Like the brisk sales at new construction condos so far this year in Seattle, the three remaining new construction condominiums in downtown Bellevue have experienced strong sales activity this year as well. Bellevue Towers realized the most sales in the region to date while One Main Street is nearly sold out. 

The 2012 activity figures are year-to-date at the time of publication.

Downtown Bellevue Condos

Bellevue Towers

One Main Street

Washington Square

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Bellevue Towers Condominium, the best selling condominium development last year, continues to sell well recording another 26 sales so far this year.

Bellevue Towers consists of a 42-story North Tower and a 43-story South Tower with 539 total homes, which range in size from 807 square feet to 6,398 square feet and represent some of the most generous-sized condominiums in the market. These upscale homes are priced from the $300,000s to over $2 million.

View Bellevue Towers condos for sale

One Main Street

The much smaller 57-unit One Main Street development located near the Downtown Bellevue Park is just about closed out with only six one-bedroom homes remaining.

These home are between 681 to 881 square feet in size with prices ranging from $314,900 to $419,900.

View One Main Street condos for sale

Washington Square

While it hasn’t recorded in sales in the NWMLS so far in 2012, Washington Square Condominium, which is over 65% sold, released a slew of homes to start the year. The twin-tower development offers a number of layout plans starting from $390,000 and range up to $2.5 million.

View Washington Square condos for sale

There’s exciting news coming from Washington Square Condominium, which I’ll get to in a bit.

Washington Square is a significant super-block development in downtown Bellevue, just northeast of Bellevue Square. Presently, only the first phase of the project has been completed — the two 22-story condo towers with 377 residential units. The project is currently 66% sold, so there are still quite a few new homes to choose from.

Washington Square Condominium features a variety of home styles, layout options and finishes from 667 square foot open one-bedrooms to spacious 3,400+ square foot three-bedroom townhomes.

Price and size ranges:
   * One-bedrooms (open, 1-bedroom, 1 + den): $452,000 to $879,000
   * 667 to 1,074 square feet

   * Two-bedrooms (2-bedroom, 2+den): $735,000 to $1,508,000
   * 1,142 to 1,887 square feet

   * Penthouses (1 + den, 2-bedroom, 2 + den): $794,000 to $3,406,000
   * 926 to 2,810 square feet

   * Townhomes (2-bedroom, 2 + den, 3 + den): $1,219,000 to $2,495,000
   * 1,714 to 3,472 square feet

View available Washington Square homes for sale (includes resales)

Amenities include concierge services, an owner’s lounge with a chef’s kitchen, a large fully equipped fitness center with spa and massage rooms, a billiards room and a dog park. Additionally, the townhomes feature private garages and personal elevators. The project is Fannie Mae and FHA approved and they’ve paid off their construction loan, so financing shouldn’t be a problem.

There is, however, a challenge that potential and current owners are contending with…Washington Square has a number of owners in distressed situations.

Of the 9 active listings 4 are short sales; all 6 of the properties currently in escrow are either short sales or bank-owned; and 13 of the 18 closed sales so far this year have been distressed properties. That is placing considerable pressure on values and is hampering the movement of the remaining developer units. Washington Square has only closed 2 new units all year (based on NWMLS data – however, they have not reported all their sales to the NWMLS).

For buyers, this can offer amazing opportunities, particularly with the foreclosed bank-owned properties, which have sold for up to 49% below their original sale prices back in 2008.

That said, the residential towers comprise only a portion of the planned 10.5-acre superblock development, which will encompass retail, office, hotel and residential towers (think Lincoln Square & the Bravern). The developer expects the homes to gain value when the superblock is completed. It has the potential to be a vibrant and swanky urban village with restaurants, shops, entertainment and a neighborhood market.

The exciting news is the additional phases, including a new condominium tower, are undergoing preliminary concept design. The developer anticipates starting the design review process with the city in early 2012 with groundbreaking late next year or early 2013. If those plans hold, this will likely be the first development of the next condo construction cycle. That would roughly translate to a late 2014 to 2015 completion date, by which time, the current Washington Square and Bellevue Towers inventory should be sold out.

www.WashingtonSquareLiving.com

The second of Bellevue’s new condo projects, Washington Square, developed Wasatch Development, is taking form on the north end of downtown Bellevue (map).

When complete, the $1.2 billion 10.5-acre super-block project will encompass four residential towers, a hotel/condo tower and an office tower making it one of the more ambitious developments in the greater Seattle area.

Currently, Washington Square is selling homes in Tower One and Tower Two (see photo). The towers feature open one-bedroom, one-bedroom, one + den, two-bedroom, two+den and three-level townhomes. The homes are priced from the $600,000s into the millions.

The 26 three-level townhomes surround the base of the towers and come with private 2-car garages, a private elevator and entertainment sized patio and decks. The townhomes are expected to be released for sale this May and will likely start at $1.2 million.

Tower One & Two amenities include: concierge, owners lounge with fully furnished kitchens, high efficiency heat pumps/air conditioning, landscaped courtyards, 8’10″ to 9’10″ ceiling heights and high-end finishes and appliances. View Tower Two’s amenities (PDF).

In the center of complex will be a 50,000 sq ft fitness and amenities center and a small dog park. Fees for the fitness center is anticipated to cost $30/mo, though residents can use the fitness room in Tower one at no charge. Homeowners dues is expected to be about $.37/sq ft, very reasonable for a project of this scale.

The complex will also include 150,000 sq ft of retail space featuring upscale grocer Zupan’s and El Gaucho Restaurant.