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.
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.