Say hello again to Michael Cannon, Sales Director at NEXUS and also a proud reservation holder.
Michael has 25 years of experience in residential sales and project marketing and he’s sharing a few thoughts and recommendations for other prospective homebuyers that are exploring NEXUS:
NEXUS: You’ve had quite a week – what’s the status of the reservations now?
Michael Cannon: Yes, we’re obviously thrilled with the market response but I can’t say it wasn’t expected. As of today, Friday June 10th, we’re about 75% reserved. Our status is evolving every day.
N: So what do you tell prospective homebuyers who missed the preview weekend?
MC: It’s not too late to participate in this process. Reservations are just that, a reservation – a first of right opportunity to secure a Purchase and Sale Agreement when the homes are officially released for sale. Things change and opportunities open up as we move through the prequalification process. The only way to ensure that you don’t have an opportunity is to not approach me.
N: What if the home a buyer wants is already reserved?
MC: We are accepting second positions on homes and even third positions. We will quote a price range on each and accept a deposit for each reservation.
N: Other than to make numerous reservations, how can a reservation holder optimize their chance for a similar home in a similar price range?
MC: At this point we’re only encouraging first position reservations if it’s available and up to one second position reservation. We’re not interested in buyers reserving numerous homes in the hopes that one becomes available, as that’s logistically challenging for everyone. We are noting the time stamp of each reservation and we’re extending courtesy calls to those in back-up positions if a similar home becomes available that we feel would meet the targeted floor plan and price point. Part of my job is to create the opportunity for our clients and having a reservation is the way to start these conversations.
N: So did you anticipate this kind of market response?
MC: I knew we’d be successful given the supply and demand imbalance, especially at the more attainable price points. However, I was a little surprised to find people camping out overnight and the media attention that followed. We’ve seen this kind of activity before in markets like Vancouver, San Francisco, Miami, and Las Vegas, but not in Seattle. I suppose it’s just a sign of the times. I think Seattle is going to be a growth market for years to come – all the fundamentals are in place.
N: You’ve worked in those other markets so you know what you’re talking about?
MC: Yes, I’m actually a dual citizen of Canada and the US and I’ve had the opportunity to work in many of the most exciting condominium markets in North America, which includes Seattle back in 1999 and 2000 when I worked on the Concord in Belltown. At the time, the Concord was a trailblazer project not unlike NEXUS today. I relocated to Seattle specifically to represent NEXUS. I believe in this project as both a Sales Director and a reservation holder.
N: Given all the discussion about this “2020 Vision,” what do you see shaping up?
MC: The amount of development surrounding NEXUS is unprecedented and most of these buildings will be standing by 2020. I’ve seen similar expansion with Yaletown in Vancouver, SOMA and Mission Bay in San Francisco, the Gaslamp/Marina District in San Diego, and in downtown Miami. The immediate area that locals are used to driving through to get to downtown Seattle is going to be denser and more populated than any other neighborhood in Seattle. The catalyst was available land and zoning. Nearly every available development site within walking distance of NEXUS is in play and they are all independent developers validating the future. They see what we see. It’s all very exciting. NEXUS is first and foremost in Seattle’s burgeoning skyline.
N: So what are the next steps for reservation holders?
MC: We are patiently awaiting more specifics with the product offering, which we anticipate will be released in stages over the coming weeks and months. Burrard Group, the developer, is working with the architect, contractor and property manager to finalize the specifications so we’ll be able to offer the finishes, options, upgrades, and assumptions for the Home Owners Association, including the estimated operating budgets. I’m confident that the overall proposition will continue to get better as the market continues to expand. In presales, it pays to be patient.
Seller reserves the right to change the product offering without notice.