Suncadia Continues to See Increased Home Sales Year After Year

Suncadia, Washington state’s four season mountain resort community located 80 miles east of Seattle, ended 2015 with more than $55 million in closed real estate sales.

“Suncadia saw more than 40% of all 2015 sales result from a referral of a friend, family member or business associate by current owners. It is a strong testament to the commitment of our owners,” said Richard Seay, vice president, director of sales and marketing for Suncadia.

Seattle-based RE/MAX On the Lake Announces Acquisition of RE/MAX Northwest REALTORS

RE/MAX On the Lake, a locally owned real estate brokerage, is expanding further into the Seattle metropolitan area with the acquisition of RE/MAX Northwest REALTORS. The owners of RE/MAX On the Lake have signed an agreement to purchase the RE/MAX Northwest REALTORS brokerage; the parties expect the transaction to close in early 2016. Following the close, RE/MAX Northwest REALTORS will continue to operate under the same name, but will return to local ownership with current RE/MAX on the Lake Broker/Owner Matt van Winkle.

PRESIDIO RESIDENTIAL CAPITAL AND SUMMIT HOMES OF WASHINGTON BREAKS GROUND ON COPPER RIDGE IN ISSAQUAH, WASH.

New Neighborhood Next to Issaquah Highlands Will Offer 15 High-End Homes

Presidio Residential Capital and Summit Homes of Washington recently broke ground on Copper Ridge, a 15-unit community on 4.59 acres at 24424 S.E. Issaquah-Fall City Road in East King County. The first home sales are expected to close in December 2015. The retail value of this project will exceed $11.7 million.

“Copper Ridge is ideally located in an area that consistently holds its value because

Northwest Real Estate Investors Expo August 15th in Bellevue

Get on over to the Embassy Suites in Bellevue next Saturday August 15, 2015, for the Northwest Real Estate Investors' Expo!

Admission and parking are FREE!

For more information, check out Realty411Guide.com/EVENTS

Local Home Sales Reaching 10-year High

Temperatures around Western Washington were not the only thing sizzling during June. Northwest Multiple Listing Service members reported 11,453 pending sales last month, the highest volume since August 2005 when members notched 11,546 mutually accepted offers. Last month also marked the fourth consecutive month of 11,000-plus pending transactions.

MLS members credit first-time buyers, an influx of relocating workers, and escalating rents for part of the surge.

PCCP and Align Real Estate Form JV to Purchase Pacific Towers Office Building in Downtown Bellevue

PCCP, LLC recently announced that it has formed a joint venture with Align Real Estate to acquire the six-story, 110,372-square-foot Class A Pacific Tower office property within the central business district of Bellevue, WA. The property is 95 percent occupied and includes ground-floor retail and a three-level parking garage consisting of 315 stalls. The acquired property consists of the bottom six floors of a 23-story tower, the top 17 stories are residential condominiums.

“This is our first joint venture with Align, a firm specializing in value-added office development throughout the Pacific Northwest and California,” said Erik Flynn, managing director with PCCP. “Bellevue Pacific offers us an opportunity to increase the asset’s revenue through value-add improvements including a lobby renovation and aesthetic upgrades to the tenant floors that are designed to enhance the building’s prominence in the marketplace and ultimately attract long-term tenants.”

Built in 1995, the property is located at NE 2nd Avenue, between 106th and 107th Avenues. It includes 24 Hour Fitness, Opus Bank, TIAA-CREF as well as other tenants. Over the past several years the property has been amidst a rapidly transforming neighborhood with new hotel, mixed-use, residential, and retail developments occurring on each side of the property.

Bellevue, the business center of the Eastside of Seattle, continues to see the highest growth in rental rates in its submarket with premium buildings experiencing average rental rate growth of 12.7 percent in 2014. Rental rate growth projections through 2015 are expected to reach approximately 8 percent with continued growth over the next four years.

Eastdil Secured represented both the buyer, as well as the seller, LaSalle Investment Management.

Pent-up demand triggering record pace of home sales around Western Washington

Northwest Multiple Listing Service members notched a record high level of pending sales during April, surpassing the year-ago volume by nearly 1,800 transactions. Both closed sales and prices also surged last month as the spring market kicked into high gear.

Buyer confidence and buyer ability to purchase are fueling activity, suggested Ken Anderson, the managing broker and owner of Coldwell Banker Evergreen Olympia Realty. “Long building pent-up demand is being unleashed,” he commented.

MLS members reported an 18.7 percent year-over-year increase in pending sales, with the volume of mutually accepted offers rising from 9,590 transactions to 11,384. For the four-county Puget Sound region members logged 8,671 pending sales to top the 8,000 mark for only the second time in the past 16 years.

Closed sales and prices also accelerated, according to Northwest MLS statistics. Across the 23 counties covered by the report there were 7,696 closed sales. That total represents a 24.3 percent increase from the year-ago volume of 6,190 closings. Within the four county region, Pierce County experienced a jump of nearly 38 percent in closed sales compared to a year ago, followed by Snohomish County with a 35 percent increase, prompting one MLS director to comment, “That is super amazing.”

“We are still very clearly in the midst of a seller’s market and unless we see a significant increase in listings, it will remain that way for the foreseeable future,” remarked OB Jacobi, president of Windermere Real Estate. Jacobi and other brokers reiterated the dire need for listings.

Members added 11,495 new listings to inventory during April, but brisk sales kept supply tight and well below the level of a year ago. At the end of April, the MLS reported 18,132 listings of single family homes and condominiums in its database, a drop of more than 15 percent from the year-ago total of 21,390.

Compared to March, inventory at the end of April improved by 6.6 percent, but pending sales jumped 13.7 percent from the previous month.

“We’re in desperate need of inventory so I hope to see an increase in listings as we move further into the late spring/early summer,” stated Jacobi.

Northwest MLS figures show less than 2.4 months of supply at the end of April, down from the March figure of 2.5 months and down from a year ago when there was about 3.5 months of supply. Inventory is especially tight in King County, with 1.3 months of supply, and Snohomish County, with about 1.5 months. Many industry analysts use a range of four-to-six months as an indicator of a balanced market.

Prices on last month’s closed sales were up 12.4 percent. The median price for April’s sales of single family homes and condos was $309,000, which compares to the year-ago price of $275,000. For single family homes only (excluding condos), the median price rose from $287,500 to $320,000 for a gain of 11.3 percent. Condo prices jumped nearly 13.8 percent system-wide.

In King County, where homes fetch the highest prices, the median price of last month’s sales of single family homes was $480,000. That reflects a gain of 11.5 percent from the year ago price of $430,500. King County condo prices increased about 8.8 percent from a year ago, rising from $250,000 to $272,000.

“What’s available and that looks at least ‘pretty good’ is selling,” according to MLS director Dick Beeson, principal managing broker at RE/MAX Professionals in Tacoma. Commenting on the latest MLS statistics, he said, “What we have in the Greater Puget Sound real estate market is too many buyers chasing too few homes.”

Beeson cautioned buyers against “playing games” with sellers. “The new normal for buyers is that the quest for the perfect home may have to wait,” suggested Beeson. “You should buy now, get in the mix, buy a home and build equity for a future decision,” he advised. “Don’t wait to pay more for the same home next year.”

Brokers do not appear to be worried about a housing bubble.

“Some are talking about the potential for another housing bubble given the lack of homes for sale and the bullishness of buyers in bidding up properties,” acknowledged Jacobi. “For now,” he said, “I believe there are sufficient safeguards in place to keep this from happening.”

Anderson agreed. “With pending home sales in Thurston County at record levels I am often asked if we are repeating the problems the last run-up caused,” he stated, adding, “There are two important differences in this market. There is not the overbuilding we saw before, and the buyers are truly qualified for today’s mortgages. Both facts suggest we won’t have a problem with the oversupply that contributed to the recent downturn. This time the market improvement is built on solid footings.”

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

VITEK Mortgage Group Expands into Washington

VITEK Mortgage Group has announced their expansion into Washington. Their new team and office are located in Bellevue, WA at 10900 NE 8th Street Suite #110.  This new VITEK location will be the first of many to come in Washington, as they anticipate opening more offices in the near future.

The seasoned professionals of the new VITEK Bellevue team are aligned with our core principals of value, integrity, teamwork, excellence and knowledge.  Beyond their dedication to helping homebuyers achieve their dream of home ownership, they will be focused on truly serving the community.

VITEK President, Harry Duncan, says, “Our roots run deep in our love for Washington.  We spent a lot of time with family in the Seattle area while growing up.  Our mother was born, raised and graduated as a Huskey”.

We are excited for this time of growth and look forward to serving the Washington community.

About VITEK Mortgage Group

VITEK Mortgage Group has been in business for 27 years and is dedicated to opening doors to better lives.  They are licensed to originate loans throughout all of California and Washington and specialize in government, conventional, Jumbo, and down payment assistance home loans.  As a mortgage banker VITEK processes, underwrites and funds home loans in-house.  VITEK Mortgage Group is an Equal Housing Opportunity lender. NMLS # 37408 · Washington: Consumer Loan Company License # CL-37408. · California: Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act.

Frenzied Local Home Market Frustrating Home Buyers

Buyer anxiety is rising as the pace of home sales is faster than brokers are able to replenish inventory, according to members of Northwest Multiple Listing Service. Figures just released for March show 11,408 pending sales during the month while only 10,505 sellers listed their homes for sale during the same period.

The market imbalance is played out with rising prices, an acute shortage of listings -- particularly in areas close to job centers -- and bidding wars.

The volume of new listings (10,505) added during the month increased 9.4 percent compared to a year ago, but fell short of satisfying demand in many areas. At month end, inventory in the MLS service area that encompasses 23 counties was down almost 14 percent, dropping from 19,736 listings to 17,007. Twelve counties reported double-digit declines from this time a year ago.

Measured by months of supply, there is about 2.5 months of inventory area-wide. In King County there is slightly more than 1.3 months of supply and in Snohomish County supply stands at just under 1.7 months.

Stiff competition is reflected in part by rising prices – but MLS officials emphasized sellers still need to be realistic.

Northwest MLS figures show prices on last month’s closed sales of single family homes and condos jumped more than 6.7 percent compared to the same month a year ago. The median price on last month’s closed sales area-wide was $292,500 which compares to the year ago figure of $274,000.

Home prices were considerably higher in San Juan and King counties. For the 26 completed sales in San Juan County during March, (one more than a year ago), the price jumped 25.5 percent, rising from $400,000 to $501,900. King County prices rose about 8.8 percent, increasing from $378,000 to $411,200.

Prices on single family homes (excluding condos) rose about 6.8 percent system-wide, increasing from a year-ago figure of $282,000 to $301,143. Within the four county Puget Sound region, Snohomish reported the sharpest hike at nearly 8 percent. The median sales price for a home in that county was $340,000 last month; twelve months ago it was $314,975. Buyers can expect to pay about 30 percent more in King County where a single family home that sold last month fetched a median price of $440,250.

MLS members logged 6,769 completed transactions of single family homes and condos during March to outgain the same period a year ago by 1,016 transactions for a 17.7 percent increase. Of that total, condos accounted for about 14 percent of the volume. The median price on last month’s condo sales was $240,000, which was about 9 percent higher than a year ago. In King County, the median sales price was $269,600.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

11 Questions with Scott Cameron Co-Founder of Land Advisors Organization

1. What was your first ‘job’?

My very first job was at a grocery store in my home town. I stocked shelves and bagged groceries when I was in high school.

2. What did you do before you got started in real estate?

After I graduated from college, I worked for a division of US Steel Corporation outside of Philadelphia as a management trainee. This position involved learning a variety of skills and offered an introduction into sales. I learned a lot, including respect for those men and women working for years on graveyard shifts to support their families.

3. How did you get started in real estate?

While I was working in the Mid Atlantic I played on flag football team. One of my teammates was in real estate development and he invited me to interview with East West Partners to sell new homes and lots in a master planned community in Richmond, Virginia. East West Partners then brought me to the Puget Sound where I dove into the real estate market as the marketing and sales director for a master planned community called Lakemont, which is a 468 lot community on Cougar Mountain.

4. Why did you transition into selling land?

I sold lots to buyers and builders from the beginning of my real estate career, and transitioned to selling raw and entitled land when the opportunity arose in 1999.

5. It seems like most of the desirable land has already been developed – where are the ‘spots’ in our market?

The areas that we expect to see substantial growth are core markets with easy proximity to the major arterials, such as the communities along 405 and I-5, especially in Pierce, North King and Snohomish counties. The most successful communities have a good school district with access to amenities such as shopping and entertainment. These are and will continue to be hot spots from a rental, multifamily and single family development perspective.

We also anticipate more development in Seattle’s urban core with the gentrification of blighted neighborhoods resulting in greater urban density.

6. What kind of process do you use to find land to sell?

Our process is simple: a) know the market, b) maintain great relationships with builders, developers, private landowners and other brokers while sustaining an active presence with trusted advisors who represent families and trusts. We use electronic newsletters, events and social media to stay in touch with our constituents. Integrity and results generate business.

7. How have the tools changed since you’ve been in the business?

Market research is a key differentiator in our business. Before the days of digital communication, we did a lot “windshield” and word-of-mouth market research that took a great deal time to do and substantial dependence on information owners. Now we have the benefit of easy access to any information we need with propriety subscriptions to specialized, in-depth market research.

8. Have you had any mentors in your business career? Role models?

Yes, I’ve been blessed with the opportunity to have worked with many bright, entrepreneurial, hard-working and funny people from whom I have learned and borrowed traits from. One of the biggest was not taking myself altogether too seriously.

9. What was the best piece of business advice that you’ve ever received?

Work smart. Work hard. Follow your heart and your passion.

10. Have you read any good business or real estate books lately? Any you would like to recommend? Any other sources of information to share: blogs, podcasts, email lists, YouTube channels?

On the business side I tend to read books and articles, listen to podcasts and subscribe to emails that focus on building relationships and understanding people. Two of my favorites are StrengthFinder and the podcasts presented by Vistage, a CEO and business owner group that I am a member of.

11. You are known for giving back to the community and supporting local non-profits, which ones are you most active with?

I’ve been actively involved in the Boys & Girls Club of Bellevue for years. I also support Augie’s Quest, which funds ALS research, and I participate in mission trips to build homes in Mexico with Esperanza International. Most recently I’ve dedicated time to a new chapter of HomeAid which is the non-profit arm of the National Association of Home Builders.

Bonus question: What is it like at Notre Dame on St Patrick’s Day?

Every day at Notre Dame was St. Patrick’s Day!

Scott Cameron is the Co-Founder of Land Advisors Organization.  Land Advisors Organization can also be found on Facebook and LinkedIn.

Early Spring Brings Bumper Crop of Homebuyers Who Face Inventory Drought

Favorable weather and restored confidence are propelling home buying activity around Western Washington to the highest level in nearly a decade, according to Northwest Multiple Listing Service sources.

“The pent-up demand being unleashed has rocketed pending sales back to the levels of our record year in 2006,” said Ken Anderson, president/designated broker at Coldwell Banker Evergreen Olympic Realty in Tumwater. Buyers have come off the sidelines, the former MLS director commented, adding “At the same time, homes for sale are near a 10-year low.”

Northwest MLS figures show pending sales system-wide surged 18.7 percent in February compared to the same month a year ago, rising from 7,247 mutually accepted offers to 8,599. Twenty of the 23 counties in the service area reported double-digit increases in pending sales.

Those numbers might be even higher given the ample supply of buyers, but inventory is far from ample.

“Listings are flying off the shelf faster than allergy medicine in this early spring market,” quipped MLS director Frank Wilson, the branch managing broker at John L. Scott, Inc. Poulsbo.  He said the brisk activity is posing challenges for buyers. “They will probably make several offers before one is accepted and they just need to expect to be competing with others,” he cautioned.

Northwest MLS broker-members added more news listings to the database during February than 12 months ago (7,852 last month versus 7,234), but the higher sales volume kept inventory levels well below year-ago totals. The MLS reported 16,946 total active listings at month end. That compares to a total of 19,273 for the same month a year ago for a drop of about 12 percent.

John Deely, principal managing broker at Coldwell Banker Bain, also commented on the imbalanced market. “The early spring weather has brought a bumper crop of buyers to a market experiencing a drought of listings.” The MLS director said activity in Seattle continues to move “at the fastest pace in memory.”  It is not uncommon for weekend open houses to draw upwards of 100 group visits and bidding competitions, he reported.”Multiple offers rule the day, with many bids at 20 percent over well-priced properties around Greater Seattle.”

For the 4,761 sales of single family homes and condominiums that closed during February, the median price was $280,000.  That reflects a gain of about 6.5 percent from the year-ago sales price of $263,000. The volume of closed sales jumped about 13.5 percent from a year ago. Brokers reported 4,761 closed sales last month, which compares to 4,196 for the same month a year ago.

 

For single family homes, which accounted for 86 percent of all sales, the median price system-wide jumped about 7.4 percent, rising from $270,000 to $289,925.

A comparison of the four-county Puget Sound region shows single family homes in King County had the highest median price at $429,900 (up 6 percent from a year ago), followed by Snohomish County where February’s completed transactions commanded a median price of $330,00 for a year-over-year gain of nearly 4.8 percent. Kitsap’s median price was $238,903; in Pierce it was $233,000.

Condo prices increased 6.7 percent year-over-year, from $215,500 to $230,000. The total number of sales increased 6.7 percent.

“February was a very robust month,” observed Gary O’Leyar, a past chairman of the Northwest MLS board. “If there is any real estate market slowdown, we’re not seeing it,” he said, suggesting doubters look at King County’s Eastside corridor for new or newer high end homes in the $900,000-plus price range.

Northwest MLS figures show 68 homes sold for $900,000-plus in its Eastside segment during the first two months of 2015, outgaining the same period a year ago when brokers sold 36 such homes. “Be prepared to get in line to get into the new home pipeline,” O’Leyar advised.

The market for waterfront homes also appears to be gaining momentum.

“This is the year for waterfront homes in Kitsap,” reported Frank Wilson, noting they have been the last to recover price wise. “Values for waterfront homes were pretty flat in 2014 and they should start appreciating in 2015,” he said. “In the future, buyers will say ‘I wish I would have bought a waterfront home back when they were affordable.’ Today they are affordable.”

“Undeniably, our unusual spring-like weather has not only fueled and jump started an early allergy season, but the market as well,” suggested Diedre Haines, Coldwell Banker Bain’s principal managing broker for South Snohomish County. Characterizing the market as “exceedingly active,” she noted garden shops, home improvement stores, furniture stores and other retailers that sell home-related items are also experiencing high levels of activity.

Dick Beeson, the principal managing broker at RE/MAX Professionals in Tacoma and a member of the Northwest MLS board of directors, believes the market is adjusting to scarce inventory and the abundance in the buyer population in the form of multiple offers and frustrated buyers and sellers. “But buyers will not be dissuaded,” he believes, in part because they anticipate hikes in interest rates. “Sellers are frustrated because they can’t find replacement homes. Some won’t list their homes because of fear of not finding a suitable replacement,” Beeson believes. “This cycle will work its way out as spring brings more inventory, hopefully, and sellers give in and say they trust there will be a home for them somewhere,” Beeson stated.

Like Beeson, brokers around the Northwest MLS service area are clamoring for listings:

• “Hopefully, more potential sellers will seize this market window of opportunity as a good time to sell before the regional real estate market does finally start to level out and take a breath; which it will eventually.” -- Gary O’Leyar, Berkshire Hathaway HomeService Signature Properties.


• “We desperately need inventory. Potential sellers of all shapes, sizes, price ranges and locations should be contacting their brokers and jumping off the proverbial fence.” -- Diedre Haines, Coldwell Banker Bain.


• “Sellers haven’t experienced a market this favorable since those frothy days (of 10 years ago). With home prices now consistently on the rise, savvy sellers looking to trade up know this is the time to make that move.”  -- Ken Anderson, Coldwell Banker Evergreen Olympic Realty.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 23,000 real estate brokers. The organization, based in Kirkland, Wash., currently serves 23 counties in Washington state.

The End of Houses in Bellevue Below $500k?

Is it possible that we have seen the end of houses in Bellevue priced at less than $500k?  This was the Bellevue Homes Report that I posted at A New Day Real Estate early this morning:

 

In the past couple of days, there has been 20 new single family residences in Bellevue listed for sale on the NWMLS used by local real estate professionals to market and sell properties.  This is good news and a short trend of increasing home inventory that I would like to see continue for awhile.  These 20 newly listed Bellevue homes range in price from $542k to $1,999,995, with the average asking price at $889,336 and median asking price of $775k.

While 20 new SFR were listed, 6 were sold (closings) and 6 others went 'Pending' or 'Pending Inspection'.   The sales that closed ranged in price from $466,200 to $972,526, with an average sales price of $755,621.

Out of the 111 Bellevue 'houses' on the market,

Half of Condos For Sale in Bellevue at Washington Square

According to a post this morning on A New Day Real Estate's Bellevue Condo Report, half of the condos listed for sale in Bellevue are located at Washington Square in downtown Bellevue.

Although there are 140 condo properties in Bellevue listed for sale, a few of them are at 55+ communities and one of them is a boat slip in Newport Shores.  Listings at Washington Square account for 69 other properties, leaving the remainder condo inventory in Bellevue at super low levels.

 

 

Low Rental Inventory, Strong Rents Good Signs for Landlords in Bellevue

Today on the Bellevue Rental Report at A New Day Real Estate, I talk about the lack of properties in Bellevue being offered for lease on the NWMLS.

Low rental inventory and very strong and increasing rents makes it a good time to be a landlord in Bellevue.  If you are considering renting your investment property and would like some information about A New Day Real Estate's property management services, please let me know.

Average Asking Price of a Home in Bellevue: $2.2 million

Yesterday on the blog at A New Day Real Estate, I posted the most recent Bellevue Homes Report.  I pointed out that last week I had been prematurely optimistic about the number of homes coming on the market in Bellevue and that inventory had once again declined.

A couple of interesting statistics about single family homes in Bellevue:

1) yesterday there were only 3 homes in all of Bellevue that are listed for sale at less than $500,000 - today there is only 1.  Will we be soon seeing the last sales for less than half a million in Bellevue?

2) As of yesterday, the average asking price of the 87 Bellevue houses on the market was $2.2 million.

Read the rest of the post and watch the video here.

Good News for Bellevue Home Buyers? Bellevue Homes Report February 5, 2015

I've got exciting news for people looking to buy houses in Bellevue!  Despite the recently lack of inventory on the market to choose from over the past few months, it looks like there may be some changes coming around.  The inventory numbers are still low - there are only 99 single family homes listed for sale in Bellevue.  The good news is that there have been 12 new listings of homes for sale in Bellevue added over the last day.  That is a significant percentage of increase in listings by itself, but it is my belief that this is just a sign that the local Bellevue real estate market is really going to start moving.  I expect that we will continue to see a good number of home owners put their houses in Bellevue up for sale in the next few months - offering home buyers a much better selection from which to choose.



With the limited inventory we've been seeing, buyers just have not had a lot to choose from - and properly priced and prepared for market homes have been commanding high prices and often multiple offers.  More inventory usually means less competition, so this may be a good time for Bellevue home buyers to be working with a good broker who will make sure they see all the new listings in their target area the same day they hit the market.  Even if you are not quite ready to purchase a home, it never hurts to start doing your research early.

Bellevue neighborhoods with new home listings in the last day include a few in Somerset, Forest Ridge, Microsoft, Newport Hills, Cougar Mountain, Newport Shores, a bankruptcy house in Surrey Downs, Enatai, Beaux Arts and West Bellevue.  If you would like to be notified when new homes go on the market in a certain part of Bellevue or the Eastside, please give me a call at 425-429-8590 or send me an email at Joe(at)ANewDayRealEstate.com.

Bellevue Condo Report: Inventory Extremely Low

This is the Bellevue Condo report from A New Day Real Estate for January 27, 2015.

As of today, there are currently 130 condos in Bellevue that are listed for sale on the Northwest Multiple Listing Service (NWMLS).  That number is definitely a low number, but when you examine the list and realize that approximately half of those condos that are listed are located at Washington Square, it really shows how tight the condo market is here in Bellevue.


Then you add in the fact that 7 of the 10 least expensive Bellevue condos are located at the Silver Glen 55+ community and realize that at least a few of the remaining 58 condos are really not sellable because of huge and unreasonable HOA assessments.  When it all comes down to it - there are really only around 55 condos on the market in Bellevue (that are not located at Washington Square, Silver Glen or burdened with debt that make them unlikely to sell).  That means that inventory is LOW!  If you are looking to buy a condo in Bellevue right now, there is not a lot of selection available.  If you are thinking about selling your condo in Bellevue, this is GREAT news - it's a great time to list and sell your condo without a lot of competition.  Get it priced right and it should easily sell in 30-60 days.

The highest priced condo currently for sale in Bellevue is a $3.35 million dollar unit on the 41st floor of Bellevue Towers.  Besides some amazing views, this unit in Bellevue Towers features 3,403 square feet, 2 bedrooms, 2.5 baths and has been on the market for 122 days.

The lowest priced condo currently listed for sale in Bellevue is at Silver Glen 55+ community listed at $109,950.  Outside of Silver Glen, the lowest price condo listed for sale in Bellevue is located in The Highlands condos across the street from Microsoft's Redmond campus.  The 1/1 unit is listed at $135k, but the complex has recently taken out a huge amount of trees from the property and has been discussing a future 'special' assessment against each unit owner.

As of today, there are only 41 condos in all of Bellevue that are listed at less than $500,000 asking price - and that is including at least 7 units at Silver Glen, but not including a boat slip at Newport Shores that is still listed as a condo.

Despite tight inventory, Northwest MLS brokers complete more than 77,000 sales valued at nearly $28 billion during 2014

This is the official media release from the NWMLS - Northwest Multiple Listing Service and originally appeared at A New Day Real Estate.

Members of Northwest Multiple Listing Service reported 77,276 closed sales during 2014 to outgain the prior year’s volume by 1,759 transactions for a 2.3 percent increase.

Measured by dollars, last year’s sales of single family homes and condominiums were valued at nearly $28 billion. Compared to 2013, that dollar volume represents a 9.4 percent gain.

The sales activity reflects the work of more than 22,000 brokers across 21 counties in the member-owned Northwest MLS.

Last year’s completed sales included 66,716 single family homes (about 86 percent of the total) and 10,560 condominiums. The total units and dollar volume are the best since 2007 when members registered 82,197 sales valued at $32.3 billion.

The area-wide median price for last year’s sales of single family homes and condominiums was $285,000, improving on the previous year’s figure of $270,000 (up nearly 5.6 percent). A comparison by county shows median sales prices ranged from $119,900 in Pacific County to $399,750 in King County.

Prices for single family homes (excluding condominiums) rose about 5 percent from 2013, increasing from $281,000 to $295,000. Condo prices jumped 11.4 percent, rising from the 2013 figure of $202,000 to last year’s median selling price of $225,000.

Home buyers who shopped during 2014 often had lots of company – and competition. Brokers notched more than 102,000 pending sales (mutually accepted offers) during 2014, while adding 107,722 new listings to inventory. Brokers said depleted inventory led to bidding wars for homes in the most desirable areas, and led to disappointment for indecisive or unprepared bidders.

During 2014, the average area-wide supply, as measured by months of inventory, fell below 3.5 months. King County had the lowest level, averaging only 1.9 months of supply. Industry insiders tend to use a 4-to-6 month range as an indicator of a balanced market, favoring neither buyers nor sellers.

Further evidence of a housing recovery is reflected in high-end sales. Northwest MLS members reported 2,069 sales of single family homes priced at $1 million or more, up nearly 28 percent from the 2013 total of 1,621 “luxury” sales. Condos priced at $1 million and up accounted for another 152 sales. A total of 878 condos commanded sales prices of $500,000 or more, up 20 percent from the figure for 2013.

The highest-priced single family home that sold during 2014 by a member of Northwest MLS was a property in the Town of Hunts Point that commanded $9.1 million. Topping the chart of high-priced condominiums was one in a downtown Seattle high-rise that sold for $6.1 million.

Among other highlights in its annual compilation of statistics, Northwest Multiple Listing Service reported:

• About 46 percent of last year’s single family home sales had three bedrooms.


• The median price for a 3-bedroom home that sold in 2014 was $262,500, about 5 percent higher than the previous year’s figure of $250,000. A comparison by county shows the median price for this size home ranged from $143,500 in Pacific County to $410,000 in San Juan County.


• More than three-fourths (75.2 percent) of condos that sold had two or fewer bedrooms.


• Of the condo sales, about six of every 10 (61.9 percent) were located in King County, primarily in Seattle or on the Eastside.


• Last year’s sales included 8,177 newly built single family homes that sold for a median price of $374,000, and 607 condos that sold for a median price of $369,950.


• A comparison of median prices of single family homes shows more than half the counties served by Northwest MLS have improved on prices reported for 2005.


• Prices vary widely among school districts. Homes that sold in school districts on Shaw Island and Mercer Island fetched median prices of $1 million or more.

In addition to summarizing sales and listing activity, Northwest MLS also reported enhancements to several services for its growing membership. Among 2014 highlights was the launch of an advanced system for online forms, document storage, electronic signatures and related tools. The MLS also upgraded its keybox program, involving the exchange of more than 90,000 devices.

Northwest Multiple Listing Service, owned by its member real estate firms, is the largest full-service MLS in the Northwest. Its membership includes more than 22,000 real estate brokers. The organization, based in Kirkland, Wash., expended services to two new counties (Chelan and Douglas) during 2014. With those additions the MLS network now encompasses 23 counties in Washington state.

Bellevue Residential Rental Report January 5, 2015

Publisher's Note: This YouTube video and blog post were first posted at A New Day Real Estate in Bellevue.

This is the Bellevue Residential Real Estate Rental Report on January 5, 2015.



There are currently 42 residential properties listed for rent on the Northwest Multiple Listing Service. They range in price from $1200 a month for a 1 bedroom, 1 bath, 744 square foot condo in the Silver Glen 55+ community to $8,500 for a 5 bedroom, 4 bath, 3,710 square foot home on Bellevue Way NE, at the base of Clyde Hill and across the street from Diamond S Ranch (which has been on the market for over 6 months now).

There are only 8 separate properties in Bellevue that are listed for lease at less than $2000. There are only 23 listed at less than $3k a month - and there are 8 residential properties in Bellevue listed at $4500 or more - and NONE of them are waterfront property.

If you are interested in leasing a house or condo in Bellevue, or would like more info on our property management services, please contact us.

If you are interested in investing in real estate in and around Bellevue or the Eastside, you are invited to the first meeting of the Bellevue Real Estate Investors networking group tomorrow night (January 6, 2015). Please see http://BellevueRealEstateInvestors.com for more info.

We are currently building a team for Bellevue House Flippers and looking for an equity partner (money person) and a contractor partner who is experienced with quick turn around projects. Come on by tomorrow night!

A New Day Real Estate: Bellevue Condo Report December 30, 2014

The following is a blog post that I wrote to go with the YouTube video of today's Bellevue Condo Report from A New Day Real Estate.  If you like this information and want to see it each week, make sure to subscribe at ANewDayRealEstate.com or keeping on checking the site regularly.  Before long, this will be a regular vlogcast and available on iTunes and hopefully Stitcher too.

This is the Bellevue Condo Report for December 30, 2014 from Joe Kennedy of A New Day Real Estate in Bellevue Washington.

There are currently 139 condos listed for sale in Bellevue, but that includes one listing for a covered boat slip at Newport Shores for $115k.

Of the 138 livable condo units that are listing for sale, they range in price from $109,950 for a 2 bedroom, 1 bath unit in the Silver Glen 55+ community to $3.35 million for a penthouse unit on the 41st floor of Bellevue Towers.

That penthouse unit at Bellevue Towers is a 3,403 square foot, 2 bedroom, 2 bath unit and is priced at $984.43 per square foot. It also comes with monthly HOA fees of $2,173 - and amazing views.

There are currently only 14 condo units for sale in Bellevue that are priced at less than $200k - and half of them are located in the previously mentioned Silver Glen 55+ community. So there is not a lot of choice on the low end of the condo market.

As far as the high end market for condos in Bellevue, there are currently 29 different units priced at $1 million or above.

What I did not mention in the video, but will cover on a future podcast, is that 70 of the 138 condo units currently listed for sale are in the Washington Square project on the corner of 106th Ave NE and NE 9th Street in downtown Bellevue.

This means that in all reality, outside of Washington Square, there are only 68 condo units for sale in all of Bellevue. Not a lot of inventory - or competition. If you are thinking about selling your condo in Bellevue, now could be a really good time.

Please do not forget to join us next Tuesday, January 6th from 6-9pm for the first ever meeting of the Bellevue Real Estate Investors networking group.