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Downtown Bellevue’s Condo Market is Doing Just Fine
Downtown Bellevue Skyline
As we enter the seventh month of pandemic survival all indications are the downtown Bellevue condo market has remained strong. Media articles predicted homeowners, driven by pandemic concerns, might choose to abandon the city for suburban homes offering more indoor and outdoor space. Homeowners may be departing Manhattan and San Francisco, but Bellevue’s urban condo marketplace is doing just fine. There was a slight and not unexpected decline in real estate activity in the early weeks of the pandemic – we all had to learn how to move about safely – but recent NWMLS data shows condo sales in downtown Bellevue have rebounded. Fifty condos in the central business district sold in the last 3 months and half of those sold at or over the list price. Those homes were on the market an average of 34 days and had a median sales price of $865,100. (An increase of just over 6% over last year.) Currently 68 condos are listed for sale with a median list price of $874,975.
While many are still working remotely, it’s unlikely that will continue either full time or permanently. Half a dozen office projects are under construction downtown, most of which are already leased. Amazon, along with many other companies, are continuing to expand or relocate to downtown Bellevue and the Spring District. Employees are expected to start returning to downtown office buildings next year which is likely to add to the demand for housing near workplaces, amenities and light rail.
Bellevue is a great example of a desirable live/work/play community. It has a vibrant central business district with an active arts and entertainment scene supported by world class dining and shopping options. Easy freeway access and the completion of light rail will add convenience and speed to getting around Bellevue and the Eastside.
Is everyone rushing to the suburbs? No. The pandemic may have inspired some to seek a permanent, more remote lifestyle. As the city returns to normal and continues to grow, urban living will continue to be in demand.
Are You Eligible for a Property Tax Exemption or Deferral?
courtesy flickr/401(K) 2012
Did you know . . . there are King County real estate property tax relief programs for qualified senior citizens, disabled persons and veterans. It is estimated that many qualified seniors and disabled persons are not registered for available exemptions and only 1 in 100 of those eligible for deferrals are enrolled.
The application process is fairly easy. There are income, age, disability and ownership/occupancy guidelines that must be met. Details can be found on the King County Assessor’s Office website.
There is also a tax relief program that may assist those who own property damaged in the recent wildfires. The program assists homeowners of properties damaged or destroyed by flood, storm or something beyond the property owner’s control. Owners may be eligible for a reduction of assessed value resulting in lower property taxes. Information and forms for the destroyed property tax relief program are on the King County Assessor’s site.
Detailed information, forms and instructions for applying for all tax exempt or tax deferral programs are available from the King County Assessor’s Office. Applications for the 2021 tax year may be submitted starting in January 2021. Contact the King County Assessor’s Office at 206-296-3920 or on line at www.kingcounty.gov/depts/assessor/taxrelief.
Robin Myers is a Realtor® with Windermere Real Estate/East, Inc. specializing in Bellevue’s urban condominiums and townhomes.
Urban Pet Potty Solution – Perfect for Condo Living
I like to support local businesses, especially these days, and this one has special importance as a townhome owner with a pet. Condo Pet Pals has been a lifesaver. I live downtown and while I walk my dog several times a day, sometimes there isn’t enough time between business appointments to fit in a walk. It’s also not nearly as much fun to walk in the wind and rain and there’s a safety issue when nature calls at odd hours of the night. I’ve worked with Condo Pet Pals for nearly four years – this is a great solution for urban pet owners and coping with foul weather and late night potty trips.
Condo Pet Pals provides a tray and fresh grass delivered to your deck, patio, courtyard or garage. (Not “fake” grass that can retain odor.) Tray size options are available as well as a bi-weekly or weekly delivery schedule depending on the size or number of dogs. The crew is efficient, always on time and quickly remove soiled sod and replace it with fresh new grass. The soiled grass is taken back to their facility and composted or used as fill. Its an ecologically friendly and sanitary alternative for keeping your pet’s potty area fresh and clean. (Keep poop bags handy for clean-up of solid waste.) It took no time for my dog to figure out this was his personal potty space – even bought a little fire hydrant to improve his aim.
Love the convenience and the sanitary, odor-free, safe alternative for both my dog and me – makes those occasional midnight potty trips a lot easier and safer too.
Bellevue McCormick Park
I visit McCormick Park daily with my dog. A couple years ago the City of Bellevue Parks Department planted a new tree, a Mimosa tree, which is unique to this area. I grew up on the East coast where Mimosa trees are common. They thrive in warm southern climates, attract butterflies and hummingbirds and are one of the few trees that bloom in summer with big pink or white puffball blossoms. They’re also very unique in that their fern-like leaves fold closed in the evening or when it rains.
I have fond memories of Mimosa trees. My grandparents had two in their yard. They grow in a wide canopy-like shape and my sister and I would gather the pink puffballs and sit under the tree stringing the blossoms together to create necklaces and bracelets and occasionally adorn my grandmother’s cat with a pink collar. Skippy never seemed to appreciate her puffy pink collars.
I’ve lived in the Pacific Northwest for nearly 40 years and have never seen a Mimosa tree growing locally. It’s fun to enter the park and see the tree in full bloom with those big pink puffballs. Thanks to the City of Bellevue for a little bit of nostalgia.
Ideas for Creating Deck or Courtyard Privacy
courtesy HGTV
With summer weather finally here we’re all spending more time outdoors, but with the confines created by the COVID-19 pandemic, we’re spending a lot more time outdoors at home. Whether you live in an urban high rise or townhouse, creating privacy on your deck, patio or courtyard can be challenging.
HGTV has provided some interesting and affordable options available for adding a privacy screen to your deck. If you’re creative, there’s a lot of inspiration here for designing a customized screen to fit your space and decor.
https://www.hgtv.com/outdoors/outdoor-spaces/best-outdoor-privacy-screens
Bellevue’s McCormick Park
Did you know . . . the City of Bellevue has over 2,700 acres of open space, 90+ miles of multi-use trails, lakefront parks, a farm, golf courses and dozens of playgrounds, sports courts, ball fields and picnic shelters. While many of the larger parks are well known, there are dozens of small parks downtown and in neighborhoods throughout the city.
I live on the north end of downtown. McCormick Park runs in front of my community providing a colorful pedestrian buffer between along NE 12th Street. Just under three acres, the park stretches from 102nd Avenue NE to 112th Avenue NE. There’s a groomed walking trail, benches, picnic tables and open lawn area for adults, kids and leashed pets. In the spring there is an explosion of color from dozens of mature rhododendrons and gardens. In a busy city this small park provides a quiet place to enjoy a work day lunch break, walk, play, relax or picnic year round. I’m a dog owner, so I’m at McCormick Park daily. I’m lucky to have access to a nearby urban getaway where I can enjoy the skyline view while the pups roll in the grass and lounge in the sun. The park has been my major “go to” spot during the quarantine.
Find a park near your home or workplace. Visit the City of Bellevue Parks & Community Services website bellevuewa.gov to find your neighborhood park.
How has COVID-19 Impacted Various Housing Categories
Matthew Gardner offers insight into how the coronavirus pandemic may impact urban housing, condos, single family housing, suburbs, second homes and short term rentals.
Downtown Bellevue Condos – Year-to-Year Stats
flickr/Dafne Cholet
Demand for urban housing remains strong, and with Amazon’s projected growth in downtown Bellevue, along with other corporations’ expansion plans, high demand is expected to continue over the next few years. Before the coronavirus outbreak and Stay Home/Stay Healthy order that went into effect in mid-March, the local condo real estate market was off to a very strong start.
2019 DOWNTOWN BELLEVUE CONDO SALES
1/1/2019 thru 3/31/2019 4/1/2019 thru 4/16/2019
39 sales 16 sales
2020 DOWNTOWN BELLEVUE CONDO SALES
1/1/2020 thru 3/31/2020 4/1/2020 thru 4/16/2020
55 sales 13 sales
First quarter downtown Bellevue condo sales were up significantly compared to the same period last year. Moving into the second quarter, numbers for the first half of April are surprisingly similar year-to-date, despite the impact of the COVID-19 health crisis. It’s possible this April’s sales stats reflect contracts written in early March just prior to (and perhaps to secure a home) before the anticipated shelter in place order.
Though well below normal for this time of year, homes continue to be listed for sale, and buyers are writing offers on some of those homes. Many sellers and buyers, for health and safety reasons, have chosen to put plans on hold until the shelter at home order has been revised or lifted and there is a better sense of what “normal” is going to look like. Like many businesses, it is expected the current strict restrictions on the real estate industry will be lifted gradually. What will the summer market look like? It’s tough to say, but based on activity during the first quarter, the high number of property and virtual tour views on websites over the past several weeks, and conversations with clients and potential buyers and sellers, summer may pick up right where the first quarter left off.
A Bright Spot in Confusing Times
The past few weeks/days have created concern, uncertainty and chaos in everyone’s world. Like many people, I am working at home, keeping clients advised of what’s happening in the real estate market and in their neighborhoods (homes are continuing to come on the market and sell) and responding to questions, emails and phone calls.
We’ve had amazing weather this week. Since exercise and sunshine are both good for relieving stress, I’ve made it a point to take the dogs on a couple walks each day. They too enjoy getting outside to enjoy the fresh spring smells and roll in the grass (them, not me). It’s been a great reminder that we live in an incredibly beautiful place, that we should take advantage of this amazing weather (especially for March) and that sunshine and walking are good for your soul. When will things return to normal, I can’t predict, but I do know the rain will return and we will be forced to spend more time indoors. There’s a lot going on in the world right now that is confusing and scary and that we can’t control. Along with social distancing, using appropriate caution and staying in touch with family and friends, remember to step outside, take a deep breath, enjoy the sun, take a walk and clear your head.
Thursday is the first day of spring. Happy Spring!
Are You Ready for a Condominium Lifestyle?
Condos are often the choice of empty nesters downsizing, or right-sizing, into a new lifestyle offering less maintenance, luxury amenities and a carefree lock-and-walk lifestyle. It can be an adjustment living with neighbors closer, sharing common areas and learning to cope with smaller spaces. Give ample thought to your lifestyle and how you will adjust to your new space. Is a separate office a necessity or can you create an office nook or multi-use area that serves as guest/office space? Will the kitchen and dining areas provide adequate day-to-day work/storage space but offer flexibility to expand to accommodate entertaining and family gatherings? Will the family pet adjust to an elevator ride to walk or find the pet relief area? Plan for lifestyle adjustments when making the move from a house to a condo. The two regrets I hear most often from people who have moved from a house to a condo are that they downsized too much (into too small a space) and they moved too many large furniture pieces from their former home.
I moved from a house to a townhome in downtown Bellevue a dozen years ago. I love the lifestyle. There were adjustments (still have unpacked boxes in storage) but I’ve never regretted the move. I missed my garden the first summer and the privacy of a fenced yard (so did the dog). The next summer I found I enjoyed the creativity and freedom of container gardening. The courtyard is perfect for intimate dining and the dog has enough space to lounge on the patio. Inside spaces are perfect for everyday and expand just enough to accommodate larger gatherings. The year round access and walk-ability to EVERYTHING was the best discovery. Walking provides a connection to the city. I love the ease of walking to shopping, dining and events, watching the changes to the skyline, meeting neighbors for impromptu coffee, greeting other dog walkers and discovering new public courtyard spaces tucked throughout downtown. My fitness, and the dog’s, has improved and we now have a cute new wardrobe of functional wind and waterproof attire.
Make your everyday extraordinary. Find the home that fits your lifestyle and embrace your new urban lock-and-walk lifestyle.
