The Washington State China Relations Council (WSCRC) will cohost a session for their Corporate Executive Briefing Series at the NEXUS Sales Center on March 7th from 12:00pm – 1:30pm. The “Marketing Your Business in China” event will be presented by David Zhou, Founder of IM2China – a leading marketing agency that specializes in digital campaigns within China.
On Sunday, February 18th members of Realogics Sotheby’s International Realty’s (RSIR) Asia Services Group and their guests will attend the sold out Lunar New Year celebration at the Zadart Exotic Car Club in downtown Bellevue. The 8,000 square foot showroom and club lounge building will host over 150 affluent Chinese-American guests and clients including a number of event sponsors alongside RSIR – the region’s global leader in local real estate.
Realogics Sotheby’s International Realty offers insight into influx of visitors to Seattle during Golden Week celebration
As a recent article published by China Daily confirms, Lunar New Year has become a popular time for Chinese mainlanders to take advantage of their extended holiday and visit the United States for both recreation and house hunting. Citing a recent Juwai survey outlining travel patterns, the article says that 92-percent of respondents indicated they planned to travel in 2018, with the United States ranking first on the list of destinations. What’s more, is nearly half of those surveyed said they may view properties while on holiday for Lunar New Year during Golden Week.
The lack of new construction closings in 2017 combined with increasing demand for home ownership drove the median home price of downtown Seattle condominiums to $625,000, an increase of $100,000 or 19-percent for the year. That’s significantly higher than the broader perspective offered by S&P/Case-Shiller Home Price Index, which reported the tri-county metro area spiked by 12.7-percent as of October 2017, leading the country in property value appreciation all year. It should be noted that the index doesn’t include new construction or resale properties.
The lack of available condominiums in downtown Seattle continues, especially at affordable price points. Currently, there are just 7 resale homes listed for sale on the NWMLS priced below $700,000, which is now the new median home price for resales after increasing a staggering 19% in November 2017 compared to the prior year. Though market conditions may seem daunting to potential buyers, market pundits say unit reservations and presales can offer much needed relief for those willing to plan ahead.
Written by William Hillis, Research Editor, Realogics Sotheby’s International Realty
Upon last month’s release of the CoreLogic Case Shiller Home Price Indices for August 2017, Realogics Sotheby’s International Realty predicted,
“Should the trend since April continue on the back side of the peak home-buying season, it is possible that Seattle’s monthly home price trend could actually turn negative.”
This in fact is exactly what happened, with the Seattle index slipping by 0.28 percent monthly in September. That is not a steep slide, but to put it into context, the Seattle index has been positive for 31 consecutive months. Furthermore, Seattle home prices continue to lead the nation on a year-over-year basis, now for 13 months straight. As reported in the S&P Dow Jones press release, “Seattle, Las Vegas, and San Diego reported the highest year-over-year gains among the 20 cities. In September, Seattle led the way with a 12.9 percent year-over-year price increase, followed by Las Vegas with a 9.0 percent increase, and San Diego with an 8.2 percent increase.”
NEXUS–City Life. Evolved. Downtown Seattle’s next generation high-tech, high-rise. Concierge, co-working, fitness center, dog run/lounge, great rooms, exhibition kitchen, sky bar, roof terrace, Sky Club and more.
Dozens of Prospective Buyers Formed a Line Prior to Opening of NEXUS Sales Center; Some Camped Out Overnight
Representatives of Burrard Group and Realogics Sotheby’s International Realty (RSIR) confirmed today that they have sold all 28 City Suites released at NEXUS Condominiums during the Encore Sales Event held on November 18th. Prospective buyers began forming a line at the NEXUS Sales Center at 4:30pm on Friday, November 18th – more than 18 hours prior to the doors opening at 11am the next morning. Initially, Burrard Group said it would offer 16 newly released homes located on floors 28 through 35, however prospective buyers that were patiently waiting in line learned of a special surprise release – an additional 12 City Suites on floors 3 through 6 were also made available. Overall, the 28 homes ranged in price from $340,950 to $667,950 and comprised of a mix of studios and urban one-bedroom floor plans varied from 354 sq. ft. to 498 sq. ft. The new offering was a result of disassembling a larger floor on the higher floors and making available studio units located in the above grade parking structure of the building, which will be accessed across the drive isle. Optional parking was sold for $75,000.
NEXUS–City Life. Evolved. Downtown Seattle’s next generation high-tech, highrise. Concierge, co-working, fitness center, dog run/lounge, great rooms, exhibition kitchen, sky bar, roof terrace, Sky Club and more. Renderings and photos of model typical.