LOCAL NEWS

Report: Bellevue in for ‘real estate frenzy’ as Amazon moves in

Mar 7, 2019, 4:42 PM | Updated: 6:00 pm

A recent report from Redfin predicts that Bellevue could be due for a “real estate frenzy” as Amazon begins to establish a presence on the Eastside.

RELATED: One reason why Amazon is crossing Lake Washington

“We’ve always seen a lot of Amazon and Microsoft employees buying homes on the Eastside because of its suburban atmosphere and highly rated schools,” said Redfin agent Kathi Kelly-Billings. “But as Amazon builds out its presence in Bellevue over the next few years, I expect demand from young homebuyers to put pressure on the real estate market.”

Amazon already has office space leased in Bellevue to accommodate 7,000 employees, with Redfin’s report citing “speculation” that the company is looking for a location to put over 25,000 additional workers.

Much in the same way that Amazon’s burgeoning presence in South Lake Union sent real estate and rent prices sky high in Seattle, a mass influx in the tens of thousands could very well trigger a similar scenario in already-expensive Bellevue market.

“As employees from Amazon and other large tech companies move over to the Eastside, whether their job is moving to Bellevue or they’re planning to commute across the lake to work in South Lake Union, they’re creating a whole new cohort of buyers who are looking for something different in a home,” noted Kelly-Billings.

The average home price in Bellevue, according to Redfin, is $835,000, representing a 2.1 percent bump over last year at this time. Comparatively, Seattle’s average is $675,000, having dipped 1.8 percent since 2018.

RELATED: Bellevue ‘absolutely a competitor to Seattle’ in 2019

“I think [Bellevue] really is on par now — I would say it absolutely is a competitor to Seattle,” Windermere Real Estate Chief Economist Matthew Gardner told KIRO Radio’s Dave Ross in early-February.

This all follows reports that Amazon has allegedly put down non-refundable money on the 10-story Bellevue Corporate Plaza property on 108th Avenue North.

The company already has 2,000 workers in Bellevue, and recently leased Expedia’s former headquarters in the city, where it plans to move roughly 4,500 total employees by 2020.

Meanwhile, Amazon recently pulled out of a prominent downtown Seattle office project — about 10 months after the company threatened to do so if Seattle imposed a controversial new business tax.

Local News

King County Metro...
Nick Bowman

King County reports 97% compliance with worker vaccine mandate

King County reported Tuesday that 97% of its employees have submitted paperwork in compliance with its vaccine mandate; 92% are fully vaccinated. 
15 hours ago
superstorm...
MyNorthwest Staff

Heavy rain, wind from tropical ‘superstorm’ headed to Northwest

A cyclone that began as a tropical superstorm is expected to reach waters off the coast of Washington state on Thursday.
15 hours ago
City Hall Park Seattle...
Nick Bowman

King County Council to forge ahead on bid to acquire troubled City Hall Park

King County Councilmembers voted 7-2 on Tuesday to approve legislation to explore options to assume control over Seattle's City Hall Park.
15 hours ago
Bomb squad, Kitsap...
KIRO 7 News Staff

Bomb squad dismantles explosive device in Silverdale

The Washington State Patrol bomb squad has dismantled an explosive device found in a Silverdale parking lot.
15 hours ago
Nick Rolovich...
Nick Bowman

Former WSU football coach Nick Rolovich to file lawsuit after getting fired over vaccine mandate

Former WSU head football coach Nick Rolovich will be filing a lawsuit this week, after he was terminated for not complying with a state vaccine mandate.
15 hours ago
Madrona closure...
MyNorthwest Staff

Madrona school temporarily shifts to remote learning over COVID outbreak

Madrona K-8 will be temporarily switching to remote learning, over a COVID outbreak that has nearly a quarter of the school's students quarantined. 
15 hours ago

Sponsored Articles

...

Medicare open enrollment for 2022 starts Oct. 15 and SHIBA can help!

Washington State Office of the Insurance Commissioner SPONSORED — Medicare’s Open Enrollment Period, also called the Annual Election Period, is Oct. 15 to Dec. 7. During this time, people enrolled in Medicare can: Switch from Original Medicare to a Medicare Advantage plan and vice versa. Join, drop or switch a Part D prescription drug plan, […]
...

How to Have a Stress-Free Real Estate Experience

The real estate industry has adapted and sellers are taking full advantage of new real estate models. One of which is Every Door Real Estate.
...
IQ Air

How Poor Air Quality Is Affecting Our Future Athletes

You cannot control your child’s breathing environment 100% of the time, but you can make a huge impact.
...
Swedish Health Services

Special Coverage: National Prostate Cancer Awareness Month

There are a wide variety of treatment options available for men with prostate cancer. The most technologically advanced treatment option in the Northwest is Stereotactic Body Radiation Therapy using the CyberKnife platform.
...
Marysville Police Department

Police Opportunities in a Growing, Supportive Washington Community

Marysville PD is looking for both lateral and entry level officers. Begin or continue your career in law enforcement for a growing, supportive community.
...
Comcast

Small, Minority-Owned Businesses in King County and Pierce County Can Now Apply For $10,000 Relief Grants Through Comcast RISE

Businesses in King County and Pierce County can apply beginning on October 1, 2021, at www.ComcastRISE.com for a chance to receive a $10,000 relief grant.
Report: Bellevue in for ‘real estate frenzy’ as Amazon moves in