Bellevue, Wash., get ready to experience the Amazon effect.
With the tech giant possibly cooling on Seattle and focusing its regional growth plans on the nearby city across Lake Washington, tech-powered real estate company Redfin predicts Amazon could set off a “real estate frenzy” in Bellevue. Already a more expensive city than Seattle, Bellevue could soon become inundated by younger buyers looking to live close to work, Redfin says, in addition to the well-heeled families that already like the city for its top-notch schools, mix of suburban and urban style and proximity to the mountains.
Like the region as a whole, Bellevue’s housing market has cooled in recent months, with home prices dropping 6.2 percent in January over the prior year. However, there are signs that the downturn in the local housing market may only be a short-term blip, and with Amazon coming to town things could heat up fast.
For years, Amazon has grown rapidly in its hometown of Seattle, providing thousands of high-paying jobs that attract top talent from around the globe. Amazon’s rise has put pressure on the city, pushing Seattle to the title of the nation’s hottest housing market for nearly two years, and leading to plenty of growing pains.
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