Client Question – Should I Have an Offer Review Date When Selling My Condo?
International District Development Could Include Condos

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

 

Other:
  • HOA Dues are estimated to be $.60 to $.70 per square foot
  • The specific state -of-the-art technology they are touting will not be revealed until the presales begin
  • There will be design personalization options including color schemes, upgrades for flooring, technology, etc.
  • Only certain units have parking, some have none and some have flex parking
  • Flex Parking means those owners will have the option to park in one of the designated stalls within the garage for a fee, similar to hotel parking, and you will book the stall on an app, which will work much like booking a golf tee time
  • They are offering 2nd parking spaces for purchase for only specific 2 and 3 bedroom units from floors 36 through 40
  • There will not be a rental cap in place but the seller may limit the number of investors who purchase in the building to ensure the ratio of owner occupants is favorable to ensure other borrowers can secure financing

Sales Process:

  • Reservations will be taken starting June 4th, along with a fully refundable $5,000 deposit, and will give the home buyer with the reservation the first opportunity to enter into a Purchase and Sale Agreement once presales officially begin
  • The reservations will have a price range that the Seller believes the final pricing will fall within
  • You will need to be prequalified for a loan within 10 days of your reservation agreement receiving mutual acceptance
  • They plan to move into Purchase and Sale Agreements by Fall of 2016

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