Buying a new construction condominium in downtown Bellevue is not the same as buying a resale. The process is different, the risks are different, and the due diligence you need to do is different. Most buyers who have only purchased resale are not prepared for the specific dynamics of new construction – and that gap can be expensive.
This guide gives you the honest version.
The Presale Process
Most new construction condos in downtown Bellevue are sold as presales – meaning you sign a purchase contract and pay a deposit before the building is complete. At One88, Avenue Bellevue, and Mari, presales drove the majority of initial sales activity. Park Row’s upcoming launch will follow the same model.
When you buy presale, you are purchasing based on floor plans, a model unit if available, a finish specification sheet, and a developer’s representations about the building. You cannot walk through your specific unit or verify the view from floor 23 of a building that does not yet exist.
Evaluating the Developer
The most important question in any presale purchase is: does this developer have a documented track record of delivering what they promise?
Bosa Development (One88, Park Row) is among the most respected luxury condo developers in North America, with decades of comparable projects across Vancouver, California, and the Pacific Northwest. Buyers of One88 have consistently reported that the finished building met or exceeded what was promised.
Almost every major downtown Bellevue condo project has delivered later than the original schedule.
Silverstein Properties (Avenue Bellevue) brought institutional credibility and delivered at the quality level it promised. Create World (Mari) was newer to the market but delivered a building that has been received positively by its owner community.
Before committing to any presale, research the developer’s completed projects. Talk to owners in those buildings.
Presale deposits in Washington State typically range from 5% to 20% of the purchase price. On a $1.5 million unit, that is $75,000 to $300,000 in earnest money held in escrow for 12–24 months while the building is constructed. This capital is generally not earning a return and is at risk if the market moves materially before closing.
Understand the deposit return terms in your contract. Under what conditions can you exit without forfeiting the deposit?
The Timeline Risk
Almost every major downtown Bellevue condo project has delivered later than the original schedule. One88 was delayed from spring 2020 to fall 2020. Budget flexible housing arrangements during the construction period. Do not sell your current home with a firm move-out date tied to a new construction closing date.
Is It Worth It?
For buyers who can absorb the timing uncertainty and the deposit illiquidity – yes, new construction in downtown Bellevue has historically rewarded patience. The quality of the finished product at One88, Avenue Bellevue, and Mari validated the investment for their buyers. Park Row, coming from Bosa with the largest amenity package in downtown Bellevue history, is positioned to do the same. Just go in with eyes open.
