Bosa Development officially broke ground last week for the One88 – a 21 story luxury condominium community. This will be the first new condo development in downtown Bellevue since the construction of Bellevue Towers and Washington Square nearly ten years ago. The One88 tower will be rise 21 stories with 143 homes offering one, two and three bedroom residences and penthouse floor plans as well as luxury owner amenities.
Located at the southwest corner of Bellevue Way NE and NE 2nd Street, One88 replaces a collection of low rise buildings where the former Robbins Brothers jewelry was located.
Bosa also developed the successful Insignia condominium towers in Seattle and will also develop the full block city property between Third and Fourth Avenues in Seattle. Plans include a 520 unit residential high-rise and public plaza. Last fall Bosa purchased a second development site in downtown Bellevue. Prices and floor plan details have not yet been released for the One88 community. Marketing and pre-sales are scheduled to begin in early 2018.
There continues to be high interest in urban living and high demand for condos in the downtown Bellevue marketplace. With continuing low inventory buyers have very little to choose from. No doubt One88 is going to be a welcome addition to the downtown skyline. I’m looking forward to the release of more information on this community.
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.
Yes, its a seller’s market, but if you’re planning to sell your home, don’t think you can forego the typical prep work associated with getting your home ready to show to buyers. This is the time of year more homes are listed for sale, and more inventory brings more competition. With more to choose from buyers may not be willing to pay top dollar for a dirty, dated or poorly maintained home.
There are easy, inexpensive tasks a homeowner can complete in a weekend or two that make a big difference.
CLEAN (and clean again) – pay special attention to the kitchen and baths.
DE-CLUTTER – remove clutter in closets, cabinets, drawers and garages. “Martha Stewart” your house and show off the storage space.
PAINT – If a room or hallway is looking tired a fresh coat of paint is inexpensive and makes a big difference.
MAKE A GOOD FIRST IMPRESSION – Curb appeal is huge. The saying “you only get one chance to make a good first impression” is true in any market. Paint the entry door (if the HOA permits), install a new kick plate, toss tired winter plants and put fresh flowers and mulch in entry pots or gardens.
LET THE SUN SHINE IN – open window treatments, remove or replace tired drapes or blinds. Clean the windows – maximize your home’s natural light.
Some work will require professional help but its worth the investment. Have the furnace and A/C serviced. If other systems, appliances or fixtures need repair get it scheduled.
Multiple offers are common and many homes are selling quickly and for more than list price, but that doesn’t mean a free pass for neglecting repairs or cleaning. A home should be delivered to the new owner in clean and good condition.
It takes considerable time and energy to get a home ready to sell, but the payoff (return on investment) is worth the effort. I specialize in condos. I know what’s been happening in your neighborhood and your home’s market value. When its time to sell let’s talk . . . I have information and referrals for cleaners, contractors, landscapers, resources for donating or disposal and can help you maximize your return on investment.
In the past condo sales and values lagged a bit behind single family homes – not anymore. Eastside condo sales have accelerated in recent months with record attendance at open houses, shorter market time (less than 10 days), multiple offers and sales prices averaging 5% over list prices.
The number of available resale condos downtown is at an all time low. Since the first of the year 59 condos have sold (an average of 20 per month). With just 20 resale condos currently listed for sale, that’s just a one month supply to choose from. There are 20 pending condo sales, so you can easily see the available inventory is being gobbled up as soon as it comes on the market.
Downtown Kirkland is no different – since January 1st 54 condos have sold and there are currently only 21 active listings, or a 1.1 month supply of inventory, but with 37 pending sales, those 21 active listings clearly won’t satisfy buyer demand. With the continued hiring pace at Google, new companies moving into the office space at Kirkland Urban in the next 18 months, plus the new retail and dining experience Kirkland Urban will offer, there are a lot of reasons for wanting to be in Kirkland.
If you’re a seller, you’re in the driver’s seat, but you need to be ready to move quickly and have your rental or new purchase lined up for quick occupancy. Investors should seriously think about selling in this market to maximize their return on investment. Buyers . . . there are a lot of cash offers out there, but they don’t always offer the best price or the best terms for sellers. Get your financing together, listen to your Realtor® (if you don’t have a Realtor®, find a good one), be flexible, realistic, creative and patient. Prices aren’t going to go any lower and with 1,000 people a week moving into the Puget Sound region, demand will continue. Now is the time to get your foot in the door of home ownership, move-up for more space or a view or downsize to a lower maintenance lifestyle. Its not a secret anymore . . . this is a great place to live.
In a recent search of 2+ bedroom condos in Bellevue the results were pretty bleak. Just 28 homes listed for sale with prices ranging from $300,000 to $13,950,000. Of those 28 homes 13 were priced under $1 million and of those 13, only three were priced under $500,000. Just 28 condos for sale in the entire city – we’re definitely experiencing a shortage of available homes.
Downtown Bellevue is one of the hottest addresses on the Eastside, and while many condo buyers focus on the city’s urban communities, with limited inventory they are expanding their search beyond downtown. In the past this would have opened up the selection of available homes, but inventory is in short supply everywhere on the Eastside.
If you’ve been searching for a home in recent months you already know, with high demand and low inventory, that multiple offers are common. For every house for sale there may be 3, 4, 5 or more offers submitted. Only one buyer can prevail, so the other buyers are back in the search for the next new listing. As we head into spring there should be an increase in the number of homes coming on the market, but rather than the typical 8-10 per week it’s likely to be just 2-3 per week. Buying a home should be fun, but this year its going to require patience, preparation and a sense of humor. Buyers need to be positioned to win, so now more than ever it pays to work with an experienced lender and a Realtor® who know the market and will serve as your advocates and guide you through the process.
Like most people, I spend more time indoors and watch more TV in the winter. I enjoy the HGTV home remodeling shows (Beachfront Bargains is one of my favorites). There’s always something to learn about new design trends and construction and real estate around the country.
Unfortunately, the shows don’t tell you everything about the mistakes, cost overruns and amount of time and money required to complete a project. First, there’s the myth about the time it takes to find a home and complete a remodel project. In a 60 minute show buyers look at 3 houses, find the home of their dreams, and then complete a full remodel in 6-8 weeks. Seriously, it could take that long to hire a contractor and get permits. With few exceptions, remodeling takes longer than anticipated, costs more than expected and there are always surprises. The idea of completing a high end kitchen for $20,000 is unrealistic, and I love it when homeowners are shocked that it is going to be a problem (and expensive) when the HVAC and main waste lines run through the wall they plan to remove.
When clients ask about remodeling I tell them to start with their eyes wide open and remind them “this isn’t HGTV”. Be realistic, plan for a project to take longer than expected, be prepared for surprises and have contingency funds available for the unexpected.
So why do I watch these shows? Chip and JoJo have a great sense of humor, they’re entertaining and they really know their stuff. I love to see whether homeowners will “love it or list it” and the Property Brothers, also entertaining, are generally right on with remodel costs (even though they work wonders in just 6 weeks). And who knows – I may find the beachfront bargain of my dreams.
If there’s a remodel in your future give me a call. Over the years I’ve gathered resources for vendors and contractors who can help with minor update to major remodel projects. If your remodeling a condo, before you start you’ll need to know about working within the guidelines of the HOA and community rules and regulations.
Population growth in the Puget Sound region continues to exceed the national rate. With Bellevue’s population and employment growth, its projected the local real estate market will remain strong this year. The continued development in Bellevue’s central business district, the addition of jobs, amenities and services, access to award winning schools, transportation and future light rail will all continue to make this a highly sought after place to live.
For the past few years housing has struggled to keep up with job and population growth, creating a housing crunch and driving up prices. Inventory levels should pick up as we head into spring, but the increase won’t be enough to meet demand. It will continue to be a seller’s market this year with property values expected to increase 7-8% over the next 2-3 quarters. What does this mean for buyers? They will still need to position themselves to compete n this market. Start the loan process early, be fully vetted and approved for a mortgage, have patience and follow the advice of your loan consultant and Realtor®. Sellers will have the market edge again this year but homes still need to be prepared for the market with repairs completed, an appealing presentation and market-appropriate price. While cash offers will still be common, but sellers need to know a cash offer isn’t always the best offer. (Cash buyers should be vetted and funds verified to prevent delays in closing.) Buyers using financing are still a big part of the market; lenders, underwriters and appraisers will still be involved in the successful sale of many homes in our area.
There is good news. There are condo and townhome communities planned in downtown Bellevue that will break ground in the coming weeks/months and others that are in the planning and design phase. I live and work in downtown Bellevue. A Realtor® and condo specialist, I keep tabs on what’s happening, and what’s about to happen, in the marketplace. Contact me for information about new communities and projects planned in and around the central business district.