Downtown Seattle condos Feed

Seattle Approves Bosa Purchase of Civic Square Site - Condos are Coming

Civic Square LocationAs we mentioned in an article back in October of last year, Bosa Development, the developer of Insignia Condominiums in Belltown, was in talks with the city to purchase the long-delayed Civic Square project in Downtown Seattle. The deal was tentative, awaiting the approval of the Seattle city council.

On Monday, the city council voted giving their approval to the terms of the purchase and sale agreement with Bosa. Bosa will be building a new high-rise condominium tower (around 43 stories) in the now empty pit but is required to provide a 25,000 public plaza that they will have to maintain as part of the project. There will be ground floor retail and underground parking. In addition to paying $16 million dollars for the lot, Bosa will also have to contribute a minimum of $5.7 million in voluntary affordable housing contributions to the City. 

Bosa will  need to get new permits for the site, so construction is estimated to begin no sooner than 2019 and will take an estimated 4 years to complete. The first design review meeting it set for November 7th.

So long as the Master Use Permit is issued, we should expect to see a new condominium tower breaking ground in Seattle in 2019!

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

 

 


Wondering What All the Cranes Are Building Downtown?

CranesOur readers often ask us how many of the cranes out there are building condominiums in Downtown, First Hill, South Lake Union, Pioneer Square and Belltown. Most people assume there are many condominium buildings taking shape under those construction cranes but believe it or not, only three cranes will belong to condo buildings. One is for Gridiron, the building located next to the stadiums, which is in full swing. NEXUS is another one and the last one is 1631 2nd Avenue (though technically neither of their cranes have even been erected yet). There is also the outlier of Hendon, being constructed in Phinney Ridge.

The other cranes are building hotels, apartments, office space, biotech space or some combination of those uses.

If you are ever curious about what the cranes are constructing, check out the Puget Sound Business Journal's handy tool, the Crane Watch here.

Hopefully this helps answer the burning question of "what are all those cranes building?".

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


NEXUS 75% Sold

NexusAfter converting their reservation holders into Purchase and Sale Agreements, NEXUS released all unsold homes to the public on Saturday March 18th. Following the conversion of the reservations and that grand opening event, 286 of the 382 homes are sold, a staggering 75%. The remaining 96 homes are in the $800's and up. No studio or open one bedroom plans remain and no lower floor one bedroom homes are left either.

With NEXUS as the only new construction high rise likely to deliver homes before the start of the next decade, there is a lot of pent up demand for new construction condo product in Seattle. Other reasons for the high amount of demand? Commutes increasing within the region are driving people back into the city center. In-migration from Silicon Valley residents due to the relative affordability of real estate, the abundant number of tech jobs available, high incomes and the added bonus that we don't have a state income tax. Also leading to demand,  the ability to combine condo units into a larger format home, which is a unique opportunity that can be hard to come across with resale condominiums for obvious reasons.

If you missed out on the grand opening event, but are looking for a higher floor 1 bedroom or a 2 bedroom home at NEXUS, there are still opportunities to buy and we are happy to help you navigate the remaining inventory.

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


NEXUS Ground Breaking

Ground Breaking4NEXUS condominiums had their ground breaking ceremony this morning. Present were representatives from Burrard Group who is the Developer on the project, Weber Thompson who is the architect, interior designer and landscape architect for the project, Realogic's Sotheby's International Realty who is the marketing and sales team, a representative from the DSA and Skanska who is the contractor.

They announced that they will open for public sales at 11am sharp on Saturday March 18th at their new sales center. They also indicated that they have listed several of the condominium units for sale on the Northwest Multiple Listing Service, though at the time of this post only one was live on the market.

The ideas and inspirations that were mentioned at the ground breaking were the desire to create a new neighborhood within Downtown Seattle and to build the condos where walkability, transportation and proximity to job centers are key. Also noted was the want to incorporate innovative technology into the building, provide flexible floorplans, implement sustainable living ideas, and put forward a design that was not run of the mill.  They are now calling the Denny Triangle, the neighborhood where NEXUS will be located, the East Village.

We will attend the VIP Reception this evening and report back on any additional information we learn about NEXUS and the sales process.

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


NEXUS Schedule Updates and Grand Opening Date

Nexus2The sales team at NEXUS condominiums has released an updated schedule of how the events and sales process will progress from now through the public grand opening and sales event.

  • February 22nd: Advance distribution of legal files for courtesy review
  • February 24th: Official Notification to 1st Position Reservation Holders
  • February 25th: Sales Center for 1st Position Reservation Holders
  • March 4th: Official Notification to 2nd Position Reservation Holders
  • March 11th: Public Grand Opening & Sales Event 

Of course several of these events are for reservation holders only so if you are not currently in a reservation for a unit, you will have to wait until March 4th to attend the public grand opening. However, after the reservation holder only events, some units might come back on the market if any reservations do not convert into purchase and sale agreements so you might be able to snag a unit you loved that had previously been reserved.

We hope to see you at the Grand Opening but if before then you would like to learn more about NEXUS or reserve a unit, ping us and we will walk you through the process.

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


NEXUS Will Open Sales Center & Model Home in March

NEXUS RenderingNEXUS condominiums, breaking ground this month and completing in 2018, announced that they will open their sales center and model home next month in March. The sales center will include a full size model home and interactive exhibits.

With the opening of the sales center, we anticipate that reservations will be converted to purchase and sale agreements soon as well. We will keep you all informed as the actual date of the grand opening.

We look forward to checking out the sales center and hope to see some of you there at the grand opening!


Tentative Deal Reached for Bosa to Buy Civic Square Project and Build Condos

Civic SquareMayor Ed Murray has announced that the city has reached a tentative deal with Bosa Development, the developer of Insignia Condominiums in Belltown, for the long-delayed Civic Square project in Downtown Seattle. According to PSBJ, if the Seattle city council approves the 21.7 million dollar deal, Bosa will begin building a condominium tower on the full block site in 2018. The site is located between 3rd and 4th and Cherry and James.

According to the deal, Bosa will still provide an area for a public plaza but that plaza will be owned and maintained by Bosa. The city hopes to have a decision by early next year on whether the deal will be approved and will move forward.

We will continue to monitor this and hopefully we will see a condo tower coming out of the ground in 2018 in Downtown Seattle.

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


Insignia Condominiums is 95% Sold

588_bell_st_27Insignia has just announced that they are 95% sold in both towers combined, leaving them with fewer than 30 homes left.

If you are looking to live in Downtown Seattle in a new construction high rise and want to move in this year, these are the remaining options for you along with any resale units that come on the market in Insignia. After that, you would have to wait for NEXUS which will not be complete for years to come.

With the north tower complete and starting move-ins the building is starting to feel more like a lived in community. It also means that the amenities in that tower including the recently completed 75’ pool, spa, steam room and sauna and now available for residents to use and are available to check out if you are considering purchasing one of these last homes.

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


NEXUS Reservations- 244 of 374 Condos Reserved

Nexus ReservationsWow what a difference a year can make in our dynamic condo market.

NEXUS Condominiums is reporting a very strong turn out to their grand open reservation event this past weekend.  We attended a preview event last week, and so far the offering of condos at NEXUS sounds very compelling.  With two other condo projects nearing their completion and closings this summer (Insignia Condominiums and Luma Condominiums) it's not surprising there is demand for another high-end luxury condo community in the downtown core.

According to the article released today by Realogics Sotheby's International Realty (RSIR), the marketing company for NEXUS Condominiums, "The Burrard Group has accepted 244 first-position, unit-specific reservations for priority presales at NEXUS, a new 374-unit high-rise condominium tower located at 1200 Howell Street in downtown Seattle. Project representatives at RSIR report that more than 500 prospective home buyers were processed through the NEXUS Preview Center at 2715 1st Avenue on June 4 and 5th. Several groups camped out overnight to ensure a first place in line while a crowd of approximately 130 were cued up by 11am on June 4th when the reservation event commenced. Prospective home buyers were offered an individual home for priority presale with a price range for a $5,000 fully-refundable deposit to be held in escrow. Reservations will convert to a Purchase and Sale Agreement during the Fall of 2016, commensurate with the opening of a formal sales center and the ground-breaking of the development. NEXUS is scheduled for occupancy by mid-2019."

“Our opening weekend results suggest a growing preference for condominium ownership after an unprecedented apartment cycle that added nearly 10,000 new rental units to our skyline,” says Dean Jones, President and CEO of RSIR, the firm representing NEXUS. “Those apartment towers have been incubating future home buyers who are increasingly recognizing the investment potential and benefits offered by home ownership. NEXUS provides an opportunity to own a slice of this fast-growing metropolis.”

What does all this mean? It means that people have expressed interest in 65% of the 374 units.  Reservations are a very early indication of interest, and with a small $5,000 reservation deposit (that is fully refundable) I do anticipate that once final pricing, final numbers on the HOA dues, terms on investor purchasers, etc. are all working out, we'll see some buyer fall out and many of those reserved units will become options for other buyers.  This often happens with the early reservation process in pre-sale  condo opportunities. It will be when the proverbial rubber meets the road once that reservation fee becomes a more sizeable non-refundable earnest money deposit, and then we'll see how sales proceed from there.  Recent lack luster commitments in the pre-sales in the Gridiron condos in Pioneer Square, make me think the final pricing and HOA dues will really have an affect on how many of these buyers proceed. 

Have questions about NEXUS? Let us know and we'd be happy to help walk you through the buying process and pros and cons of certain floor plans and layouts.

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

 

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