BDR Urban, a division of BDR Holdings best known for building luxury homes on the Eastside, recently announced a first-of-its-kind condominium development called Encore at Columbia Station at 4689 Martin Luther King Jr. Way South in Columbia City. The prime development site is located immediately adjacent to the LINK Light rail station offering direct access to the $55 billion regional transportation expansion. The 96 condominiums will be priced from below $300,000 to more than $700,000 providing attainable homeownership opportunities in a neighborhood comprised mostly of more costly three-level townhomes, single-family homes or pricey apartments for rent. When complete in 2020, homeowners will enjoy an enviable commute to downtown Seattle job centers on the LINK light rail in less than 15 minutes and within the next five years, the planned expansion will connect to downtown Bellevue and the Redmond Technology Center.
“It’s affectionally nicknamed the tech train,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “Sound Transit 3 will provide a needed connection to many of the high-tech hubs in downtown Seattle, downtown Bellevue and Redmond. Soon residents will be able to live in preferred neighborhoods, like Columbia City, and conveniently commute to their campus without the cost of owning a car or hassle of dealing with traffic.”
Jones points to the Microsoft Connector, as evidencing the need for tech companies to address transportation in order to remain competitive. Microsoft has been operating a private shuttle service for employees of Microsoft that live in the Seattle area, providing commuter transit to and from its Redmond campus. Other employees are forced to drive until they can afford to own a home, which can add more that two hours a day of traffic, not to mention the expense of owning a car with monthly payment, tabs, insurance, maintenance and parking costs.
“Just like it’s an advantage for employers, like Amazon, to boast an urban campus with walk to work flexibility, savvy homeowners know that owning a condominium on the LINK light rail network provides quick access to work and eliminating the need for a car,” adds Jones. “For some first-time homebuyers, removing the cost of owning a car can make the difference when qualifying for a home purchase.”
Encore at Columbia Station tested this theory. Recently, a limited release of 25 homes were offered for individual unit reservations resulting in 20 contracts, including several back-up reservations. The event was held at the newly completed Sonata Apartments, also developed by BDR, which is located across the street from the planned condominium development. The early release included the following plan types and price guidance:
- Studio / One Bathroom (349-483 Sq. Ft.) from Below $300,000
• Urban One Bedroom / One Bathroom (495-569 Sq. Ft.) from Below $400,000
• One Bedroom / One Bathroom (505-670 Sq. Ft.) from the Low $400,000s
• One Bedroom Plus Den / One Bathroom (696 Sq. Ft.) from Mid $500,000s
• Two Bedroom / Two Bathroom (864-976 Sq. Ft.) from the High $600,000s
• Optional parking from $29,000 to $39,000.
“We’re thrilled with the market response and quick validation of our research and planning efforts for Encore at Columbia Station,” said Richard Obernessor, President of BDR Urban. “We’re even more excited for our future homeowners that secured a new home for priority presales. We now move ahead with constructing our Sales Center for a public sales debut in late Spring 2019 commensurate with a groundbreaking.”
As a creative response to Seattle’s affordability challenges, consumers will also have an option to rent from BDR Urban’s Sonata Apartments, with a portion of the lease payment to be credited towards the future purchase price of a condominium. As a two-part transaction, the first twelve (12) qualified homebuyers that reserve and later purchase at Encore at Columbia Station will be granted the opportunity to rent at Sonata Apartments with up to 15 percent of the total lease payments being credited back to the homebuyer at closing. These reservation holders can watch their condominium being built across the street while renting at Sonata and saving for the future closing of their new condominium. As a BDR client, the tenant can also release the apartment when the new condominium is delivered, eliminating any risk of the lease term overlapping with the occupancy of the new home.
“We’re wrapping up construction at Sonata East and will soon move our attention to Encore at Columbia Station across the tracks,” said Andrew Miller, Vice President of Income and Urban Properties at BDR. “We’re eager to add many of our signature BDR luxury elements to this next phase of development.”
Encore at Columbia Station is designed as a four-story community, which includes an efficiently scaled mix of studio, urban one-, one-, one-bedroom plus den and two-bedroom flats (349–966 sq. ft.). Each residence features voluminous ceiling heights, expansive window walls, engineered hardwood flooring and a European-inspired kitchen with quartz countertops and Bertazzoni stainless steel appliances with induction cooking. Amenities will include concierge services, a co-working lounge, fitness center, great room with exhibition kitchen and a patio. Above all, an expansive rooftop terrace will feature an outdoor BBQ area, an in-building dog run, wrap-around terraces with fireside seating areas and an outdoor theater. The rooftop terrace and many of the homes offer spectacular views of the neighborhood and Mt. Rainier.
The March edition of Seattle Magazine featured a cover story article called “The Shape of Things to Come” with a serendipitous two-page photo of the very intersection that is shared by both Sonata Apartments and what’s soon-to-be Encore at Columbia Station. Not surprisingly, Columbia City was called out as being one of the hot markets to watch in the real estate feature.
“The market is pent up for these price points – especially for new product,” said Jeff McDonald, Community Sales Director for Encore at Columbia Station. “While it’s true this community will substantially increase the supply, we just witnessed more than 20-percent of the building be reserved in an afternoon at these introductory prices.”
While remaining homes in Encore at Columbia Station will be offered for official presales in late Spring, McDonald says he and his team are happy to offer private preview on an appointment basis for those that are interested in exploring additional reservations. Unit reservations require a $2,500 fully refundable deposit held in escrow with a set price range. Reservations are effectively a first right of opportunity as a presale to a presale and “organizes the demand”, according to McDonald.
>Download Reservation Program http://www.bdrholdings.com/wp-content/themes/bdr/pdf/EncoreNewHomeReservationProgram.pdf
“Our reservation holders enjoy the opportunity to explore the home purchase without fear of missing out or dealing with multiple offers,” adds McDonald. “This allows plenty of time to become prequalified with our preferred lender and prepare for the future purchase just as soon as BDR has the sales center completed and more specific details on the product offering.”
To help first-time buyers interested in comparing the cost of purchasing against leasing a similar home in the neighborhood, a series of helpful buy vs. rent tables are provided by the preferred lender, Caliber Home Loans as follows:
- Studio (Unit #319); price = $409,800; 484sf
- Urban (Unit #421); price = $474,800; 551sf
- 1 BD (Unit #313); price = $564,800; 670sf
- 2 BD (Unit #223); price = $759,800; 976sf
Columbia City offers a unique balance of historic charm and modern convenience. The vibrant community is famed for its international restaurants and cafes, neighborhood farmer market, and abundance of local parks, sports fields and access to Lake Washington. A melting pot of cultures, the historic 1917 Columbia City Theater plays host to musicians and special events, among many other attractions.
The popularity of the neighborhood is evident by the lack of available properties. According to a recent study in the NWMLS, there are only four listings available priced between $559,000 and $750,000 within a half mile of the Columbia City Station, while most listings within this price point are selling with a week.
Prospective buyers are encouraged to contact Senior Sales Director, Jeff McDonald at [email protected] or call (206) 669.2327.
