When Washington Square rolled out their condo pre-sales in 2006, not everybody had the intentions of moving into the units. Some bought for investment purposes.
Recently we found a 1 bedroom, 1 bathroom, 724 sq foot unit on the rental market for $1,500 a month. This unit is on the 16th floor at Washington Square and has a great view of the developing Downtown Bellevue skyline.
This condo, which would likely sell in the mid $400,000’s, rents at a reasonable price compared to new apartment units in Downtown Bellevue. A comparable unit at Avalon Meydenbauer rents for $1,500.
It will be interesting to see, as more of these condos start coming to market, if there are many investors or if the majority of buyers are individuals planning to move in.