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Wow, 2018 just might be one of the most exciting years ever in downtown Bellevue! All of the new restaurants and stores are open at Lincoln Square South, One88 started preselling condos, and more new projects are going to break ground. The 17.5 million dollar renovation of Meydenbauer Bay Park is well underway and we even have a new elementary school under construction that will open within a year. Downtown Bellevue has become a real neighborhood with personality. As a resident of Bellevue Towers I can no longer walk more than two blocks without seeing people I know and striking up a conversation.
Over at One88, Julie and I enjoyed helping clients select units in February, and we cannot wait to see them take possession in early 2020. There is no doubt that this boutique building will be like nothing else in Bellevue. Most units sold in the $1000 to $1400/foot range, while select units commanded $1500+ per foot. The project is over 80% sold with remaining inventory priced over 2 million dollars. One88’s top of market pricing is already providing support for units in other buildings to push even higher. We expect more premium units in downtown Bellevue to cross the $1,000/foot milestone in 2018. Since sales at One88 started in late February, we have been flooded with calls for homes in Bellevue. As the “go to” brokers for downtown Bellevue we have the connections to assemble transactions at milestone prices. There is a demand for all price ranges and square footage. At the time of writing there are less than 10 units for sale in downtown Bellevue, with just 3 in Bellevue Towers and 1 at Washington Square. Units often sell in less than a week and some receive multiple offers. This activity is reflected in the 19% increase in median price for Eastside condos from 2017 to 2018. Simply put, there has never been a better time to sell in recent history.
Following on the footsteps of One88 there will be additional condo projects built in downtown Bellevue. Elan is a boutique high rise that will be constructed on the former World Market site, and ELEV8 will be situated near the Bravern and house 350 units. These buildings are about 4 years away from completion and will not satisfy pent up demand that exists today
At Urban Bellevue Living, we’re not only downtown Bellevue’s foremost real estate experts, but we also have an intimate knowledge of the people, businesses, and events in our community. We take pride in living, socializing, and building our community alongside our clients and fellow citizens alike.
Written by: Don Weintraub