This is what Amazon’s plans could mean for Bellevue's housing market
When Amazon jumped ship on its plans to occupy a skyscraper in downtown Seattle, speculation regarding the online retail giant's next big move began to swirl.
Now, Redfin suggests Amazon is likely to focus its hometown growth on Washington’s Eastside suburbs, specifically in the city of Bellevue.
So, why Bellevue? Well, the city is already a popular homebuying destination for Seattle’s tech workers, many of whom work at Microsoft’s nearby headquarters in Redmon.
“We’ve always seen a lot of Amazon and Microsoft employees buying homes on the Eastside because of its suburban atmosphere and highly rated schools,” Redfin Agent Kathi Kelly-Billings said. “But as Amazon builds out its presence in Bellevue over the next few years, I expect demand from young homebuyers to put pressure on the real estate market.”
And Amazon is increasing its presence.
Not only is the company leasing enough space to house nearly 7,000 employees, but the word on the street is that Amazon currently in talks to lease space to house more than 25,000 workers, according to Redfin.
Local agents say Amazon’s increased presence is likely to heat up the city’s housing market, igniting interest from many Millennial homebuyers.
This is probably welcomed news as home prices in the city were down 6.2% year over year in January, according to Redfin.
“As employees from Amazon and other large tech companies move over to the Eastside, whether their job is moving to Bellevue or they’re planning to commute across the lake to work in South Lake Union, they’re creating a whole new cohort of buyers who are looking for something different in a home,” Kelly-Billings continued. “They don’t want their parents’ or grandparents’ house. They want new, modern construction.”
Published at Mon, 11 Mar 2019 21:37:00 +0000