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 homecondominium speciaisthome safetyopen housereal estateselling a homeWindermere March 27, 2020

Are Open Houses a Thing of the Past?

Earlier this month, as concern regarding the coronavirus grew, my company, Windermere Real Estate, followed by the NWMLS a few days later, made the decision to suspend all open houses in an effort to protect the health of buyers, sellers and brokers.

There will be little real estate business transacted during the State of Washington’s mandated “shelter-at-home” period. Escrow and title companies and lenders will continue to work, as much as legally permitted, to be sure sellers and buyers involved in transactions already under contract will close on time.

Even before the mandated “shelter-at-home”, many sellers requested no open houses and buyer traffic dropped significantly at homes (mostly vacant) where open houses were scheduled. What about open houses in the future? While I always include open houses in my marketing plan, at the seller’s option, it is one of the marketing activities that delivers the least return to, and honestly, most inconvenience to sellers. The majority of my real estate business focuses on condominiums, and its not unusual to find open houses restricted or prohibited by the HOA. Homeowners who purchase in a secure building do so because they want to live in a community offering safety and where public access is limited to owner controlled, owner invited guests. A public open house that allows dozens of strangers to access a building is an intrusion on the privacy and security of everyone who lives in the community.

With the advancement of technology, professional and drone photography, 3-D and 360 degree virtual tours, buyers can virtually walk through a property before scheduling a private appointment with their broker to see the home. Going forward we may see fewer open houses, especially in secure residential buildings. Open houses create a logistical challenge for the hosting broker, sellers, buyers and the concierge staff, and are an intrusion to the privacy of all homeowners in the building.

 

 

 

condominium speciaisthome technologyreal estateselling a home February 27, 2020

Do You Need to Disclose a Video Security System When Your Home is Listed for Sale?

flickr/Jordan Hatcher

 

Today’s home security systems are plentiful, inexpensive and easy to install. While they can provide peace of mind, when you list your home for sale, are you required to disclose the operation of a home video or audio security system?

Washington State law makes it very clear  –  it is UNLAWFUL for anyone to record, by any device, the private conversation of others without their consent. (RCW 9.73.030). Disclosure of an audio monitoring system or device, warning of the monitoring system, is not sufficient. Giving warning is not the same as obtaining the consent of all involved in the conversation.

There is no law prohibiting a seller from having a video only system to record movement or physical actions inside the home; Washington State law prohibits only audio recording. The seller and listing broker should disclose in the MLS listing and inside the home that there is an active video security system and warn visitors they may be recorded while in the home.

Affordability and ease of installation has made home security systems more common. While many systems record only movement, some (including infant monitors) include audio listening devices. If a seller refuses to disable active audio surveillance, and records audio without gaining the consent of the speakers, seller will be in violation of state law. If a seller has additional questions or concerns relating to this issue, they should seek legal counsel.

 

 

 

 

condominium speciaistcondominiumshome safetymovingreal estate February 21, 2020

Selling Your Home? Prepare for the Photo Shoot

 

This is the time of year when more homes are listed for sale. It’s rare to see a home on the market that doesn’t have professional photos. Quality photography is critical for on line marketing and could be the most important piece of the marketing plan your broker will (or should) commit to when listing your home for sale.

Not even professional photographs can hide flaws, clutter, dirt, etc. and sometimes those are more evident through the camera lens. There are easy steps to take to be sure your home is camera ready which will help the photo shoot go more quickly so you can return home sooner.

 

 

  • Replace burned out bulbs (table lamps and ceiling fixtures)
  • Clean and de-clutter all surfaces throughout the home. Remove personal items and photos from view (recommended for security reasons as well)
  • Open all drapes and blinds
  • Remove pets, bedding, bowls, toys, etc.
  • Same goes for children  –  head to the park during the photo shoot
  • Remove refrigerator magnets and artwork, paper towel holders, towels hanging on cabinet handles, sponge or soap holders/dispensers
  • Make the beds and take a quick look from all sides to be sure covers are even all the way around. Fluff pillows and remove personal items from bedside tables.
  • Clear bathroom counters, tub and shower ledges and remove toothbrushes, hair styling items, soap and shampoo bottles, etc.
  • Decks, patios and courtyards  –  sweep all surfaces (power wash if needed), cover the bar-b-q, plant fresh flowers in the pots, remove broken pots or furniture
  • Turn all lights before leaving

The photographer and your broker will appreciate your effort, the photo shoot will go more quickly and you will be able to return home sooner. It is, no doubt, inconvenient and stressful to have your home listed for sale. Your efforts to have it photo ready and prepared for open houses and showing appointments will go a long way toward having buyers take away a favorable impression and sell more quickly.