Realogics Sotheby’s International Realty & Burrard Group Share a NEXUS Update: 28 City Suites Sell Out During Encore Sales Event

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Prospective Buyers Lined Up Hours Before the NEXUS Sales Center Opened on November 18th; Some Event Camped Overnight

Realogics Sotheby’s International Realty (RSIR) and Burrard Group have confirmed that all of the City Suites that were released during the NEXUS Condominium Encore Sales Event on November 18th have been sold. Buyers began lining up for their opportunity to secure one of the City Suites at the Sales Center at roughly 4:30pm the day prior to the event. Though Burrard Group initially announced 16 attainably priced units, those who braved the cold weather and the long line learned about the addition of 12 units for a total 28 homes that ranged in price from the mid-$300,000s to the mid $600,000s.

“It felt like Black Friday, except it was a Saturday and we were selling condos,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “We welcomed our newest homebuyers to NEXUS. Our sales success demonstrates the pent-up demand for efficiently-scaled and attainably-priced new condominiums in downtown Seattle.”

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Above: Buyers of NEXUS Condominiums at the Encore Sales Event on November 18th

The lack of inventory in downtown Seattle was surely a factor that had so many buyers flocking to NEXUS, as Northwest Multiple Listing Service data reveal there are just 10 homes listed below $700,000 in downtown Seattle. The imbalance of supply and demand are evident in the 33-percent surge of condominium prices in October 2017 compared to this time last year. Though approximately 27,000 homes will deliver in downtown Seattle in the current decade, 94-percent of the opportunities will be for rent, and most of those offered for ownership are already sold.

Following the Encore Sales Event, NEXUS is now 90-percent presold, with remaining two and three-bedroom homes priced from above $1 million to $3.5 million. Additional details are available at NEXUSseattle.com