Business News for Bellevue and the Eastside of Lake Washington

Bellevue Condo Report: Inventory Extremely Low

Bellevue Towers day timeThis 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.

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