Redevelopment in Bellevue, Washington is a very real thing. The Nov. 3rd Seattle Times has an article about Mid-Century homes being purchased, demolished, and resold with modern construction houses in it's place. According to the times, I should be very worried and upset.
The homes in these neighborhoods are being purchased for $600,000 - $800,000 and resold for $1.2mil or more.
I'm writing about this today, because I'm not sure what to feel about this. I love Mid-Century homes, so part of this is painful. Blame my nostalgia for an unremembered past. The homes, as they stand are perfectly capable of housing single families. This isn't a windfall for density. It's trading old single family homes for new (larger) single family homes. I'm sure this is great for the construction sector. Builders, electricians, painters and so on can use any amount of business possible.
What are the ramifications of this type of redevelopment? Is this just an example of the natural turnover of an urban neighborhood? Will it matter in the long run? Growth is good, right? The article is trying to say that the new home buyers are foreign investors. It is quietly claiming that the neighborhood will no longer exist because the houses are going to sit vacant. It comes across as another reason to fear our neighbors.
I think this is all part of the process of a city growing. I wish there wasn't a demand for larger and larger single family homes. Do I feel this way because of a generational difference or an urban vs. suburban lifestyle difference? I know I'm not alone in thinking this way. One nice thing about this type of redevelopment is that it isn't leading to more suburban sprawl.
What do you think? Let's start a conversation on twitter @rent_guru
Here is a link to the article in The Seattle Times http://seattletimes.com/html/localnews/2024939484_bellevuenewhomesxml.html