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Bellevue, WA Real Estate News

By Bellevue Bubble.com
(BellevueBubble.com)
  After many years of rapidly rising home prices, home construction starts are now at the lowest level in the past fourteen years.  Foreclosures are on the rise.  Inventories of available homes are at a very high volume.  Housing prices are declining in many markets, and stable in virtually all other markets.  Mortgage interest rates remain at historically low levels, and could go lower. What do these conditions mean to you, if you are a prospective home buyer?  Opportunity!  Chances are you are going to buy something.  If you are serious about your task, you may be able to buy "more house" or a property in a better location at a price and/or terms you couldn't anticipate last year or the year before.  No one can predict, with any certainty, when there will be an end to the conditions t...
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By Freddy Delgadillo, Real Estate Broker specializing Greater Eastside
(Judah Realty Group)
Here is a view of downtown Bellevue from my office off NE 8th street. I see this view every morning as the sun rises and people are going to work. In the evening I get to experience some of the most beautiful views that Bellevue has to offer. I labeled some of the buildings that can be see in the picture. Stay tune for more pictures of these amazing buildings as they can be seen from all around the greater Eastside area.   A- The Bellevue City Center B- The Meydenbauer Center C- The Key Center D- The Bellevue Transit Center E- The Symetra Building F- The Bravern Condominiums G- The Bellevue Plaza Center H- NE 8th Street You can see five cranes currently working in downtown just in this picture. Two of the cranes are on Bravern Condominiums as they are working diligently to finish on tim...
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By Bellevue Bubble.com
(BellevueBubble.com)
Financial advisors in our newspapers and magazines love to write about this subject, suggesting that we buy when sellers are willing to negotiate, when interest rates are low, when others are buying, etc., etc. The reality is that there is no ideal time-in the abstract-to buy your home. The best time to buy is when you can afford to buy, and need to buy a home that suits the needs of your household, and have found the right home to fulfill your needs and wishes. It's true that we've seen home prices skyrocket in certain years, and that people who bought when home prices reached their peak weren't always pleased with the results. But the problem didn't reside in the home, nor did problems show up in the real estate deals, nor even position of the stars in the heavens. The problem showed...
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By Peter Mann, Peter Mann Seattle-Bellevue Real Estate Agent
(Keller Williams Realty)
  Well actually, I am not referring to real physical pain, but you might get your feelings hurt at worst :-) Read instructions before posting blogs, steer away from any negative comments and always remember... there is no such thing as a stupid question :-) I am fairly new to AR and I must admit that I am still learning the system myself. Coming from an athletic background, I have always lived by the "no pain no gain" mentality. No matter what you do in life, you must not be afraid of pain or failure. Unchartered territory... no problem! New system to learn... piece of cake! I have found that the best way to conquer any challenge is to jump in with two feet regardless if you are comfortable or not. I have always been aware of blogging, but never got involved. Not that there was anythin...
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By Peter Mann, Peter Mann Seattle-Bellevue Real Estate Agent
(Keller Williams Realty)
How often do you "honestly" think about your safety while out in the field?   Yes, there are a number of us that are always looking over our shoulders, possess fire arms, etc, but how often do you "honestly" think about your safety while out in the field? I have lived in Seattle's Greater Eastside for the past 26 years of my life. Most of that time was spent growing up in Redmond (microsoft land) and now I reside in downtown Bellevue. Violent crime is really not a big factor here. Sure, there is crime like with any city in the country, but the eastside is definitely not known for it's homicide rate. Back on January 5th 2001, a well respected & seasoned Windermere agent named Michael Emert was murdered while showing a house in the quiet suburb of Woodinville. The case still remains unso...
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  Question...   A fellow agent and I were having a discussion this morning about Redfin. I had mentioned to him that I recently posted a blog on Active Rain regarding commission cuts and he proceeded to steer the conversation towards Redfin. I am sure this is a topic that has been discussed 100 times over amongst Active Rain members, but since I am new to Active Rain, I would love to get other peoples opinions. This posting is not intended as a Redfin bashing pow wow! I am honestly curious to see what other agents across the counrty think. I have heard some agents who favor the Redfin concept while others despise them. The question that my associate and I were debating was "Do you think Redfin is the future of Real Estate?" Your thoughts???
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By Peter Mann, Peter Mann Seattle-Bellevue Real Estate Agent
(Keller Williams Realty)
Question...   A fellow agent and I were having a discussion this morning about Redfin. I had mentioned to him that I recently posted a blog on Active Rain regarding commission cuts and he proceeded to steer the conversation towards Redfin. I am sure this is a topic that has been discussed 100 times over amongst Active Rain members, but since I am new to Active Rain, I would love to get other peoples updated opinions. This posting is not intended as a Redfin bashing pow wow! I am honestly curious to see what other agents across the counrty think. I have heard some agents who favor the Redfin concept while others despise them. The question that my associate and I were debating was "Do you think Redfin is the future of Real Estate?" Your thoughts???
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By Peter Mann, Peter Mann Seattle-Bellevue Real Estate Agent
(Keller Williams Realty)
GOTTA LOVE THE BEAUTY OF SEATTLE!   I was in the middle of a listing presentation the other day and was asked by the seller "so how much are you willing to cut you commission?" I am sure we have all experienced this before (and no this was not the first time I have been asked this question) but the difference between this seller and the others who asked was his reasoning. Like buyers, sellers are looking for a deal. Obviously they desire to walk away with as much equity as possible. Can you blame them? This particular sellers reason for asking me to cut my commission was not entirely because he was trying to save equity. He came right out and said that the last agent he interviewed supposedly offered to cut his commission because the market had cooled off a little bit and he was trying...
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By Freddy Delgadillo, Real Estate Broker specializing Greater Eastside
(Judah Realty Group)
Have you been to the Downtown Bellevue Park? Amazing what you see here, view of downtown buildings, Bellevue Square (shopping mall), sculptures of art, Bellevue condos being built on every corner and just happy people enjoying the sunny day. I'm seating under a school of trees just center of the park. The trees can be seen from every direction and are one of the many symbols that represent the Bellevue Park.  (on the right you can see the "Bellevue Towers") I'm facing west, trying to work on a tan but most importantly enjoying the sun in the Pacific Northwest as I blog.In front of me facing West, is open country with ample room to run and play.  To my right is the North entrance to the park which you can see JP Penny and Bellevue Square Mall. Behind me is the East entrance to the park, ...
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By Bellevue Bubble.com
(BellevueBubble.com)
Longtime Bellevue residents may remember Old Main Street as the original "main drag" dating back to before the turn of the 20th century but things have certainly taken a new turn in the past 10 or so years!  Starting in the mid ‘90s, Main Street's first luxury mid-rise, THE MCKEE Condominium, came into being. An exceptional complex punctuated with elegance and sophistication, The McKee grew to be a three phased complex which includes PARKSIDE at THE McKEE on NE 1st St. as well as a row of tri-level townhomes - all surrounding a lush courtyard. Depending on location within the complex, views can overlook Downtown Park, the courtyard or Lake Washington. One unique aspect of the Parkside phase is the 2 story penthomes - each with private rooftop patio area! The McKee's amenities include a...
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By Jacquie Cliff, - Real Estate and Short Sale Expert
(Champions Real Estate Services - Lynnwood, WA)
A recent list of the Top 100 Small Cities in Americal put together by CNN lists Bellevue as the 42nd best small city to live in overall. People that live in Bellevue won't be surprised by this I'm sure, and might think they should be rated just a bit higher, but being in the top 100 isn't bad. If you are interested in the area, there are some great links and a lot of really interesting information and statistics about life in Bellevue that you really ought to check out.  It is interesting comparing how Bellevue stacks up against the other cities, particularly those in the top 10!   Jacquie Cliff - The Amazon Negotiator Real Estate Agent, Loan Officer and Accredited Buyers Representative serving: Lynnwood, Bothell, Mill Creek, Seattle, Bellevue, Marysville, Mountlake Terrace, Edmonds, Ev...
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By RickFranz LuxuryCondos
(Windermere Real Estate)
 At the height of the housing boom, lenders were incredibly generous with their standards for home loans--some say too generous. A person with less-than-good credit could receive a substantial loan with adjustable rates. As home values continued to rise, hopes were high for homeowners until the high price of their mortgages eventually caught up with their safety savings. After missing one of their monthly mortgage payments and seeing their credit go up, the situation became daunting. The end result was not good for lenders or homeowners, foreclosures soared and there was now a glut of property on the market as prices took a nosedive. Liberal forms of lending were the obvious culprits for real estate's downfall. Changes needed to be made and they're currently being instituted. But how wi...
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By Bellevue Bubble.com
(BellevueBubble.com)
We don't tend to think of houses aging to the point of being uninhabitable, but it can happen if homes are not maintained with care. The same is even truer of the appliances in our homes, without proper care they can become unusable. The National Association of Home Builders recently issued a study that estimated the amount of time various parts of a home should last. The most basic parts of a home-its foundation, drywall, plaster, pipes, basement and framing-should last at least fifty years, the study asserts. The median age of a house in America today is 32 years, four years older than when the NAHB did its last such survey in 1993, meaning that homebuyers should be that much more aware of the condition of the most basic elements in the construction of the home they choose to buy. So...
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By Bellevue Bubble.com
(BellevueBubble.com)
WHAT IS THE DEFINITION OF "NEW"? Condominium buyers desiring to purchase in a new construction condominium often choose to do so in order to be the first owner in a never-lived-in home. One drawback is that the property may not be ready for occupancy as readily as a traditional resale property. One, sometimes overlooked, option is to buy a property being "flipped" as a resale property that has never been lived in which, essentially, is "new". Most of the high rises under construction or near completion in downtown Bellevue do have rules about re-selling or renting within a certain timeframe from the purchase date. This is a very good restriction for the majority of homeowners as it keeps a new building from becoming, in essence, a rental building. If a complex has too many rentals, it ...
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By Bellevue Bubble.com
(BellevueBubble.com)
CLIENT RELATIONSHIPS There is an obvious and tremendous benefit from having a great working relationship with a real estate (and also a mortgage) professional long before you actually have to call on these people to help with the purchase and/or sale of a home. You know your deal will be handled in the best possible way; you know that your specific and unique needs will not only be heard, they will be acted on; and you know that you can trust the advice and suggestions of your professional assistants. These are huge matters! And there's more. What you may not realize is that an on-going relationship with your real estate and mortgage professionals will help you stay on top of the national and local real estate markets. They will also keep on top of interest rate trends, make you aware ...
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By Bellevue Bubble.com
(BellevueBubble.com)
DOWNTOWN BELLEVUE CONDO ABSORPTION I have been tracking ratios and absorption rates for downtown Bellevue condos (in addition to other eastside areas) since about August of 2006. I separate out the number of new construction from resale condominiums and have seen an interesting trend in the past several months. In the $600-700k range, about 1/2 the available units are new construction. From $700-800k, about 2/3. From $800-1.1M, almost all are new construction. I find it interesting that there is so little resale inventory in these price ranges. Even though the monthly absorption rates for $500k-$1.1M currently shows anywhere from 5 to 22 months of available inventory, most is new construction so the actual absorption rates for resale condos is considerably less. In general, buyers for ...
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BRAZEN REAL ESTATE JOINS SOTHEBY'S INTERNATIONAL REALTY® BELLEVUE, Wash. (June 19, 2008) - Sotheby's International Realty Affiliates LLC today announced that Brazen Real Estate in Bellevue, Wash.,  is the newest member of its luxury real estate network.  The firm, owned by Joseph Brazen, now will do business as Brazen Sotheby's International Realty. "Joseph Brazen's nearly 30 years of experience selling real estate provides a distinct advantage for this firm," said Michael R. Good, president and chief executive officer, Sotheby's International Realty Affiliates LLC.  "He and his staff have the local market knowledge and industry experience we feel complement our brand perfectly." According to Brazen, his firm's philosophy is to serve their clients with savvy and discretion, as well as ...
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By Bellevue Bubble.com
(BellevueBubble.com)
REFINANCING A MORTGAGE Here are some tips and strategies that save you money when you are in the market to refinance your home loan. Don't get caught in the trap of consuming your home equity by getting deeper into debt to go on vacation, purchase unnecessary items and spread out your car loans and credit card balances over 30 years. CMPS professionals help you implement viable refinancing strategies to conserve your home equity, build greater wealth and achieve your goals in life. Understand that you may need to pay higher fees or interest rates if you are getting cash out of your home equity vs. simply paying off the current balance. Also, you may lose the interest tax deduction on cash-out funds in excess of $100,000. CMPS professionals help you structure your refinancing transactio...
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By Bellevue Bubble.com
(BellevueBubble.com)
Downtown Bellevue "High Life" Ever since the completion of One Lincoln Tower - downtown Bellevue's first high rise condominium since 1995 - the rush to be part of the "high rise" crowd has been unstoppable!  It seems like many buyers have expressed interest in owning a piece of the ever expanding downtown Bellevue skyline with its exciting mix of shops, restaurants and activities. Homes under construction in Bellevue Towers, The Braven and Washington Square will be well worth the wait but what if you want the high rise lifestyle now? BELLEVUE PACIFIC TOWER had, until recently, been Bellevue's only luxury high rise complex. Known for its elegant lobby and resort style amenities, Bellevue Pacific Tower has been the choice of discerning homeowners looking for the "right" address on the Ea...
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By Bellevue Bubble.com
(BellevueBubble.com)
New Distressed Homes Law -   Effective June 12, 2008 New amendments to RCW 61.34 require that all current listing agreements of most residential properties be amended before June 12, 2008 and that new transaction forms be used in all residential sales.  The new law also creates new duties for agents and brokers designed to protect owners of "Distressed Homes."  Over the past three weeks, NWMLS and Washington Realtors have provided education regarding the new law to brokers throughout the state.  To further assist brokers and agents with this new law, NWMLS has developed the following resources: Legal Bulletin No.179.  The bulletin describes the new law, sets forth steps that brokers and agents must take to comply with the law, and details the changes to the forms required by the law. E...
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