2017’s Most Competitive Neighborhoods for Homebuyers: 19 of Top 25 Are in the Seattle Area (Bellevue: real estate, apartment)

[CrazyDonkey]

https://www.redfin.com/blog/2017/12/...omebuyers.html

Grass Lawn in Redmond, Washington earned the distinction of most competitive neighborhood in 2017. Redfin’s ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2017.

Nineteen of the 25 most competitive neighborhoods of 2017 were in the Seattle metro area, where 67 percent of homes listed this year were Hot Homes–the highest share of any market–and 62 percent of offers written by Redfin agents faced bidding wars. Competition was strong across the Seattle market, both in more suburban neighborhoods like Grass Lawn and Crossroads (#3) and more urban neighborhoods like Lower Queen Anne (#13). Several neighborhoods in North Seattle made the ranking, including Pinehurst (#2), Victory Heights (#10) and Licton Springs (#11).

1. Grass Lawn (Redmond)

2. Pinehurst (Seattle)

3. Crossroads (Bellevue)

4. North Cambridge (Cambridge/Boston)

5. Rainier View (Seattle)

6. Newport (Bellevue)

7. Ortega/Panama Park (Sunnyvale/San Jose)

8. Santa Clara North Central (Santa Clara/San Jose)

9. Palo Alto (Palo Alto/San Jose)

10. Victory Heights (Seattle)

11. Licton Springs (Seattle)

12. Downtown Redmond (Redmond)

13. Lower Queen Anne (Seattle)

14. Upper West Ridge (Woodinville)

15. Olympic Hills (Seattle)

16. Overlake (Redmond)

17. Columbia City (Seattle)

18. Bitter Lake (Seattle)

19. Woodridge (Bellevue)

20. Greenwood Point (Issaquah)

21. Cedar Park (Seattle)

22. Wallingford (Seattle)

23. West Campbell (Campbell/San Jose)

24. Queensborough/Brentwood/Crystal Springs (Bothell)

25. Athmar Park (Denver)

Note that all of the Top 25 are either in or adjacent to technology hotbeds: Seattle/"Cloud City" (19), San Jose/"Silicon Valley" (4), Boston/"Silicon River" (1), Denver/"Silicon Valley of the Rockies".

[thatguy950]

Crossroads isn’t surprising anymore I guess, for a while it was the best kept value secret on the eastside, secret is out apparently

[Neerwhal]

Redfin’s ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2017.

Super interesting. Crossroads probably came out ahead because it's the lowest cost area of Bellevue so there was more room for people to bid up. So like say you have $600k and you want to buy in Bellevue. You're pretty much SOL unless you want to buy a 2-bedroom on a main street behind an apartment building in Crossroads. In that case you might be able to put in an escalation clause without it seeming like a joke.

But it's actually equally hard to get a house under $700k anywhere in Bellevue. Just, fewer people will bid and people will be more likely to price higher in the first place. And you can only go up so high into the millions, whereas homes in Crossroads saw a huge increase in sheer land value.

This also explains how my family has increased in wealth by like 100% over the past year, since we are right in the middle of this and much of our investment is in real estate. Thank you, real estate bubble, for providing us with a temporary sense of satisfaction that we will remember with fondness the next time the whole economy collapses.

[MJ5150]

Make this a sticky at the top of the forum and a must read for anyone looking to move to the Seattle area.

-Mike

[Ira500]

Rainier View? Does anyone actually know where that neighborhood is?(I do.) It may be the second most competitive neighborhood in the city of Seattle, but it's also one of the least desirable. But I suppose with inventory at historic lows, and Rainier View having some of the lowest cost houses within the city limits, it was bound to happen.

[Akama13]

Originally Posted by Neerwhal

Super interesting. Crossroads probably came out ahead because it's the lowest cost area of Bellevue so there was more room for people to bid up. So like say you have $600k and you want to buy in Bellevue. You're pretty much SOL unless you want to buy a 2-bedroom on a main street behind an apartment building in Crossroads. In that case you might be able to put in an escalation clause without it seeming like a joke.

But it's actually equally hard to get a house under $700k anywhere in Bellevue. Just, fewer people will bid and people will be more likely to price higher in the first place. And you can only go up so high into the millions, whereas homes in Crossroads saw a huge increase in sheer land value.

This also explains how my family has increased in wealth by like 100% over the past year, since we are right in the middle of this and much of our investment is in real estate. Thank you, real estate bubble, for providing us with a temporary sense of satisfaction that we will remember with fondness the next time the whole economy collapses.

I was ridiculing the 800+ k sticker price for the new townhomes at the intersection of Northup/164th in Crossroads when I saw the sign , now I'm not so sure they won't sell.

[Sockeye66]

It was the dream of a lot us Gen X'ers too. My first move to Seattle was 1989, shared an apt. on Queen Anne Ave N. about 4 blocks from Seattle Center and a view that people pay a million dollars + for now.

[87112]

Its for real, you can laugh but I do think per square feet Seattle will outcost Hong Kong within 10 years. 8 out of 10 rich Chinese have a desire for Seattle sight unseen. Just mention Seattle and they foam at the mouth.

[CrazyDonkey]

Originally Posted by Ira500

Rainier View? Does anyone actually know where that neighborhood is?(I do.) It may be the second most competitive neighborhood in the city of Seattle, but it's also one of the least desirable. But I suppose with inventory at historic lows, and Rainier View having some of the lowest cost houses within the city limits, it was bound to happen.

12-15 minute bus ride on the #107 to Rainier Beach Light Rail Station. Also quick access to I-5 or Airport Way S off of the Boeing Access Road for car commuting. There's shopping/restaurants in Renton. Not far from I-405 or Sea-Tac. Houses for <$500k. Rainier View Elementary is a "7" at GreatSchools, showing that more affluent young families are moving into the area.

These are the most competitive neighborhoods because they have houses more people can afford. Houses are being snapped up because they meet a lot of the criteria people are looking for. Beats trying to commute from Federal Way by a long shot.

[pnwguy2]

I love my hometown, but I do believe the entire metro is a bubble at this point. Who can predict the future, but there are signs the high real estate prices in the Seattle metro are at the point of bursting. Amazon is looking at another headquarters. Boeing is increasingly moving production to other cheaper areas. Microsoft is somewhat stagnant.

Don't get me wrong, I think the Seattle metro is still strong, but to continue to believe this will be an ongoing concept is somewhat misguided, IMO. Just look at the "boom and bust" history of the area for perspective. I certainly don't wish this on the area, but I have lived long enough to see the ups and downs. Just be prepared for a future that is not based on continued boom times. If it does continue, I will eat crow. But I don't expect it. Call me a negative nellie, but I think I am a realistic Seattle native that has seen it all.