2022 Bellevue Towers Year in Review

Bellevue Towers

This year marks the 10-year anniversary of the final sellout of Bellevue Towers. Every year I look forward to sharing the latest chapter in the story of Bellevue Towers in the form of this Year in Review. As has sometimes been the case in years past, 2022 was very much a tale of two halves. But the first half of the year was strong enough that overall for 2022 we set new pricing records even as sales volumes fell back from a 5 year high set last year.

My personal story at Bellevue Towers has also had a few different chapters, starting when I was the original listing broker with Realty Trust City until now as a founder of a brand-new brokerage, Real Residential. And although my brokerage name might have changed along the way, the commitment to my clients remains unchanged: I promise to provide professional and ethical brokerage service grounded in my years of experience selling at Bellevue Towers.

If you are thinking about buying or selling at Bellevue Towers, or have questions about the market or this report, I would love to hear from you.

Have a great 2023!

Jason Foss Founder I Partner Real Residential

(425) 890-9909

jason@realresidential.com

My 2022 Sales at Bellevue Towers

$1,688,000 $1,705,000 $1,750,000 $1,800,000 $2,575,000 $4,450,000 $4,900,000

1. Partnered with Ellen Wang

2. Partnered with Galya Kirstine

3. Partnered with Lena Lin

Sales Volume and Mix

Sales Volume

A total of 39 homes were resold at Bellevue Towers in 2022. This marks a drop from the 46 resales in 2021, but is spot on the 5 year sales average of 38.8 home sales per year.

Sales Mix

Approximately 72% of the homes sold in 2021 were 2 bedroom homes or penthouses. This is right in line with the proportion of 2 bedroom homes and penthouses in the building (71%), but represents a higher share of sales than we typically see (for various reasons related to price point and owner profile, studio and 1 bedroom homes tend to turn over more frequently).

Home Types Sold in 2022

Pricing

We saw strong price growth through late spring of 2022, although pricing softened through fall and into winter thanks to rising interest rates and recession concerns. However, a majority of sales (along with all 3 of the penthouse sales) occurred in the first half of the year while pricing was at its highest, resulting in average pricing that set new records both in terms of total prices as well as price per square foot, both including and excluding the 3 penthouse sales.

Time on Market

The average time on market in 2022 dropped from 36 days down to 25 days. There were 4 homes with 0 days on market (all homes that were sold off market, i.e. never actually listed for sale and 2 homes which sold after just 1 day on the market. On the other hand, the two homes which took the longest to sell were each on the market for 106 days.

Bellevue Towers 2023 Outlook

We saw sales activity and pricing soften in the second half of 2022, and I expect that trend will likely extend through 2023: a slower pace of sales and pricing that will generally remain below peak spring pricing of 2022. Although we will probably see the typical bump in sales activity during spring, higher interest rates will likely continue to weigh on the market. At the same time, however, available inventory of homes for sale in the building will probably remain limited, barring a more significant economic downturn late in the year. Unless sellers need or want to sell for some reason (moving out of area, for example), most owners will elect to simply stay put given that they are currently locked into a very favorable low interest rate on a long-term mortgage with ample home equity.

In terms of the broader downtown condo market, Avenue Bellevue will be completing this fall. With several months remaining still to sell prior to completion, it is unclear how many unsold, move-in ready units will become available upon completion, but it will likely be in excess of 100. Meanwhile another new project, Mari, has not yet started formally selling, but is expected to be ready as early as spring/summer 2024. In this regard, we are likely to see historically high levels of relatively expensive, new construction condominium inventory in downtown Bellevue at the end of 2023 and well into 2024.