Condos are starting to make a comeback in the Seattle area/Eastside. We had the Insignia north/south towers in 2015/2016, then Luma in mid-2016. In late 2017, the Gridiron condos will be completed. Currently, over 50% of the units are sold. The units available now are priced over $500,000. With each buyer to pay an additional 50K to secure a parking spot.
Bellevue is starting to see a condo comeback as well. Since the construction of the Bellevue Towers in 2009, we have not seen any major high-rises go up in Bellevue's downtown. Finally, with the announcement of One88, Bellevue will have a new addition to its skyline.
One88 is a new luxury condo slated to be completed in early 2019. We are seeing One88 take a more standard approach to selling the units pre-sale, unlike the unique approach we have seen with Nexus. The official sales center is scheduled to be opened later this year with pre-sales likely starting shortly thereafter. The developer is Bosa, based out of Vancouver B.C. Considering the big success Insignia was for them, they clearly see the value and want to continue to have a presence in the area. Insignia was and is labeled as a luxury high-rise. If you are curious about what One88 may look like on the interior before the sales center is opened, I suggest taking a tour of Insignia and any available units. If that is something you would like to do, let me know and we can set up an appointment. This will give you the best idea of what to expect the interiors of One88 to look like as well as the amenities. The renowned Amanat Architects has been named project architect, also based out of Vancouver B.C.
The building is planned to be 21 stories tall with roughly 140 units total. Units will consist of one bedrooms, two bedrooms, and three bedrooms. Considering what we have been seeing new condos that have been labeled luxury in both downtown Seattle and Bellevue, we can expect prices to start around $950-1000/per square foot. I expect the most affordable units to be priced around the low-800's with one bedrooms that will likely start with at least 800 SF.
The location is exceptional. Located on 188 Bellevue Way NE, the location is as good as it gets for downtown high-rises. Located across Bellevue Park, a minutes walk to Bellevue Mall and business district, this is a location that just can't be beat. With a unique design to take advantage of views, One88 will certainly stand out on the skyline.
If you would like more information regarding One88 or any other new construction, feel free to give me a call or shoot me an email!