Previous month:
January 10, 2018
Next month:
January 26, 2018

January 12, 2018

One88 - First New Condo in Downtown Bellevue in Nearly a Decade

20180111_140516Bosa Development has done it again. Their condominium project in Bellevue will be the first building coming out of the ground in Bellevue in a nearly a decade. They did the same with their Seattle project, Insignia, which was the first new construction condo tower to be built after the recession.

One88 had a Broker Preview Event yesterday at which we learned more about the unit makeup, design, amenities and basic price ranges.

Our Insights:

  • The pricing is not for the faint of heart but based on demand and the lack of available options in Downtown Bellevue, the developer feels that the price point will be well received. We had this same sentiment when the Insignia pricing was released but those units were well received and sold fairly quickly leaving the buyers who purchased as pre-sales with a ton of equity once the building closed.
  • One main benefit is that all of the units have outdoor space. There are several units with large patios and due to the design of the building some decks are more exposed and some more private so buyers will have options when it comes to the level of privacy/openness when it comes to deck spaces.
  • All of the floorplans we have seen so far have interesting angles and layouts that are not typical to other projects we have seen.
  • Another uniqueness is that overall most of the homes are larger floorplans with only 20% of homes being 1 bedrooms with the remainder being larger 2 and 3 bedroom floorplans.

The Basics of One88:

  • The price ranges start in the low $800’s and of course go up from there (there are very few homes below $1M)
  • HOA Dues will range from approximately $600/month up to $2,450/month
  • The building is mostly 2 and 3 bedroom homes with only 20% being 1 bedroom homes
  • 143 units on 21 floors
  • There are two color/finish palettes to choose from (they are not allowing customization)
  • Units finishes/features: 9.3 foot ceilings, solid core doors, hardwood flooring, Caesarstone countertops with angular waterfall edge, high-performance Gaggenau stainless appliances, gas cooking, Nest thermostats, built-in USB ports in kitchen and master bedrooms, Kohler fixtures
  • Amenities: 24 hour concierge, lounge with kitchen and outdoor terrace area, yoga studio, fitness center, golf simulator, pet retreat, and indoor pool with steam room and sauna
  • Earnest Money deposit will be 5% of the purchase price at signing and 5% of the purchase price on August 31st

Continue reading "One88 - First New Condo in Downtown Bellevue in Nearly a Decade " »