Today is the grand opening celebration for Bellevue’s Downtown Park. Closed for the past year to complete a major renovation, the park will open just in time for the July 4th celebration and fireworks.
For nearly 30 years the popular park has existed with an incomplete circular promenade and canal. During the last year work has been completed to create a grand entryway, water feature and terraced seating at the south end of the park, enhanced lighting and landscaping throughout the park and a new Inspiration Playground designed for children of all ages and abilities which was made possible through a partnership with the Rotary Club of Bellevue.
Events include a ribbon-cutting with city officials, live music, including the Seahawks Blue Thunder band, food trucks and more. Free parking is available at Bellevue High School with shuttle service to and from the park.
Its going to be a beautiful afternoon. Get out and enjoy the park.
2016 was a challenging, fast paced residential real estate market with multiple offers and sales over list prices the norm. So far 2017 is set to match or out pace last year, crushing any concerns about another real estate bubble. Downtown Bellevue continues to be a high demand destination for people working on either side of the lake. With Amazon, Microsoft, Google, Facebook and numerous other companies continuing to expand and hire, its unlikely the local demand for housing will decline. Last year when Expedia announced it would be moving its offices from Bellevue to Seattle there was concern downtown Bellevue might have an excess of available office space – that lasted just a few minutes. Amazon has leased the entire Centre 425 office tower, Salesforce and other companies occupy most of the 929 Tower, and there isn’t much space left at the Lincoln Square 2 office tower. Its likely the Expedia space will be leased before its even vacated.
New residential rental units have been built downtown but there’s been little in the way of new condo construction. A few condo and townhouse communities are under construction and in design review, but most are less than 20 units. One88, developed by Bosa Development, is the only condo community scheduled to start construction downtown in the next 60 days. As seen in Seattle, expect buyers to line up around the block when the 140 units are offered for sale. (one88bybosa.com)
What does the city’s robust economy and high demand for housing mean for existing condos in the 98004 zip code? Multiple offers will continue and buyers will stretch their budgets to secure an urban residence. Last year the median condo sales price in the 98004 zip code was $580,072. So far this year the median sales price is just over $700,000 – a 21% increase. Until inventory, resale or new construction, can satisfy demand, expect condo values to continue to increase in double digit numbers.
CONDO MARKET SPECIALIST
As an industry expert I keep track of the Eastside’s condo inventory, market trends and new projects under construction or in design review. Contact me if you need information about buying or selling or just want to know what projects are on the horizon.
I visit the City of Bellevue website frequently. Its a great resource for finding out what’s going on in the city. The City recently launched its new website (https://bellevuewa.gov/). Its more interactive, easier to navigate and mobile friendly. The new site makes it easy to search for just about anything you need to know about Bellevue:
events and news releases
parks & recreation
doing business in Bellevue
city government – City Council meeting schedules, agendas and information
emergency/extreme weather information
MyBellevue customer service app for reporting issues and requesting service/repairs
The website is translated into the five top languages spoken in Bellevue and there’s real time information about emergency and severe weather issues. Take a look at the new site. A few bugs are still being worked out – the City would love to have your input.
You may have difficulty getting in touch with your local Windermere broker today, but there’s a very good reason. Today is Community Service Day. A tradition at Windermere since 1984, each year Windermere offices close for the day to help make a positive difference in our communities. Over 30 years and more than one million hours of community service later, we’ve continued this tradition through neighborhood enhancing projects in the areas where Windermere brokers live, work and play.