Interest in area rentals remains strong, but there has been a noticeable slight decline in area rents so far this year Even in high demand urban areas, rents have dipped slightly. With thousands of new apartments recently completed, or nearing completion, and hundreds more under construction, rental supply may have begun to outpace demand.
If you own an investment property, you’ll likely find more competition the next time you negotiate a lease renewal. Hundreds of new apartments are available offering modern finishes, new appliances, high tech features and a long list of community amenities and services. Tenants may not be as quick to accept a rent increase or even a lease renewal when, for the same or less money, or attractive lease-signing incentives, they can move into newer digs.
If you’ve owned your investment property for 5+ years, this could be an excellent time to sell and maximize your return on investment and diversify your portfolio. The inventory of available homes for sale is at historic lows and buyer demand is off the charts. Properties are selling quickly, often with multiple offers. Your total return on investment could provide more long term income security than the monthly rental income. Even if a property needs cosmetic updates to rent or sell, that minor investment will result in a major return when you sell.
Need local market information? I live and work in downtown Bellevue – there isn’t much I don’t know and love about the city. A Realtor® for over two decades, I combine my knowledge of the city and extensive condominium experience to advise and guide clients through the process of buying or selling a home.
There are many holiday activities in and around downtown Bellevue this month. There’s still time to put some of these events on your “to do” list and make these events part of your holiday tradition.
Nightly at 7:00 PM Bellevue Way is closed between NE 4th and NE 8th Streets for Snowflake Lane featuring drummers, dancers, holiday characters and a parade complete with snow every night. Arrive early – sidewalks on both sides of the street fill up quickly. Kids of all ages will love the event. (http://www.snowflakelane.com) Continue reading
I moved to Bellevue 30 years ago and have lived downtown for the past ten years. I love living here and one of the things I love most are the beautiful and diverse parks throughout the city. I’m lucky enough to live within walking distance of ten parks which I visit frequently with my two pups. Did you know . . .
- Bellevue has 2,700 acres of parks and open space with 80+ miles of multi-use trails
- 45 parks have playgrounds
- 6 waterfront parks have seasonal lifeguards
- 17 parks have reservable picnic areas
- 16 have tennis courts and six have pickleball courts (3 indoor and 3 outdoor)
- Bellevue has an aquatic center, a tennis center and two golf courses (Bellevue Golf Course and the Crossroads Par 3 golf course)
- Kelsey Creek Farm is home to ponies, sheep, goats, chickens, pigs and more
There are nearly 100 city maintained parks. The Dowtown Park, the city’s crown jewel, recently reopened after a one year closure for a major upgrade. The park is a 21 acre oasis in the heart of downtown Bellevue offering views of Mt. Rainier and the downtown skyline. A 1/2 mile groomed promenade circles a canal which is bordered by trees and dozens of benches and a 240’waterfall. The expanded Inspiration Playground provides innovative play space for children of all ages and abilities plus a fun water play space which was very popular this summer. Continue reading
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.
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.
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.
photo courtesy City of Bellevue
The “Complete the Circle” project at the Downtown Park is underway with work scheduled to be completed in time for this year’s Fourth of July celebration. The expansion includes completion of the last section of the circular canal and tree lined promenade, creating a new entry and water feature at the south end of the park, upgrading the playground to create a universally accessible Inspiration Playground, adding landscaping and terraced seating and enlarging the parking lot on 100th Avenue NE.
Construction of the park’s new south entry and pedestrian crossing caused the closure of the intersection at NE First Street and 102nd Avenue NE this week. The intersection is expected to open again mid-to-late April.
The Downtown Park is a 21 acre oasis in the heart of the city and the centerpiece of the Bellevue Parks System. There’s something for everyone . . . a half mile level tree-lined promenade, canal, waterfall and reflecting pond, a ten acre lawn area, playground, picnic areas and formal gardens . . . all framed by views of Bellevue’s skyline and Mt. Rainier. It will be exciting to see the improvements and have the park open again this summer.