Billed as the next generation of urban living, NEXUS is a state-of-the-art condominium tower that will anchor a burgeoning multi-billion dollar vertical village in the northeast corner of downtown Seattle. Prospective homebuyers are rejoicing because new homes will start in the $300,000s at a time when other new condominiums in the urban core are sold out below $900,000 and there are fewer than 20 available resale condominiums priced below $500,000.
“Seattle is ready for NEXUS,” said Christian Chan, Executive Vice President of The Burrard Group. “The market fundamentals are in place, rents are high, mortgage rates are low and consumers want to own a piece of the appreciating skyline. Given the rapidly increasing cost of housing in Seattle, it was time to challenge the status-quo in development and introduce ergonomically-designed and attainable living spaces with expansive in-building amenities and services that enables an enhanced lifestyle.”
NEXUS will include a collection of amenities within the community including dynamic ground level lobby, lounge and restaurant and bar; and a 7th floor common area comprised of co-work spaces, conference rooms, a fitness room, an indoor/outdoor pet lounge, an entertaining great room and expansive outdoor patio. Instead of programming high-priced penthouses atop the tower, this multi-million dollar view is open to all as a full floor Sky Lounge and rooftop terrace. All residents and their guests can enjoy the lounges, exhibition kitchen and even a private dining room. The building also features fully furnished hospitality suites that can be leased on a nightly basis so owners only pay for guest accommodation when they need it versus servicing a mortgage on a second bedroom that gets used only a few times a year.
“We’re in one of the most technologically-advanced, dynamic and socially-connected cities in the world,” adds Chan. “It’s time that a condominium tower kept pace with these trends.”
NEXUS is bucking the trend with urban development by selling individual homes to local stakeholders versus leasing all the homes and selling to a single investment fund. A recent report by O’Connor Consulting Group reveals that nearly 10,000 apartments have been built in downtown Seattle since 2011 while only 870 new condominiums have been added to skyline in recent years. Not surprisingly, more than 85-percent of those new construction condominiums have already sold. Meanwhile apartment rents have risen by more than 35-percent in the past five years while the median home price of a downtown Seattle condominium has risen 22-percent in the past year alone, according to the NWMLS.
Chan appointed Michael Cannon of Realogics Sotheby’s International Realty, a veteran sales professional, as NEXUS Community Sales Manager. Cannon offers more than 25 years representing high-rise developers with more than 1,800 homes presold from Vancouver, BC. to San Diego, CA.
“I really couldn’t be more excited to be involved with NEXUS at this time in this market,” said Cannon. “I’ve been on the frontlines of development cycles that reshaped cities including Yaletown in Vancouver in the early 1990’s, Belltown in Seattle in the late 1990’s, the Gaslamp District in San Diego in the early 2000’s, Las Vegas in the mid 2000’s and most recently back in Vancouver.”
Cannon believes that Seattle is closely following the market trends of other gateway cities like Vancouver and San Francisco. He views thousands of recently built apartments as incubating future homebuyers.
A recent report by Zillow states Seattle is the fourth most populous city in the US where wealthy Millennials reside, behind Huntington Beach, CA, San Francisco, CA and Arlington, VA. Market pundits acknowledge that many within the tech corridor are moving from the pricier Bay Area to Seattle for opportunities but also because Washington has no state income tax and home prices are more affordable, albeit rising just as quickly. Cannon says new residents are more likely to rent at first, hence the apartment boom of late but increasingly they realize with tax benefits, owning can actually be less expensive than renting.
“That’s what’s changing before us,” adds Cannon. “New developments like NEXUS are providing opportunities for this demographic to migrate from rental apartments to homeownership as they become rooted in Seattle after a couple of years. Presales allow these savvy consumers to get ahead of the curve by locking in pre-completion prices, preferred home selection today and options for home personalization.”
Further analysis by Zillow ranks Seattle among the top ten most challenging home markets for first time homebuyers considering available inventory, competition from cash buyers, affordability and high median home prices. Cannon offers a solution to resolve fear of bidding contests and price escalation.
“Our sales process is very straightforward,” concludes Cannon. “We’ll soon accept reservations for priority presales granting prospective homebuyers a first right of opportunity to review the Purchase and Sale Agreement and product offering in a relaxed and informative environment as well as entertain various mortgage lending solutions without pressure.”
For more information visit www.NEXUSseattle.com or call 206.801.9220.