Housing Market Report 2010: Vuecrest Bellevue Confirms Demand and Value

By
Real Estate Agent with Asset Realty Group

From Belfair Road to Downtown Bellevue

  • 2010 Vuecrest Bellevue, WA neighborhood home values stayed pretty even with 2009 sales…while Vuecrest home sales (units sold) increased dramatically, indicating a strong emerging trend.
  • The transaction count in Bellevue's Vuecrest neighborhood increased 90% to 19 closed sales (with a backlog of 2 pending sales)and a median sale price of $1,207,000 compared to 2009’s total of 9 closed sales with a median sale price of $1,200,000. 
  • The Vuecrest neighborhood average price per square foot increased 16% from $375 to $435 in 2010. The interesting aspect is that year built has little to do with price per square foot as the homes increase in size so does the price underpinned by big land value. 
  • 2010 Sales included 3 age groups of properties:  Nine homes built between 1949-53 averaged $430 a square foot at an average size of 2337 s.f.  Six homes built between 2004-09 averaged $442 a square foot at an average size of 4,712 sf .  Four homes built between 1989-01 averaged $393 a square foot at an average size of 3,392 sf.    
  • Vuecrest’s  lowest sale was a non-view 1951 home bringing $650,000 that will yield to a new construction home.  The highest sale was a 2009 year built home that sold for $2,809,000 with a view of Bellevue’s downtown.  Buyers are increasingly looking for Vuecrest homes for sale.     
  • The Vuecrest neighborhood average list price of these 19 sold homes was $1,516,368.  Average market time was 178 days, compared to 162 days in 2009.  The list price to sales price ratio was 91.9% of the last published list price. Original list prices exceeded the last published list price in all but 2 of the 19 sold homes. Vuecrest homes for sale are a hot commodity.
  • The 2010 average sale price in Vuecrest increased 3.2% to $1,392,921 from $1,350,000 in 2009.  These sales included 7 sales under $1 million, 9 sales ranging from $1.0 million to $1.85 million, and 3 sales between $2.4 million and $2.8 million.
  • Distressed inventory in Vuecrest is nearly gone!  The good news is the arrival of healthy market times again.  In the last two years, there were 11 distressed properties sold in Vuecrest.  Only one listing going into 2011 is a short sale, and there are no bank owned properties.  There were 5 short sales in 2010, down from 6 distressed properties that closed in 2009, quite an improvement given that in the last two years, Vuecrest homes for sale included nearly 40% distressed property listings. 
  • At year-end in backlog were 2 pending sales, neither of which was a distressed property. 
  • Currently there are 7 Vuecrest homes for sale in the neighborhood, and the two pending sales have closed at $915,000 and $1,650,000 indicating a healthy firming trend of Vuecrest home sales.

The MLS officially recognizes Vuecrest as an established neighborhood for agents to organize their listings, with clear boundaries and 204 homes. For more information on this or other West Bellevue properties, please contact the author Rich Willard of Windermere Real Estate from this blog or my website

Rich Willard is a Seattle native and Bellevue Windermere agent who publishes articles like this for the benefit of consumers interested in specialized market knowledge of West Bellevue neighborhoods.

Comments (1)

Anonymous
Bruno
We are pretty eitcxed here too! We spent time on this rainy day thinking about spring and summer weather by trying on clothes from last year to see what fits. Marci got so eitcxed about running in the sprinklers, playing outside barefoot and working in the garden of course, after we clean out the moss and spiders .
Jul 20, 2012 12:26 AM
#1