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January 2022 Eastside new construction update

By January 11, 2022

Market Report

Happy new year! Let’s dive into the Eastside new construction market!

First, here’s a quick re-cap of some of the highlights from 2021:

  • Mira Flats and One88 in Bellevue both sold out in 2021
  • Jade Residences in Kirkland sits at 80% pending and are preparing for the first owners to move in some time in February
  • Avenue Bellevue had a hot year!
    • They sit at 43% pending of the 365 total units between the Residences and the Estates towers
    • The sales team set a new record for the most expensive condo under contract and have three penthouse units pending each for over $8M!
  • The Bellevue project converted to apartments – the management team is the same team that manages Lincoln Square with great success so this conversion was not super surprising despite seeing the success of the sales team at Avenue Bellevue
  • Parqhouse converted to offices instead of condos after seeing Amazon gobble up office space throughout the year
  • Altaire Bellevue went quiet for a while and then was rebranded as Mari Bellevue coming in next to Mira Flats

2022 Predictions

  • Mari Bellevue will start pre-sales this summer and get to 25% pending by the end of the year
  • Avenue Bellevue will get to 75% pending as they prepare for their first closings in 2023
  • Jade will sell out as the affordable new construction option on the Eastside
  • Beyond that, hopefully we see updates on a couple of Bosa projects on 105th Ave NE and on Bellevue Way NE and Onni’s project coming into the old Barnes and Noble spot

You can see all the projects selling and under construction on our new construction pipeline page.

I am a broker and contributing writer for Urban Living. I love condos & townhomes and helping people find the next space they call home!

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