buying a homeeconomyELECTIONfirst time buyersreal estateRobin Myersselling a homeWindermere Real Estate November 13, 2020

Post Election Housing Thoughts

How could a Biden administration impact real estate? Matthew Gardner, Windermere Real Estate’s Chief Economist, shares his thoughts.

 

Bellevuecommunityneighborhoodsreal estateRobin MyersWindermere November 12, 2020

Changes Planned for the Marketplace at Factoria

Factoria Mall Bellevue

flickr/William Forney

 

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.

 

 

BellevueDowntown BellevuelifestyleMcCormick ParkRobin MyersWindermere Real Estate November 3, 2020

Downtown Bellevue Fall Color

downtown Bellevue McCormick ParkEvery 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.

buying a homecondominium speciaistcondominiumsfirst time buyersreal estateRobin MyersWindermere October 26, 2020

New Construction, Existing Home Sales, Condos & Vacation/Resort Homes

Tight supply and increasing land/material/labor continue to contribute to rising home prices.

Matthew Gardner, Chief Economist for Windermere Real Estate, shares his thoughts on builder confidence nationwide, evidenced by a dramatic increase in sales of new construction homes and permit applications.  That continued buyer demand along with increasing construction costs are driving prices up. Sales of existing single family homes is also increasing, but even tighter supply is impacting prices in that market as well. Condo sales are up 9% nationwide (year-over-year) but there is a higher level of available condo inventory. That could be the result of condo owners taking advantage of low interest rates to make the move up to a larger home. The good news, that could free up condo inventory for first time or downsizing buyers. A surprise observation – sales of vacation and resort homes are up 30% nationwide.

 

 

 

 

BellevuecommunityELECTIONVOTEvoter registration October 14, 2020

VOTE! Locate Your Nearest Ballot Drop Box or Vote Center

Bellevue ballot drop box locations

flickr/Barry Schwartz

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 elections@kingcounty.gov. You can go online and track your ballot after you’ve delivered your ballot.

 

 

buying a homemortgage interest ratesreal estateRobin Myersselling a homeWindermere Real Estate October 13, 2020

How Long Will Mortgage Rates Stay this Low?

This week Matthew Gardner, Windermere Real Estate’s Chief Economist, discusses current mortgage interest rates. Interest rates are currently right around 3% and mortgage applications, driven by those historically low rates, are up 25% over the same period last year. It’s amazing to look back to the early 1980s when mortgage interest rates were in the high teens. But, how long will interest rates stay this low and what impact are these interest rates having on home prices?

 

 

 

lifestylemovingneighborhoodsRobin MyersWindermere October 12, 2020

This Year’s Best Places to Live List

photo credit: flickr/Tri Nguyen

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:

  1.  Fort Collins, CO
  2. Ann Arbor, MI
  3. Madison, WI
  4. Portland, ME
  5. Rochester, NY
  6. Asheville, NC
  7. Overland Park, KS
  8. Fargo, ND
  9. Durham, NC
  10. 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.

BellevueBellevue Parks & RecreationrecreationRobin MyersWindermere Real Estate October 8, 2020

Halloween Family Fun

Bellevue Halloween Activities

flickr/Denis Collette

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

 

 

 

 

Downtown BellevuelifestyleMcCormick ParkRobin MyersWindermere Real Estate September 25, 2020

Fall Weather and Rain are the New Normal

dog walk at McCormick ParkIt looks like fall weather and rain are the new normal. I can’t remember the last time our morning walk required rain gear for both me and the dog. Fall arrived this week leaving no doubt there has been a change in seasons. Fortunately Duffy loves wearing his rain and winter coats. He’s built pretty low to the ground, so the rain coat only keeps the upper half of his body dry. Love that wet dog fragrance.

Bellevue condominiumcondominium speciaistcondominiumsDowntown Bellevuereal estateRobin MyersWindermere Real Estate September 24, 2020

Downtown Bellevue’s Condo Market is Doing Just Fine

downtown Bellevue skyline

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.