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May 2016

NEXUS Condominiums Releases Floorplans and Pricing

NexusIf you were considering reserving a condominium when NEXUS is released on June 4th, they have now released floorplans, pricing and what the reservation process will entail.

Here is a summary of what we learned about pricing, floorplans, the sales process and other details.

Pricing:

  • Studios range from low $300,000s to the low $400,000s
  • Open 1 bedrooms range from the low $300,000s to the low $400,000s
  • 1 bedrooms range from the mid $400,000s to the mid $1.0 millions
  • 2 bedrooms range from the low $800,000s to the $2.0 millions
  • 3 bedrooms range from the $1.9 millions to the $2.2 millions

Units:

  • Studios range from 395 to 494 square feet
  • Open 1 bedrooms range from 480 to 519 square feet
  • 1 bedrooms range from 669 to 1013 square feet
  • 2 bedrooms range from 1099 to 2136 square feet
  • 3 bedrooms range from 1589 to 1672 square feet

 

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Client Question – Should I Have an Offer Review Date When Selling My Condo?

Multiple Offers5Client Question: “It seems like everyone is holding off to review offers, should we have an offer review date for our condo?”

Dear Should I have an Offer Review Date:

There are pros and cons to every strategy when it comes to listing your house or condo. For offer review dates here are potential risks and benefits.

Risks:

  • In order to create the frenzy of buyers who are willing to compete for your home on an offer review date you have to price strategically, which often means pricing it below what you think it will sell for in order to give the buyers room in their budget to escalate the price up so if you don’t get offers on your review date and get just one after the fact, you have to be comfortable taking that lower list price as your sales price

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Coffee Table Chat Video Series - Can I buy a home before my job starts?

Welcome to Coffee Table Chat!

Our new video series addressing actual client questions and concerns in our current market. They will cover whatever issues our clients are experiencing and will typically feature a guest who also works in the industry such as a lender, an Escrow closer, a Title rep, etc.

Hopefully you find the videos informative and helpful!

Enjoy Episode 1! 
"I am moving to Seattle and want to buy right away but don’t start my job for a couple months, what do I do?"

 


NEXUS Condominiums to Take Reservations Starting June 4th

NexusAccording to the email we just received from the marketing/sales team over at NEXUS Condominiums, they will begin accepting reservations starring at 11am on Saturday June 4th. Along with the reservation agreement, a $5,000 reservation deposit will be required.

With this date only 3 weeks away, it leads us to believe that information such as floorplans, pricing, finishes, etc. should be expected to be released soon. It would be challenging to put a reservation on a condo that you know very little about but perhaps this is a way for the Developer and marketing/sales team at Realogics Sotheby's International Real Estate t0  get a preliminary gauge on interest.

We will keep you up to date about how things at NEXUS progress in the next few weeks.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

 


Zillow's Breakeven Horizon for Rent vs. Buy

Zillow Breakeven 2
When clients are considering buying, they often ask us if it is cheaper to buy or rent. Well, Zillow has just released their Breakeven Horizon for 2015 Q4 which calculates the point, in years, at which buying a home or condo becomes less expensive than renting the same home. It takes into account the typical costs of owning and renting including the opportunity costs of buying a home and the growing value of assets other than real estate that you could be accumulating if you rented instead. Then it factors in historic and anticipated real estate value appreciation rates, rental prices and rental appreciation rates.

What's the Breakeven Horizon for Seattle you ask? It will take 1.9 years before buying a home becomes more financially advantageous than renting the same home or condo. A persistent combination of healthy home/condo value growth and low mortgage interest rates, combined with robust growth in rents, is helping to keep the buy vs. rent equation tilted heavily towards buying in most areas, including Seattle, for those planning on staying in their properties for longer than just a few years.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.