Lack of New Construction Inventory Trims Overall Absorption, Only 42 Resale Units Available
With an urban center of more than 70,000 residents, it’s remarkable that only 42 resale homes are listed for sale on the NWMLS with a median asking price of $1,175,000. Just 3 resale listings are available at prices below $500,000 and only 15 are priced below $1,000,000. Now consider that there are 46 pending resales, which means the rate of sales is eclipsing the supply of new listings. July is just a continuation of a trend discovered earlier when the first half of 2017 revealed diminishing affordability and an acceleration of luxury sales in downtown Seattle.
According to the newly released Hurun Report and a CNBC news article that followed, “half of Chinese millionaires are considering moving overseas, and the U.S. remains their favorite destination.” Top considerations among potential buyers include education and living environment, and of the top destination cities in the U.S., Seattle was second only to Los Angeles, a sign that the Emerald City has arrived as a global gateway city. The flurry of foreign investment is largely the result over growing concerns regarding the devaluation of the yuan, cited as a concern of 84% of Chinese millionaires.
Discussing the newfound wealth in the city and the ways it is emerging, from popular designer shoes with a $650 price tag to luxury condominium developments, Seattle Times asks a question on the minds of many Seattleites: will the city figure out how to deal with its new wealth? In an effort to uncover an answer, Seattle Times spoke with Dean Jones, Owner & CEO of Realogics Sotheby’s International Realty (RSIR) and Moira E. Holley, a founding member of the firm.
For the second year in a row, the city of Seattle has more cranes than any other city in the U.S., as the Emerald City construction boom shows no signs of slowing down. As a recent Seattle Times article outlines, many cities around the country are seeing a decline in cranes, dropping an average “8 percent over the past six months,” yet the number seen in Seattle as of early July is at 58, which is “60 percent more than any other U.S. city” and unchanged when compared to cranes in Seattle this time last year. Seattle’s count gives it a staggering 22-crane lead over Los Angeles, the second place city, though other North American cities such as Toronto are soaring high above Seattle, currently at 81 cranes.
Realogics Sotheby’s International Realty and Burrard Group to Showcase Nexus – Downtown Seattle’s only High-Rise Condominium Presale Opportunity in Vancouver, Canada – July 15th and 16th
SEATTLE, WA (July 12, 2017) – Representatives of NEXUS, a 378-unit, 41-story luxury high-rise condominium being built in downtown Seattle, will be showcased 150 miles north in downtown Vancouver on Saturday and Sunday, July 15th and 16th from 11am to 5pm. The pop-up event will be held at 1030 West Georgia Street, Suite 233 and include scale models of the tower and neighborhood, view exhibits, floor plans, building amenities, introductory pricing and market information.
NEXUS neighborhood could experience increased value proposition with “Central Park” over highway.
On the evening of June 27th, the Seattle Parks Foundation invited the community to an open house to discuss the Lid I-5 initiative, a campaign that if approved, would create “new public land for parks, affordable housing, complete streets, and other uses within the city’s most populous neighborhoods” (1) right over top of the existing interstate in Seattle.
The Seattle Times Reports on Urban Growth Outpacing Surrounding Area
If it seems like everyone is moving to the city, especially in downtown Seattle, you’re right. Gene Balk, Seattle Times Columnist reports that the century old trend for King County suburbs to grow at faster rate that the city of Seattle has reversed. Last year the city added 20,847 people vs. 14,867 in the rest of King County. That’s a 3.1-percent population growth helping Seattle stake the claim as the fastest-growing big city in the nation on top of ranking the fastest-growing median home prices in the US for the past eight months in a row.
Earlier this month, Realogics Sotheby’s International Realty (RSIR) Owner & CEO Dean Jones sat down with Buzz Buzz News to discuss current and future trends in Seattle’s dynamic real estate market, from home prices and foreign investment, to the impact of Seattle’s Silicon Forest.
Three and Four Bedrooms Up To 3,000+ Square Feet
Burrard Group and Weber Thompson have saved the best for last, releasing two new floor plans high atop the 41-story NEXUS condominium tower. The two plans will occupy the entire southwest and northeast elevations of the 39th and 40th floors comprising either a three bedroom plus den or four bedroom plus den, respectively offered from $4,799,950 to $4,899,950. Beyond the stunning views and voluminous interior living spaces, these penthouse style homes will offer 10-foot ceilings, an owner’s retreat with five piece bathrooms, a guest powder room and even a laundry room.
200+ Partygoers Celebrate Luxury Lifestyles at NEXUS
On June 14th, the NEXUS Sales Center and model home were transformed into a luxury lifestyle showcase with more than 200 VIP guests and members of the media. The reception was hosted by Burrard Group and Realogics Sotheby’s International Realty to celebrate the release of new penthouse floor plans and the launch of the Sky Series Residences. The program featured leaders in luxury including LUXE Magazine, Seattle Magazine, Geekwire, El Gaucho Restaurant, Glass Vodka, DeLille Cellars, Inform Interiors, Blue Canopy, J. Hilburn, Alvin Goldfarb Jeweler, Zadart Exotic Car Club & Rentals and Younique Cosmetics.