Real estate investors looking for local units can consider Bellevue as an investment option. With a population of nearly 125,000, and one of the wealthiest communities in Washington, the city is a great place to consider, although somewhat expensive for initial investments. In fact, multi-family and apartment property managers might be happy to know that Bellevue is listed as the fourth best place in the United States to live, which is down just three places from the number one spot held by the city in 2008. As a result, the area is great for anyone who wants to invest in residential housing, but also a good idea for commercial property managers looking to rent to small businesses and restaurants to cater to the area.
Bellevue is an edge city of Seattle with a thriving economy and culture center that includes multiple museums, a botanical garden, an annual strawberry festival, and an annual crafts fair. The city is home to more than a dozen well known public figure including musicians, actors, and athletes, many of whom were drawn by the city’s beauty, culture, and peaceful neighborhoods. Bellevue, meaning ‘ beautiful view’, holds up to its name with scenic vista views from local mountains, and multiple lakes within the city limits.
The average home in Bellevue is selling for a median of $519,000 with some going up to $600,000 and higher, which is expensive by anyone’s standards. However, multi-family units, building units, and even foreclosures are all available in the area, which can be a more affordable option. An estimated 3.1% of foreclosures in the area are resold, while about 17.6 percent of homes in the area are now being sold for a loss. Large homes and commercial property are likely to be the most profitable over time, but most property in the area is valuable enough to consider investing in. However, with median prices well above many other King County areas, it may be more prudent to invest elsewhere for the time being.
Bellevue property is almost at an all-time high and prices may be going up. As a result, it may not be prudent for an investor to sink money into local property unless it is discounted due to being foreclosed or needing repairs. In either case, it is important to consider how quickly the property will turn a profit before deciding to sink money into it as even a lower cost home can require a great deal additional investment for repairs. Bellevue property managers suggest that while anyone who already owns property in the area can make money by renting or leasing it, most should not consider buying unless they have a significant budget, and property that will turn a profit.
However, purchasing a home in Bellevue can mean an almost guaranteed sale, or rental, depending on the unit. Demand for property is high while availability of housing is low, making it the opportune market for the seller and renter.
The discussion herein is of a general nature only and is not to be construed as specific legal advice, which requires the establishment of an attorney-client relationship and fee agreement. SJA Property Management does not provide legal services.