Design revisions between levels 28 and 35 have increased NEXUS’s total residences by eight to 389, and created a new price point that had previously been sold out.
SEATTLE — With excavation now complete, the 41-story NEXUS condominium tower began a vertical ascent this week toward completion in fall 2019.
SKANSKA, the general contractor for NEXUS, has poured the foundation mat, which consists of 3,900 cubic yards of concrete up to 12 feet thick.
“The entire development and construction team is excited to shift the focus from digging down to building upward and constructing this iconic tower,” says Chad Mathis, senior development manager at Burrard Group, the developer of NEXUS.
Burrard has also announced a change in the final product offering. In the “third cube” between levels 28 and 35, a one-bedroom-plus-den floor plan will now be built as two independent and efficiently scaled residences called City Suites — a 484-square-foot studio and a 503-square-foot urban one-bedroom. Conversely, a penthouse home joined two units to create a four-bedroom-plus-den unit of nearly 3,200 square feet.
The new units will go on the market Nov. 18.
“We took this opportunity to optimize the product offering based on market demands,” Mathis says.
These revisions increase NEXUS’s total residences by eight to 389, and create a new price point that had previously been sold out.
“This design update presents an encore sales release of new homes priced from the mid-$500,000s to the mid-$600,000s, a price range that was previously sold out at NEXUS,” says Dean Jones, president and CEO of Realogics Sotheby’s International Realty (RSIR). “There’s a lack of attainably priced homes in downtown Seattle. Consumers can afford to live in less space, but they can’t always afford the cost of new condominiums. We’re facing a condo crunch as more and more apartment dwellers desire home ownership, but there are few options available in the market.”
Jones says RSIR research shows that 78 percent of the 496 new condominiums being built in downtown Seattle are currently presold, and virtually all of remaining homes are priced above $700,000. Consumers will find little relief in the resale marketplace, he says, as there are as few as 11 homes listed for sale priced below $700,000, according to according to Northwest Multiple Listing Service (NWMLS).
Citing pent-up demand, market pundits anticipate the latest sales release at NEXUS will sell out quickly upon listing on Nov. 18. The Urban Land Institute recently named Seattle the No. 1 investment market in the U.S. in its 2018 Emerging Trends in Real Estate report.
However, Mathis says, the opportunity for individual home ownership has been challenging given the dearth of for-sale housing being built. Research by RSIR and O’Connor Consulting Group estimates that 94 percent of the 27,000 new multifamily housing units to be built in downtown Seattle’s urban center for the current decade will be for rent and not for sale.