John L. Scott broker Frank Ceteznik was quoted in this Seattle Times article about a partnership between the Bellevue School District and Landed. The aim of the partnership is to help Bellevue teachers live where they teach through down payment assistance.
Neal Morton | Seattle Times
Bellevue teachers — who banked on double-digit pay hikes starting this school year — still might not find it easy to live on the Eastside.
Median home prices in and around Bellevue are nearing $1 million, meaning new teachers in the Bellevue School District, even if they saved a full tenth of their salary each year, should expect to wait roughly 34 years before they would be able to afford a 20 percent down payment on an Eastside house. Even teachers earning the max salary in Bellevue — just under $111,100 — would have to save until 2032.
The school district has started talks with Eastside developers to see if they can make room in mixed-use buildings for affordable units for educators. But on Thursday, district officials announced another potential solution: A startup company, founded by a former Bellevue student, would split the cost of a down payment for teachers and other school staff — provided they agree to share a quarter of any profits made on the sale of the property in the future.
To read the full article, click here: San Francisco startup wants to help Bellevue teachers buy their homes