Trying to choose between a luxury condo and a townhome in Bellevue’s 98004? Both offer upscale living, but the day-to-day experience, costs, and long-term value can feel very different. You want a home that fits your lifestyle, finances, and plans for the future. This guide breaks down ownership, HOA rules, financing, costs, and resale so you can buy with confidence in Downtown Bellevue. Let’s dive in.
98004 at a glance
Downtown Bellevue is the Eastside’s urban core, with high-rise luxury towers, mid-rise condos, and a limited number of townhome communities. You’ll find top shopping and dining at Bellevue Square, outdoor space at Bellevue Downtown Park, and waterfront access at Meydenbauer Bay Park and Marina. The East Link light rail began opening in phases in 2023–2024, improving access to Seattle and Redmond and supporting demand for walkable homes near stations. Many buyers here work in tech, finance, or professional services and want a lock-and-leave lifestyle with strong amenities.
Condo vs. townhome: the core differences
Ownership and governance
- Condo: You own the interior of your unit and share common elements like hallways, roofs, and elevators through a condominium association governed by CC&Rs and bylaws under the Washington Condominium Act. Review relevant provisions in the Washington Condominium Act, RCW 64.34.
- Townhome: Ownership varies. Some townhomes are fee-simple, where you own the land and structure. Others are part of a condo regime. Always confirm the recorded legal form in the deed and CC&Rs.
Insurance and maintenance
- Condos typically carry a master policy for common areas and the building shell. You insure interior finishes and contents based on the policy’s “all-in” or “bare-walls-in” scope.
- Fee-simple townhomes usually require you to insure the entire structure and contents. Ask who covers the roof, exterior walls, decks, and garages, since responsibilities vary by HOA.
HOA rules and approvals
- Both condos and townhomes can have rules on rentals, pets, parking, and alterations. Rental caps, short-term rental bans, and architectural controls are common.
- Condo financing can depend on project approval. FHA, VA, and some conventional loans require a condominium project review. Check building status early using the HUD FHA condominium resources, plus conventional guidance from Fannie Mae project standards and Freddie Mac condominium guidance.
Cost comparison: what to expect
Purchase price drivers
- Luxury condos often command a premium price per square foot for views, concierge-level amenities, and newer high-rise construction.
- Townhomes can draw premiums for private entries, attached garages, and outdoor space, which feel closer to single-family living.
Monthly costs and assessments
- High-rise condos usually have higher HOA dues because of elevators, lobby staffing, pools, fitness centers, parking garages, and complex building systems.
- Townhome dues can be lower, especially in fee-simple communities with fewer shared systems. That said, you may carry more of the exterior maintenance via your own insurance and upkeep.
- In both cases, review recent HOA statements, reserve studies, and meeting minutes to evaluate special assessment risk.
Taxes and transfer costs
- Property taxes are assessed by King County. You can verify tax history and levy rates by address with the King County Assessor.
- Washington also has a real estate excise tax that is generally paid on transfer. Your escrow and title team will confirm details for your transaction.
Financing considerations
- Lenders scrutinize condo associations, looking at reserves, budgets, and litigation. Project approval status can impact your loan options and down payment.
- Townhomes that are fee-simple usually face fewer project-level hurdles, but underwriting still reviews your finances and the property’s condition.
Lifestyle tradeoffs in Downtown Bellevue
Amenities and services
- Luxury condos deliver 24/7 or daytime concierge, secure lobbies, fitness centers, pools, and social spaces. You enjoy convenient, low-maintenance living in a walkable setting near Bellevue Square and Downtown Park.
- Townhomes offer more privacy, often with multilevel layouts, attached garages, and outdoor space like patios or roof decks. They can feel more residential while keeping you close to city amenities.
Privacy, noise, and mobility
- Condos share walls, elevators, and common spaces. High-end towers often use upgraded soundproofing, but you will have more neighbors.
- Townhomes reduce shared corridors and vertical circulation. Stairs are common, which may be a factor if you prefer single-level living.
Parking and storage
- Confirm deeded or assigned parking and storage for condos, plus guest parking policies. In 98004, on-site garage parking is common but varies by building.
- Townhomes more often include private garages and extra storage, which can be ideal if you own multiple vehicles or sports gear.
Pets and outdoor space
- HOA pet policies vary widely. Some luxury buildings limit the number or size of pets. Townhomes may be more flexible, especially with private yards or decks.
Resale and liquidity in 98004
Buyer demand is strong in Downtown Bellevue, and both property types can perform well over time. In towers, view orientation, floor level, floor plan, and deeded parking or storage can make a meaningful difference in resale. In townhomes, fee-simple ownership, private outdoor space, and a garage are often top value drivers. Liquidity can shift with market cycles. Condos sometimes face added friction if a building’s finances or project approval status changes, while fee-simple townhomes can be simpler to finance in softer markets.
Due diligence checklist for Bellevue buyers
Use this list to compare specific buildings and communities in 98004:
- Confirm legal form: Fee-simple townhome or condo regime. Review the recorded plat and declaration. See statutory framework in RCW 64.34.
- Association documents: Request CC&Rs, bylaws, budget, financials, reserve study, meeting minutes, insurance certificate, and assessment history. Ask about any litigation.
- Reserves and assessments: Look for a healthy reserve fund and planned major repairs like roofs, façades, elevators, or garage work.
- Professional inspection: Hire an inspector experienced with high-rises or townhomes. For towers, consider balcony, glazing, and waterproofing evaluations.
- Construction age and warranties: Verify builder warranties for new construction and replacement timelines for older systems.
- Insurance coverage: Confirm what the master policy covers and what you must insure. Check who pays deductibles after a loss.
- Parking and storage: Verify deeded stalls, storage lockers, EV policies, and guest parking rules.
- Rental rules: Review rental caps and short-term rental restrictions. Check the City of Bellevue’s short-term rental information along with your HOA rules.
- Financing feasibility: Confirm FHA, VA, or conventional eligibility and any condo project approval needs. Use HUD condo resources and your lender’s guidance.
- Title and taxes: Order a title report to review easements and recorded assessments. Verify tax history with the King County Assessor.
- Neighborhood and transit: Map proximity to East Link light rail and bus routes, and look into planned developments via the City of Bellevue.
- Building comps and timing: Review recent comparable sales, price per square foot, and days on market for the same building or community.
Which is right for you?
Choose a luxury condo if you want panoramic views, hospitality-style amenities, and a highly walkable lifestyle near shopping, dining, parks, and light rail. Your tradeoff is higher HOA dues and more rules, plus potential project approval considerations for financing. Choose a townhome if you value a private entrance, attached garage, and outdoor space with fewer shared systems. Your tradeoff is more responsibility for the structure and potentially more stairs.
How we help you compare, confidently
You deserve a calm, methodical buying experience backed by local expertise. Our team coordinates building and unit inspections, unpacks association financials in plain language, and aligns financing with any condo project requirements. We benchmark value with hyperlocal comps and advise on resale factors like views, floor plans, and parking. If you are selling to buy, we also provide premium listing prep and valuation strategies.
When you are ready to compare specific buildings or communities in 98004, schedule a private consult with Karen Balkin. If you are also planning a sale, Request a Confidential Home Valuation and we’ll map the entire plan from prep to keys.
FAQs
How do HOA fees compare for Bellevue luxury condos vs. townhomes?
- High-rise condos often have higher dues because of elevators, concierge staffing, garages, and amenities, while townhomes can be lower if there are fewer shared systems, but always review each community’s actual budget and reserve study.
Are condos harder to finance than townhomes in Downtown Bellevue?
- Sometimes, because many lenders require a condo project review and strong association financials; confirm early using the HUD FHA condo resources and your lender’s Fannie Mae or Freddie Mac requirements.
What hidden costs should 98004 buyers watch for?
- Special assessments, insurance coverage gaps, higher master policy deductibles, parking or storage fees, and utility allocations can all impact your monthly budget depending on the building or HOA.
How do rental and short-term rental rules affect investors in Bellevue?
- Many associations limit rentals or short-term stays, and city rules also apply; review HOA documents and the City of Bellevue’s short-term rental information before you buy.
Where can I verify property taxes for a Bellevue condo or townhome?
- Use the King County Assessor to check assessed values, levy rates, and tax history by parcel or address.
