NEXUS Seattle Archives - SeattlebyDesign | Condos & Lofts, Houseboats, Waterfront, & Residential Real Estate

The Condo Comeback: NEXUS Will Be “First and Foremost” Among the “Few” High-Rises for Sale in Downtown Seattle

Following a record apartment construction surge that delivered more than 12,000 new rental housing units in downtown Seattle, it’s curious that, since 2011, only 866 condominiums were added. What’s more extraordinary is that so few of those new condominiums remain available to purchase today. Simply put, 99-percent of what was built for sale in the last five years has been sold and more than two-thirds of what’s planned for delivery by 2019 is already reserved through priority pre-sale.
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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.”
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Nearly 22% of Seattle’s Renters are Qualified Buyers

MARC STILES REPORTED IN A RECENT PUGET SOUND BUSINESS JOURNAL FEATURE THAT “MORE THAN A FIFTH OF RENTERS IN SEATTLE COULD AFFORD TO BUY HOUSES,” A FACT THAT IS CONTRIBUTING TO THE SEEMINGLY EVER-RISING COST TO RENT IN SEATTLE.

Seattle’s rent is currently growing faster than any other city in the U.S., this according to the Seattle Times as June 2015 vs. June 2016 rent comparisons revealed a staggering 9.7% increase. What’s more, “rents are soaring so fast that June’s 1.1 percent monthly price gain in the Seattle area beat out the growth that Chicago and Washington, D.C., have seen in an entire year.”
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Seattle Rentals Show Largest Increase in Nation

A Zillow report released on July 22 shows Seattle rents rising faster than in any other U.S. city, increasing 9.7% from June 2015 to June 2016. Average monthly costs have risen nearly $500 over the last four years and have now exceeded the $2,000 mark for the first time in Seattle’s history. Although there has been nearly constant construction adding thousands of new units, the rental market continues to grow undeterred. In 2011, Seattle’s rent was about $300 more than the U.S. average; now, in 2016, it has more than doubled to $620 above the U.S. average.
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What a Difference A Year Makes: Downtown Seattle Condominium Market Values Swell 28% in 2016

Eager homebuyers rallied during the first half of 2016 increasing unit absorption and median home prices by 48% and 28%, respectively according to analysis of Northwest Multiple Listing Service data released as of June 30^th. The typical condominium is selling in just over a month with a median home value of $575,000. However, a closer look reveals that 135 of the 381 condominium closings so far this year were in the INSIGNIA condominium tower, a new construction development (and one remaining developer-owned unit in the Four Seasons Private Residences) whereas there were effectively no new construction deliveries or closings during the same term in 2015. When removing this spike of higher-priced, new inventory in the overall resale market still expanded by 22% year-over-year but total resale closings actually decreased 5% with 246 homes in 2016 (including a few resales at INSIGNIA) against closings of 258 units in the first half of 2015.
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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.
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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 1^st Avenue on June 4 and 5^th. 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 4^th 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.
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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.”
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Seattle is Among the World’s Most “Future-Ready” Cities

In a recent article published by the Seattle PI, Daniel Demay declares “Seattle among the World’s Most ‘Future-Ready’ Cities,” according to a report released by Dell. As Demay begins, “say what you will about the tech boom in Seattle – it’s good for having a future-ready economy” as it was ranked 13^th among 50 cities around the world.
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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.
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