Choosing between a sleek new high-rise and a well-kept resale in Downtown Bellevue can feel like a coin toss. You want a walkable, transit-friendly lifestyle and a smart investment, without surprise costs or delays. In this guide, you’ll see how new and resale condos differ on price, HOA dues, financing, contracts, building quality, and long-term risk so you can decide with confidence. Let’s dive in.

Downtown Bellevue condo snapshot

Downtown Bellevue is a regional hub for tech, retail, and dining, with a growing skyline of high-rise homes. The East Link light rail opened through downtown in 2023, improving connections to Seattle and Redmond and supporting demand for homes near stations. City policies encourage dense, mixed-use development, which sustains a steady pipeline of new projects and amenities. Prices and inventory can shift with interest rates, employment trends, and the return-to-office cycle, so building-by-building analysis is key.

Cost basics: monthly and long term

Focus on your effective monthly cost, not just the purchase price. Tally your mortgage, King County property taxes, HOA dues, utilities, HO-6 condo insurance, parking or storage fees, and any ground-lease or project-specific fees. Add a realistic estimate for special assessments or future capital projects based on the HOA’s reserve study. A condo with a lower sticker price can still cost more each month if dues and upcoming projects are significant.

Property taxes follow county assessments. New construction can see a step-up in assessed value at creation or purchase, so plan for that change. HOA dues in new buildings often run higher because of robust amenity packages and start-up budgets. Resale buildings may have lower dues, but reserves and upcoming work matter more than the headline number.

New construction: pros and tradeoffs

What you gain

New buildings meet current codes for seismic, mechanical, accessibility, and energy efficiency, which can reduce near-term maintenance risk. You often get modern amenities like staffed lobbies, fitness centers, co-working areas, and rooftop spaces that support future resale appeal. Limited builder warranties can cover certain defects in workmanship and systems for a defined period. Some developers allow finish or upgrade selections before closing, which creates a turnkey, tailored home.

What to watch

HOA dues are often higher because of premium amenities and initial service contracts. Many new projects are not immediately eligible for FHA or VA loans, which can limit financing options for some buyers. Appraisals may be more sensitive when few comparable sales exist, and early HOA years can bring governance uncertainty until owner-elected boards take over. If you buy pre-construction, weigh deposit schedules, possible construction delays, design changes, and interest rate risk at closing.

Resale condos: pros and tradeoffs

What you gain

Resale units often offer better price per square foot, especially if you are open to cosmetic updates. The HOA has an operating history, which helps you evaluate reserves, dues trends, and board practices. FHA and VA approval is more common in established communities, improving loan options. You can usually move in on a predictable timeline and avoid construction risk.

What to watch

Older systems and building envelopes may be closer to replacement, and special assessments can arise for big projects like roofs or mechanicals. In the Pacific Northwest, water intrusion has been a costly issue in some multifamily buildings, so a detailed inspection is critical. Amenities may be more modest compared with newer towers, which can lower dues but also affect lifestyle and resale positioning. Renovations are subject to HOA rules, so review restrictions before planning changes.

Financing and approvals

Lenders underwrite both your unit and the condo project, including HOA financials and owner-occupancy ratios. Confirm early if your loan type requires project approval, especially for FHA or VA financing. New buildings sometimes lack these approvals at first, which can limit options or require alternative loan products. If you are buying pre-construction, understand earnest money schedules, interest rate exposure before closing, and the documentation your lender needs from the developer.

Contracts and disclosures

New construction purchases typically use developer-drafted agreements with timelines, allowances for design changes, and deposit schedules. You should receive a public offering statement or similar disclosure package describing the condo, rules, budgets, and warranties. Resale purchases use standard contracts with contingencies and require a resale certificate that includes rules, budgets, financials, reserve studies, insurance, meeting minutes, and any pending litigation. For both paths, plan time to read CC&Rs, bylaws, rules, the latest budget, bank statements, reserve study, insurance declarations, and meeting minutes.

Building systems and amenities

New buildings benefit from current codes that improve seismic resilience, energy performance, and accessibility. That can lower near-term repair risk and inform insurance decisions, including whether to add earthquake coverage to your HO-6 policy. Amenity-rich buildings can support future buyer demand, but they typically carry higher dues. With resales, you might trade cutting-edge amenities for lower monthly costs and the chance to customize through renovation.

Governance and community risk

Evaluate how the HOA is run. Look for professional management, consistent reserve contributions, and clear financial reporting. Newly formed HOAs may lack an operating track record or owner-elected boards during early sales phases, which creates governance risk. Review rental policies, investor concentration, and any pending litigation, since these can affect financing, resaleability, and assessments.

Inspections and maintenance in the PNW

Order a professional inspection for any condo, even new construction. For new units, complete a thorough pre-closing walkthrough and document punch-list items to preserve warranty claims. For resales, pay special attention to moisture and envelope conditions, window seals, HVAC performance, and past repair history. Ask for building inspection reports and maintenance logs if available.

Decision checklist for Bellevue buyers

Use this quick filter to choose between new and resale:

• Confirm financing: Is your loan type, including FHA or VA, allowed in the project?
• Total monthly cost: Compare mortgage, HOA, taxes, insurance, parking, and utilities.
• Timing: Do you need to move soon, or can you wait for construction completion?
• Risk tolerance: Are you comfortable with a new HOA lacking long operating history, or do you prefer an established association?
• Renovation appetite: Do you want turnkey finishes, or are you open to remodeling a resale?
• Amenities vs dues: Which amenities will you actually use, and do they justify the monthly cost?
• Location and views: Verify actual orientation, floor height, and noise exposure, not just marketing renderings.
• Resale potential: Review comparable sales in the building or nearby to gauge future liquidity.
• Key documents: For resales, request the resale certificate. For new, review the public offering statement and draft CC&Rs.

Common buyer scenarios

Turnkey commuter

If you want a move-in-ready home near light rail and office hubs, new construction offers modern systems and amenities. Budget for higher dues and confirm financing options if you need FHA or VA. Evaluate the developer’s delivery track record, especially if buying before completion. Prioritize units with verified views and low noise exposure.

Value-focused renovator

If you want more space or value per dollar, resales often deliver. Look for solid reserves and a clear maintenance history to reduce assessment risk. Plan a renovation budget and confirm HOA rules for flooring, kitchen work, and timelines. A well-updated resale can match modern finishes while keeping overall costs lower.

FHA or VA borrower

Established buildings are more likely to be approved for FHA or VA loans. Ask your lender to confirm project approval before making an offer. New buildings may gain approvals later, but timing is uncertain, so keep a backup plan. Compare total monthly costs across several buildings to find the best fit.

Investor or future renter

Check rental caps, minimum lease terms, and any waiting lists. Amenities can attract tenants, but higher dues affect net income. Focus on building durability, HOA financials, and long-run maintenance plans. Review past rental performance if available and confirm lender requirements for investment properties.

Timeline and process tips

Start with financing pre-approval and clarity on your maximum all-in monthly cost. Shortlist buildings that fit your lifestyle, commute, and transit preferences, then compare HOA budgets, reserve studies, and rules. Line up an experienced inspector and request essential documents early so you can use your review period effectively. Before committing, verify views and orientation, estimate potential assessments, and check appraisal support based on recent Downtown Bellevue condo sales.

Local factors to weigh

Light rail access and proximity to major employers can influence demand and price premiums, so location within Downtown Bellevue matters. The region faces seismic risk, which makes code updates in newer buildings meaningful and may inform your choice to add earthquake coverage. Site-specific hazards are uncommon in the downtown core, but ask for relevant maps if you have concerns about stormwater or flooding. Market momentum can be tied to the tech sector, so consider how employment shifts might affect your timeline and resale plans.

Work with a trusted guide

Choosing between new and resale is not just about finishes, it is about the project’s financial strength, governance, and long-term risk. You deserve a clear, data-informed process that protects your time and money. If you want a concierge approach to due diligence, negotiation, and closing, reach out to Michelle Codd for personalized guidance in Downtown Bellevue and across the Eastside.

FAQs

Are HOA dues usually higher in new buildings?

• Often yes. New buildings tend to offer more amenities and start-up service contracts, which raise dues, but always compare line-item budgets and reserve contributions.

Can I use an FHA or VA loan on a new condo?

• Only if the project is approved. Many new buildings are not immediately FHA or VA eligible, so confirm status with your lender early.

How risky is buying pre-construction in Bellevue?

• Risks include construction delays, changes from model specifications, financing and market shifts before closing, and the developer’s solvency. Review the contract for deposit protections and remedies.

Should I be concerned about past water-intrusion issues?

• Yes. Water intrusion can be costly and may affect insurance and reserves. Review maintenance history and consider moisture or envelope assessments, especially in older buildings.

What happens if the HOA levies a special assessment?

• The unit owner is responsible for their share. Review reserve adequacy and upcoming capital projects to gauge the likelihood.

Are Downtown Bellevue condos a good investment?

• It depends on your goals, rental rules, and timing. Strong job anchors and transit access support demand, but evaluate each building’s fundamentals and rental restrictions before you buy.