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Sprawled between Lake Washington and Lake Sammamish, Bellevue is a city steeped in cultural history and scenic beauty. With its origins tracing back to the Ice Age, Bellevue serves as the embodiment of an upscale legacy framed by lush parks, cultural landmarks, and historical buildings. Nestled in King County of Washington, Bellevue extends as the third-largest city in Seattle Metropolitan area. Known for its transforming skyline, this dynamic city has evolved beautifully, integrating the allure of rich history with the modern conveniences of an elite lifestyle.

Understanding the Bellevue Luxury Real Estate Market

The current exclusive property market in Bellevue is robust and stable, reflecting strength in the face of economic uncertainties. The demand for luxury homes and apartments maintains a healthy balance, aligning smoothly with the available supply. As it rests on a stable political and economic setting, Bellevue's property market remains immune from volatile shifts, ensuring reliability for real estate investments.

Costs Associated with Buying Property in Bellevue

When investing in Bellevue's luxury property market, you're likely to face certain additional costs. These could include elements like transfer tax, realtor commissions, notary fees, and possibly construction inspection or legal costs. The real estate commission for a buyer in Bellevue generally ranges from 2.5% to 3%, while the seller may have to pay around 5% to 6%. The transfer tax on private property is typically approximately 1.28%.

Taxation Aspects for Residents and Corporations

For residents of Bellevue, there's no wealth tax levied on the private ownership of houses. Tax on profit from the sale of main residence isn't levied, provided the house has been used for at least one year. For a second home, tax laws require you to pay on the net profit. Corporate tax for registered companies within Bellevue tends to average at 21%. The income tax for residents, without any local or county additions, is generally around 10%.

Regulations Around Mortgages and Purchase Prices

Mortgage requirements suggest a down payment of at least 20%, though exceptions may apply based on income and credit details. The purchase price determines the maximum mortgage that one can get, but typically, lending entities don't offer over 80% of the home value.

Elite Areas and Accessibility

Bellevue's luxury homes are concentrated in desirable areas like Meydenbauer, West Bellevue, and Clyde Hill. Accessible via major roads like I-405, and SR-520, Bellevue is also adequately served by the Sound Transit rail service. Just 10 miles away from Seattle, it offers the advantage of proximity to a major city. The city's airport, the Bellevue Airfield, and the nearby Seattle-Tacoma International Airport make it convenient for national and international travel.

Educational Institutions and Amenities

Bellevue is home to reputed schools and universities such as Bellevue College, Interlake High School and Ardmore Elementary School. The city has first-rate healthcare facilities like Overlake Medical Center and Kaiser Permanente Bellevue Medical Center.

Lifestyle and Culture in Bellevue

Rich with opportunities for outdoor activities like boating, golfing, hiking and skiing, Bellevue offers a robust lifestyle. Luxury shopping options abound in Bellevue Square and The Bravern. Renowned hotels like Bellevue Club Hotel, restaurants like John Howie Steak and high-end clubs make up the city’s exclusive lifestyle offerings. Cultural events like Bellevue Arts Fair, Bellevue Jazz & Blues Festival are hosted annually. Bellevue also hosts reputed art venues like Bellevue Arts Museum and The Theatre at Meydenbauer Center. The city's well-planned infrastructure, lush parks, and picturesque landscapes make it an ideal location for luxurious living.