Can I Afford to Live in Downtown Bellevue?

Bellevue skyline from  Lake WA #1The Puget Sound Business Journal recently reported on the University of Washington’s win of a design challenge for low income housing. Congratulations to UW graduate students from the college’s Runstad Center of Real Estate who won the 24th annual Bank of America Merrill Lynch Low Income Housing Challenge in San Francisco. The team swept all judging criteria including design, financial feasibility and community engagement.

The lack of affordable rental housing is a growing concern in many urban areas and downtown Bellevue are no exception.  Many renters, in an effort to escape rising rents and control their housing expenses, are buying a home, and condos often meet both lifestyle and affordability criteria. But with prices for new construction condos easily exceeding $500 per square foot, is it possible to find an affordable condo in downtown Bellevue? With $500,000 as a maximum price, here’s the data on recent condo sales in downtown Bellevue (98004 zip code).

  • 16 one bedroom condos sold in the last six months
  • prices ranged from $212,000 to $500,000
  • floor plans ranged from 563 SF to 1,086 SF
  • average price per square foot $421.00
  • In that same six month period 27 two bedroom condos sold
  • prices ranged from $260,000 to $475,000
  • floor plans ranged from 855 SF to 1,431 SF
  • average price per square foot $325.00

While the new construction condos come with sleek finishes and sexy amenities, they come with a big price tag too.  But there’s good news . . . there are nearly 40 condo communities in downtown Bellevue with one and two bedroom floor plans priced under $500,000. The majority are within easy walking distance of downtown’s workplaces, shopping, dining and nightlife.  I know where these communities are. Contact me for more information about downtown Bellevue’s affordable condos.

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