You’ve probably noticed lately that there has been a lot of change to Bellevue’s neighborhoods. Old homes are being torn down to make room for larger and more expensive homes. As highlighted in a recent Seattle Times article, there’s a lot of conversation about how this affects the city and its neighborhoods. However, change isn’t necessarily a bad thing for the city of Bellevue. Our Managing Member, Michael Burke, shared his input on the growing publicity for this situation.
People are beginning to think differently about our neighborhoods, homes and cities. In West Bellevue, where a 1200 sq ft home build in 1950 is selling for 600-800k, the value is in the land. The wrong type of home is sitting on these lots, and the highest and best use is to build new. According to the Seattle Times article, more than half of Bellevue’s housing stock was built in the 1950s and ’60s as returning war veterans and city dwellers flooded to the suburbs in search of new houses in safe neighborhoods.
It’s unfortunate that people are having to sell their homes because of the increase in property taxes from the surrounding new homes. But homeowners can take advantage of their financial legacy by selling their lots if they want to invest in another property. If they don’t want to move, that’s okay, too. It’s just by luck that the neighborhoods they chose in the ’50s and ’60s became so desirable today. Conrad Lee, a 20-year member of the Bellevue City Council, says that the redevelopment of older neighborhoods is a good thing. “It means people want to live here. We are in more demand.”
Change is coming to Bellevue, but it doesn’t have to be negative. This is just the way the city is progressing, growing and becoming the go-to location on the Eastside.
Read the original Seattle Times article for more information.
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