Bellevue 2044 - Housing

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• Share The middle class can't compete with cash-buying investment companies for single family housing. on Facebook Share The middle class can't compete with cash-buying investment companies for single family housing. on Twitter Share The middle class can't compete with cash-buying investment companies for single family housing. on Linkedin Email The middle class can't compete with cash-buying investment companies for single family housing. link

  The middle class can't compete with cash-buying investment companies for single family housing.

  by SEE, over 3 years ago
  Almost 20 years ago, my family got our first house in Bellevue. We stretched to make it work on a middle class income, but were able to do it. As salaries rose, and interest rates were refinanced down, it wasn't as tight as those first couple of years and was quite comfortable for the last 10 or so. Last year, we decided to sell, having completely remodeled a few years earlier. The family needs changed. However, after paying everything off (including the approximately 10% of the sales price that goes to commissions and the costs associated with sales of a... Continue reading

  Almost 20 years ago, my family got our first house in Bellevue. We stretched to make it work on a middle class income, but were able to do it. As salaries rose, and interest rates were refinanced down, it wasn't as tight as those first couple of years and was quite comfortable for the last 10 or so. Last year, we decided to sell, having completely remodeled a few years earlier. The family needs changed. However, after paying everything off (including the approximately 10% of the sales price that goes to commissions and the costs associated with sales of a house), the return wasn't enough that we could have bought the same house, had that been what was looking for. As with many houses, there we're many offers. Several of which were cash with no contingencies.

  
  

  Now as a single income, middle class buyer, with no debt - there's nothing affordable, even with a very nice down payment. The prices of housing has risen so rapidly, that the middle class buyer, looking to actually buy a house to live in, has no chance against the cash buyers who leave the homes empty as the values have been much stronger than the need to have a renter to offset the costs of leaving it empty. Now that, due to rising rates, the middle class is no longer able to compete at all, the cash buyers are going away and the empty houses are being put up for rent.
  
  But even as the housing inventory is up, the sellers are still listing at high prices. The market is starting to level off as there aren't buyers anymore, and the prices are leveling off. However, they are not reasonable for the middle class buyer in search of a SFH. The cash-buying investment companies have pushed out the middle class buyer. In some cases, the few affordable houses in older neighborhoods are being bought by developers. They're tearing down 1200-1600sf houses in 60 year old neighborhoods and replacing them with 3500sf+ houses that have no identity in the neighborhoods where they've been built.

  
  

  Bellevue is pushing out the middle class who values much of what Bellevue has to offer, but can't afford the price of admission.
• Share Time to move! on Facebook Share Time to move! on Twitter Share Time to move! on Linkedin Email Time to move! link

  Time to move!

  by Convertiblewheels , over 3 years ago
  I like many others are considering moving due to what Bellevue has BECOME! A Crime ridden and Traffic problem! LAST THING BELLEVUE NEEDS IS MORE PEOPLE! And Out of the Country INVESTORS buying up property! I've lived here all my life, and thought I would die here, but BELLEVUE now is becoming as bad as Seattle!

  I like many others are considering moving due to what Bellevue has BECOME! A Crime ridden and Traffic problem! LAST THING BELLEVUE NEEDS IS MORE PEOPLE! And Out of the Country INVESTORS buying up property! I've lived here all my life, and thought I would die here, but BELLEVUE now is becoming as bad as Seattle!
• Share Bought a family home because that's all that was available to me on Facebook Share Bought a family home because that's all that was available to me on Twitter Share Bought a family home because that's all that was available to me on Linkedin Email Bought a family home because that's all that was available to me link

  Bought a family home because that's all that was available to me

  by Betina, over 3 years ago
  Thank goodness I grew up in Bellevue and had grandparents who could sell me their home without it going on the market. I'm hearing more stories like this of long-time families helping their kids/grandkids by selling to them so they can stay local. As time goes on, I'd like to sell or work with a developer of my 1950's home right near Downtown Bellevue to subdivide the property to allow for more dense housing options. I'm so tired of seeing the HUGE homes on the close-in lots when it would make so much more sense to put 3-4 townhomes or... Continue reading

  Thank goodness I grew up in Bellevue and had grandparents who could sell me their home without it going on the market. I'm hearing more stories like this of long-time families helping their kids/grandkids by selling to them so they can stay local. As time goes on, I'd like to sell or work with a developer of my 1950's home right near Downtown Bellevue to subdivide the property to allow for more dense housing options. I'm so tired of seeing the HUGE homes on the close-in lots when it would make so much more sense to put 3-4 townhomes or cottage homes on that lot instead. Holding out hope I can afford my house payment and property taxes till the city will allow us to upzone. I'm one block from a bus stop and all amenties. A perfect to upzone. Please experiment with me!!
• Share Moved out of Bellevue due to cost on Facebook Share Moved out of Bellevue due to cost on Twitter Share Moved out of Bellevue due to cost on Linkedin Email Moved out of Bellevue due to cost link

  Moved out of Bellevue due to cost

  by phils, over 3 years ago

  I rented in Bellevue in the Crossroads area from 2019 to spring of this year 2022. Since one of my offices is in downtown Bellevue and the other is in Redmond, that location was ideal. However, the apartment complex kept raising rent prices since 2021 and finally I moved out to Kirkland to reduce my rent. One of my coworkers is considering selling their condo in south Bellevue but I don't think I'll be able to purchase at current market prices.

  I don't know the solution but one is more available housing, both for families and singles, for rent and... Continue reading

  I rented in Bellevue in the Crossroads area from 2019 to spring of this year 2022. Since one of my offices is in downtown Bellevue and the other is in Redmond, that location was ideal. However, the apartment complex kept raising rent prices since 2021 and finally I moved out to Kirkland to reduce my rent. One of my coworkers is considering selling their condo in south Bellevue but I don't think I'll be able to purchase at current market prices.

  I don't know the solution but one is more available housing, both for families and singles, for rent and to purchase. Another is better transportation to Bellevue from both the north and the south. I-405 is just not enough.
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  Single Mom in a 1 bedroom.

  by Sissel, over 3 years ago
  I support renter's rights and wish for more affordable housing IN THIS AREA. It's difficult to explain what poverty is to a 6 year old. So i don't, instead i teach her that the best things in life don't cost money. But in all actuality of our life, I am barely making a work on my wage. So With food costs and gas costs and daycare and then RENT everything increasing but my wage. My rent increased by 75 dollars and now i am holding on to a razors edge. I would love to beable to live in a home... Continue reading

  I support renter's rights and wish for more affordable housing IN THIS AREA. It's difficult to explain what poverty is to a 6 year old. So i don't, instead i teach her that the best things in life don't cost money. But in all actuality of our life, I am barely making a work on my wage. So With food costs and gas costs and daycare and then RENT everything increasing but my wage. My rent increased by 75 dollars and now i am holding on to a razors edge. I would love to beable to live in a home where my daughter can have her own room. I work hard. I pay my taxes. I am an essential worker in healthcare, I went to college, and all i want is that my daughter to have a better future. IF that means living in a 1 bedroom that keeps us in the Lake Washington School District, so be it.

  I cannot find any appartments in the bellevue and kirkland redmond Issaquah renton snohomish bothell woodenville area with 2 bedrooms in my ability to pay range. I am scared i will be homeless this time next year. I just want something that i can afford. I dont want a handout. I just dont want my daughter to have to sleep in the living room when shes a teenager. That would be nice. I want a normal life for her. I came here for a reason the schools and resources to help my child. If i were to have to move, i would not have any money for the move in costs. I already live paycheck to paycheck. I lay awake at night worried. Everyday and every night.
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  The Opportunity for More

  by RBD, over 3 years ago

  I live in East Bellevue and I walk miles and miles in my neighborhood each day. Every block sports large new-builds on lots where modest ramblers once stood. I am all for development and enabling people to "cash-out" of their properties to move ahead, however It would be a much better use of the space to enable ADUs over the garages, creating 2 living spaces instead of 1. We could provide long-term housing on the existing footprint AND give a revenue opportunity to the people choosing to build in our city.

  I live in East Bellevue and I walk miles and miles in my neighborhood each day. Every block sports large new-builds on lots where modest ramblers once stood. I am all for development and enabling people to "cash-out" of their properties to move ahead, however It would be a much better use of the space to enable ADUs over the garages, creating 2 living spaces instead of 1. We could provide long-term housing on the existing footprint AND give a revenue opportunity to the people choosing to build in our city.
• Share It's a struggle to buy and rent increases incredibly fast. on Facebook Share It's a struggle to buy and rent increases incredibly fast. on Twitter Share It's a struggle to buy and rent increases incredibly fast. on Linkedin Email It's a struggle to buy and rent increases incredibly fast. link

  It's a struggle to buy and rent increases incredibly fast.

  by forte, over 3 years ago

  I moved to Bellevue about four years ago after I graduated. I love living in Bellevue, especially near downtown. But the city is getting unaffordable each year. Rent from 2020-2022 in some places increased 30-40%! It's insane.
  
  Housing is not being built at a fast enough place to accommodate and increase supply while making housing costs go down to more affordable levels. We need go to bold, much more than 35k units. Bellevue can be an amazing place to live and more affordable. We need to increase housing density, upzone, invest in transit, and make the city more walkable.
  
  I've... Continue reading

  I moved to Bellevue about four years ago after I graduated. I love living in Bellevue, especially near downtown. But the city is getting unaffordable each year. Rent from 2020-2022 in some places increased 30-40%! It's insane.
  
  Housing is not being built at a fast enough place to accommodate and increase supply while making housing costs go down to more affordable levels. We need go to bold, much more than 35k units. Bellevue can be an amazing place to live and more affordable. We need to increase housing density, upzone, invest in transit, and make the city more walkable.
  
  I've looked into buying housing here, but the prices here are insane. If I'd like to buy a home, it simply can't be in Bellevue but much further away, much like most people who work in Bellevue I'd guess. I hope, however, that with these comments those in the future will be able to realize a better Bellevue!
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  The Consequences

  by Leonardo, over 3 years ago

  As I also participate in an Advisory Council for the Bellevue Police Department, I see the challenge our officers are facing as they can't afford to live in Bellevue and face long commutes. This has been the case for the majority of the people who keep us safe and healthy in Bellevue.

  When I became a homeowner in Bellevue more than 20 years ago, one of the decision factors was the availability of the best public services one could find in the Country. Now, as "affordable housing" in Bellevue becomes a fiction, the quality of our services is decreasing as... Continue reading

  As I also participate in an Advisory Council for the Bellevue Police Department, I see the challenge our officers are facing as they can't afford to live in Bellevue and face long commutes. This has been the case for the majority of the people who keep us safe and healthy in Bellevue.

  When I became a homeowner in Bellevue more than 20 years ago, one of the decision factors was the availability of the best public services one could find in the Country. Now, as "affordable housing" in Bellevue becomes a fiction, the quality of our services is decreasing as the people we need the most can't afford to live here.
• Share I was unable to purchase a condo in Bellevue on Facebook Share I was unable to purchase a condo in Bellevue on Twitter Share I was unable to purchase a condo in Bellevue on Linkedin Email I was unable to purchase a condo in Bellevue link

  I was unable to purchase a condo in Bellevue

  by tcqwerty, over 3 years ago
  I was unable to attend the in-person meeting because I was busy closing on a condo in Renton. My job is in Bellevue, and for years I had been searching for an affordable condo in Bellevue in order to avoid using 405 for commuting while not shoving thousands of dollars into rent, but finding an affordable 2-bedroom condo in Bellevue was impossible, while the instant I expanded to Renton I found something. The existing public transportation options between Renton and Bellevue are not good, unfortunately, but there's talk of expansion.

  
  

  What I'm specifically worried about for the future of Bellevue... Continue reading

  I was unable to attend the in-person meeting because I was busy closing on a condo in Renton. My job is in Bellevue, and for years I had been searching for an affordable condo in Bellevue in order to avoid using 405 for commuting while not shoving thousands of dollars into rent, but finding an affordable 2-bedroom condo in Bellevue was impossible, while the instant I expanded to Renton I found something. The existing public transportation options between Renton and Bellevue are not good, unfortunately, but there's talk of expansion.

  
  

  What I'm specifically worried about for the future of Bellevue is that it's going to meet it's housing requirements through rental properties in high-rises, instead of medium-density purchasable properties. Owning property is one of the main ways that low-income families can accumulate wealth, but right now the city doesn't really have any affordable properties, because so much of it is million dollar+ single-family detached housing. A 3-story condo building or a line of townhomes is massively denser than detached housing, while being much cheaper to construct per unit than a high-rise, thus allowing for lower-income families to own their own homes instead of sinking their paycheck into rent year after year.
• Share Great place to live and let's keep it that way on Facebook Share Great place to live and let's keep it that way on Twitter Share Great place to live and let's keep it that way on Linkedin Email Great place to live and let's keep it that way link

  Great place to live and let's keep it that way

  by mojo, over 3 years ago

  Bellevue native here. From Somerset to Odle to Interlake to UW to working Downtown, I have called Bellevue home for the majority of my life. So many people are unhappy with the housing situation, but it doesn't need to be so negative.

  My wife and I are in our late 20's and happily bought a house in Newport Hills last year after 3 weeks of searching and adjusting our budget to be more realistic. We love our neighbors, community, and the environment that we have here and appreciate how the city has maintained a high standard of life for those... Continue reading

  Bellevue native here. From Somerset to Odle to Interlake to UW to working Downtown, I have called Bellevue home for the majority of my life. So many people are unhappy with the housing situation, but it doesn't need to be so negative.

  My wife and I are in our late 20's and happily bought a house in Newport Hills last year after 3 weeks of searching and adjusting our budget to be more realistic. We love our neighbors, community, and the environment that we have here and appreciate how the city has maintained a high standard of life for those who live here.

  Bellevue is certainly not a cheap place to live but do we really want to turn it into another Seattle? A high threshold for cost of living helps keep the city free of many unpleasantries and prevents many of the issues that we see Seattle face.