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 , , , , , , ,

King County Had Almost Half of 2015’s 30 Most Competitive Neighborhoods in America

We probably don’t need to tell you that 2015 was a crazy year in real estate, especially in our area. Bidding wars and listings lasting mere days on the market is something we’ve all grown accustomed to. But it turns out we’re not alone. Curbed recently published an article that focused on the 30 most competitive neighborhoods in America. What’s the most mind blowing thing about this list? Of the 30 neighborhoods listed, 13 of them are in King County.

2015-competitive-markets

The Eastside was well represented on this list with Bellevue and Redmond making huge claims. Overlake was was the second-most competitive market in the entire nation! Honorable mentions were Grass Lawn (#7), Newport Hills (#14), Idylwood (#28), and Newport (#30). It’s hard to say exactly what 2016 has in store, but our very own Chief Economist, Matthew Gardner, has a few ideas (such as expecting that housing in Seattle will continue to appreciate in value, but at a slightly lower rate than 2015).

Read more on Seattle Curbed.

Posted on January 14, 2016 at 4:14 pm
Steve Harwood | Category: Housing Market Statistics, Local News | Tagged , , , , ,

Bosa Development Heads to Bellevue

Big things are headed for Bellevue! Bosa Development, the condo developer currently building the Insignia project in downtown Seattle, has tied up a high rise development site in downtown Bellevue.

Their preliminary plan for the site, located at Bellevue Way and Northeast Second Street, is one floor of retail with a 21-story residential tower above it.

The company's move to Bellevue shows that real estate developers remain highly interested in Bellevue despite the news that Expedia is planning to move its 3,000-employee headquarters from here to Seattle. Just because there have been a few recent vacancies in the area doesn't mean that Bellevue is any less desirable to companies, developers, and residents. The Puget Sound Business Journal points out "Nat Bosa, the head of the company, is known as a pioneer who enters markets ahead of the pack."

This will be the first big condo project in downtown Bellevue since 2009 when the 539-unit Bellevue Towers opened, yet another sign of the excitement for development and increased retail and residential spaces in the area.

Bosa's new development site in addition to the Global Innovation Exchange are certainly making Bellevue a popular destination!

For more information, read the original article 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 July 31, 2015 at 9:00 am
Steve Harwood | Category: Local News | Tagged , , , , , ,

Happy Fourth of July!

I hope you all have a very happy and safe Fourth of July this weekend! Do you know where you'll be going to watch the fireworks on Saturday night? There are plenty of great shows planned around Seattle and the Eastside. Here are a few of them and the events planned throughout the day…

1. Lake Union – Seattle

The Seafair Summer Fourth is a classic Seattle tradition! Located at Gas Works Park or South Lake Union Park, both are free to the public, but also offer reserved seating for purchase.

2. Marina Park – Kirkland

Kirkland Arts Center and Celebrate Kirkland are hosting a full day of fun and activities down on the waterfront beginning at 10am. At 9pm, just before the day turns to dusk, the music will start at the pavilion and that’s your cue to go get a good seat. The fireworks show starts at 10:15pm.

3. Downtown Park – Bellevue

This year is the 24th annual Bellevue Collection Bellevue Family 4th presented by PACCAR. It kicks off at 2pm at Bellevue Downtown Park and is the largest Fourth of July celebration east of Lake Washington. If you live on the Eastside, this is the place to be.

4. Grand Old Fourth – Bainbridge Island

Bainbridge Island’s biggest party! Hop on the ferry for some old-time family fun that includes a Mile Long Parade, pancake breakfast, 5K run, a classic car show, wine garden, and oh so much more. Free admission and shuttle to parking. 

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 July 2, 2015 at 9:05 am
Steve Harwood | Category: Local News | Tagged , , , ,