THE HOUSING SQUEEZE EDITION – CONDOS
For a Day or a Lifetime…
With 12,000 new residents and countless employers in high tech and biotechnology having moved into Bothell in the last decade or so, the community struggles to keep up with the demand for housing.
Our little bedroom community is growing up nicely into a highly sought after area with the renovation of downtown Bothell, walking trails, arts & craft fairs, concerts, highly acclaimed Northshore Schools, and the beloved Country Village.
The biggest impact to Bothell housing since the market crash has been the lack of construction in the Condo market. The last Condo (attached) complex built was in 2009. With the crash of the real estate market, all new condo construction stopped. No new large complexes have been built in the last 8 years.
This greatly affects affordable housing for the community, especially for first time home buyers.
That is all about to change. Currently there are 2 large complexes in permit stage. The first is on Seattle Hill Road with 149 units and 98 town homes are to be built behind Country Village. An additional 56 unit apartment building is also in permit stage. This will be the most built in Bothell in the last 9 years.
While this most likely will not be enough to satisfy the demand, it is a good step in the right direction.
Condo prices in Bothell have risen 40% in the last 10 years, even factoring in the market crash, condos are still a good investment.
If you are considering making a move – give us a call. With 29 years as full time professional Realtors, you can be confident in our knowledge of the real estate market and our community.
Jess and Julie Lyda
RE/MAX NW – Bothell
Next Month: Part Two – New Construction Homes and Plats.