Understanding the neighborhood is a key part of making a great property investment, and here at SJA Property Management, we want to ensure that you have the tools to make the best investment you can. If you’re considering buying property in Bellevue, our Go Local! Series will introduce you to some of the pros and cons of the best and worst neighborhoods in the area. This week, we’re covering Somerset Bellevue, one of the neighborhoods with the best views and most scenic roads. But, is it a good place to invest?
Meet Somerset Bellevue
Somerset is nestled on Somerset Hill, which tops out at around 1,000 feet, offering stunning views of the Puget Sound area including Lake Washington, Seattle, and the Olympic Mountains. The neighborhood itself supports a population of just 7,659, or just 6% of the greater Bellevue area. Somerset is also one of the safest and best organized in the area, with a strong neighborhood association, multiple neighborhood community programs, and a neighborhood watch.
Parks and Recreation
Somerset is nearby to 22 different parks and even more trails, offering plenty to do for everyone who wants to get outside to explore the areas green hills, trees, and scenic views. Notable parks include the Eastgate Park, Forest Hill Neighborhood Park, Westwood Highlands Park, and Meadowood Park.
Somerset is part of the Bellevue School District, meaning that residences have access to multiple local schools including the highly recommended Bellevue High School. Somerset Elementary School and Forest Ridge School are located right in Somerset, but students can attend Sammamish High School, Lake Hills Elementary School, and St. Louise Parish School, as well as any of the 25 private schools in the area. Somerset is also nearby to the Bellevue College campus.
Somerset Bellevue is home to primarily middle to higher income couples and families who own their own home, do not rent, and who may or may not have kids. However, the high cost of living, combined with very low rates of crime, plus high educational standards in the area creates a draw for people who can afford those standards. Unfortunately, this is not the best location for property investment, because the majority of locals do not rent.
Property Management in Somerset Bellevue
Somerset Bellevue is primarily home to single-family residences which sell on the very high to high end for the region. This means that the area is less suitable for investing in single family homes, simply because you pay more per purchase than in other nearby areas. However, on the Eastside you can find some apartment and condo complex developments, which make more attractive investments. However, with very few of these developments currently underway, there is not a lot of room for low-capital investment in the area.
What’s the good news for investors? With 9 major apartment developments in the area, there are definitely some opportunities for those who want to invest in a new building, or who want to purchase condos as a first investment.