New Construction High-Rise Targets Discerning Down-Sizers & Globally-Minded Buyers with 3,000+ SF Homes
The Burrard Group, a Vancouver, BC–based real estate development company, and Realogics Sotheby’s International Realty (RSIR) recently announced the release of new floor plans atop NEXUS Condominiums – a new, 41-story high-rise community being built at the corner of Howell Street and Minor Avenue in downtown Seattle. This limited collection of larger format homes, referred to as the Sky Series Residences, will offer voluminous interiors of 1,400 square feet up to more than 3,000 square feet, with presale pricing from below $1.6 million to $4.9 million.
“Seattle is a global city on the rise and beckons a world-class condominium product,” said Christian Chan, Executive Vice President of Burrard. “NEXUS will join its West Coast peer group in both notable architectural evolution and luxury lifestyle offerings, yet it will do so at a fraction of the cost – at least for now.”
Chan points to like-kind properties in Vancouver, San Francisco and Los Angeles that commonly exceed $10 million and are consistently commanding from $2,000 to more than $3,000 per square foot. NEXUS is currently offering presales for about half that price (and only 10% down payment) with occupancy scheduled for mid-2019. Meanwhile, the Seattle metro area continues to demonstrate the fastest-growing home prices in the US per S&P/Case-Shiller, rising 12.3-percent year-over-year as of March 2017.
“There’s little doubt that Seattle is following in the footsteps of these Pacific Rim gateway cities, particularly San Francisco, as our market fundamentals are so similar,” adds Chan. “Our decision to introduce several grand floor plans speaks to the confidence and trajectory of downtown Seattle. We are addressing a lack of new supply in this more exclusive real estate category.”
The Sky Series Residences are a limited collection of just fifteen homes – so labeled because of the units’ unique features within the building’s architecture, such as taller ceilings, more expansive interiors and sweeping views. Several of these two, three and four-bedroom home plans also offer exterior wrap-around Sky Terraces, while others include two-level Sky Lofts with 20-foot ceilings in the living areas. Prospective homebuyers may also choose from one bedroom plus den up to three bedroom homes ranging from the low $900,000s to more than $2 million.
Dean Jones, President and CEO of RSIR, says the market is craving larger floor plans that “challenge the condo-commodity” with distinctiveness. He notes maturing demographics in surrounding neighborhoods where home values are setting new benchmarks. He believes this liquidity will call to downsizing empty-nesters, as well as move up buyers seeking next generation designs at NEXUS.
“Not all condominiums are created equal, nor should they be,” muses Jones. “NEXUS is a new construction development and has the opportunity to introduce something new to the market. We applaud Burrard Group and the architects at Weber Thompson for their innovation in both the architecture and dynamic floor plans at NEXUS – this is just what the market was waiting for.”
NEXUS has already presold approximately 80-percent of the 378 homes amidst The historically low inventory and unprecedented demand for homeownership in the city, according to RSIR. While sales absorption is always greatest at the more affordable price points, Jones says demand in the luxury sector is also expanding. His firm was involved in 11 of the 18 home sales downtown over $2 million over the past year, including the top sale by RSIR Founding Member Scott Wasner – the famous “50 Shades of Grey” inspiration condo at Escala, which sold last November for $8 million (or $1,547 per square foot). Savvy buyers who understand the dynamics of other comparable markets like San Francisco, New York and Vancouver are moving into the Seattle market swiftly, recognizing the circumstances for an arbitrage-like opportunity in a quickly ascending market that features no state income tax.
“Furthermore, there are thousands of would-be buyers that are currently living in large, single-family homes but likely considering the benefits of lock-and-leave ‘resort-style’ living in a downtown condominium,” adds Jones. “That said, they don’t want to compromise on space and utility, nor do they prefer the typical finishes or amenities. NEXUS offers a solution with the Sky Series Residences as each home is as individual as the owners that will occupy them.”
According to the NWMLS, 128 homes have sold in downtown Seattle (NWMLS #701) in the past year with floor plans larger than 1,400 sq. ft. These ranged in value from just over $1 million to $8 million with an average size of 1,878 sq. ft. and a median sold price of $1,489,550. Outside of new construction inventory at NEXUS, available resale listings are limited to just 21 homes ranging from just below $1 million up to $13.8 million with a median asking price of nearly $2 million.
Jones suggests that presales offer several advantages over resales as the homes are new and they provide an opportunity to personalize the interior living spaces. Buyers can also lock in today’s presale prices with a modest deposit while enjoying two years of equity appreciation in the owner’s current residence – not to mention ample time to plan ahead for the move.
The showcase included LUXE Magazine, Seattle Magazine, Geekwire, El Gaucho Restaurant, Glass Vodka,DeLille Cellars, Inform Interiors, Blue Canopy, J. Hilburn, Alvin Goldfarb Jewelers, Zadart Exotic Car Club & Rentals, Younique Cosmetics and hosts Burrard Group and Realogics Sotheby’s International Realty.
The homes make their public debut this weekend at an open house showcase Saturday and Sunday, June 17 and 18 from 11am – 5pm (or by private appointment).