Meydenbauer Bay Park construction has begun

Meydenbauer Bay Park construction

The City of Bellevue has started the construction of Meydenbauer Bay Park. We’re excited to see how it would improve the connection between Bellevue’s bustling downtown and its scenic Lake Washington waterfront.

With a quarter mile of waterfront, the 10-acre park considerably expands the current Meydenbauer Bay Beach Park. A large public swimming beach, pedestrian pier, historic whaling building and new beach house will make the park a destination for residents and visitors.

Rendering of Meydenbauer Bay Park

“We are one step closer to fulfilling a 30-year council vision,” said Mayor John Stokes. “This project is a testament to the patience and tenacity of city leaders who wouldn’t give up on their dream of increasing waterfront access and connections to the heart of our city.”

Key elements of the project include:

  • Relocation and expansion of the public swimming beach
  • Construction of a new beach house with restrooms and showers
  • A curvilinear pedestrian pier and hand-carry boat launch
  • Pedestrian, pathways and picnic areas
  • Remodeling the historic Whaling Building to include accessible restrooms, a small meeting room and boat rentals
  • Shoreline restoration to improve ecological functions
  • Parking and overlooks

Meydenbauer Bay, the site of a small village in the early 1900s, has a rich history. From 1914 to 1952, the inlet was the off-season home to a whaling fleet that plied Puget Sound.

The new park responds to the community’s long-held interest in additional public water access. Despite Bellevue’s 14 miles of shoreline along Lake Washington and Lake Sammamish, total shoreline in public ownership is limited to approximately 1.6 miles, or 12 percent, with the majority along Lake Washington.

IMCO General Construction will work primarily west and northwest of 99th Avenue Northeast to connect with and expand the existing park between Lake Washington Boulevard and the Meydenbauer Bay shoreline. Meydenbauer Beach Park will be closed during the project, and the Bellevue Marina will remain open.

Construction is expected to be completed in late fall 2018.

This article was first released by City of Bellevue.

Posted on May 24, 2017 at 3:45 pm
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The Gardner Report – First Quarter 2017

The Gardner Report – First Quarter 2017

Economic Overview

I’m happy to report that Washington State continues to add jobs at a steady rate. While the rate of growth is tapering, this is because many markets are getting close to “full employment”, during which time growth naturally slows. That said, I believe that the state will add around 70,000 jobs in 2017. Washington State, as well as the markets that make up Western Washington, continues to see unemployment fall and I anticipate that we will see this rate drop further as we move through the year. In all, the economy continues to perform at or above average levels and 2017 will be another growth year.

Home Sales

  • There were 15,652 home sales during the first quarter of 2017. This is an increase of 9.5% from the same period in 2016, but 20.7% below the total number of sales in the final quarter of 2016.
  • With an increase of 45.5%, sales in Clallam County grew at the fastest rate over the past 12 months. There were double-digit gains seen in an additional 10 counties, suggesting that demand remains very robust. The only modest decline in sales was seen in Grays Harbor County.
  • The number of homes for sale showed no improvement at all, with an average of just 6,893 homes for sale in the quarter, a decline of 33% from the previous quarter and 25% from the first quarter of 2016. Pending sales rose by 2% relative to the same quarter a year ago.
  • The key takeaway from this data is that 2017 will offer little relief to would-be home buyers as the housing supply remains severely constrained.

Home Prices

  • With demand continuing to exceed supply, home prices continued to rise at above-average rates. Year-over-year, average prices rose by 9.5% but were 1.1% lower than in the final quarter of 2016. The region’s average sales price is now $409,351.
  • Price growth in Western Washington is unlikely to taper dramatically in 2017 and many counties will continue to see prices appreciate well above their long-term averages.
  • When compared to the same period a year ago, price growth was most pronounced in Kittitas County, which rose by 19.6%. Double-digit price growth was seen in an additional 10 counties. The only market where the average price fell was in the ever-volatile San Juan County.
  • It is clear that rising interest rates have not taken much of a sheen off the market.

Days on Market

  • The average number of days it took to sell a home in the first quarter dropped by 16 days when compared to the first quarter of 2016.
  • King County remained the tightest market, with the average time to sell a home at just 31 days. Island County was the only area where it took longer to sell a home than seen a year ago; however, the increase was just one day.
  • In the first quarter of the year, it took an average of 70 days to sell a home. This is down from the 86 days it took in the first quarter of 2016, but up from the 64 days it took in the final quarter of last year.
  • Given woefully low levels of inventory in all Western Washington markets, I do not expect to see the length of time that it takes to sell a home rising in 2017. In fact, it is likely that it will continue to drop.

Conclusions

This speedometer reflects the state of the region’s housing market using housing inventory, price gains, home sales, interest rates, and larger economic factors. For the first quarter of 2017, I moved the needle a little more in favor of sellers. The rapid increase in mortgage rates during the fourth quarter of 2016 has slowed and buyers are clearly out in force.

This article originally appeared on the Windermere.com blog.

Posted on May 18, 2017 at 8:35 am
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3 Charts That Shout, ‘List Your Home Today!’

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

In school, we all learned the theory of supply and demand. When the demand for an item is greater than the supply of that item, the price will surely rise.

SUPPLY

The National Association of Realtors (NAR) recently reported that the inventory of homes for sale stands at a 3.8-month supply. This is considerably lower than the 6-month supply necessary for a normal market.

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

 

DEMAND

Every month NAR reports on the number of buyers out in the market looking for homes, which is also known as buyer traffic. As seen on the map below, buyer demand in March was strong or very strong in 45 out of 50 states nationwide, and Washington, DC.

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

Many buyers are being confronted with a very competitive market in which they must compete with other buyers for their dream homes (if they are even able to find a home they wish to purchase).

Listing your house for sale now will allow you to capitalize on the shortage of homes for sale in the market, which will translate into a better pricing situation.

HOME EQUITY

Many homeowners underestimate the amount of equity they currently have in their homes. According to a recent Fannie Mae study, 37% of homeowners believe that they have more than 20% equity in their homes. In reality, CoreLogic’s latest Equity Report tells us that 78.9% actually do!

3 Charts That Shout, ‘List Your Home Today!’ | MyKCM

Many homeowners who are undervaluing the equity they have in their homes may feel trapped, which may be contributing to the lack of inventory in the market.

Posted on April 26, 2017 at 10:04 am
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How Much Did Residential Home Prices Rise in 2016?

King County Residential Home Price-Increase in 2016

King County Residential home prices increased an average of 12.7%. Here is the list of median home price-increase in different areas.

Shoreline/Richmond Beach $439,725–> $503,393
Lake Forest Park $432,250–> $505,350
Ballard $587,000–> $655,000
North Seattle $575,000–> $679,950
Queen Anne/Magnolia $780,500–> $882,500
Central Seattle $689,999–> $774,995
SODO/Beacon Hill $420,000–> $501,975
West Seattle $450,000–> $511,500
Southeast Seattle $441,500–> $500,000
Kirkland/Rosehill $801,000–> $899,500
Redmond $650,000–> $709,793
West Bellevue $1,751,000–> $1,948,000
East Bellevue $638,950–> $730,000
East Lake Sammamish $645,000–> $736,001
South Bellevue/Newcastle $713,000–> $788,888
Mercer Island $1,195,000–> $1,315,000
Juanita/Woodinville/Bothell/Duvall $525,000–> $610,000

 

All data compiled from information supplied by Northwest Multiple Listing Association on 1/01/2017 Accuracy of information herein is not guaranteed.
This information was only taken of single-family homes, and does not include condominiums or vacant land.

Posted on February 1, 2017 at 9:21 am
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