Veterans of Industry Assemble for an Emerging Market Cycle of New Construction Ahead
Realogics Sotheby’s International Realty (RSIR) has proudly welcomed real estate veteran Melissa Camp to its New Developments Division as an Executive Advisor for Project Marketing. Drawing upon more than $1 billion in new construction sales experience over the past 15 years throughout the Seattle/Bellevue metro area, Camp will collaborate with RSIR to optimize current and future new construction assignments while contributing to the kickoff sales campaigns at active projects and overseeing both consumer and broker relations.
“We are elated to work again with Melissa – she’s the gold standard in new community representation and a guiding light on the road ahead as we enter a new market cycle,” said Dean Jones, President and CEO of RSIR. “Few have accomplished so much in this very specialized field – her contributions will be numerous and impactful across all our new development accounts.”
Camp is most notably recognized for her role in the recent back-to-back sellouts of Insignia in downtown Seattle and One88 in downtown Bellevue – both signature developments of Vancouver-based BOSA Developments. Collectively, these communities represent 845 units and more than $870 million in gross presales and demonstrate the market demand on both sides of Lake Washington.
“I’m fortunate to have teamed up with leaders in new developments for many years – I’m so grateful for such a wonderful opportunity to work with industry giants then and now,” adds Camp. “RSIR provides me an extraordinary opportunity to move from the sales floor to the boardroom while working on numerous communities with my dedicated site agents. I am eager to reflect and add value to both the consumer and co-broker community mindset, aiding developers and my company in aligning with the market. I’ll also represent select buyers across a spectrum of product types and price points to stay current on buyer trends.”
Camp will collaborate on Graystone Condominiums on Seattle’s First Hill, The Goodwin Condominiums in Belltown, Infinity Shore Club Residences on Alki Beach in West Seattle, and Jade Condominiums in Kirkland. Other communities will follow in 2022 and the collective is actively consulting with developers on new projects in the pipeline.
“We are between market cycles, as effectively no new high-rise condominiums will be delivered in 2022 – so what we see for new construction underway, is what we get for a while for inventory,” says Jones. “The combination of skyrocketing construction costs and other market dynamics means it could be several quarters or more than a year before we see another notable groundbreaking.”
Jones estimates that more than 50% of the 1,500+ new construction units currently being delivered in the current cycle in Seattle have already been sold with occupancy in 2021. He predicts standing inventory will absorb over the next year or more, at increasingly higher prices as the in-city housing market reboots with the reopening of urban campuses and lifestyle attractions downtown. So far, the next development cycle in Seattle includes just two high-rise communities representing 740 units, of which 45% are also reportedly reserved or presold.
RSIR market pundits have illustrated an inflection point in downtown Seattle condominium sales for 2021. Year-to-date, resale activity shows a sharp 60% decline in new listings and pending sales have increased 53% compared with 2020. Meanwhile, new construction sales in 2021 have soared 441% year-over-year, on account of newly delivered, move-in ready homes to show; historically low mortgage interest rates; and improving consumer confidence that an in-city residential renaissance is in full swing.
“Urban condominiums are going to become a critical product line ahead as consumers seek attainably priced homeownership nearer job centers,” concludes Jones. “We are leaning into this product line with the regional industry’s only fully turnkey research, product development, marketing and sales solution – from concept to closing. Melissa will further the many advantages that we bring to our developer clients.”
Camp joins a growing roster in the RSIR New Developments Division, and the collective is exploring other West Coast markets in which to collaborate with franchises of Sotheby’s International Realty Affiliates (SIRA). A showcase of RSIR’s new developments will be debuted at the SIRA’s 2021 Level Up Event, held at Terranea Resort in Rancho Palos Verdes, California from October 10-12, 2021.