Bellevue condo developers, pay attention to what I’m about to tell you.
There is an unbelievable shortage of affordable condos in downtown Bellevue. If a buyer wants a condo built in the last 10 years and has a budget of $400,000 – there are just 4 units to choose from. With a $500,000 budget – just 7 condos.
I realize there are risks with the development of condos. In addition there are post rescission financial problems. With all that said, at some point, a new project has to pencil out. Right?
I expect that the next few years will frustrating for both Bellevue and Seattle buyers. Not only is inventory low, but even “average units” at a affordable price point should see multiple offers. What comes next? An uptick in price. It has already started.
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