Cherie’s Top Four Bellevue Condos!
Fall 2010 Update of the Top Four Condominiums in Downtown Bellevue
It’s been a long time since I’ve updated this, and so much has happened. One of the top four is no longer a Condominium complex. Many have taken a nose dive in value. Yet one fact remains, in my opinion, there’s no place like Bellevue, Toto.
I am going to quote my understanding of the HOA dues as told to me in the interviews that I had with the appropriate people “in the know” for these buildings. However, there are many variables and that is just one of the considerations when comparing monthly costs. Call me for a deeper understanding of what each covers. It can become very complex. You have to make sure you’re comparing apples with apples.
I recently read one expert’s opinion about homeownership and he reminded us all that buying a home is not like day trading, it’s usually a long term investment. So with that in mind, let me delve into what’s transpired with the Top Four Condo complexes in downtown Bellevue.
One Lincoln Tower:
I am always impressed with the level of security, yet unmatched accessibility to everything Bellevue. Floors 1-19 are the Westin Hotel and 20 and yonder are for residential condos. As a resident you enjoy the Westin pool and workout room and you can travel to Bellevue Place or Bell Square without ever leaving cover when entering the 3rd floor. It’s remarkable to have movies, restaurants, shopping and more at your fingertips. The concierge service is like something from the movies, very gentleman and ladylike. The values of the real estate there have been affected by the economic downturn. How much affected depends upon when you purchased and where you are located in the building. My favorite units there are the ’04 bank. They face west with window walls on the south and north. You can’t miss Mt. Rainier, the Seattle Skyline, Lake Washington and Mt. Baker, no matter what floor you are on. There are plans, someday, for Kemper Freeman to build to the South, but when, is questionable.
Bellevue Towers:
Beautiful amenities abound! Community room, movie theater, weight training room, cardio training room, locker rooms, spa, sun terrace, two guest suites, two outdoor terraces with fireplaces, grilling areas and seating and a half-acre rooftop garden. That’s hard to say in one breath! But alas, just 111 of 539 of the units are sold as of this writing. Some folks are concerned that these will go to auction. But not so according to Jason Foss head of Marketing and Sales. He verified that there is absolutely no plan to either auction, offer a lease-to-own option, or rent. My interview with him proposed that they expect to take 3-4 years to sellout the project, and that the lender group is prepared to fully support it through sellout. Ownership transition from the original project investors to the lender group is underway. This complex is FHA approved and has Fannie Mae approval for floors 3-13 at this time. Depending upon where you purchase in this building, you have views of Lake Washington and the City of Bellevue.
The Bravern:
The Bravern has turned into luxury apartments for the time being. This doesn’t mean that things will not change in the future. Again, lovely amenities with outdoor atrium and elegant gathering areas. But for now, luxury rentals.
Washington Square: Most beautiful lobbies in the City, and a grand hotel entrance is what you feel with Water and Fire themes. Charming, helpful concierges. Washington Square has much to choose from with a great location across from the Hyatt. Top Pot Doughnuts resides in Tower One, a sweet start to your day and Shnoo Yogurt to finish your evening. The Loft is the well laid out gathering room on the 3rd floor that rivals a trendy New York penthouse, complete with very cool furnishings, pool table, kitchen and dining areas. Let’s party! Some great views in this complex, depending upon your location in the building. But facing south your City views are remarkable. Plans are in the making to finish “the Block” as it is referred to by it’s developer, the perky Wasatch group. A 10-12 story boutique hotel, a wellness workout center, retirement living and some retail/commercial. At the time of this writing, 227 out of 377 units are closed . In addition to this, there are approximately 85 lease-to-own occupied and 20 investor purchasers.
One Main Street:
We’ve got to add this newcomer. It has impressive floor plans for the price and is located in the classy neighborhood of “Old Bellevue”. Nearby Gilberts and other shops, it has amazing, huge kitchens and large bathrooms as well. Some peek-a-boo views of the Bellevue Park or Meydenbauer Bay on the lower floors and of course fantastic views on the higher floors. There are 19 sales of 57 units. Limited concierge services but secured building.
One Lincoln Tower
Kemper Freeman’s beautifully built masterpiece located atop The Westin, Bellevue’s most prestigious hotel. The exterior focuses on territorial mountain and lake views while the interior features exquisite high-end finishes throughout. (Slab granite, flat wall finishes, high-end appliances, floor to ceiling windows) The location is unbeatable, with all that Bellevue has to offer right at the tip of your fingers!
Key Features: Pool, sunbathing deck, hot tub, gym, locker room, spa, ball room/trade show facilities, full room service- (provided by The Westin), valet parking, private garage, 24-hour concierge. Connects to Bellevue Square through the Bellevue Way skybridge.
Cherie’s Take: This is the building for the “Who’s who” of Bellevue! The amenities are endless and the service is superb, you could go days without ever leaving the building. The development is now completed and a resale market only, with prices ranging from the high $500’s to over $3 million.
Washington Square
A project by Wasatch development that encompasses a 10-acre super block. The first phase of two towers will be completed late 2008; with a 5-year plan for full build out of 5 residential towers, including a 200-room boutique hotel, a world-class spa and fitness center, and 110,000 sq.ft. of retail and restaurants. Interiors include high-end standard features and the exterior features grassy gathering areas and outdoor shopping and entertainment.
Key Features: Floor to ceiling windows, secure garage parking with private interior garages for some units, grocery store, gym, restaurants, boutiques, a hotel, and a medical facility.
Cherie’s Take: This project will redefine Bellevue’s up and coming Ashwood District, the perfect place for the socialites of Bellevue. You can’t go wrong with new construction as well as a great housing investment with homes starting around the $600’s to over $1 million.
Bellevue Towers
The Bellevue Tower’s main focus is on sustainable development to help protect the health of their homeowners and future generations. Two glass towers, 42 and 43 stories tall, will be built using green environmentally friendly materials. The 5th floor will boast an eco-landscaped garden with a large lawn and walking paths. On the street level there will be new shops and restaurants.
Key Features: Floor to ceiling windows, fitness center and spa, two screening rooms, a reading room, grand room for entertainment and events, dining room, secure private underground parking, and LEED features (Leadership in energy and environmental design).
Cherie’s Take: A great opportunity to capitalize on an investment as a home just a stone’s throw away from the Bellevue Galleria. The 5th floor garden terrace and walking paths will provide a completely unique experience for residents and their guests. Completion is estimated by late 2008 through 2009 with prices starting in the low $500’s and going up to several million for penthouses.
The Bravern
Scheduled for completion in 2009, the two million sq.ft. structure will include office space, specialty retail and lifestyle services, restaurants and condominiums. The Bravern will be patterned after Manhattan’s 5th Avenue and Beverly Hills Rodeo Drive and will play host to the nation’s premier retailer, Neiman Marcus.
Key Features: A flagship Neiman Marcus store, over 50 world-class retail boutiques, restaurants, health club, day spa, and desirable condominium residential services. 800-5,000 sq.ft. condominiums starting in the $500’s up to $4 million plus.
Cherie’s Take: The Bravern is the condominium that will rival One Lincoln Tower for class, sophistication, and living experience. A high-end high rise with everything at your fingertips that will likely become home to some of Bellevue’s most prestigious families. If you enjoy a lavish lifestyle, this is the home for you!
