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.

 

 

 

 

condominium speciaistcondominiumshome safetyreal estateRobin Myers/Condo SpecialistsafetyWindermere Real Estate September 20, 2022

September is Realtor® Safety Month

flickr/Jonathan Warner

September is Realtor® Safety Month. You wouldn’t think real estate was a profession that deals with a lot of risk or safety concerns. Though rare, over the years there have been several instances locally and across the country of Realtors® being physically or cyber stalked, injured or abducted. Locally, our industry was rocked by the murder of a well known and respected broker just over 20 years ago.

 

 

Realtors® are trained and educated about the potential dangers faced while on the job and reminded to practice safety strategies designed to keep themselves, and their clients, safe while visiting homes or attending open houses. Safety guidelines have been designed and implemented utilizing tips from national and local law enforcement and industry veterans to keep all of us safe and be sure we all make it home safely.

Most of the safety protocols are common sense, but can sometimes be thought of as inconvenient or unnecessary. Keep in mind . . . your broker is taking precautions and is concerned about their own safety as well as yours. If your Realtor® suggests a first meeting at the office rather than going directly to a property, asks for ID, or discourages showing homes after dark, keep in mind, their concern is for their own safety as well as yours.

buying a homecondominium speciaistcondominiumsreal estateRobin Myers/Condo Specialist September 14, 2022

Juanita – New on the Market

VILLA JUANITA – a spacious, open concept home designed with comfort and style

No detail was overlooked in this spacious one bedroom condo. Quality  finishes and fixtures throughout (Restoration Hardware lighting, custom window treatments, freshly painted, newer carpet and stainless appliance package) make this a comfortable home for day-to-day or entertaining. The kitchen will please any level chef offering ample work & storage space as well as a bistro bar for morning coffee or an inviting gathering place for guests. Generous sized bedroom suite has two large closets and opens to the recently updated bath. Vaulted ceilings throughout and large scale windows add light and volume to this comfortable home. There’s a private, secure garage plus ample surface parking for guests. Offered at $447,500

14335 Simonds Road NE #A-202
Kirkland, WA

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

condo resale disclosurescondominium speciaistcondominiumselectric vehicle charging stationsEV charging stations June 15, 2022

Revision to Condominium Resale Certificates Relating to EV Charging Stations

courtesy flickr/Ivan Radic

The WA State Legislature recently approved a revision to the Condominium Resale Certificate. House Bill 1793, passed by both the House and Senate, was effective June 9, 2022.

A new section has been added to the Condominium Resale Certificate relating to electric vehicle charging stations. Whether located in the unit or the limited common elements assigned to a unit, an association manager (or HOA of self-managed) is now required to complete the updated document to disclose information relating to application requirements for EV charging stations, the status of any application in process, insurance information and/or requirements, maintenance responsibilities, associated costs including any utility allocations to a unit or owner and other requirements related to proper approval of and installation of an EV charging station. With the popularity of electric vehicles on the rise, HOA rules and regulations will soon need to be updated to include the approval process and requirements for installing EV charging stations.

The updated form must be used for all condominium or common interest community purchase transactions with mutual acceptance on or after June 9th. If a resale certificate was previously ordered (for example, when the home was listed for sale), the resale certificate will need to be updated and available to a seller for review and approval.

appraisalscondo financingcondo resale disclosurescondominiumsRobin Myers/Condo Specialist June 8, 2022

Recent Changes to Condo Financing and Appraisal Requirements

Following the 2021 collapse of the Surfside, FL condominium tower, and growing concerns nationwide about aging buildings and potential issues due to deferred maintenance, lenders are now required to perform additional due diligence when approving condo units for conventional loans. Fannie Mae and Freddie Mac have issued new requirements for condo and co-op financing. These requirements specifically address significant deferred maintenance, special assessments and reserve requirements. These guidelines are designed to protect condo borrowers from unsafe or financially unstable projects as well as help manage risk to lenders and investors.

Lenders have always required completion of a condo questionnaire for conventional financing. New guidelines will request more information from HOAs and association managers, and lenders will more closely review HOA minutes, budgets and reserves for references to issues relating to deferred maintenance or conditions that could impact safety, soundness, structural integrity or habitability. If issues are found, the lender may request documentation relating to inspections, engineering or other reports, open permits for repairs, etc.

Appraisers will also be required to provide more information relating to regular and special assessments and whether assessments pertain to routine maintenance or to deferred maintenance. Anything that could potentially impact the safety or marketability of the unit or the financial stability or safety of the overall community and amenities could require additional review.

These new lending requirements apply to communities with 5 or more units and will focus on condos built 20+ years ago. Time will tell whether these guidelines will require associations and property managers to provide more detailed information in the resale disclosure documents. If a lender is unable to obtain sufficient information to satisfy the new review guidelines, loans on a unit or community could be more challenging to obtain.

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.

buying a homecondominiumseconomyreal estateselling a home November 17, 2021

Housing and the Economy – What to Expect in 2022

In the last housing and economic forecast for 2021, Matthew Gardner, Windermere’s Chief Economist, looks ahead and shares his economic and housing forecast for 2022.

BellevueDowntown BellevueDowntown Parkeventsfamilyurban living August 6, 2021

Bellevue Outdoor Movies In the Park

Downtown Park canal and grass lawn

It’s summer and movies in the park are back! Gather family, neighbors and friends, pack a blanket, lawn chairs and snacks and head to the Downtown Park and Crossroads Park for Tuesday and Thursday night movies. A 40 foot movie screen will show movies in both locations. Seating starts at 7:30 PM and movies begin at dusk.

 

 

BELLEVUE DOWNTOWN PARK
August 10th     Trolls World Tour
August 17th     The Croods 2: A new Age

CROSSROADS PARK
August 12th     Onward
August 19th     Raya and the Last Dragon

 

NOTE:  Movies will be cancelled in the event of rain. Movie titles are subject to change without notice.