Archive for the ‘Bellevue’ Category
July 22, 2008
What does a “Super” store actually mean? What is a SuperK or in Bellevue’s case, a SuperTarget?
Is it just bigger? Do they carry bananas?
Rumors circulating the blogosphere say the Factoria target will be not only be plowing down Grazie to make way for the new Marketplace @ Factoria development, but it will be stealing more square footage for a new “Super” title. We’ll watch out for confirmations and be sure to let you know the deets.
I have never been to a SuperTarget, but the idea screams Wal-Mart to me, which is not everyone’s favorite idea for a neighbor. So, in the theme of re-thinking supersized retail, let’s take a look at Eastside homes new on the market this week that fall on the opposite side of super—less than 1,000 square feet to be specific. Perfect for a twosome or a lonesome.
13301 SE 79th Pl, Newcastle – $276,000
844 sqft., 1 bed, 1 bath
5722 SE 122nd Pl #235, Bellevue – $225,000
784 sqft., 2 bed, 1 bath
973 NE Ingram St #202, Issaquah – $199,950
933 sqft., 1 bed, 1 bath
July 22, 2008
If you’re anywhere on the Eastside, you can’t help but notice the ever-changing skyline of Bellevue, a continuously growing, not-so-mini-metropolis of it’s own. The silhouettes of skyscrapers paint the sky, as do the shadows of looming cranes, poised to build upward.
Bellevue is clearly coming into its own. Just a few months ago, Bellevue reigned at the top of Fortune’s top 100 list of Best Places to Live and Launch.
Huge corporations exist symbiotically with startups, a booming downtown abuts healthy residential neighborhoods, and the rising skyline is tempered by an abundance of parks, as well as lakeside and mountain views. Flash retailers such as Neiman Marcus draw regional shoppers, but Bellevue’s excellent healthcare and schools are key attractions for relocating families.
The city’s condos are quickly filling with trendy, young professionals in their 20′s and 30′s who are getting the most out of “urban living on the Eastside,” living and working in close proximity. With continued job growth in the works for employment biggies such as Microsoft, Yahoo, and Expedia in the area, the number of downtown residents is expected to double in the next two years, according to the Seattle Times.
Businesses have been quick to pick up on this trend. Safeway, for example, opened a new, upscale store on Bellevue Way Northeast, which very much encompasses this new urban style of living. Complete with sushi-bar, a selection of prepared foods that would make your head spin, and a gelato bar, this store sits beneath the Avalon Meydenbauer project, home to 368 apartments.
Urban living on the Eastside can still be found for a reasonable cost (if you’re willing to go with an older condo that might need some updating):
200 99th Ave NE #33
2 br/1.75 ba, 1,164 sq.ft.
Price: $499,900
MLS 28105827
401 100th Ave NE #311
2 br/1.75 ba, 1,230 sq. ft.
Price: $399,500
MLS 27184970
Or if you’re a fan of newer construction, you can live for a pretty penny more, a few steps away (don’t worry, these probably don’t need updating!) :
10015 NE 4th St., #4002
2 br/1.75 ba, 1,561 sq.ft.
Price: $1,385,000
MLS 28114384
535 100th Ave NE #3A
2 br/2.5 ba, 1,638 sq.ft.
Price: $995,000
MLS 28100980
July 20, 2008
I never realized the benefits of living near bike trails until I tested the 520 and I-90 commuter trails. Many thanks to Seattle bike commuter, Dave Treadwill, whose blog helped me locate the most bike-friendly Bellevue back roads. While my biking skills leave little to be desired, today’s trip got me thinking that all I really want to do is ditch the car.
After experiencing the luxury and convenience of living on the I-90 bike path, I’m beginning to look at alternative transportation as a new home selling point. Maybe it was this home’s proximately to the 520 bike route that scored its recent sale for $635,000.
Judging from current economic forecasts, more people need to research alternative transportation conveniences when buying a home. Living on the Burke Gilman trail or adjacent to commuter bike paths are HUGE perks… for the right buyer.
Fortunately, we are more likely to find buyers who are interested in this type of fanfare in the Northwest. Reading this post from the Mercer Island blog, Surrounded By Water, we know at least one person enjoys bike commuting. Read the post for a step by step guide to commuting by bike from Mercer Island and the Eastside to downtown Seattle.
Seattleites, the weather will be nice this week. Get out. Take a walk or (gasp) bike to work. Maybe you will find that you, too, live near a pedestrian commuter path that may someday be your own personal cash cow.
Do you like to bike, and are you looking for a home on the Eastside that supports your hobby? Check out this home in the Kelsey Creek neighborhood. They love biker riders (at least they always waive to me!). Or try this home in the pleasant Glendale neighborhood of Bellevue. Not only is it smack dab on the 520 bike path, but it’s also close to some of the Eastside’s best schools.
Interested in what bike path I took today? The map below shows my path from I-90, and you can go here for more detailed street directions.
July 15, 2008
I’ll be honest. I hate doing maintenance work on the home I live in. HATE IT! Come on people. I know I’m not the only one. Some homeowners, such as myself, like to believe everything from the kitchen sink to the vinyl siding was built to last through a nuclear explosion. Well, imagine my disdain when I read a recent article on the Eastside real estate blog, Bellevue Bubble that told me exactly what I didn’t want to hear. Your house DOESN’T last forever. According to a National Association of Homebuilders study (downloadable here), a paint job typically lasts 15 years. Kitchen cabinets should last 50 years, according to the association.
The study also determined the median age of a home in the United States is nearly 32 years old. To me, that means I have 18 years before I need to replace the cabinets. To others (perhaps more house-responsible individuals), it means we better take care and elicit constant maintenance on our homes.
To many real estate investors, it’s a good thing the housing market has a lot of people like me in it. Purchasing a home that needs work can be profitable. Sometimes it is just too easy! What do you think? Are the fixer-uppers below—all new listings or recent price reductions—candidates for flips or a high-end rentals?
Please let your answers be yes, otherwise, I’m going to have to pick up a drill or a paint brush soon.
4503 89th Ave SE, Mercer Island
$748,896
(NOTE: The seller is actually accepting offers as low as $649,000)
4 bed, 2.25 bath
What needs work? Exterior paint, landscaping, and… it doesn’t offer any other pictures so we can assume probably EVERYTHING else.
14415 141st Pl SE, Renton
$324,950 (Down $10,050)
3 bed, 1.75 bath
What needs work? Interior floors, kitchen counters and cabinetry, exterior patio and living area.
523 Main Ave S, Renton
$199,000 (Down $5,000)
3 bed, 1.5 bath
What needs work? The home is self proclaimed a “handyman’s special.” I’m no assessor, but the foundation looks crooked and the roof quite slanted. At $126 a square foot, let’s assume it all needs work.
July 11, 2008
Open House Dates and Times:
Saturday & Sunday, July 12th & 13th, 1-4pm
1223 112th Ave NE
Bellevue, WA 98004
Seller Comments
Coffee Shop of Choice:
Hands down the Starbucks on NE 106th at NE 8th! The crew is great but the clincher is the fact that it is attached to Barnes and Noble; always giving us an excuse to browse our favorite magazines, check out the latest novels and “how to” books. Comfy chairs and sofas!
Favorite Restaurant in the Area:
The Melting Pot is our favorite for a romantic slow dinner or just a late night dessert after a movie. When we want a great steak, particularly in the winter when we don’t barb-a-que as often, Daniels is our place of choice. Friends of ours like Ruth Chris (both a stone’s throw away) but the view from Daniels can’t be beat. The bar is nice too! For seafood definitely go to Seastar Restaurant and Raw Bar (ummm oysters). We can’t leave out our local time honored drive in – Burger Master. Plan to eat at “off times” as this place is always hopping.
Favorite Places to Go:
Bellevue downtown park, Bellevue Art Museum, Bellevue Arborium, Bellevue Library, Bellevue farmers market, Lincoln Square, Bellevue Shopping Center… the list goes on… see more in “What’s in the neighborhood?” below.
Best Features of the Home:
Our home is definitely a downtown Bellevue oasis! Lush landscaping with deck, stream, falls and pond. You know you are in the middle of downtown Bellevue with I 405, 520, & 90 minutes away, and the “city and all its amenities’” at your fingertips, but you won’t know it when you pull into the driveway. Tucked away in the privacy of your yard you can’t hear anything but the birds and rushing water (even standing at the kitchen sink or in the master bedroom). Lighted paths connect the back and front yard. Raised gardening beds, wine grape vines and an even larger pond that is frequented by a Mallard drake and hen. Yes, the feeling of tranquility is the best feature of the home.
Favorite Room:
The open kitchen and family room is our favorite in the winter months. We love to cozy up to the (certified) wood stove and look out at our yard. The bird feeder out the family room window is always busy with a large variety of birds and a few frustrated squirrels! Looking out the French doors we can see the stream, falls and pond. We get some great icicle formations in the winter! Summer we throw open the French doors and live and entertain on the deck and in the yard. Our friends love to meander the paths under the arbors and explore the extensive landscaping. All said the deck with the water feature and landscaping is the best!
Any Remodeling Since Last Sale Price:
The entire home has been extensively remodeled. An additional fuse box was added to provide plenty of power for the additions. New appliances (Kitchen Aid dishwasher, Maytag refrigerator with exterior water and ice, Kenmore oven/stove, Sharp microwave, Whirlpool washer and dryer set- all included). New lighting throughout. New double-pane Milgard windows. Porcelain tile/hardwood floors/carpet all new. All new Hunter Douglas window blinds. New certified wood burning fireplace. Expansive enclosed storage cabinets in the garage. New built-in work bench and cabinets. Drop down stairs to attics for additional storage. Deck and wood fencing added.
Most Romantic Spot:
In the winter it would be curled up on the sofa in the family room watching/listening to the wood burning fireplace and watching the birds outside the window. Always good smells from the kitchen. Summer, sitting on the deck hearing the falls, watching the birds bath in the streams/falls, enjoying the fragrant flowers, watching the humming birds, anticipating how delicious the food will be that is sizzling on the barb-a-que.
What’s in the neighborhood?:
You are in downtown Bellevue – what isn’t here? Bellevue Square/Lincoln Square and surrounding areas has all the shopping amenities’ one can want. The Bellevue Art Museum is nice. We love the movie theaters at Lincoln Square, the seats are the best! The downtown park offers ice-skating in the winter and 4th of July fireworks in the summer. A large playground area with great areas to walk and look at the fountains. The Bellevue Arboretum has a great light display for the winter holidays. In our opinion, downtown Bellevue has it all!
What I Will Miss the Most:
We love the area but it is our home we will miss the most. The convenience to Bellevue’s amenities and the freeways and yet the feeling when you pull in the driveway that you are in your own sanctuary. The privacy that the large lot provides with its lush landscaping, water features and deck will be hard to impossible to reproduce. It has been a great home!
July 9, 2008
City dweller or blissful ‘burbanite, you need to keep up on all the latest commuting options because you can’t avoid it, you’ve got to figure in transportation into your housing decision, one way or another. One proposal continuously under public scrutiny is the construction of an Eastside railway system. Imagine an Eastside rail system which would run through Kirkland, Redmond, and Woodinville, on its way to the University of Washington, Bothell/Cascadia Community College campus. This rail system would have stations near Kirkland’s downtown Google complex and the Redmond Microsoft campus, making it a viable option for corporate busy bees as well as the college bound. This last month Eastside Rail Now! (ERN) pitched the idea of a 1 mile extension to the currently proposed Eastside rail system to reach the UW campus, which would pass under the 405 freeway, over the Sammamish Slough and the 522 to a station near the UW campus. Though the proposals remain as mucked up in political gridlock as we are in traffic gridlock, there is always the hope that one day our city will actually get around to putting one of these plans into action.
July 5, 2008
Longer market time is certainly no stranger to sellers these days, so I thought I’d take a quick look around the Bellevue area and see what some of the longer market times had to offer. Not suprisingly, a good number of the lengthier market time properties are builder owned or higher end homes. To me, these listings imply that it takes money, patience, or both to wait, and that builders need a reality check in today’s market. I know, neither of these observations is particularly shocking, but hey, yesterday was a long night!
Some lengthier Bellevue listings:
Is it time for its annual price reduction yet?
5526 154th Ave SE
6 br, 3.75 ba, 4,900 sq.ft.
On Redfin 710 days
Originally listed in July of 2006 at $1,575,000 and reduced in June of 2007 to $1,475,000.
New construction at $3,595,000 in Bellevue.
9749 NE 5th St
5 br/6 ba, 7,815 sq.ft.
Originally listed in August of 2006 for $3,795,000, peaking in February of 2007 at $4,200,00, and reduced in May of 2008 to it’s current price of $3,595,000
On Redfin 690 days.
10228 NE 20th Pl
4 br/3.5 ba, 3,880 sq.ft.
On Redfin 420 days.
Originally listed in May of 2007 at $1,890,000, gradually reduced to $1,590,000 in June of 2008.
Mature home in Bridle Trails, Kirkland.
6125 133rd Ave NE
4 br/2.25 ba. 2,500 sq.ft.
Originally listed in May of 2007 at $1,200,000, lowered in April of 2008 to it’s current price of $899,000.
On Redfin 401 days.
Slowly trickling down.
442 109 Ave SE
4 br/2.5 ba, 2,490 sq.ft.
On Redfin 352 days
Originally listed in July of 2007 at $829,950 sq.ft., s-l-o-w-l-y trickling down to $725,000 in June of this year.
July 2, 2008
Some homes are not priced to sell in this market. Slowly, people are figuring it out. Will lowering the sale price by $500 entice buyers? I think it really depends on the market, price range and location. Steve Tytler of the The Herald in Everett has his own opinions on this subject.
You tell us. Do these price reductions entice you to break out the checkbook? Some of these are funny, others are spot on and the rest may require more professional opinions.
8410 SE 47th Pl, Mercer Island
UP $999 to $999,999 (We know, $1 million is a scary number)
Perhaps it was a typo, but the sale price went from 1,075,000 to 999,000 then back up to just one dollar short of a million. Not sure where this is headed, but I’m pretty confident someone shopping on Mercer Island with an upper six-figure budget is not likely to care about one dollar. Just a thought.
6024 123rd Ave SE, (Newport) Bellevue
Down $20,000 to $459,000
Folks, this home is back on the market. After a quick stint of off market status, this beautifully remodeled four bedroom and 2.5 bathroom home located in the Newport Hills is serious about finding a buyer and dropped the price well below comparable homes in the neighborhood. Spot on 6024!
Ed note: This is a bank-listed foreclosure. Emphasize the “serious about finding a buyer” comment.
833 SW Sunset Blvd #55, Renton
Down $950 to $239,000
At first glance, the price reduction seemed like a pittance, but the three bedroom and 2.5 bathroom home is priced in the sweet spot for many first time homebuyers looking for spacious digs without the steep price tag. The medium price estimate for this home according to Zillow.com is $228,500. So, maybe this townhouse has a few more price reductions to go.
10824 SE 170th St #B-105, Renton
$195,000
No price reduction here, but I had to share this deal with you. The two bedroom and two bathroom condo just came back on the market, and with this low price, it’s sure to capture the intention of a savvy investor. The condo has been on the market for more than 117 days, (might be getting a little desperate) and features fully upgraded appliances and furnishings.
July 1, 2008
Having just returned from a three week trek through China (and with the Beijing Summer Olympics on the horizon), I thought it might be timely to deviate from Seattle real estate for a moment and share some reflections (and vacation pictures!) from my trip with you.
First off, I can wholeheartedly say that you won’t hear me complaining about the weather, traffic, or housing in Seattle anymore (or at least as much). In fact, after getting a first hand view of how the Chinese people live, I would be hard pressed to complain about much of anything again.
Case in point, in this distant land where the culture is so glaringly different than our own, the sprawling metropolis of Beijing struggles each day to handle its population of 15 million inhabitants, which is roughly four times the size of the Seattle metropolitan area. The cityscape is different than what we know, for it is far more dense, far more crowded, and far less personal than our beloved city. The work commute starts very early in the morning, though
this is mostly due to the struggle to get through traffic. Businesses open late in the morning, but they also stay open much later, as the coolness of the evening seems to draw more people out for shopping and eating late into the night.
Another noticeable difference–no real suburbs as far as I could tell. Beijing appears to be densely filled with row after row of identical high-rise housing units, each equipped with individual air conditioner and laundry dangling out from each window. As you travel further and further away from the city center, these high rise residences continue on, until suddenly it stops and you find yourself on rural farmland. In fact, the shiny, new Olympic stadium (aka the “Bird’s Nest”), appears to outsiders as a wholey integrated portion of Beijing, but in fact, it actually lies on what was pre-construction farmland. My guide personally knew at least one farmer who received $1 million in exchange for his land.
In Beijing, the hustle and bustle of the Olympics is everywhere you look. The c
ity is crazed with getting in shape for the ultimate world event. Construction is every direction you turn, with bamboo scaffolding covering everything from massive skyscrapers to historical treasures like the Forbidden City. With the Olympics within spitting distance, it looks precarious if it will all be finished in time, but knowing the unparalleled discipline of the Chinese, I’m certain it will.
In addition, traffic takes on a whole new meaning in cities like Beijing and Shanghai. In a place where the auto industry has been growing in recent years due to the lower of price to encourage car sales, paradoxically, at the same time citizens are discouraged from driving these cars by placing tolls on roads which far exceed the low cost of public transportation. For example, on one route alone, I calculated the toll road costs of driving a private car to be six times more than the required bus fare, and this didn’t even take fuel costs into consideration.
And of course, there’s the weather…never again will I complain about Seattle rain. I was warned beforehand to bring an umbrella, but being the overconfident Seattlite that I am, I thought I was rainproof–after all, who carries an umbrella around here?? However, rainproof I may be, but monsoonproof, I am not! Within seconds, I was crushed by tumultuous sheets of rain. In Beijing, it’s duck and cover, or drown.
On the other hand, rents in Beijing are on the rise, mainly because of the Olympics. Homeowners who were even considering selling earlier on decided to hang onto their properties and rent them out during the Olympics, though the actual sales prices of properties has been on the decline. This decline is expected to continue after the Olympics have come and gone, making Beijing no different than any other major city right now. However, long after the camera’s fade into the distance, one thing is for sure, the 2008 Olympics will have changed Beijing for the better.
More food for thought:
$466,00 can get you this 2 bedroom, 1,500 square foot apartment in Beijing or this 3 bedroom, 1,500 square foot house in Bellevue or this What’s the difference (besides 6,000+ miles)? Per capita income in Beijing is roughly $3,600/year, compared to $29,000/year in Bellevue.
June 30, 2008
It’s happening. The Eastside is changing. Factoria is coming to life. On a recent trip to the running track at Newport High School, I stumbled upon proposed land action signs posted around the current (and rather dumpy) Factoria Mall. Rumors have circulated for more than a year that the mall would get an extreme makeover, which would include U-Village-like outdoor shopping, upscale restaurants and modern condominiums.
Now with official City of Bellevue signs posted, architects assigned to Factoria mall, Kimco Redevelopment Group, are moving forward with the redesign to create Marketplace at Factoria. Target is re-situating. Grazie Ristorante Italiano closed its doors on June 29 to make way for Target. Torero’s is upgrading locations and moving into the old Billy McHale’s building.
This is a hallelujah for homeowners in the area. It’s also a sign of relief for the company remodeling the apartments just across the street. One week ago, they were advertising the sale price of the “luxury apartment homes” in the mid $200’s. Now with the mall’s projected completion sometime in 2009, the developers have decided to lease the apartments. SMART MOVE! They will be able to capitalize on the inflated rental market and then sell the apartments for probably much more than originally projected.
Nearly 30 homes within one mile of Factoria mall are currently listed for sale on Redfin. Half of those homes have been on the market for more than 45 days. If possible, it might be a good idea for them to hold on the property for at least another eight months to allow the public more time to understand the value of Factoria homes. If the graph below is an accurate representation of the area, Kimco isn’t going to let this cash cow fail.
Here’s a look at the Marketplace at Factoria project demographics.
Project Demographics
| |
1 Mile |
3 Miles |
5 Miles |
| Total Population |
9,661 |
84,988 |
180,846 |
| Total Households |
4,127 |
34,603 |
73,546 |
| Average Household Income |
$95,331 |
$109,254 |
$110,702 |
| Median Household Income |
$76,838 |
$83,317 |
$84,992 |
Graph provided by Kimco Redevelopment Group
