Market Watch by your Condo Experts
Bellevue Condo Update
At Urban Bellevue Living, we consistently stay engaged in all happenings within our community. One of our favorite aspects of doing so is by fielding questions from local residents who rely on our experience and market expertise to guide them in their real estate decisions. Lately, given our historically low inventory, we are often asked about pricing and availability of condominium units in our burgeoning city. These inquiries are not surprising given the amount of construction going on downtown. Through our research, we have found that all of the residential towers currently nearing completion are to be leased and not sold. This will surely drive the demand for condos considerably higher (if that’s even possible) …
Why not just build more condos, you ask? In a nutshell, for the developer it comes down to risk and profitability. New construction of condominiums almost always results in litigation. To protect themselves, developers must acquire special insurance which can run upwards of $55,000 per unit, in addition to construction costs! Because of this, many developers choose to build apartments instead.
Downtown Bellevue Projects in the Works!
Downtown Bellevue will be welcoming One88 by Bosa in 2019! This is the first new construction condominium project here since 2010. The 21 story building will boast 140 units and will be located on the corner of Bellevue Way and NE 2nd Street. Residents will experience an ultra-luxury, boutique building, and many will enjoy protected west facing views based on current zoning. Pre-sales are expected to begin late 2017 so this is the perfect time for you to contact us on making your reservation today as we are in close contact with the developer! We are already seeing many buyers showing strong interest and by all accounts it is sure to be sold out QUICKLY.
A separate project called Elev8 will also be underway. Located at the corner of 110th Avenue NE and NE 8th Street. Incredible convenience and walkability. After talking to the city, we’ve learned that the land review period does not require the developer to declare whether the project will be condominiums or apartments. As far as Elev8 and other future projects go, we will have to wait and see.
Market Recap
Due to high buyer demand and ever decreasing inventory, we are getting incredible results with our listings. Most recently, we sold Bellevue Towers 3615 for a record sale of $940/SF to a cash buyer. Now is a better time to sell than ever! We have seen that buyers are very flexible, often waiving all contingencies and allowing the seller to close the sale but remain in the unit for months (sometimes even for free). This just goes to show the length a buyer will go to compete in this “CRAZY” market.