One88 – First New Condo in Downtown Bellevue in Nearly a Decade

Bosa Development has done it again. Their condominium project in Bellevue will be the first building coming out of the ground in Bellevue in a nearly a decade. They did the same with their Seattle project, Insignia, which was the first new construction condo tower to be built after the recession.

One88 had a Broker Preview Event yesterday at which we learned more about the unit makeup, design, amenities and basic price ranges.

Our Insights:

• The pricing is not for the faint of heart but based on demand and the lack of available options in Downtown Bellevue, the developer feels that the price point will be well received. We had this same sentiment when the Insignia pricing was released but those units were well received and sold fairly quickly leaving the buyers who purchased as pre-sales with a ton of equity once the building closed.
• One main benefit is that all of the units have outdoor space. There are several units with large patios and due to the design of the building some decks are more exposed and some more private so buyers will have options when it comes to the level of privacy/openness when it comes to deck spaces.
• All of the floorplans we have seen so far have interesting angles and layouts that are not typical to other projects we have seen.
• Another uniqueness is that overall most of the homes are larger floorplans with only 20% of homes being 1 bedrooms with the remainder being larger 2 and 3 bedroom floorplans.

The Basics of One88:

• The price ranges start in the low $800’s and of course go up from there (there are very few homes below $1M)
• HOA Dues will range from approximately $600/month up to $2,450/month
• The building is mostly 2 and 3 bedroom homes with only 20% being 1 bedroom homes
• 143 units on 21 floors
• There are two color/finish palettes to choose from (they are not allowing customization)
• Units finishes/features: 9.3 foot ceilings, solid core doors, hardwood flooring, Caesarstone countertops with angular waterfall edge, high-performance Gaggenau stainless appliances, gas cooking, Nest thermostats, built-in USB ports in kitchen and master bedrooms, Kohler fixtures
• Amenities: 24 hour concierge, lounge with kitchen and outdoor terrace area, yoga studio, fitness center, golf simulator, pet retreat, and indoor pool with steam room and sauna
• Earnest Money deposit will be 5% of the purchase price at signing and 5% of the purchase price on August 31st

Price Ranges:

• Floors 3-5
  • 1 bedrooms between 752-810 square feet: From low $800s to mid $900s
  • 1 bedrooms + flex between 956-1,184 square feet: From high $800s to mid $1Ms
  • 2 bedrooms between 1,095-1,353 square feet: From high $1.1Ms to high $1.4Ms
  • 2 bedrooms + flex between 1,259-1,524 square feet: From low $1.3Ms to high $1.6Ms
  • 3 bedrooms between 1,949-2,505 square feet: From low $2.2Ms to high $2.7Ms
  • 3 bedrooms + flex between 1,688-2,849 square feet: From mid $2.3Ms to high $2.4Ms
• Floors 6-9
  • 1 bedrooms + flex at 1,025 square feet: From high $1Ms to mid $1.1Ms
  • 2 bedrooms between at 1,353 square feet: From low $1.3Ms to high $1.3Ms
  • 2 bedrooms + flex between 1,404-1,542 square feet: From high $1.3Ms to high $1.7Ms
  • 3 bedrooms at 1,949 square feet: From high $2.7Ms to high $2.8Ms
  • 3 bedrooms + flex at 1,688 square feet: From mid $2.4Ms to high $2.5Ms
• Floors 10-20
  • 1 bedrooms at 1,025 square feet: From mid $1.1Ms to mid $1.2Ms
  • 1 bedrooms + flex at 1,025 square feet: From low $1.1Ms to high $1.1Ms
  • 2 bedrooms at 1,353 square feet: From high $1.3Ms to high $1.5Ms
  • 2 bedrooms + flex between 1,404-1,542 square feet: From mid $1.4Ms to mid $2.1Ms
  • 3 bedrooms at 1,949 square feet: From mid $2.9Ms to high $3.3Ms
  • 3 bedrooms + flex at 1,688 square feet: From mid $2.6Ms to mid $3Ms
• Floor 21
  • 3 bedroom penthouse- between 2,170-2,948 square feet: pricing upon request

If you are interested in hearing more, checking out their sales center and seeing their model unit build-out they are setting up appointments for agents with their clients the week of the 22^nd. If you are interested, let us know and we are happy to set us up for a private preview with you. At that appointment is when the sales team will release information on the sales process as they have not released that information yet.