Seattle’s Condo Comeback: Realogics Sotheby’s International Realty Reports 25 Reservations for Priority Presales
Executives of SolTerra Capital, Inc. and Realogics Sotheby’s International Realty (RSIR) jointly announce the official groundbreaking of SOLIS – a 45-unit condominium community located at 1300 East Pike Street. Following a successful market debut, which witnessed 25 reservations for priority presales in the past ten days, SolTerra will host a groundbreaking ceremony at the construction site at 2:00pm on Monday, September 24, 2018. Remarkably, SOLIS is the first new construction for-sale development to be offered for sale in the popular Pike/Pine neighborhood in a decade.
“I’m very encouraged by the market reception to our vision – it underscores that SOLIS is tapping some unmet demand for new, eco-luxury residences in the one of Seattle’s most sought-after communities,” said Marc Coluccio, COO of SolTerra – the developer of SOLIS Condominiums. “Our groundbreaking signals not only a new era for multifamily design and quality but an increasing preference for consumers and developers to target condominiums for sale instead of apartments for rent.”
The progressive six-story condominium is targeting Passive House certification – the first of its kind in Seattle, which aims to use up to 80% less energy for the building’s heating and cooling needs. The homes range from studios to two bedrooms ranging from 445-sq. ft. up to of 878-sq. ft. and are offered from the mid-$400,000s to the high $900,000s. Designed by the award-winning architects at Weber Thompson, SOLIS will be constructed by Cascade Built – a leading Passive House contractor. Building features include an expansive roof top garden and dog run, contemporary interiors with 9-foot ceilings, premium kitchens and bathrooms, gas cooking, A/C and oversized windows with exterior automated sun shades. Throughout the project residents will enjoy sun-inspired artisan touches such as sun glazed Spanish tiles and Mediterranean lighting elements. With 3,300-sq. ft. of ground level retail, SOLIS will feature a premier space boasting 18-foot ceilings and dynamic indoor/outdoor seating with a prime street corner at 13thAvenue and East Pike Street.
The homes are represented by Dave Janssens, a Senior Global Real Estate Advisor and Managing Broker with RSIR.
“Homebuyers have been eagerly awaiting the next generation of development that they can actually own,” said Janssens. “Our prospective homebuyers include first time homebuyers, downsizing empty-nesters, savvy investors and move up buyers from other condominiums to name a few profiles. While the demographics vary they all share an affinity for this dynamic location and the high quality of construction that SOLIS delivers – the Passive House design is truly a new paradigm for Seattle real estate.”
Janssens says homebuyers have rallied around the opportunity to reserve a home for presale. A line began forming at 7am on Saturday, September 15th, 2018 when the SOLIS Preview Center was later opened at 11am and by the end of the debut two dozen reservations were secured with several more that followed. Reservations provide a homebuyer with a preferred right of opportunity to purchase a specific home during presale once the developer has all their purchase documents prepared and includes a final sales price within the structured range, confirmed floor plans, specifications and other underwriting required to execute a formal Purchase and Sale Agreement. Reservations require a fully-refundable $5,000 deposit that is held in escrow and later converts to a Purchase and Agreement, which requires a 5-percent non-refundable deposit.
“Reservations have proven to be very successful for developers and homebuyers to organize the interest list and allow consumers time to review the opportunity without fear of missing out,” said Dean Jones, President and CEO of RSIR. “Presales are an excellent opportunity for future homeowners to plan ahead and fortunately, more boutique buildings like SOLIS will be delivered in less than 18 months, unlike high-rise communities that can take several years to build and occupy.”
“We’ve experienced a steep rise in construction costs” adds Coluccio “therefore new planned projects will need to reflect this in their sales prices. If these new projects in the pipeline aren’t supported by the market during presales they simply won’t get built. And if the new supply doesn’t get built, then a supply and demand imbalance will put upward pressure on prices of existing inventory until it does.”
During the groundbreaking ceremony, Coluccio will welcome and recognize numerous members of the SOLIS development team:
- Developer: SolTerra Development
- Architect: Weber Thompson
- Interior Design: SolTerra Development
- Contractor: Cascade Built
- Marketing & Sales: Realogics Sotheby’s International Realty
SolTerra will entertain additional reservations at introductory prices until October 15, 2018 before remaining inventory is removed from the market to be reintroduced closer to construction completion once the homes can be toured with updated pricing. For more information and to register for reservations, visit: www.LIVESOLIS.com
EDITORS NOTE: Property renderings, development team headshots, bios and additional market statistics are available upon request.