Bellevue vs. Kirkland - What are your thoughts between the two?

Question

I'm looking at these areas right now and looking to learn more. What are your thoughts between the two areas in terms: How is it today What is it's growth potential Which area would be more affluent in long term Any additional comments and notes

Gina Jeannot · Answer

It depends on the individual neighborhood you're looking at. Downtown Bellevue is much different from the Crossroads area. Both Downtown Kirkland and Downtown Bellevue are affluent and have seen a LOT of new construction of the past few years. The most expensive neighborhoods in Kirkland and Bellevue as of today are west of 405. East of 405 hasn't seen as much development and the prices are (comparatively) cheaper for now.

Adrian Chu · Answer

West Bellevue (98004) is where you can buy a $1m tear down, build a new house and sell for $2.5m++. As long as you are not on a major arterial or too close to the freeway, 98004 is a great place to invest in for the long term."West of Market" (Street) in Kirkland is also a good spot to invest in as there is a lot of tear down and rebuild potential.But if you are going to buy something for $1m, I would focus on the land value and the potential to redevelop. In the long run, being able to redevelop a property is what will generate the greatest value from appreciation.

Ben Meisel · Answer

I was born & raised in Bellevue - so I've seen it go through a ton of transition. Much of it is due to Microsoft and the companies/industry that spun off it. Other tech firms have offices here, or are moving in (Facebook, Google (Kirkland), eBay, Samsung, to name a few). It really depends what you're hoping to do (hold/flip/commercial?). Both cities can be very expensive, but there is a wide range of prices. You can get condos as low as $200k-ish, and waterfront estates upwards of $10M (and well over). Waterfront in both cities is obviously expensive, Bill Gates lives in Bellevue, along with many other notables.I like the future of the Eastside for sure. However, prices are very high right now. It's hard to buy some properties and not compete with all cash, contingency offers. Making a retail purchase cash flow could be very difficult.

Susie C. · Answer

I'm looking at SFR and don't care about views and such as much, but just what would pay out the best in the long run in terms of appreciation and making sure that we get the best financial value out of our investment on our home. Our criteria's not too intense right now as we're looking at 1M turnkey with a finished basement and in area that has a lot of growth potential or is already really "hot" though I think it will be very rare and few with the hot ones as those seem to be over the 1M.If choosing between West Kirkland and West Bellevue where would you put your money? If neither, what would you suggest?

Susie C. · Answer

@Ben Meisel Thanks for the input especially from someone who was born and raised in Bellevue. In the long run, let's say we had 1m for a home, what would you think would be the most worth it in terms of buy/hold? Bellevue or Kirkland? Seems like in Kirkland this kind of money would get you further in terms of house sizes and location, where as in Bellevue, the inventory seems very low and the homes need work. Currently, not looking to really invest in a place just for kicks right now as we need our own place first. We're planning to move up to Washington by the beginning of 2017.

Susie C. · Answer

@Vikas Raoot Thanks for the response. When you say that the pricing in Bellevue has plateaued, do you mean that you don't feel that the pricing would be very valuable in terms of growth and appreciation since it's already hit the top. I also assume that you are referring to those homes that are most west of the 405 as it seems the ones east aren't too bad yet.We're looking to buy and hold, but obviously want the most potential and bang for our buck. :)@Gina Jeannot Thanks for your input. I can see what you mean when looking at what's available and comparing them. What are your thoughts on the Factoria area which would you think would have more potential in terms of buy/hold? My cousin who is native to Seattle/Tacoma said that the Newport is showing strong growth as well and a lot of people are also moving out there too. Regarding Kirkland he said they are in the midst of building their own little plaza that may (or may not) even be better / higher end than the Bellevue one. Thanks again for the feedback!

Vikas Raoot · Answer

West kirkland seems more attractive to me just from the prospects of potential growth and bang for the buck.

Ben Meisel · Answer

Sure thing. If this is for your personal residence, then it depends what kind of place you are looking for. You can buy a very nice condo in Bellevue for $1M, but that's obviously not what everyone wants. Are you looking for views, waterfront, land, etc.? What you value in a home/property will determine what kind of place for you can get with that price point.

Vikas Raoot · Answer

Kirkland is definitely modernizing since last year or so. Bellevue has a lot of legacy and historic neighborhoods and price points for the kind of properties you get are quite high. Anyways depending on what investment you plan to do and what your budget is, both of these are currently looking good from rental, flips and new constructions - although Bellevue has comparatively plateaued at the top now .