Now that the 4,000+ team at Expedia Group has moved to its $900 million new digs in Interbay, the real estate question begging to be asked is “Where can I afford to live closer to work?” – presuming you or someone you know are employed by the online travel reservations powerhouse.
There are a few factors to consider: Are you in the market for a single-family home or townhome? Do you prefer to live in a condo? Other questions revolve around price range and how far you are willing to commute. Let’s break it down.
Interbay is one of the least residentially developed areas of Seattle. It’s located on the edge of Elliott Bay, just southeast of Magnolia, north of Belltown, west of Queen Anne and south of Ballard. For Expedia, its isolation is a blessing and a curse – located on a wonderfully designed campus but difficult to reach.
Single-family homes – If budget is less of a concern and you have a family, you may want to start searching for homes in the immediate neighborhoods to the east and west.
Homes in Magnolia and Queen Anne were priced at about $525 a square foot in 2019, a figure that is generally shaped by the age and location of the home. The median price on 28 currently listed, single-family and townhomes in Magnolia is $1.4 million, and homes sold over the past 6 months at a median of $1.04 million. For comparison, homes across all of Bellevue – the former home to Expedia – sold for $516/sq. ft. in 2019 and had a median price of $766,500 in the past 6 months’ of sales.
The median price in Queen Anne is currently $1.386 million on 36 active listings and $1.035 million on homes sold in the past 6 months. Ballard, a more active commercial/residential part of the city, offers comparatively affordable homes, with a median price of $739,995 on 14 current listings and $732,000 on sold inventory in the past 6 months. (There are no single-family homes in Belltown.)
Condo homes – Queen Anne, Magnolia and Ballard offer a wide selection of condo homes – generally older structures than those mid- and high-rise buildings in Belltown – and, therefore, more affordable. Magnolia offers condo homes in the $349,500 median level – with only six active listings – after selling at a median of $445,000 over the past 6 months. Queen Anne condos are currently on the market at a median price of $550,000 after selling in the past half-year at a median of $500,000.
Ballard condos are actively listed around $480,000 – with only five listings – after selling at a median figure of $438,000. Many of these condos offer basic amenities – maybe a fitness center or outdoor common area for grilling … or maybe not. Belltown, meantime, had an average price per square foot of $755 in 2019. Homes are selling there (my home base) at a median price of $800,000 – usually with many amenities and higher homeowners dues – after selling the past 6 months at a median figure of $578,000.
Using INRIX DriveTime technology through the Northwest Multiple Listing Service database, there are currently more than 500 homes on the market that are within a 30-minute commute of Expedia (1111 Expedia Group Way West). The intricate commuter boundary – based on historical driving patterns – covers a tall swath from as far north as Bitter Lake, south to Georgetown, and from West Seattle to a small slice of Clyde Hill. Sorry Bellevue, you are more than a half-hour away. Even a 10-minute reduction in the commute generates just more than 300 active home listings (as of this writing), about two-thirds of them condos. There is no shortage of homes close to Expedia but finding one that fits a buyer’s search criteria can be a different story.
Wishing to do your part and travel by bus, King County Metro delivers people near the Helix Pedestrian Bridge, the main passage from Elliott Avenue West to the expansive Expedia campus on the west side of a train yard. King County Metro features the fast-paced D bus as well as more localized 1, 19, 24, 32 and 33 routes to the bridge (or within a close walking distance).
Commuting more than 30 minutes out will include a cost quotient that could become prohibitive. Factor in your time (there’s a value to that, you know!), the price of sitting in traffic, plus the cost of gas and wear & tear on your vehicle and, well, the bottom line will add up. Trade those costs – anywhere from $13,000 to $18,000 a year, according to some published reports – and you quickly see the value of trading in your long commute for a short trip from a neighborhood near Interbay.
(Expedia offers shuttle service to and from the Eastside, as well as a large bike storage facility on campus to give commuters options outside of the use of personal vehicles. Your personal-cost quotient can vary dramatically whether you are conveniently located near a shuttle drop-off/pick-up location – or not.)
If you have children seeking a public education, living in Queen Anne, Magnolia and Ballard will channel your boys and girls to schools with better-than-average reputations. (See for yourself on GreatSchools.org.)
As you can see, there are many factors to consider when (and if) you consider a move closer to campus. Having the help of a real estate professional will make a move run smoothly and bring peace of mind.