Bosa Development to Add 21-Story Building to Bellevue Skyline

Bosa Development, a Canadian development company, has moved forward with a 21-story condominium tower in downtown Bellevue. Earlier this week, they shared that they had purchased a large property just three blocks away from their other property on Eighth St.

Bosa’s U.S. Director of Sales and Marketing Bemi Jauhal said it is still too early to discuss plans for the second property, but it will have high-end residences. There is currently no start date for sales.

The Puget Sound Business Journal states that “development of urban condos in the Puget Sound region slowed to a halt during the recession,” but it resumed when Bosa broke ground on Insignia in 2012. Last year, when Bosa first came to Bellevue, I noted how “Nat Bosa, the head of the company, is known as a pioneer who enters markets ahead of the pack.”

Multiple companies have recently set their sights on Bellevue and are planning or currently developing new apartment and condo projects. This, and especially trendsetter Bosa’s interest in the suburb, is a testament to our area’s strong economy and the abundance of jobs in Seattle and the Eastside.

Read more from the Puget Sound Business Journal.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on October 28, 2016 at 10:27 am
Steve Harwood | Category: Local News, Veterans in Real Estate

Spring District Project Moves Forward

Construction is moving forward for a new apartment project in Bellevue's newest neighborhood, the Spring District. The Puget Sound Business Journal recently reported Security Properties is moving forward with the second phase of their $210 million Sparc apartment project in the district. 

According to the Puget Sound Business Journal, the Seattle-based Security Properties paid "just over $8.3 million for nearly 2 acres of land, where it will build 279 units" in the second phase of this project. Their first phase is scheduled to be completed next spring with 309 units along with 15,000 square feet of commercial space. This is all in addition to the 220-unit project also in the Spring District from Chicago-based AMLI Residential.

With the central location to some of our region's biggest tech companies and easy access to freeways and the new light rail station, the Spring District is anticipated to be a huge asset to Bellevue and the rest of the Eastside. 

The mixed-use redevelopment of the warehouse district will carry many benefits for Bellevue. According to the PSBJ, the Spring District at the southeast quadrant of I-405 and SR 520 will have office and retail space with parks and a new light-rail stop. The Global Innovation Exchange – a partnership between the University of Washington, China's Tsinghua University, and Microsoft – made headlines last year with the announcement of their space in the district.

Read the full article for more information on the Puget Sound Business Journal.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on September 1, 2016 at 3:52 pm
Steve Harwood | Category: Local News, Veterans in Real Estate

Seattle No. 3 in 25 Best Cities for Jobs

Most people consider a change in their job the main reason for relocating. Other factors may pay a critical role, but usually it's how you're able to pay for the move that helps seal the deal.

According to Glassdoor's latest job review list, and a ranking by 24/7 Wall St., Seattle placed No. 3 on their report of the 25 Best Cities for Jobs. Glassdoor measured four aspects of U.S. metro areas: job opportunities, affordability, job satisfaction, and work-life balance. Ahead of the Seattle-Tacoma-Bellevue, WA metro were the San Jose-Sunnyvale-Santa Clara, CA and San Francisco-Oakland-Hayward, CA.

Here's the breakdown we saw for our metro:

Seattle-Tacoma-Bellevue, WA

  • Job openings as of April: 103,124
  • Median salary: $85,000
  • Population: 3,733,580
  • Net migration 2010-2015: +176,382
  • Unemployment rate: 5.0%

High paying jobs certainly helped cities rank on this list, although those higher paying jobs don't necessarily make it easier for everyone to afford housing. Those cities with less expensive housing available also ranked well (our latest statistics can explain how our home prices may have bumped us out of the top spot). Population growth and country-wide migration also played a part in the ranking.

Read more and check out the full list from King5.com.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on June 2, 2016 at 9:07 am
Steve Harwood | Category: Local News, Veterans in Real Estate

We’re In “Silicon Seattle” Now

In a recently published article by the Wall Street Journal, we were labeled "Silicon Seattle" due to our booming technology scene, and of course, high home prices that are making it difficult for home buyers to purchase their dream home.

Our record high home prices combined with record low inventory and frequent bidding wars have turned the Seattle area into the new San Francisco, according to the online article. "Seattle still lags behind San Francisco, where the median home value is $781,600, but buyers in both cities—many in the tech industry—are competing for a limited pool of properties."

For comparison, home-sale prices in the metro Seattle area rose 9.5% from 2014 to 2015, putting the median home value at $385,300, according to the National Association of Realtors. That’s below the limit for government-backed loans for the area, which currently is $540,500. But Seattle buyers who want a dream home in a desirable neighborhood will probably need a jumbo mortgage.

Make sure you read the full article from the Wall Street Journal for more information on how a jumbo mortgage, creative bargaining, and even a pre-inspection can help you land your dream home.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on April 28, 2016 at 4:34 pm
Steve Harwood | Category: Home Buying, Local News, Veterans in Real Estate | Tagged , , , , , , , ,

King County’s Largest Real Estate Sales

According to a new list of 2015's biggest real estate sales in King County from the Puget Sound Business Journal, the largest real estate sale to take place last year involved Washington's tallest building and a buyer in Hong Kong.

Beacon Capital Partners sold Columbia Center to Gaw Capital Partners in a $711 million deal to become the No. 1 ranked transaction on the Puget Sound Business Journal’s Top Real Estate Deals of King County List.

"The List" compiled by PSBJ is compiled from multiple sources and public records. The value of the Top 25 deals totaled $4.8 billion. The majority of the listmakers involved office space – this made up $2.86 billion in sales. It's pretty clear that investors – foreign and domestic alike – are very excited to see what will come out of King County, the Seattle area, and the Eastside over the next few years. This is great for property values and the workforce in our area.

According to PSBJ, apartment complexes on the list collectively brought their sellers $1.17 billion. 

For more information, make sure you check out the full list from the Puget Sound Business Journal.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on March 24, 2016 at 4:18 pm
Steve Harwood | Category: Local News

Scarce Listings Drive Up Home Prices

"Low inventory" has been the phrase describing our real estate market for months now, and it doesn't look like that will be changing any time soon.

The median price of single-family homes sold in King County last month hit a new high of $514,975, up about 20 percent over the median price a year ago, the Northwest Multiple Listing Service (NWMLS) said Monday. This all-time high comes at the same time as the region experiences record-low inventory, creating a hot and active market well before the typically busy spring home-buying season.

The widely-watched gauge of supply (the ratio of active listings to pending sales) hit its lowest level since at least 2003 in all three counties in February, according to The Seattle Times' analysis. Normal is about six months of supply, and last month King and Snohomish counties each had less than a month's supply, while Pierce County had just over a month's supply.

According to The Seattle Times, the historic shortage of homes for sale combined with a recent drop in interest rates, has caused the dramatic run-up in prices, experts say. In February, King County had 1,923 homes listed for sale, the MLS reported, but a greater number of pending sales that hadn't closed yet: 2,299.

"We cannot continue to sell more homes than we list," said Matthew Gardner, chief economist at Windermere Real Estate. "When are we going to start seeing some listings? That scares me more than anything else."

The current run-up in prices isn't like the 2006-2007 bubble, Gardner said, because buyers have more skin in the game and lenders are vetting borrowers more closely. Still, Gardner expects price gains to slow down eventually.

The Seattle Times stated the Eastside remains the most expensive submarket: It's median price, $739,975, was about 20 percent higher than a year ago. Southwest King County and North King County also saw median prices rise roughly 20 percent to $320,500 and $497,500, respectively.

So if you're still waiting for a sign to sell your home, and you haven't jumped into this profitable sellers' market yet, give me a call and we can get your home listed to sell for top dollar.

For more information, read the original article from The Seattle Times.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on March 11, 2016 at 9:23 am
Steve Harwood | Category: Home Selling, Local News

Kirkland And Bellevue Named Most Livable Cities in US

 

The Fiscal Times recently released their list of the top 25 "most livable" cities in the U.S. and Washington State was well represented with three cities making this list! Olympia came in at No. 20 while Kirkland and Bellevue came in at No. 25 and No. 2, respectively.

With a strong economy and a housing market beginning to balance out, it is so exciting to see our Eastside cities making national news! We all know how fun the cities are and it's great to see others agree.

Here's why Kirkland made the cut: On the coast of Lake Washington, Kirkland offers a host of enviable features from a charming downtown to an abundance of trails and a dynamic economy. Residents enjoy pools, community centers, nearby wineries and fine restaurants.

According to The Fiscal Times, Bellevue ranked high on this list due to boasting some of the best schools in the country along with Bellevue College and City University of Seattle. The city offers a small-town environment but many entertainment options and events, such as the annual Bellevue Arts and Crafts Fair. It often hosts technology companies which has helped develop its downtown.

Make sure you read the full list from The Fiscal Times!


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on February 29, 2016 at 1:31 pm
Steve Harwood | Category: Home Buying, Home Selling, Local News | Tagged , , , ,

Google Expands Kirkland Office

It looks like Google will be adding to the strength of the housing market on the Eastside. The Mountain View, California company announced on Tuesday plans to expand its Kirkland office to accommodate 400 more engineers. They'll be working on products including Google Cloud, Chrome, Hangout, Ads, Maps and Android.

Google already has 1,900 employees in Washington, more than half of whom work at the Kirkland campus. They'll be adding a new 180,000-square-foot space to their already existing 375,000-square-feet space.

According to The Puget Sound Business Journal, the engineering centers mean for competition for native companies, but also position Seattle as a leader in engineering. Diversity of employers can also help keep skilled engineers in the region who might have otherwise moved to Silicon Valley.

Find out more about this addition to Kirkland in the original article posted on The Puget Sound Business Journal.


VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on February 18, 2016 at 3:31 pm
Steve Harwood | Category: Local News | Tagged , , , , , ,

Large Bellevue Development On The Way

Construction is a common scene in Bellevue these last several months. Plenty of growth has been seen through our region as inventory continues to decrease. Just last week, a homebuilder in our area was approved to build a 176-unit town home project for the property where grocer Haggen used to operate next to the Crossroads shopping center. There will also be retail space in the project.

This is a large project that is definitely going to change the pace of Bellevue's growth and should help with our lowered inventory. The Crossroads neighborhood in East Bellevue saw inventory plummet 57 percent between the end of 2014 and 2015, according to the Northwest Multiple Listing Service (NWMLS). Demand is well outpacing supply.

Based on these numbers, the NWMLS calculates that East Bellevue has less than half a month's supply of homes for sale. That's among the lowest in King County, and far below the four- to six-month supply that Realtors say represents a market that is balanced between buyers and sellers. Last year ended with a 1.7-month supply of houses for sale across the four-county metro region.

I'm excited to see what these new town homes mean for East Bellevue and how the increase in units affects our already labored inventory. 2016 seems to already be full of good news for our local real estate market!

For more information, make sure you read the full article from the Puget Sound Business Journal.

VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

 

Posted on January 28, 2016 at 6:37 pm
Steve Harwood | Category: Housing Market Statistics, Local News, Veterans in Real Estate | Tagged , , , , ,

Seattle No. 2 Hottest Housing Market in 2016

The 10 hottest housing markets in the country are topped by three cities where technology jobs are fueling the strong outlook, Zillow announced with the release of its predictions last week.

GeekWire reports the study looked at home value appreciation, low unemployment rates, and strong income growth to determine just how hot the market was. Denver tops the list, followed by Seattle and Dallas-Fort Worth. The next six markets include Richmond, Va.; Boise, Idaho; Ogden, Utah; Salt Lake City; Omaha, Neb.; Sacramento, Calif.; and Portland, Ore.

“Trendy tech centers like San Francisco, Seattle and Denver hogged the spotlight in 2015. But this year, the markets that shine brightest will be those that manage to strike a good balance between strong income growth, low unemployment and solid home value appreciation,” Zillow chief economist Dr. Svenja Gudell said in a release. “As the job market continues to hum and opportunity becomes more widespread, the best housing markets are no longer limited to the coasts or one-industry tech towns. This year’s hottest markets have something for everyone, whether they’re looking for somewhere to raise a family or start their career.”

What's really exiting to me is the list of the predicted "hottest" neighborhoods in the Seattle area. Can you guess who tops the list here?

  1. Northwest Bellevue – 9.2 percent forecasted home value growth.
  2. University District and Holly Park – both with 8.3 percent forecasted home value growth.
  3. Olympic Manor – 8.2 percent forecasted home value growth.
  4. Fremont and South Delridge – both with 7.9 percent forecasted home value growth.
  5. Bryant – 7.7 percent forecasted home value growth.

Read the full article from GeekWire for more information.

VA Loan

Are you ready to buy a home and qualify for the VA loan? Let me help you out! As a local real estate broker in Bellevue, WA and a Veteran of foreign wars, I am committed to help you find the home you deserve through the VA loan.

Posted on January 21, 2016 at 3:03 pm
Steve Harwood | Category: Local News | Tagged , , , , , , ,