decent house in Mercer Island or Bellevue SD for under 600k? (Seattle: for sale, real estate)

[arlhts07]

Is it possible to find a house in decent shape and condition in mercer island or bellevue school district for under 600k that is built in past twenty years and is at least 2000 sft? Thanks.

[Ira500]

Not on Mercer Island. In the Bellevue school district, there are about six homes currently for sale that match your criteria, but another 15 or so priced just above 600 thousand, which I think most of them could be acquired for under 600...And when you go a little under 2000 square feet or a little older than 20 years, the floodgates open. In Bellevue, anyway. 600,000 gets you a fixer on Mercer Island.

[Ira500]

If you decide to look at older updated homes, Mercer island would clearly fit the bill, it's just that they don't have homes built in the last 20 years that are under 600 thousand, but there are currently 13 homes on the island listed for under 650,000, including the one AZDreamer mentioned. As a real estate agent, I'm not supposed to comment on other agent's listings except privately to clients, but can I say "it's worth looking at homes on Mercer Island."?

[arlhts07]

thank you. all the houses on MI that are under 650k are truly fixers. they need lot of work done .. over 50k in almost all cases. it is amazing for us, coming from chicago land, how little 600-650k can get you on MI

we like the MI, Somerset, Montreux, Lakemont and Bellevue areas quiet a bit, but am wondering if it is better to buy a smaller/older house in these areas rather than a relatively newer and larger house with beautiful views of the lake or mountains in areas like Shoreline, Kenmore or Bothell.

[eskercurve]

Originally Posted by arlhts07

thank you. all the houses on MI that are under 650k are truly fixers. they need lot of work done .. over 50k in almost all cases. it is amazing for us, coming from chicago land, how little 600-650k can get you on MI

we like the MI, Somerset, Montreux, Lakemont and Bellevue areas quiet a bit, but am wondering if it is better to buy a smaller/older house in these areas rather than a relatively newer and larger house with beautiful views of the lake or mountains in areas like Shoreline, Kenmore or Bothell.

arlhts07, MI is a nice place to be if you can afford it. In fact, all the places you listed are good places and to be perfectly honest, you don't have to travel far at all anywhere you live in the Puget Sound to get killer views of mountains, water, and skyline / access to downtown.

You also have to remember that MI is one of the more exclusive areas, and it always has been (it's sister city is a spa resort town in Europe and MI started out as a sanatorium and getaway for rich folks to go hunting). The MI school district is one of the best in the area and there is a general sense of community here. I live on MI, renting a place in their business district which is brand new. The average home value on MI is somewhere in the low 1million range, so 600k is small potatoes in relation to others in the island.

I would also basically have to remember that with the exception of the easternmost suburbs and upscale (again in the high 800s - millions range) in-city neighborhoods, you're not going to have as much land as in the midwest. I grew up in Chicago, on the south side, where our home was two stories, a basement, two car garage, with a pool and sun deck on the roof of the garage, the lot was big (forgot the exact dimensions) and each floor was around 3000 sq ft. And it was only around $350k in the early 90s. Here it is: 9920 S Damen Ave, Chicago, IL 60643 - Zillow

In Chicago you just don't have the natural land barriers that we do here in Seattle. You have lakes, mountains, and rivers and hills constricting where you can build (in addition to restrictive development laws). Thus, you're gonna have less land and thus smaller houses.

Good luck to you, I am not trying to say it's not value for the money, because taken in context, it is - Seattle's a beautiful place to call home, and I'm gonna stay here. But I'm just trying to manage expectations.

[Ira500]

we like the MI, Somerset, Montreux, Lakemont and Bellevue areas quiet a bit, but am wondering if it is better to buy a smaller/older house in these areas rather than a relatively newer and larger house with beautiful views of the lake or mountains in areas like Shoreline, Kenmore or Bothell.

That's a great question, and the answer depends on what you're looking for when you buy a house. Do you see it primarily as a place to live, a place you're going to live for a long time?, Or is it something you're more concerned about future resale value and view the investment aspect as something important?

My general advice is to live where you're most comfortable, in a place you won't have to struggle to make the monthly payments. Everyone has different priorities. Are you going to feel bad or inferior somehow if you buy a home in Kenmore rather than Mercer Island?
If getting more bang for your buck is important, yet you want a safe area with a decent school district, Bothell, Kenmore, Lake Forest Park, Shoreline, and Edmonds are all good places to look.
Are houses there going to hold their value as much as Mercer Island's? That's anybody's guess, but in the last couple of years, Mercer Island and West Bellevue have fallen by a higher percentage and dollar amount than those other areas.