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Old 03-07-2018, 12:44 PM
 
33 posts, read 35,797 times
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I have an offer from a midsize tech company in Bellevue. They offered $140k. Health, dental insurance fully paid. Parking and transit pass fully paid. 401k match. My wife will start working in about a year (we are having our first baby). She is in civil engineering. Btw, we are moving from Orlando, FL.

Considering the housing scarcity in and around Seattle, we are thinking of renting a 2/2 for about 6 months or so and start looking for a simple 3/2 condo/townhouse to buy. Initial budget is about $400k.

Considering the background I just provided,

1. How is $140K now a days as an offer in Bellevue?
2. For about $400k budget, which areas should we look to buy a 3/2 condo/townhouse/single family that will not have a commute of more than 45min - 1hour to Bellevue? Is this budget adequate for a simple 3/2?
3. How are property insurance and property tax there? Any comparison to Orlando as to these values?
4. Is transit a faster/reliable option to commute to Bellevue?
5. Anything else that I should be aware of before considering this offer?

Much appreciated. Thanks.
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Old 03-07-2018, 01:04 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,576 posts, read 81,167,557 times
Reputation: 57813
The median household income in Bellevue is only about $100,000. A quick check of the Bellevue condos available shows the lowest 3/2 at $455k, and some parts of Bellevue such as Eastgate and Factoria are about as low as it gets within a 45 minute commute. In fact, it can take that long just to get from one part of Bellevue to another. An hour away puts you into some lower cost areas such as Bothell or Renton, but that hour is spent in gridlock just going 20 miles. Bellevue does have reliable bus service but except for the freeway express lanes they are in the same traffic. Bellevue will be getting the light rail in 2023. I don't know about Orlando property tax, but in our state it just took a big jump, and many cities have added bonds and levies. For a $400,000 home it would be about $4,100/year before the latest increase. The "the housing scarcity" you mentioned also applies to rentals, though it's not as bad for renters as for buyers. Coming from Florida, you should also consider the drastic difference in weather. For example, you average 233 sunny days, Bellevue is 155. You actually get a bit more rain but here it's a lot lighter rain over many more days.
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Old 03-07-2018, 01:26 PM
 
33 posts, read 35,797 times
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Quote:
Originally Posted by Hemlock140 View Post
.. A quick check of the Bellevue condos available shows the lowest 3/2 at $455k...
Thanks. Can you tell me the source for the condo you found for $455k in Bellevue? I only searched in Zillow/Redfin but don't see any. Any other good sites?

Regarding the commute, I was checking google maps in this morning at about 7:30AM PST (possibly the peak hour?) and it showed about 1hr commute from Everett to Bellevue southbound. Is it much worse in reality? Are there people living in Everett and working at Bellevue?

Also thanks for the property tax info. How about homeowners insurance? For a condo/townhouse, you have to pay HOA also or does it vary?
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Old 03-07-2018, 01:26 PM
 
Location: Seattle
8,171 posts, read 8,299,480 times
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Hey James. For a $400K townhome/home, you need to look in Everett, Auburn or perhaps Federal Way. Condos you could come closer in, maybe Renton. There are many buses but no light rail to Bellevue yet, that comes in 2023. Best of luck on your move. Buying homes is not for the faint of heart out here, very different than Orlando. Make sure you have a good strategy and don't get emotionally attached to anything until you have an accepted offer.

I think you'll find property insurance considerably lower in WA State than in Florida (my parents live in Miami), no hurricane threat here which jacks rates way up there.

Last edited by homesinseattle; 03-07-2018 at 02:04 PM..
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Old 03-07-2018, 02:14 PM
 
33 posts, read 35,797 times
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Quote:
Originally Posted by homesinseattle View Post
...I think you'll find property insurance considerably lower in WA State than in Florida (my parents live in Miami)....
Yes property insurance is crazy here, and increased recently after back-to-back hurricanes last couple of years.

Your ID says you are (were?) a real estate broker. Other than Zillow/Redfin, do you suggest any other websites/links to get price ideas? Also, how is the commute time on average from Everett to Bellevue in the typical morning hours? If I accept a 140K salary, do you think I will get a preapproval for $400-$500K?

Haven't accepted the offer yet so getting all the advice as I can from here. Thanks so much.
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Old 03-07-2018, 02:18 PM
 
Location: Seattle
8,171 posts, read 8,299,480 times
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Quote:
Originally Posted by james2441139 View Post
Yes property insurance is crazy here, and increased recently after back-to-back hurricanes last couple of years.

Your ID says you are (were?) a real estate broker. Other than Zillow/Redfin, do you suggest any other websites/links to get price ideas? Also, how is the commute time on average from Everett to Bellevue in the typical morning hours? If I accept a 140K salary, do you think I will get a preapproval for $400-$500K?

Haven't accepted the offer yet so getting all the advice as I can from here. Thanks so much.
Yes James, I am currently a real estate broker . Born and raised Miami boy living for 28 years in the Seattle area. Funny, I'm hopping in my car and heading to Everett as we speak. I think Zillow and Redfin are the best. If you leave Everett by 6:30, will take you about 45 minutes, After that, you will suffer, can easily be 1 1/2 hours. Many people go early and just have a coffee or hit the gym before work. You might also want to check out Maple Valley, though the commute wouldn't be much better.

Yes, I think you would qualify for that amount with your income, maybe even more.
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Old 03-07-2018, 02:21 PM
 
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,576 posts, read 81,167,557 times
Reputation: 57813
Quote:
Originally Posted by james2441139 View Post
Thanks. Can you tell me the source for the condo you found for $455k in Bellevue? I only searched in Zillow/Redfin but don't see any. Any other good sites?

Regarding the commute, I was checking google maps in this morning at about 7:30AM PST (possibly the peak hour?) and it showed about 1hr commute from Everett to Bellevue southbound. Is it much worse in reality? Are there people living in Everett and working at Bellevue?

Also thanks for the property tax info. How about homeowners insurance? For a condo/townhouse, you have to pay HOA also or does it vary?
I think it was NWHomefinder

One hour from Everett is a good day. We don't have a peak hour. Large employers like Microsoft, Amazon, and Boeing have variable start times, and that north-south commute can go from 6am-9am or longer, and afternoons even worse. Yes, people commute from Everett to Bellevue, and also the other way. I work in Seattle and we have people commuting from across the water by ferry from Bainbridge Island and Bremerton. One of my staff lives in Puyallup and takes the train, then a mile or so by bike. There are people even commuting from Tacoma and Olympia into Seattle. It makes for a long day. Any condo or townhome will have HOA fees to pay for outside/common area maintenance and insurance. I don't know how homeowner insurance compares. My house is 3,000 sf in Sammamish and we pay about $2,000/year, and that includes earthquake coverage with 10% deductible.
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Old 03-07-2018, 02:44 PM
 
Location: State of Transition
102,210 posts, read 107,883,295 times
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Quote:
Originally Posted by homesinseattle View Post
Yes James, I am currently a real estate broker . Born and raised Miami boy living for 28 years in the Seattle area. Funny, I'm hopping in my car and heading to Everett as we speak. I think Zillow and Redfin are the best. If you leave Everett by 6:30, will take you about 45 minutes, After that, you will suffer, can easily be 1 1/2 hours. Many people go early and just have a coffee or hit the gym before work. You might also want to check out Maple Valley, though the commute wouldn't be much better.

Yes, I think you would qualify for that amount with your income, maybe even more.
What about Bothell? I think he should be as close to Bellevue as he can afford. Federal Way= too far. He'd be setting himself up for misery.

OP, that's only your starting pay, anyway. Maybe you should stretch a little, for your 3/2, assuming your pay with increase, and your wife will get back to work. You might be glad you did, years from now, even though in the short-term, you'll have to penny-pinch to make it work.
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Old 03-07-2018, 03:08 PM
 
Location: Seattle
8,171 posts, read 8,299,480 times
Reputation: 5991
Whoops. I meant 6am sharp or before to leave Everett for a 45 minute drive to Bellevue, every bit after that and you will feel more pain. After 9am, that drive is noticeably better. On the way home, anytime after 2pm starts getting worse, better if you can head home after 6:30pm. One accident can really screw things up.
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Old 03-07-2018, 03:17 PM
 
33 posts, read 35,797 times
Reputation: 21
Quote:
Originally Posted by Ruth4Truth View Post
...Maybe you should stretch a little, for your 3/2, assuming your pay with increase, and your wife will get back to work. You might be glad you did, years from now, even though in the short-term, you'll have to penny-pinch to make it work...
Thanks, yes looks like I might have to. I will definitely look at Bothell and around, looks like everybody here recommended this area for closer commute.
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