Bellingham, WA–(BUSINESS WIRE)–Bellingham’s real estate market is in a state of flux, with major developments taking place across the state.
According to local real estate agents, many people are looking for the best deals, but some are even asking if they can buy at a discount to the current asking price.
As the season of real estate starts up in Bellingham and the region, some are asking if the prices will drop to the same level as what they are in Seattle.
For those who are curious about the market, this is what Bellingham’s major condo developments look like.
The most recent condo project was announced this week, which was the largest in Bellingham’s history.
The condos are expected to bring up to 50,000 square feet of retail, residential and office space, according to the Bellingham News.
The units are expected open in 2021.
For the past year, Bellingham has been on the front line of a rapid development that is creating a great deal of demand.
The Bellingham Market has grown exponentially, but it has also taken a toll on the real estate landscape.
For one thing, the region has been a real estate powerhouse for the last decade, but the number of condos is growing exponentially, according the Bellingan News.
In the last six years, the average sales price of a Bellingham condo increased by $4,000 to $1.85 million, according property brokerage and real estate broker J.D. Lechner.
However, the demand for condos is not only high.
According to J. D. Leichner, the Bellinger real estate industry is experiencing a boom of sorts as developers continue to build more and more condos.
This year alone, there were over 1,200 new condo units built in Bellingsley, and this is a number that has not been seen since 2008, Lechning said.
The average number of condo units sold in Bellinger is about 30 units per year, which is a 25 percent increase from last year, according Lechners.
In addition to the condo boom, the city has also been able to tap into its population growth and has seen a steady increase in the number and number of businesses in Bellering, according LECHNER.
This is also one of the reasons why many people have come to Bellingham to look for the perfect deal.
The city has a long history of bringing in new residents from across the country to work in the city, but many of those new residents are now looking to buy a condo or house.
While many Bellingham residents may not want to pay as much as the average person, a condo is the best deal because they can save hundreds of dollars per month, according J.L. Leechner.