A dozen Mercer Island and West Bellevue homes will be featured this weekend in a progressive open house event, complete with prize giveaways and $25,000 buyer bonus for home sales in July.
On the heels of a market upswing in home sales in Mercer Island and West Bellevue, JayMarc Homes, in partnership with Realogics Sotheby’s International Realty (RSIR), will be showcasing a parade of recently completed homes in these prospering neighborhoods. The event, entitled Passport to Luxury, will serve as a progressive open house and takes place this weekend, Saturday and Sunday, July 20th and 21st from 12-4PM. Interested homebuyers will receive their own personal open house “passports”, which they can subsequently get stamped at each home, with fully complete passports entered for a prize drawing—an “Endless Summer Getaway” in Danzante Bay in Loreto, Mexico. As an additional “Buy in July” bonus, homebuyers will receive the aforementioned trip plus a $25,000 buyer bonus (airfare not included).
“West Bellevue and Mercer Island are two of the high watermarks in the regional metro area,” explained Dean Jones, President and CEO of RSIR. “These are unique real estate microclimates that are bucking the regional trends, and values are continuing to expand.”
In June 2019, the Northwest Multiple Listing Service (NWMLS) reported median home prices in King County dropped 2.3 percent to $695,000 compared to June 2018. While median prices were retracting in many markets, Mercer Island saw median prices jump 15% in June year-over-year, to $1.9 million and in nearby West Bellevue, the median price in June climbed 16% year-over-year, to $2.9 million, according to NWMLS. Jones further noted that both neighborhoods’ experienced overall price-per-square-foot values grew by 11% to an average of $831 per sq. ft. for price points above $2 million for the first half of 2019 compared to the first half of 2018.
So what is so exceptional about West Bellevue and Mercer Island in contrast to the rest of the greater Seattle metro area? A smart investment in the future could be the answer, and there are at least three “investments in the future” for which these neighborhoods are already well known. Firstly, this area consists of highly-favored, nationally-ranked public school districts. Newcomer families or city natives planning a family turn to the Eastside’s golden-standard districts for competitive education for their children and their brighter futures. Secondly, a tech boom is reshaping downtown Bellevue and the greater Eastside as Amazon, Google, Facebook, and Microsoft—to name a few—are all establishing significant urban campuses and promises tens of thousands of new jobs. Thirdly, both Bellevue and Mercer Island will soon be connected to Sound Transit’s LINK light rail expansion creating an attractive alternative to commuting to job centers on either side of the Lake Washington.
Developers and buyers alike have remained eager to continue growing these two markets, and observable trends show that this preferred market only continues to succeed. JayMarc in particular has been taking the lead since 2010 as one of the area’s most prolific builders of single-family homes and celebrated their 100th home sold just last year. And the homes that JayMarc are now presenting on Mercer Island are significantly irreplaceable, as these properties were in development ahead of a recent downzoning for Mercer Island and may stand 15-20% larger than those behind the curve.
“We’re thrilled to showcase this premier collection of homes at the height of the summer sales season,” said Mark Rousso, President of JayMarc Homes. “At a time of rising consumer confidence and lowering interest rates, we’ve delivered 11 contracts for new homes since March alone, and now we offer a new collection of premium residences in the midst of this excitement in the market.”
Rousso notes the new home collection presents real value in an appreciated marketplace.
“If we were to break ground today, we’d have to price the homes 10-15% higher just to cover the increases in land and construction costs,” adds Russo. “Our Passport to Luxury home tour is a timely opportunity for prospective buyers to experience a broad range of home plans and locations, including several opportunities for presales.
The homes offered range from 5 to 7 bedrooms and 3,762 to 6,416 sq. ft. including those still under construction and offered for presale. Prices range from the low $2 millions to more than $4 million and for those that purchase in July, a $25,000 buyer bonus is offered for home personalization options or closing costs as well as a trip for two to Danzante Bay in Loreto, Mexico.
The Passport to Luxury event will be presented by partners CHASE Bank. On Thursday, July 18th there will also be an exclusive broker’s open house preview reception from 5-8PM. The preview will be hosted by Delhi Estate at 8520 NE 25th Street in Clyde Hill and will feature a discussion about the state of the Eastside residential market. All interested are encouraged to visit www.JayMarcHomes.com for more information.