If you live in downtown Bellevue you know the skyline is changing on a daily basis. Multiple tower cranes are perched above new apartments, office towers and mixed use projects, continuing Bellevue’s transformation into a vibrant city with a thriving central business district, active arts and entertainment scene and some of the best shopping and dining north of San Francisco.
If you purchased a condo in or near Bellevue’s central business district in recent years, you’ve also seen your property value increase. The urban lifestyle is in high demand and buyers of all ages/lifestyles are seeking amenity rich, walk-able neighborhoods as opposed to more suburban communities.
If you’ve owned your downtown condo for at least five years, your property values have increased along with the city’s growth.
- 2010 – 145 condos sold with a median sale price of $380,000
- 2015 – 255 condos sold with a median sale price of $550,000
That’s just over a 40% increase in value.
Not everyone may be happy about the changes downtown, but its tough not to appreciate that the growth has created a significant increase in property values.