It's like Black Friday, for CONDOS!
NEXUS Encore Event
After an announcement of just a few new construction condos in Seattle's NEXUS building, people flocked, including myself. Knowing that there was a total of 0 new construction condos delivered this year and ANY new construction condo project in downtown Seattle is basically pre-sold, this was an opportunity i had to jump on for my clients.
I arrived at 4:15AM and wasn't alone. The opportunity is real. The demand is real.
Luckily, I was able to get my client exactly what he wanted. But, the 50 others behind me, may be disappointed.
According to the Northwest Multiple Listing Service, just ten homes are currently listed for purchase below $700,000 in Seattle, which must satisfy an urban center of more than 70,000 residents. A resulting imbalance of supply and demand is evidenced by median home prices of resale condominiums surging 33-percent in October 2017 over the prior year. While 27,000 housing units are projected to deliver in downtown Seattle during the current decade, RSIR reports 94-percent of that new supply is built for rent and not for sale. Furthermore, 85-percent of the 496 new condominium units that are currently under construction with occupancy by 2020 are already presold.
NEXUS is now 90-percent presold with remaining two and three-bedroom homes priced from $1.2 to $3.5 million. For more information, visit www.NEXUSseattle.com.