Condo Price Breakdown
While condo sales have slowed in most parts of the Seattle metro area, the prices have continued to climb steadily. The amount of new construction and resale inventory in the Bellevue market is up from this time last year, but statistics show that prices are down. If you take a look at the year-to-date for condominiums that have closed, you will find that the average sales price along with the median sales price is substantially lower this year. What skewed the statistics are the closings related to One Lincoln Tower, considered the first new super high-rise in Bellevue’s skyline with homes closing for as much as four million dollars!
While many new projects are set to close in 2007 through 2009, I believe we will continue to see these numbers skew the statistics. As a buyer, you should be excited with the wide variety of units you will have to choose from, but don’t expect to see a significant reduction in prices. The prices are expected to hold steady and most likely continue to rise as these projects get closer to completion.
The Bellevue Block Price Breakdown (New Construction)
| Studio-1 bedroom, 1 bath, 600-800 sq. ft. | Floors 1-6 | $450,000-600,000 |
| 1 bedroom, den 1+ bath, 800-1200 sq. ft. | Floors 1-6 | $600,000-750,000 |
| 2 bedroom, 2 plus bath, den 1200-1900 sq. ft. | Floors 1-6 | $800,000-900,000 |
| 2 bedroom, 2 plus bath, den, 2000 plus. | Floors 1-6 | $1,000,000 |
In calculating height premiums, the rule is to add 10-15k per floor. Views also substantially increase pricing, however, estimating units with views are subjective and difficult to gauge.
For Example: A 2 bedroom plus den, 2 bath, 1,500 sq.ft. condo on the 6th floor may go for $800,000. Place that exact same unit on the 15th floor and the price jumps to $925,000 (approximately $13,000 per floor). Add a panoramic view and the price could very well jump to $1,225,000.
Price breakdown is not a guaranteed way to obtain approximate market value, but we at the Bellevue Block have found this simple calculation a great way to estimate purchase prices in the new construction market of high-rise condominiums in Bellevue.
