As Seen in The Seattle Times.
NEXUS underscored the pent-up demand for home ownership when it opened for public sales on March 18 and subsequently sold more than 75 percent of its homes in the debut week.
For the fifth straight month, the Seattle metro area posted the fastest-growing house prices in the U.S. in March, according to the S&P/Case-Shiller Home Price Index. Demand is high and inventory is historically low, especially in neighborhoods near urban employment centers.
In fact, the cost of single-family housing nearest the city center has set new benchmark prices. In downtown Seattle it’s even tighter, with just 50 resale homes on the market and less than one month’s supply.
NEXUS, a new-construction condominium high-rise under construction at 1200 Howell St., underscored the pent-up demand for home ownership when it opened for public sales on March 18 and subsequently sold more than 75 percent of its homes in the debut week.
NEXUS’s 382 units will include a mix of one-bedroom-plus-den, two-bedroom and three-bedroom homes priced from the low $900,000s.
“Presales are back because the smart money is planning ahead,” says Michael Cannon, the sales director for NEXUS. “Savvy buyers are locking in their future by investing today, enjoying preferred home selection and the opportunity for home personalization. Prices are rising — both in downtown Seattle and in the surrounding neighborhoods.”
He says securing a presale at NEXUS requires an initial 5 percent earnest money deposit held in escrow, followed by a 5 percent deposit increase by June 30 and closing mid-2019.
“That’s about 30 months from now,” Cannon says. “A presale buyer doesn’t need to think about the move for another two years, and there’s no fear of price escalation or renovations. Current homeowners will also enjoy another two years of appreciation while their new condominium is being built.”
Buyers at NEXUS will enjoy common areas that comprise more than 21,000 square feet and span multiple levels of the tower. A lobby lounge includes a concierge, package storage and access to both a café retail and destination restaurant space that flanks the entry.
On the seventh floor, the Podium Club will have co-working spaces, meeting rooms, a media lounge and theater, a wrap-around veranda, a dog lounge with both interior and exterior spaces as well as a dog wash bay, and a fitness center with adjacent indoor/outdoor yoga room and exterior zen space.
Above it all is the 41st-floor Sky Lounge, which boasts penthouse-level benefits for all homeowners. Features include a fireside lounge overlooking South Lake Union, an exhibition kitchen, a covered Sky Parlor with firepit, a Sky Garden sundeck, a barbecue area with outdoor seating, a catering kitchen and private dining room, and a games room — all with expansive views of downtown Seattle and the surrounding neighborhoods.
According to Dean Jones, president and CEO of Realogics Sotheby’s International Realty, Seattle is experiencing an urban renaissance that is attracting the next generation of homebuyers to downtown living.
“It’s not just millennials or move-up buyers from other condominiums in the city,” he says. “Empty-nesters are selling their single-family homes in search of simplicity and financial liquidity. It’s a great feeling to make an impetuous decision to travel, wave to the concierge on the way out and know you have the time and resources to do so.”