SEATTLE, April 26, 2018 /PRNewswire-PRWeb/
-- Representatives of NEXUS, a 391-unit, 41-story
next-generation high-rise condominium under construction in
downtown Seattle, announced today
that the Sales Center located at 2609 1st Avenue will close on
June 30, 2018. Just 31 homes remain
available for purchase and home personalization at the highly
anticipated development. This is also the final opportunity to
access the NEXUS Design Center, and Burrard Group will offer a
$25,000 design credit on all
remaining Sky Series Homes for a limited time. Remaining unsold
inventory after June 30 will be
reintroduced for sale with new pricing at a later date, closer to
project completion.
"We are building into a rising market so as such we've decided
to retire presales after June 30th
and focus our efforts on construction and delivery of a top-quality
product, on schedule," said Christian
Chan, Executive Vice President at Burrard Group. "Before we
close the Sales Center in nine weeks, buyers are encouraged to
capitalize on introductory prices and with an ability to choose
their preferred color schemes and choose from a suite of designer
options. The tower is now quickly rising with first occupancy
scheduled for the second half of 2019."
Burrard confirms 354 homes have been successfully presold with
the following Sky Series Homes inventory available for a limited
time only:
- 2 Bedroom / 2 Bathroom: 17 homes from $1,249,950 (945 – 1,455-SF)
- 2 Bedroom / 2.5 Bathroom: 4 homes from $2,099,950 (1,395 – 1,513-SF)
- 3 Bedroom / 2 Bathroom 6 homes from $2,100,000 (1,500 – 1,568-SF)
- 3 Bedroom / 2.5 Bathroom Last Opportunity at $2,595,000 (1,807 SF)
- 2 & 3 Bedroom Two-Story SkyLofts: Only 3 in building from
$2,195,950 (1,504 – 1,732-SF)
The Sky Series Homes are a collection of typically larger floor
plans, many that feature unique architectural attributes such as
taller ceilings, private terraces or even two-story loft
environments. A select number of penthouse homes on the 39th and
40th floor also feature enhanced appliance specifications including
Miele appliances with gas cooking and natural stone countertops
with waterfall island design treatment. All of the listed homes
include one parking stall and many include the option for a second,
contiguous stall offered at $75,000 –
a rarity in today's development market. Burrard confirms that one
penthouse unit combination of approximately 3,200 square feet was
custom designed for nearly $5 million
but given the construction schedule, no additional unit
combinations can be accommodated.
Most notably, NEXUS is the only condominium high-rise being
offered for presale and the only new for-sale offering to be
delivered in downtown Seattle in
2019. The Seattle area housing
market has led the nation with median home price increases for the
past 18 months, rising by 12.7% year-over-year as of February 2018 according to the
S&P/Case-Shiller Home Price Index rising to $820,000 in Seattle and $926,000 on the Eastside per NWMLS research.
However, RSIR notes that home price increases are actually rising
quicker in the center city market with resale condominiums in
downtown Seattle climbing 19%
higher in Q1-2018 over the prior year posting a median price of
$687,500. Currently, there are only
58 resale units in downtown Seattle listed on the NWMLS with a median
asking price of $986,500. The most
recent Census data revealed that Seattle is ranked the fastest-growing large
city in the US with a downtown population estimated at more than
80,000 residents. Research by O'Connor Consulting Group and RSIR
are also tracking some 27,000 housing units that will be delivered
in downtown Seattle during the
current decade but note 94% of that supply will be built for rent
and not for sale. Of the 496 new construction condominium units
still being delivered before 2020, just 56 remain available for
purchase in downtown Seattle.
"Burrard Group anticipated the condominium comeback and NEXUS is
now well positioned to offer new inventory at a time of anemic
supply," said Dean Jones, President
and CEO of Realogics Sotheby's International Realty. "I can
understand the preference to retain unsold homes and price in a
progressed market closer to delivery. The market shows no sign of
slowing down and current trends suggest values would be higher when
they are ready for tours and immediate move-in."
Jones believes presales at NEXUS offer consumers an important
opportunity to lock in a future purchase with a deposit that is
relatively modest when compared to those required in other similar
metropolitan markets. Once a buyer has secured their home for
presale, they can plan ahead for their move and prepare any
currently owned homes for resale within a rising market.
"One of the reasons there is so little inventory on the market
is buyers worry about finding a replacement home in a competitive
market," adds Jones. "NEXUS offers a compelling opportunity to
either downsize from a single-family home or move-up from a current
condominium through a presale. An initial five percent deposit is
all that's required while Burrard builds your new home, with your
choice of three color schemes as well as elegant, personalized
options."
Prospective buyers are encouraged to register online for
priority sales information at http://www.NEXUSseattle.com or
contact Michael Cannon at
206.258.1088.
About Realogics Sotheby's International Realty
(http://www.RSIR.com) - Artfully uniting extraordinary homes with
extraordinary lives, Realogics Sotheby's International Realty is a
leading global sales and marketing brokerage firm in the Pacific
Northwest. Recognized by the Puget Sound Business Journal amongst
the fastest-growing private companies in Washington State for the past five years the
boutique real estate firm of 225+ brokers consistently rank among
the top producing firms within the markets that it serves with
branches in downtown Seattle,
Bainbridge Island, Kirkland, Issaquah and Madison
Park.
About Burrard Group (http://www.Burrard.com) – The Burrard Group
has been consistently creating quality residential communities for
25 years and has built a diverse portfolio of master-planned
communities, multi-family developments, high-end single-family
residences and resort lodging properties throughout Pacific Rim gateway markets.
EDITORS NOTE: Development renderings, neighborhood aerials and
additional market statistics are available upon request.
SOURCE Realogics Sotheby’s International Realty