation of the existing mall to increase the size and create an open-air shopping mall. Current retail tenants may need to be relocated throughout the redevelopment process that will add 151,000 square feet of retail to the mall’s current 525,948 square feet. The project will be completed in 8 phases.
Improvements include pedestrian improvements to create a safer walking environment, enhanced landscaping, an extension of the bike/pedestrian path and a new crosswalk across SE 38th Street.
Later phases of the project will add a large gathering plaza to connect to two new office buildings to be constructed on the current Walmart site, which will be moved to a new location within the project.
Every year I watch for this maple tree in McCormick Park to change color. Each year the color is a bit different but it never disappoints. The fall colors around downtown Bellevue this season have been exceptionally vibrant – maybe the hot weather the end of summer, the smoke in September or exceptionally cold temperatures earlier this month had something to do with the abundance of fall color this year. Downtown Bellevue has so many parks and tree lined streets offering an amazing variety of color. Take the opportunity to get outside and enjoy the fall colors before the rain and wind predicted for later this week end the beautiful fall display.
Election Day is just 20 days away. Washington State ballots will be mailed this week, so watch for yours in your mailbox. A brisk voter turnout is expected, so it’s recommended you complete and return your ballot early – either by mail or deliver it to one of the official ballot drop boxes.
Bellevue has three ballot drop box locations:
Downtown Bellevue/Bellevue Library
1111 110th Avenue NE
Crossroads Mall (south entrance)
15600 NE 8th Street
Newport Way Library
14250 SE Newport Way
To find ballot box locations in other cities, if you have questions about or need to update your voter registration, or if you need assistance call or email King County Elections at 206-296-8683 or email@example.com. You can go online and track your ballot after you’ve delivered your ballot.
Every year Livability.com ranks the best 100 small to midsize cities to live in the country based on affordability, safety, economic stability, outdoor recreation, accessibility and community engagement. This year the survey added an “opportunity score” which reflects the city’s job offerings, economic resilience and growth.
Fort Collins, CO was ranked the best place to live in 2020 followed by:
- Fort Collins, CO
- Ann Arbor, MI
- Madison, WI
- Portland, ME
- Rochester, NY
- Asheville, NC
- Overland Park, KS
- Fargo, ND
- Durham, NC
- Sioux Falls, SD
The Pacific Northwest was well represented with nine cities making the list:
Corvalis, OR #19
Bellingham, WA #33
Bend, OR #45
Eugene, OR #46
Spokane, WA #49
Vancouver, WA #59
Olympia, WA #66
Beaverton, OR #67
Tacoma, WA #75
To view the entire list of this year’s best places to live visit Livability.com.
Social distancing restrictions are going to limit traditional Halloween activities this year. If you’re looking for a fun family event, check out Bellevue’s Vasa Park Resort Drive-In Theatre. Classic Halloween movies will be shown this weekend and again the weekend of October 23rd/24th.
Some dates are already sold out . . . visit Vasa Park’s website (https://www.vasaparkresorteventcenter.com) for the movie schedule, tickets and concessions menu.
Friday, October 9th Hocus Pocus sold out
Saturday, October 10th Coco: Day of the Dead sold out
Friday, October 23rd Addams Family