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.
The Memorial Day holiday weekend marks the beginning of summer and outdoor activities. After the brutal winter and spring weather, any opportunity for outdoor activity will be welcome. While many people have holiday plans to visit ocean or mountain destinations, don’t forget there’s a lot to do in town. If you’re looking for some local activities here’s a partial list of what’s available in Bellevue.
With nearly 100 parks and recreation facilities, Bellevue offers plenty of green space. The city maintains 96 miles of trails and six beachfront parks.
Bellevue Aquatic Center has a lap pool, warm water pool and party room
Robinswood Tennis center offers programs and lessons for all ages
Crossroads water spray playground is a favorite destination for the younger set
Explore the lake – the SE 40th Street boat launch provides boat access to Lake Washington
Tune up your golf game – the Crossroads 9 hole/par 3 chip and putt course is great for beginners and the Bellevue Golf Course offers a more challenging 18 hole/par 7 course plus a 46 stall driving range
Visit the Mercer Slough – take a guided nature walk or canoe tour
Bellevue Botanical Gardens has 17 acres of display gardens, natural wetlands and woodland trails
Bellevue Arts Museum – visiting and permanent exhibits cover a wide range of arts and crafts and design elements
Shop til you drop at Bellevue Square, Lincoln Square, Old Main Street or The Bravern. You’ll find world class shopping, dozens and dozens of fine and casual dining options offering indoor and patio opportunities for lunch, dinner sweets, snacks and libations, cinemas, comedy and bowling.
There’s no need to leave town to find something fun and interesting to do during the next 3 days – just make it a safe holiday weekend.
After a 20 year absence, Amazon is returning to its Eastside roots as it prepares to occupy the recently completed Centre 425 office building in downtown Bellevue. Amazon employees are scheduled to move into the 354,000 SF space this summer. The initial plan is to move about 1,000 people into the new office with the potential for growth in the future.
Amazon currently employs 40,000 people in Washington State with many working in several buildings in Seattle’s South Lake Union and Denny Triangle neighborhoods. As the company continues to grow, it is anticipated the move to Centre 425 won’t be the last Eastside location for Amazon.
Centre 425, located at the corner of NE 4th Street and 106th Avenue NE, will once again be home to a Bank of America branch. B of A originally occupied the street level retail space in the former building and moved to temporary quarters during construction.
Saturday, June 3rd is the fifth annual Lake to Lake Bike Ride. Two routes are available – both start and finish at the Lake Hills Community Park. The mostly flat 9 mile Greenbelt Loop takes riders through Bellevue’s award winning park system. A more challenging ride, the Lake Loop, follows a 22 mile route. Both routes are approximately 80% on-road and 20% off-road gravel surfaces.
Event pre-registration ($15) is available or $20 the day of the event. Participants receive a custom t-shirt. Registration opens at 8:00 AM and first riders depart at 9:00 AM. To register visit http://parksreg.bellevuewa.gov/ (activity code #117822) or call call 425-452-6885. For more information, or to volunteer for the event, visit the event website at http://bellevuewa.gov/lake-to-lake-bike-ride.htm, call 425-452-4882 or email email@example.com. The event benefits Bellevue Youth Camp Scholarship Fund.
Rain or shine . . . this is a great opportunity to for kids of any age to enjoy a non-competitive recreational ride to explore the city’s award winning park system and lake views. Te event is recommended for ages 9 and up. Riders under age 9 must be in a tag-a-long or trailer.
A sure sign of spring – this Thursday, May 18th, is opening day for the Bellevue Farmers Market. Back at its familiar location, vendors will be setting up in the parking lot of Bellevue Presbyterian Church (1717 Bellevue Way NE just north of downtown) with ample parking available. The market will be open every Thursday from 3:00 PM to 7:00 PM, rain or shine, from May 18th through October 12th. (Pets are not permitted except service animals.)
Windermere Real Estate
A proud sponsor of the Bellevue Farmers Market since 2004.