Event Seeks to Educate Brokers on Rise of Chinese Consumers in Market; Seattle a Top Market for Chinese Tourism
The Burrard Group, a Vancouver, BC–based real estate development company and Realogics Sotheby’s International Realty (RSIR) will host a Chinese New Year themed broker event and property showcase at the NEXUS Sales Center at 2609 1st Avenue in downtown Seattle on February 20th from 6pm to 9pm. Recent presales at the high-rise condominium include numerous local and international homebuyers of Chinese descent, which confirms a rising trend cited by Juwai.com – a leading home search website in China. In 2017, Juwai states that Seattle was a top three US city where Chinese consumers were considering a home purchase behind Los Angeles and New York (ranked #1 and #2, respectively) but Seattle is actually the most likely market to experience a Chinese buyer considering the relative market size.
“As we observe the Chinese New Year it is a timely opportunity to bring our industry together for both celebration and education on international homebuying trends,” said Michael Cannon, Sales Director for NEXUS Condominiums and a broker with RSIR. “In many ways, we note Seattle is following familiar trends that we’ve experienced in both San Francisco and Vancouver, BC so we expect demand from Mainland Chinese buyers to expand in the years ahead.”
Cannon confirms he’s already processed two new sales since the start of the Lunar New Year and more are expected this week. He’s encouraged by a recent report by Juwai.com, which surveyed 256 Chinese consumers about their travel and property investment plans during the 2018 Chinese New Year. It notes the following:
- 77% of all Chinese respondents have considered buying overseas property.
- 92% plan to travel internationally in 2018. Of this cohort, 25% intend to travel outbound during the Chinese New Year Golden Week, while 48% intend to travel overseas during off-peak months throughout the year.
- 29% picked North America as their top vacation region for 2018, followed by Asia (23%), Australia (20%), and Europe (19%).
- 77% have property purchase intentions in mind. Of this cohort, 60% intend to purchase property in their holiday destination, while 17% say they may consider doing so.
- 58% are considering emigrating to the destination they’re visiting abroad, while another 20% say they might consider it.
“Seattle punches above its weight in terms of Chinese buyer demand,” said Carrie Law, CEO of Juwai.com. “The city attracts more Chinese buyers than you would expect for its size. A typical seller in Seattle is twice as likely to have Chinese buyer interest than one in greater Los Angeles or New York. Seattle attracts similar Chinese demand levels as those larger cities but is less than half their size.”
New developments like NEXUS Condominiums are of particular interest. Cannon and local brokers confirm that presales include a high percentage of international buyers, most notably from China.
“One important impact of foreign buyers in a city like Seattle is to grease the wheels of new development,” adds Law. “Chinese buyers are more likely to purchase before the project is built, which is crucial. Seattle is very appealing to Chinese buyers because of its clean lifestyle, high-tech economy, and easy proximity. Most people underestimate the multiplier impact of having frequent direct flights between Seattle and China. The connectivity funnels Chinese buyer interest through the city, and makes it the gateway for the rest of the country. New York was America’s gateway in the early 20th century. The 21st century will belong to Seattle.”
The Chinese New Year celebration will include a presentation on the Juwai.com survey results as well as international mortgage trends by Vincent Ha, a Senior Loan Consultant with Axia Home Loans and the Seattle Chapter President for The Asian Real Estate Association of America. Other presentations will include in-city housing marketing trends by the FutureCast Forum and the use of Feng Shui consultants by Lili Shang, a top-producing Chinese-American broker with Realogics Sotheby’s International Realty. A cultural exchange will feature Chinese themed food and entertainment, including a Dragon Dance.
The high-profile event will also showcase a new release of fourteen Penthouse Residences – a collection of two and three-bedroom flats and two-story Sky Loft homes featuring voluminous interiors ranging from 1,525 to 2,136 sq. ft. offered from $2,099,995 to $3,495,995. These much-anticipated and limited-edition homes will include enhanced interior specifications including top-of-the-line Miele appliances, exclusive-to-project kitchen cabinetry and spa-like master bathrooms not to mention some of the best views available atop the 41-story high-rise condominium tower. More than two dozen listings were added to the NWMLS.
Burrard has sold 354 of the 389 homes at NEXUS Condominiums with first occupancy expected by mid-2019. The inspired condominium tower is among the few new construction condominium developments in downtown Seattle – the fastest-growing large city in America, according to reports by The Downtown Seattle Association. A supply and demand imbalance with downtown Seattle condominiums resulted in median home prices increasing by 19-percent in 2017, according to NWMLS research and Realogics Sotheby’s International Realty.
For more information, visit http://www.NEXUSseattle.com.