Seattleites are flocking to downtown’s newest development, NEXUS Condominiums. Located at 1200 Howell Street, the towering skyscraper sold 75 percent of its 382 units during its debut event — raking in over $200 million in sales.
Open to the public, the event took place Saturday, March 18 and Sunday, March 19 and was hosted by NEXUS developer Burrard Group and Realogics Sotheby’s International Realty, the exclusive marketing and sales representative for NEXUS. Prospective homebuyers formed lines hours before opening, with hundreds of people coming out over the weekend. Homes ranged from below $350,000 to over $3 million, and some buyers even opted to combine units valued at over $4.5 million.
“Our success is the result of a robust economy and very limited inventory for purchase,” said Christian Chan, executive vice president of Burrard Group in a release. Extraordinary sales results like this isn’t anything new in other West Coast markets like San Francisco and Vancouver where presales are more commonplace, but it is rare for Seattle.”
The last time high volume condo presales occurred in downtown Seattle was over a decade ago and at considerably lower prices.
“NEXUS has set a new record for value and velocity,” said Dean Jones, RSIR president and CEO. “We’ve reached that tipping point where condos have made a comeback given that the prospects for capital appreciation are high and consumers want to lock in their future housing costs.”
It’s expected that demand in the area will increase while supply remains limited due to delayed permitting schedules and exorbitant construction costs. Over 13,000 housing units have been built in downtown Seattle since 2011, but only 6 percent of inventory has been for sale — all of which has sold. Additionally, recent re-sales of prior presales have averaged 18-percent higher returns.
Taking a unique approach at the sales event, RSIR adopted a “one buyer, one unit, one price, one sale” policy, and did not accept multiple offers on homes in an effort to include as many buyers as possible. Since bidding can escalate a home’s selling price, this is almost unheard of in today’s sizzling market.
Approximately 95 homes — priced from the low $800,000s — remain available at Seattle’s “newest vertical village in the making.” There is currently a waiting list for desired floor plan and price point, but additional inventory could become available.