Opportunity is Knocking in the Downtown Bellevue Condo Market

By Leslie Ota

Neiman Marcus and The Shops at Braven, Opening September 2009

A perfect storm for buyers is brewing in Bellevue. Consider these 7 factors that are working in your favor.

1. Consumer confidence is at an all-time low. The bad news streaming across the headlines has bred an environment of fear. Smart consumers see the opportunity in an uncertain environment and are taking advantage of lower prices, abundant choices and less competition among buyers.

2. Sellers are willing to negotiate. Sellers are motivated more than ever right now. And new construction projects are offering incentives that will likely go away as the project’s supply diminishes and the market shows signs of strength.

3. Mortgage rates are at 37-year lows. There’s no doubt about it, mortgage rates are extraordinary right now, with conforming rates in the high 4% to low 5% range. Mortgage experts also acknowledge that an interest rate drop of 1% is effectively equal to a 10% discount on the purchase price. So buyers who accrue savings through today’s lower rates may be better off than those who wait for prices to drop if rates rise.

4. Unprecedented government incentives for home buyers. A $7,500 home buyer tax credit bill is expected to be signed into law as a part of President Obama’s economic stimulus plan. Reviving the housing industry is essential to unlocking the economy and the new administration has committed its support.

5. Supply is limited. What you see is what you get—likely through 2012. The Bravern, Bellevue Towers, One Main Street will be built. But given the lack of commercial financing, we likely won’t see any new projects break ground for a couple years.

6. Global leaders are dropping their anchors here. We’re one of the fortunate ones. Microsoft, Neiman Marcus, Expedia—top tier companies in their industries — have recently made significant investments here, bringing thousands of new jobs with them. And others will follow.

7. Landmark projects. Shop around. We have some of the highest quality, best-in-class developments in the region. These condos will exceed your expectations and stand the test of time.

We’re all challenged by today’s economy, but the market will come back. So I encourage you to look for the silver linings and opportunities that work for you. When the history books are written, this period will be recounted as one of the most opportune times to buy real estate.

For more information visit downtownbellevuecondos.com.