Bellevue WA DT area buy/rebuild a new one in a few years? (investment, prices)

[DrL118]

For Bellevue WA DT area, do you recommend anything like buying an old house, rent it out and then rebuild a new one in a few years when one has more money? Or just sell it to buy something better in the future? The current house price there is so high that I don't see any desirable house within my budget. The multimillion houses are too big and too expensive. How do you weigh the pros and cons of doing that?

Do you or anyone you know has done it?

[Hemlock140]

I know a couple of people that considered that in the Bellevue/Issaquah area. The first thing you need to do is look at the cost of building the new home. At close to $300/sf now, a modest 2,500 sf 3/2 home would cost $750,000 to build, not counting demolition, grading, utilities and permits. With the cost of the old home at $500k, you are up to 1.25 million.

[Modification Specialist]

Originally Posted by DrL118

For Bellevue WA DT area.... the pros and cons...?

My $00.02

I was in Bellevue recently visiting my sister who lives north of Forest Drive. Agree their are many affluent homes. One thing I noticed was many of these homes around Cougar Mountain are built on a steep slopes. My sisters backyard which has a swimming pool, if there was ever an earthquake or mudslide. These million dollar plus homes would collapse down top of each other. Read Landslide Danger Looms in Next Seattle Earthquake

Another point is this area is already developed (over developed). If you looking for long term investment, suggest looking at Redmond. Which is an area already established, and has a lot of room for growth.

Good Luck...

[StrkAliteN]

Prices anywhere near DT Bellevue / Clyde Hill area are off the charts ( yes even for tear downs on small lots )

VERY spendy area.