Business & Tech

Bellevue Business: One Main Street Condos Finds Success in Uncertain Real Estate Market

The condo development on Old Main Street is nearly 70 percent sold, and one of three retail spaces leased.

In a market that still shows signs of shakiness, One Main Street has been able to maintain success.

Of the 57 condo units in the boutique-style development at 10000 Main Street in Bellevue, nearly 70 percent have been sold since March 2010, and the sellers anticipate selling the remaining units out over the next six months or so, said Tricia Quigley of Matrix Real Estate.

“We are definitely on track,” Quigley said. “People come in and are amazed we seem to be selling and closing really close to the asking prices.”

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They have been doing well despite difficulties in the condo market. According to recent data from the Northwest Multiple Listing Service, though condo activity is up compared with last year, median condo prices have remained down overall in Bellevue. The prices were down depite the number of new condo listings being down from previous years, which reflects a statewide trend, according to the NWMLS.

Other condo developments, such as , have had to reposition themselves to get units sold in the face of plummeting prices. Prices at Bellevue Towers were reduced by 30 percent, and in July, the 539-unit condo complex announced that it had reached 200 sales, a possible indicator that the Bellevue Towers' strategy has met with success.

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Prices for the remaining units at One Main Street start at around $319,000. Units range from an open one-bedroom floor plan and 660 square feet of living space, to a traditional one-bedroom unit with around 800 to 900 square feet, and one larger town home for sale that could be combined with another unit.

The development recently sold its final, three-bedroom penthouse unit for $1.375 million and, depending on a couple of deals that may go through soon, has fewer than 20 units left for sale.

Quigley said the location -- close to the lake front and several park and right on Main Street -- and layout of the building has contributed to the development's success.

“The most homes on one floor is 12,” Quigley said.

Meanwhile, two of three commercial spaces purchased recently by One Main Retail Ventures LLC, are still available for lease, said Anthony Pagones, who is handling leasing of the retail spaces for One Main Retail. The group is targeting restaurant, wine, specialty bakery, or art gallery tenants for those spaces.

In one, , offering another convenient amenity to new residents, who Quigley says are a mix of people buying a second home, along with some first-time home buyers.


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