MARKET’S HOT FOR BELLEVUE CONDOS

by Marc Stiles | June 1, 2018 | Puget Sound Business Journal

Bosa Development said in mid-May it had sold 125 of the 143 condominiums in the One88 development under construction just east of Bellevue Downtown Park. Buyers include empty nesters, young families, professionals and entrepreneurs. Around 70 percent of the buyers will move from Bellevue, Seattle, Mercer Island or Kirkland, and about a third have previously owned at another development by Bosa, the British Columbia-based developer said. Out-of-state buyers are from areas like San Francisco and Vancouver, British Columbia.

Husband-and-wife real estate team Stan Chang and Marisa Ormando have sold three residences at One88, one of which is for themselves. The New York City transplants have a son heading to college and are downsizing from their 2,200-square-foot single-family home in Sammamish. “I’m a New Yorker at heart, so to me it’s all about catching a late-night movie, walking to my favorite restaurant down the street, grabbing a nightcap at a local cocktail lounge,” Ormando said in a news release. Bosa did not release the price range of the remaining units, though a One88 representative said three-bedrooms are priced from the mid-$2 millions. Prices at One88 started in the $800,000s.

One88 is the first luxury condo tower to come to the downtown market in nearly a decade. In the area west of Interstate 405, there were only 18 condos for sale in April, according to the Northwest Multiple Listing Service. Despite this, the median price of condos sold last month fell nearly 6 percent to $663,000 with penthouses priced at more than $5 million. One88 is scheduled to open in 2020.

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