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Last night I was playing around on Redfin and for some reason I stumbled into the Bellingham market (no intention to move or buying a property there whatsoever).
I could not believe my eyes, these are close to Seattle prices and actually some of these homes are priced at West Seattle level where I do live.
Some examples.....someone would really pay 1.2 mil for this 1926 home??
You are not even getting a big chunk of land with these.
Bellingham is not located at commuting distance from Seattle or even Everett......what sort of economy up there sustain such ridiculous pricing??
Are this left over delusional sellers from the pandemic "work from home forever, I can live anywhere" fever or Bellingham is some sort of economic powerhouse few knows about?? Yes it is a college town.....
Lots of wealthy retirees. It got on a "Best Places" list a number of years ago and has been a hot market ever since. There isn't much a job market there and it has a lot of homeless. It's a desirable location by the water and you pay a premium to live there.
Last night I was playing around on Redfin and for some reason I stumbled into the Bellingham market (no intention to move or buying a property there whatsoever).
I could not believe my eyes, these are close to Seattle prices and actually some of these homes are priced at West Seattle level where I do live.
Some examples.....someone would really pay 1.2 mil for this 1926 home??
You are not even getting a big chunk of land with these.
Bellingham is not located at commuting distance from Seattle or even Everett......what sort of economy up there sustain such ridiculous pricing??
Are this left over delusional sellers from the pandemic "work from home forever, I can live anywhere" fever or Bellingham is some sort of economic powerhouse few knows about?? Yes it is a college town.....
Why are you surprised at high prices in Bellingham, have you ever been? You live in Seattle and are obviously aware of high prices throughout the state. There's a ton of demand to live here, and we're full of Seattelites and people from other places that want some city amenities and rugged outdoor access very close by but don't want to deal with living in the middle of the big city anymore.
The first two of the houses you posted links to are very nice houses in a very desirable neighborhood, with big views of the bay and San Juan islands. Relatively speaking they're not even that much per square foot compared to anywhere else in the entire region, so I don't think they're the best examples of crazy real estate, unless you haven't looked at real estate in a decade. The third is a new luxury build across from a nice park and very central location two miles from the city center. It's literally a four minute drive from a Whole Foods, which is hardly in the boonies, unless you're referring to Bellingham itself as the boonies.
People love to trash Bellingham on C-D, but it is in high demand by a number of different groups. It is a college town, a retirement town, a work from home town, and a big outdoors destination. As mayfair said, there's not much of a job market here, and it's pricey, but many people have brought their money or their jobs with them, and can afford houses like this.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Look closely at those ads, it says 38% of the homes in that Market are sold within a week, that's a hot market.
Nonetheless, those homes you showed, the first and lowest priced is pending after 7 days, but the others have been on the market for 230 days and for 75 days. These homes are actually anomalies, in Bellingham the median home price today is still only $675k. Yes, that's definitely on an upward trend at 18.4% over last year, but not nearly as high as here on the Seattle/eastside areas. With the Seattle median at $926,250, Redmond $940000, Sammamish $1.6 million, Bellingham still has a ways to go to catch up.
Why are you surprised at high prices in Bellingham, have you ever been? You live in Seattle and are obviously aware of high prices throughout the state. There's a ton of demand to live here, and we're full of Seattelites and people from other places that want some city amenities and rugged outdoor access very close by but don't want to deal with living in the middle of the big city anymore.
These people must be retired because I cannot even comprehend a daily commute from Bellingham to Everett, let alone Seattle.
Quote:
The first two of the houses you posted links to are very nice houses in a very desirable neighborhood, with big views of the bay and San Juan islands. Relatively speaking they're not even that much per square foot compared to anywhere else in the entire region, so I don't think they're the best examples of crazy real estate, unless you haven't looked at real estate in a decade. The third is a new luxury build across from a nice park and very central location two miles from the city center. It's literally a four minute drive from a Whole Foods, which is hardly in the boonies, unless you're referring to Bellingham itself as the boonies.
I find hard to justify in my mind these prices in Bellingham, a city that I know quite well, maybe just my limitation.
The first house view is not even that great. I do have a spectacular view of the Puget Sound and the Olympic mountain from my house in West Seattle, a newer home with, judging from the pictures, a quite nicer level of finishing and I believe I would not even crack the 1.4 mil mark...walking distance from all kind of restaurants and shops, beaches...in Seattle, 15 mins drive from downtown, no Bellingham!!
Quote:
People love to trash Bellingham on C-D, but it is in high demand by a number of different groups. It is a college town, a retirement town, a work from home town, and a big outdoors destination. As mayfair said, there's not much of a job market here, and it's pricey, but many people have brought their money or their jobs with them, and can afford houses like this.
Not bashing Bellingham, I just find these prices, frankly, ludicrous...I guess it's me.
Look closely at those ads, it says 38% of the homes in that Market are sold within a week, that's a hot market.
Nonetheless, those homes you showed, the first and lowest priced is pending after 7 days, but the others have been on the market for 230 days and for 75 days. These homes are actually anomalies, in Bellingham the median home price today is still only $675k. Yes, that's definitely on an upward trend at 18.4% over last year, but not nearly as high as here on the Seattle/eastside areas. With the Seattle median at $926,250, Redmond $940000, Sammamish $1.6 million, Bellingham still has a ways to go to catch up.
Seattle is crazy as well but it has an enormous economy to somewhat support that...but Bellingham?? A wealthy retiree has an entire country to pick with lovely areas before being forced to buy a house at ridiculous prices.
Last night I was playing around on Redfin and for some reason I stumbled into the Bellingham market (no intention to move or buying a property there whatsoever).
I could not believe my eyes, these are close to Seattle prices and actually some of these homes are priced at West Seattle level where I do live.
Some examples.....someone would really pay 1.2 mil for this 1926 home??
You are not even getting a big chunk of land with these.
Bellingham is not located at commuting distance from Seattle or even Everett......what sort of economy up there sustain such ridiculous pricing??
Are this left over delusional sellers from the pandemic "work from home forever, I can live anywhere" fever or Bellingham is some sort of economic powerhouse few knows about?? Yes it is a college town.....
I didn't look at all the listings. The first two clearly have been flipped. Someone put a lot of money into upgrades, and wants their money back plus their profit. The 2nd home is in the university neighborhood and has a rental unit in the basement/ground floor. Both homes have views of Bellingham Bay and the islands. Everything is new and high-end in those homes.
Still, it doesn't make sense. Who would pay over 1 mill to live in B'ham, no matter how nice the home? Who's buying these; university administrators or wealthy retired folks? That would be worth researching.
Personally, I think the flipper or prior owners made a bad call on that 1920's Craftsman home, when they pulled out all the beautiful woodwork and built-ins that those homes always have. I really don't like this trend in home make-overs, aimed at giving them a generic "executive" look. Still, that one's a nice place. I love those! And it's so nice to have an actual dining ROOM, not a section of the living room designated as a dining "space".
But yeah--small lots. I've lost my tolerance for them. Those remind me of shabby, run-down university district or Wallingford-area lots and old Craftsman neighborhoods in decline off Aurora in Seattle. Even though the homes are re-done almost as if newly-constructed, the cramped lots give them away as being once-lower-end homes in run-of-the-mill (albeit: view) neighborhoods that have been gussied up.
Last edited by Ruth4Truth; 12-08-2023 at 10:50 AM..
Seattle is crazy as well but it has an enormous economy to somewhat support that...but Bellingham?? A wealthy retiree has an entire country to pick with lovely areas before being forced to buy a house at ridiculous prices.
Some people want the Pacific NW outdoors, forest and marine views lifestyle without the population crush that is the greater Seattle area. The Skagit Valley area is really beautiful with Mt. Baker looming over it, and Puget Sound close by. Plus very easy access to hiking, and boating for those who are into that.
Some would consider it their ideal retirement spot. B'ham and Pt. Townsend, both. But for that price, I'd want something like a half-acre lot or 1/3 acre with some cedar trees. It wasn't long ago at all, that you could get that with a nice home in Bellingham's Edgemoor neighborhood for well under 1 mill on the few properties that had modest homes on them.
Last edited by Ruth4Truth; 12-08-2023 at 10:52 AM..
Seattle is crazy as well but it has an enormous economy to somewhat support that...but Bellingham?? A wealthy retiree has an entire country to pick with lovely areas before being forced to buy a house at ridiculous prices.
They keep on buying though. According to some stats I saw, Since the pandemic, almost 1/2 of the population has moved out, replaced by 15% from California, almost 20% from the greater Seattle area, the balance being a few % from all over the place. Most are either retired or in the $200K+ income bracket. Canadians also buy into the market escaping the $1.5M + cost of just buying into the housing market across the line. With such high interest rates, even more people are forced to rent, so investors international to mom & pop are purchasing homes and renting them out. More college students (1/3rd of the population) are returning to on-campus classes. There are ads online every day for rooms for rent for $850-$900 or more that get snapped up right away, because the colleges only have housing for a small % of the student population.
I'm calling it "end stage gentrification". We have fire and EMT vehicles down due to lack of mechanics, USPS is outright failing for lack of carriers and post office workers, medical appointments are months out, restaurants are pinched between shortages of staff, high food costs, and rent/poor customers...any new hires are quickly overwhelmed, burn out, and end up quitting.
Some people want the Pacific NW outdoors, forest and marine views lifestyle without the population crush that is the greater Seattle area. The Skagit Valley area is really beautiful with Mt. Baker looming over it, and Puget Sound close by. Plus very easy access to hiking, and boating for those who are into that.
Some would consider it their ideal retirement spot. B'ham and Pt. Townsend, both. But for that price, I'd want something close to a half-acre lot with some cedar trees. It wasn't long ago at all, that you could get that with a nice home in Bellingham's Edgemoor neighborhood for under 1 mill on the few properties that had modest homes on them.
I agree on the land amount...at least getting a larger piece of property.
I guess I'm lucky that the PNW is not on my retirement plan, quite the contrary, we just bought a property in Florida.
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