New Division Focuses on Rising Demand for Boutique and Attainable For-Sale Developments in Puget Sound Region
Executives of Realogics Sotheby’s International Realty (RSIR) have appointed Tadashi Shiga as Executive Director to establish a new land division for the fast-growing real estate brokerage to cultivate new, for-sale developments by identifying land and list-back opportunities for a bounty of new and existing developer clients. In concert with his position, Shiga immediately welcomed Tim Sunny and Company, a top-producing brokerage team of six, to the collective along with more than a dozen active and future project listings in the pipeline.
“We are honored to collaborate with Tadashi Shiga on this new land division, which is well-timed with rising demand for attainable, in-fill housing for purchase,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “Our firm is uniquely positioned to service the research, product development, marketing and sales needs of our broker teams in new construction.”
Jones draws upon more than 25 years of local experience in developing and selling multi-family projects in the Seattle area, both for his own account and for third parties, including larger-scale, high-rise condominiums. The new land division will help position RSIR for increased market share in new developments, especially within townhome and low-rise, wood-frame condominiums in key in-city neighborhoods outside of downtown Seattle or Bellevue.”
“I am very excited to lead this division for RSIR and introduce new product lines to the company’s expanding portfolio,” said Shiga. “These boutique projects are able to hit lower price points and deliver in quicker timeframes compared with the high-rise format. We desperately need more affordable product for purchase in the metro area.”
In addition to his role with RSIR, Shiga owns and operates Evergreen Certified, a leading developer consultant and certifying agent for sustainable construction practices including Built Green®, NW Energy Star®, Seattle SDCI Priority Green®, Passive House®, blower door and duct testing, and other services. With more than 20 years of experience, Shiga is a trusted advisor to scores of developers and third-party brokers, architects and contractors. His unique ability to spot land and syndicate developments will help position RSIR and its brokers to grow this market segment. Evergreen Certified has been awarded the Master Business Association Green Hammer in 2013 for “Private Advocate” and in 2018 the “Pioneer Award”. In 2019 Shiga was inducted into the University of Washington Bothell “Hall of Alumni Excellence” and he was also elected to the institution’s Interdisciplinary Arts & Sciences Advisory Board.
Tim Sunny & Company include Managing Broker Sunny Tumber, his partner Tim Bower and sales among their growing collective. The team will office from RSIR’s expanding Madison Park branch in Seattle but will service developments throughout Puget Sound. The enterprise specializes in land development and project marketing with over 10 years of experience and includes a pipeline of more than $100 million in projected retail sales of new construction. The partnership between Tumber and Bower was established in early childhood and the bond to do right by each other and their clients have endured ever since.
“As the volume and scale of our projects increase, so has the need for more robust marketing and sales resources,” said Sunny. “RSIR provides a deep bench of in-house talent to help position, market and sell our listings while offering direct access to brokers to represent them. We’ve made this move to better serve our clients and attract new sales representatives to our team.”
The timing of RSIR’s land division reflects a noted rebound in both pending and sold listings with in-city condominiums as well as recent changes to the Washington State Condominium Act, which is anticipated to encourage more for-sale development. Meanwhile, mortgage interest rates have dropped and executives believe there are thousands of prospective homebuyers incubating in expensive apartment buildings. Shiga believes apartment developers will increasingly consider for-sale housing while new developers, including those from outside Washington and the US, are descending on the enviable market fundamentals in the Seattle area.
“We are building a world-class team to fully explore the potential of this new land division in one of the fastest-growing large cities in the US, amidst economic expansion and increased propensity to purchase,” added Shiga. “We will serve all property types and price points, including a number of philanthropic opportunities. We have a shared mission of distributing homeownership to a diverse consumer base while building in a sustainable and distinctive manner.”
For its part, Sotheby’s International Realty recently deployed Keystone®, a bespoke marketing platform specializing in new developments around the world and includes the Seattle metro area among the most active markets for new construction. Each affiliate office is independently owned and operated.