Another opinion of the difference between the downtowns of Bellevue and Seattle:
...I commute to work on the Alaskan Way Viaduct and exit at Western.
...I never see any law-enforcement presence in the area.
...
My family and I went to the Pike Place Market recently to do a little Christmas shopping. And again, the same problem: people obviously under the influence of drugs and alcohol wandering in and among the crowds of shoppers. The police were, once again, nowhere to be seen.
I was Christmas shopping in downtown Seattle last week. Between the market and Westlake Center area there were plenty of cops on foot, in cars, and on horses. Yes there were also homeless people and probably some people who you wouldn't want to mess around with, but no problems.
I understand there are some over protective parents who are going to freak out at anyone not just like them, but downtown was still packed with Christmas shoppers. I don't think there's any danger of the whole city fleeing for Bellevue anytime soon. Some people like the city, some people like the suburbs. They can build all the half tall buildings they want in Bellevue, but it's still going to be primarily a big mall, and a few other shopping destinations that you drive to and from. Nothing wrong with that either, it's just not a replacement for Seattle to most people.
BTW the Christmas (or Holiday) Tree at Westlake center is the most pathetic excuse for a Christmas (or Holiday) Tree since Charlie Brown's. What the hell was Seattle trying to prove with that?
I am hearing more and more tales of woe from friends and acquaintances in the Bellevue area these days. One of my wife's friends was just lamenting how her husband is really struggling as a car/home insurance salesman since business has fallen off like a rock (fewer new cars, or home sales, to drive insurance business). Her hair-dresser, who started working part-time as a mortgage broker a year and a half ago, has now become gloomy, predicting that local housing is going to be bad for at last a year (and this lady was on top of the world as early as fall 2007).
My wife has even over-heard women at community center play time talk about how they are going to rent for a while because prices are falling. Even more of a shock, some of my wife's friends are now telling her that we are "smart" to be renting.
This is such a sea change from just a few months ago. My wife has felt SO much peer pressure to buy a house, with her friends bragging about their equity gains, etc, that it was really becoming difficult to even hang out with them anymore.
By the way, our home-owner friend who was going to deliver pizza to supplement his day job (to keep up with debt and rising living expenses) wound up getting his second job at Starbucks and now has barely any time to see the family anymore. Boy, it's great we have so many jobs in the Seattle area: everyone needs two.
Has anyone else noticed a change in local attitudes?
I read The Millionaire Next door. Doesn't sound like a lot of those people like to show off how much money they have. Many of them drive Buicks. There's probably enough wealth in Bellevue to support a Tiffan's, but not enough to sell all those condos. And oddball real estate agent that I may be, I truly get a sense of satisfaction when I see millions of dollars like that flushed down the toilet...I 'd like nothing more than seeing Kemper Freeman have to go food stamps.
I've been keeping tabs the east side a little, and things out this way seem to be in a complete freefall. It's almost like there is this complete disconnect where Seattle proper is into the steady decline domain while Bellevue is shedding money like Brewster and his millions.
Unless people place a massive premium (say 30%) on walking/biking to Microsoft, the theory that the 2 miles around Microsoft campus will not decline is complete bunk.
I've been keeping tabs the east side a little, and things out this way seem to be in a complete freefall.
I agree. No action for a long time on the houses I've been tracking, many at prices I think they'd easily have commanded a year ago. Time will tell if the sellers can hold out.
To be fair, I should say that I don't hear a lot of bearishness around the office yet. Most of my immediate colleagues here at Microsoft still seem to be convinced that we are on an ever expanding upward trajectory of technology driven economic growth. They brush aside my comments about a housing downturn as just a blip. The growing negative mood I hear seem to come from acquaintances who don't have an umbilical cord into the Microsoft.
The growing negative mood I hear seem to come from acquaintances who don't have an umbilical cord into the Microsoft.
Are you sure it's that, or is it just negativity from anyone actually trying to move inventory? The people at my workplace who have been in their house for 20 years don't sound very bearish either...except the ones trying to sell right now.
I live in Bellevue so I am witnessing this on a day to day basis. It is rare that I actually see a "sold" sign on a listing, in fact I can count with one hand. Every Sunday you will see at least one open house in each block, and more often a few. Perhaps I should start driving by these places and see what kind of traffic they are looking at.
There are two new developments on both ends of Bellevue Way, and both of them are moving at full steam. None of the new high-end homes have been sold over the last year+, ALL of them are still on the market, and none of them even move or change their sign. Bellevue isn't moving and that's a fact.
Just to expound on Ubersalad's comments, not only is nothing moving, but essentially everything appears to be up for sale. If you drive through any residential part of the city, it is difficult to find a road with no "for sale" signs on it. In some neighborhoods, it seems like every third house is on the market.
And just north of MS where I live, prices/sales also appear to be at a standstill, although they are actively building 17 or 21 new homes just to the north of Grasslawn Park (on the other side of the Verizon central switching building from the park).
What I find unbelievable is that DR Horton STILL hasn't started on any foundations on their affordable townhome development on NE 85th st (or Redmond Way). These homes will be in the $450-500K range IIRC. Even in this market, I would think that these homes would sell very quickly being in the 'affordable' price range for new construction on the Eastside.
And the $1M foreclosure down the street from me still sits empty (and I suspect bank-owned), going on seven months now. I wonder if anybody has checked to see if the furnace is working over the winter?
Nice! It's really interesting how some people define "classy". it seems that the get-rich-quick types define it as "look how much bling I have" which equates class with money as taping hundred dollar bills to your clothes is considered tacky in all walks of life. Most people I know define "classy" as something else. I had to look it up as I couldn't really describe what it meant. This seems to fit the bill:
–adjective, class·i·er, class·i·est. Informal.
of high class, rank, or grade; stylish; admirably smart; elegant.
Money doesn't fit into it, although you could argue that money would be required in some "classy" circles to attain the high rank in social circles.
A classy person would never in a million years define themselves as classy!
Comments
I was Christmas shopping in downtown Seattle last week. Between the market and Westlake Center area there were plenty of cops on foot, in cars, and on horses. Yes there were also homeless people and probably some people who you wouldn't want to mess around with, but no problems.
I understand there are some over protective parents who are going to freak out at anyone not just like them, but downtown was still packed with Christmas shoppers. I don't think there's any danger of the whole city fleeing for Bellevue anytime soon. Some people like the city, some people like the suburbs. They can build all the half tall buildings they want in Bellevue, but it's still going to be primarily a big mall, and a few other shopping destinations that you drive to and from. Nothing wrong with that either, it's just not a replacement for Seattle to most people.
BTW the Christmas (or Holiday) Tree at Westlake center is the most pathetic excuse for a Christmas (or Holiday) Tree since Charlie Brown's. What the hell was Seattle trying to prove with that?
My wife has even over-heard women at community center play time talk about how they are going to rent for a while because prices are falling. Even more of a shock, some of my wife's friends are now telling her that we are "smart" to be renting.
This is such a sea change from just a few months ago. My wife has felt SO much peer pressure to buy a house, with her friends bragging about their equity gains, etc, that it was really becoming difficult to even hang out with them anymore.
By the way, our home-owner friend who was going to deliver pizza to supplement his day job (to keep up with debt and rising living expenses) wound up getting his second job at Starbucks and now has barely any time to see the family anymore. Boy, it's great we have so many jobs in the Seattle area: everyone needs two.
Has anyone else noticed a change in local attitudes?
Unless people place a massive premium (say 30%) on walking/biking to Microsoft, the theory that the 2 miles around Microsoft campus will not decline is complete bunk.
Are you sure it's that, or is it just negativity from anyone actually trying to move inventory? The people at my workplace who have been in their house for 20 years don't sound very bearish either...except the ones trying to sell right now.
There are two new developments on both ends of Bellevue Way, and both of them are moving at full steam. None of the new high-end homes have been sold over the last year+, ALL of them are still on the market, and none of them even move or change their sign. Bellevue isn't moving and that's a fact.
http://seattlebubble.com/blog/2008/03/1 ... ry-update/
520 is pretty rough right now...whoever said DT Bellevue is untouchable...good luck.
What I find unbelievable is that DR Horton STILL hasn't started on any foundations on their affordable townhome development on NE 85th st (or Redmond Way). These homes will be in the $450-500K range IIRC. Even in this market, I would think that these homes would sell very quickly being in the 'affordable' price range for new construction on the Eastside.
And the $1M foreclosure down the street from me still sits empty (and I suspect bank-owned), going on seven months now. I wonder if anybody has checked to see if the furnace is working over the winter?
Interesting times we live in, eh?
(close eyes, clasp hands together) Normal market. Normal market. Normal Market!!!
You should start a meditative class for agents based on that chant. Let them know that enough good ki is what's in order.
Here's another popular chant: "I wear diamonds, Rolexes and necklaces. I'm a classy Realtor."
Nice! It's really interesting how some people define "classy". it seems that the get-rich-quick types define it as "look how much bling I have" which equates class with money as taping hundred dollar bills to your clothes is considered tacky in all walks of life. Most people I know define "classy" as something else. I had to look it up as I couldn't really describe what it meant. This seems to fit the bill:
–adjective, class·i·er, class·i·est. Informal.
of high class, rank, or grade; stylish; admirably smart; elegant.
Money doesn't fit into it, although you could argue that money would be required in some "classy" circles to attain the high rank in social circles.
A classy person would never in a million years define themselves as classy!
I say give her a break.
Speak for yourself. I just happen to like being me.
Although, I might like being me a little better a few hundred miles outside of Seattle if there were any tech jobs in those places.