Throughout the years, we have befriended many quality real estate brokers around the country and other parts of the world. In our effort to always provide the best possible service to our clients, we have built professional relationships and friendships with the best of these brokers and touch base on a regular basis to discuss how our individual regions are changing while learning about new services and technologies they’ve implemented. This year, we will share a collection of articles co-written with some of these amazing professionals.
Market Watch Q3 2016 – Downtown Seattle Condominiums
The in-city housing market in our Emerald City has a split personality. Buy or rent, the message is the same – it’s going to cost more and more to live here. This fact is reigniting the debate between renting and homeownership and developers are listening.
Downtown Seattle is a very robust rental market, which has welcomed more than 12,500 new construction units since 2011. Despite this massive increase in supply, economist Brian O’Connor says rents have still grown by more than 40-percent over this term due to an imbalance with supply and demand. According to Zumper, Seattle is now in the top ten most expensive rental markets in the nation with a median price of $1,800 per month (half are more, half are less) for one-bedroom apartments. Average rents of newer apartment towers downtown can demand $3.50 to $4.25 per square foot, per month. So a 600 sq. ft. one bedroom could easily cost a renter $2,100 to more than $2,500 per month. That kind of monthly payment could service a healthy mortgage. Recently, Zillow stated that 22-percent of Seattle’s renters can afford to buy. They have the incomes and credit scores to own, so why don’t they?
The Seattle Times Says, “Smart Connections Planned at Downtown Tower”
A RECENT ARTICLE PUBLISHED BY THE SEATTLE TIMES DESCRIBES THAT “REPRESENTATIVES AT NEXUS SAY THEY ARE ENGINEERING A ‘SMART CONNECTED BUILDING’ AND IN THE PROCESS ADDING A NEW DIMENSION TO URBAN LIVING.”
The commencement of construction on the NEXUS condominium tower in downtown Seattle quickly approaches, and executives of Burrard Group and Sirqul announced a new alignment that will redefine what it means to “live in the cloud.”
First Glimpse | NEXUS Lobby and Restaurant Space
Weber + Thompson released some preliminary renderings of the lobby and plans for the ground level of NEXUS to include a boutique, 400 sq. ft. specialty coffee shop that’s open to the lobby, and a destination 2,800 sq. ft. restaurant and bar.
The building will be accessed across a water feature along a catwalk with frameless glass on either side, creating a portal experience that separates the resort style lobby from the street.
Burrard Group Confirms 244 of 374 Condominiums Reserved at NEXUS During Preview Weekend
Reservations could represent more than $200 million in presales; median home prices rise in downtown Seattle.
The Burrard Group has accepted 244 first-position, unit-specific reservations for priority presales at NEXUS, a new 374-unit high-rise condominium tower located at 1200 Howell Street in downtown Seattle. Project representatives at Realogics Sotheby’s International Realty report that more than 500 prospective homebuyers were processed through the NEXUS Preview Center at 2715 1st Avenue on June 4 and 5th. Several groups camped out overnight to ensure a first place in line while a crowd of approximately 130 were queued up by 11am on June 4th when the reservation event commenced. Prospective homebuyers were offered an individual home for priority presale with a price range for a $5,000 fully-refundable deposit to be held in escrow. Reservations will convert to a Purchase and Sale Agreement during the Fall of 2016, commensurate with the opening of a formal sales center and the ground-breaking of the development. NEXUS is scheduled for occupancy by mid-2019.
The PSBJ Reports on NEXUS: “A New Center of Gravity in Downtown Seattle”
An article published today by the Puget Sound Business Journal says “a new neighborhood is emerging in the northeast section of downtown Seattle, and by 2020 it will be a new residential core featuring cutting-edge apartment and condominium buildings, a variety of restaurants and retail, as well as places to meet and work. In the heart of this so-called ‘East Village’ neighborhood will stand NEXUS, the first condominium tower to open in the neighborhood, offering buyers the opportunity to own their share of downtown Seattle’s future and a slice of the ever-expanding skyline.”
Realogics SIR Partners with The Burrard Group on Next Generation Condominium Tower, NEXUS Seattle
The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019. The developer has appointed key members of the development and marketing team and confirms that all units will be offered for sale, citing a point of inflection in the buy vs. rent debate amongst urban dwellers in one of North America’s fastest-growing cities.
Market Spotlight: Belltown & Downtown Seattle
Belltown is named for William Nathaniel Bell, one of the original settlers whose heavily forested land became downtown Seattle. The Belltown/Downtown area is where many Seattle landmarks like Pike Place Market and Smith Tower are found. Fortune 500 companies Nordstrom and Expeditors International are headquartered here. Among the many ongoing projects downtown, work began in June 2015 to lay the foundation for Weyerhaeuser’s new headquarters in Pioneer Square, to be opened in 2016; and the Pioneer Building on First Avenue has been purchased for redevelopment as co-working space and suites for small businesses and entrepreneurs. The pioneers’ clapboard houses are long gone and virtually all recorded sales are now of mid-rise and high-rise condominiums in this vibrant, 21st century city.
The Chinese Markets are in Turmoil, so What Does this Really Mean for Puget Sound Real Estate?
On August 29th, King 5 News reporter Ted Land interviewed Dean Jones, President & CEO of Realogics Sotheby’s International Realty, to get his views on the Chinese stock market correction and whether that signals the end of overseas investment in the Seattle/Bellevue metro area.
Sotheby’s Intl Realty’s Luxury Lifestyle Report
“We observe China as the soon-to-be largest economy and a wealth engine with a high propensity for its nationals to seek financial safe harbor and education overseas. Asian demographics are the fastest-growing segment in Washington State with the greatest number stemming from China.”
Other markets covered in the report include The United States, The United Kingdom, and Brazil. View more insights in our Luxury Life report.