Residents began moving into Washington Square Condominiums over 18 months ago, in January 2008. We recently visited the property to get an update on how the project has evolved and how the community is beginning to take shape.
Washington Square was the first, out of the major condo complexes of Bellevue Towers and The Bravern Signature Residences, to have their homes ready for occupancy. Their condos are now over 50% occupied with buyers or pending buyers.
We toured a 2-bedroom 1,500 sq.-ft. condo. The views from the vantage point of this unit facing north were phenomenal. What’s impressive about this view compared to other condos is how you look out into this massive area of greenery filled with evergreen trees, giving it an illusion that it goes on forever. You are right in the heart of Downtown Bellevue, living an urban lifestyle, yet with a view allowing for tranquility.
Over 25 town homes are another unique part of what makes Washington Square different. About 20 of these are still available for sale, and we toured a 2,050 sq.-ft. unit going for $1.6MM. The town home is not your typical condo experience. First off, you can enter your home from 3 entry points. The first and most appealing entrance is the private elevator that every townhome has, connecting to the parking garage. Secondly, there is an entrance from the street and then another connecting to the common areas. The high ceilings make you feel as if you’re in a house and not necessarily a condo. It’s a great unit for those not interested in giving up the luxury of a more unique floor plan and high ceilings, but still wanting the amenities of a condominium.
Recently the developers of Washington Square put on a buyers appreciation concert with an electric violinist and a wine tasting. This event was intended to thank homeowners; one of the ways that they have been attempting to build a community at Washington Square. When talking with employees, they have a great deal of pride in building a community for their homebuyers. When asking what it was that homeowners most enjoyed about living at Washington Square and in Downtown Bellevue, it was communicated how living in a urban setting but getting the suburban and private home experience is the best of both worlds. Everything is one block away – restaurants are one block away, the mall is one block away, and the bookstore is one block away. “Everything is one block away from Washington Square,” said Mike Nielson of Washington Square. Also, the cleanliness and safety of the city were also very important reasons why buyers enjoyed their homes. When asking buyers what Downtown Bellevue was lacking it was mentioned that there weren’t enough boutique grocers in the area.
Washington Square has been quiet without any new retail announcements, now that Top Pot & Shnoo Yogurt have both occupied their respected locations. There is still unoccupied retail space at Washington Square. Many of the original tenants that were reported to move in have since dropped out. The project has a total of approximately 10,000 available square feet of retail space available, which the developers are positioning as (but not limited to) 2 fine-dining spaces.
Although not fully occupied, Washington Square is coming along as a fine community to live at, with a fantastic location that’s only ‘one block away’ from most things in Downtown Bellevue.
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If you’ve only sold 5/25 of the town-homes 18 months after opening then your price is way too high. I get the impression all these condos are waiting to see who flinches first because what they’re asking is peak RE bubble prices. For me, I can continue to rent my downtown apartment, one block from everything for a fraction of what the mortgage would be on these units.
If they have the financial wherewithal to last more power to them, but as a potential buyer I’m still waiting.
Johnydoe- the whole over $1M segment is moving a bit slower than the rest of the inventory on the market. This is not specific to Washington Square, but all of the Eastside. Also, if my memory serves me correctly I believe that many of the town homes were not released onto the market until long after initial release of condos. Also to note is that there are two towers, and both were not completed at the same time.
@johnydoe… i’ve seen the townhomes. they are really nice and luxury. they are priced fair. financing is difficult right now which is why the higher end units are slow to move. i agree with michael. soon enough we should start seeing movement in the $1M inventory.
the townhomes are a very unique product in bellevue downtown. the construction and overall quality is excellent. they have private elevators that take you down to your private garage with storage. these are basically penthouses on the ground. you have to see them to appreciate them. seeing it from the street does not do it justice.
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somehow I would not want to have a street level townhome on 10th when it becomes a on ramp to 520. It will be a zoo of cars, not very livable.
I’m just going to re-state my opinion that these prices area nything but fair. They are peak RE bubble prices and will need to come down.
http://seattle.bizjournals.com/seattle/stories/2009/06/22/story1.html?b=1245643200^1848189&page=1