NEXUS — a 41-story, 389-unit condo tower — is scheduled to open next year at 1808 Minor Ave. in downtown Seattle.
SEATTLE — NEXUS, a luxury condominium tower being built in the northeast corner of downtown, has presold more than 90 percent of its homes, and construction progress has reached street level.
The 41-story, 389-unit high-rise is scheduled to open at 1808 Minor Ave. in the fall of 2019.
“We are obviously very excited about these pivotal milestones,” says Christian Chan, executive vice president of The Burrard Group, which is the developer of NEXUS. “It’s yet another reminder of just how close NEXUS is to becoming Seattle’s newest condominium delivery.”
The iconic architecture of NEXUS features a series of stacked cubes that are offset by 8 degrees. The high-rise is the latest new development in the burgeoning East Village, which has experienced a meteoric amount of construction in recent years. There are more than two dozen high-rise projects in the immediate neighborhood, including 2 million square feet of office space, 200,000 square feet of retail services, more than 1,900 hotel rooms, a $1.7 billion expansion of the Washington State Convention Center and an estimated 10,000 new housing units.
“Despite the significant increase in population expected by 2020, NEXUS remains the only new condominium offering homes for sale — all the other residential developments to date have been apartments for rent,” Chan says. “Burrard Group is very proud to be offering homeownership opportunities for hundreds of families in what’s been America’s fastest-growing city.”
Demand for condominiums in downtown Seattle has expanded significantly in recent years, as median home prices for resale properties increased by 19 percent in 2017, according to research by Realogics Sotheby’s International Realty (RSIR). This analysis also revealed an average of 25 percent in increased property value for buyers who recently sold their homes after buying during presales in the years prior.
“We’ve closely tracked the resale of more than 50 units that closed in condominium buildings that delivered in 2015 and 2016 and subsequently resold over the past 18 months or so,” says Michael Cannon, the sales director for NEXUS and a broker with RSIR. “The same kind of opportunity exists for our presale buyers at NEXUS as prices are locked in at the time of presale, while the market continues to evolve during the construction process.”
Cannon says presales require a 5 percent earnest-money deposit to secure the home at the time of purchase, which will be followed by a 5 percent deposit increase by June 30, 2018. No additional deposits are required unless the presale buyer is interested in acquiring certain home-personalization options.
“Presales at NEXUS also allow prospective buyers to choose between three distinct color schemes and a number of other opportunities including integrated home-technology options,” he says. “However, the ability to personalize will soon expire, as the construction schedules will require the developer to make decisions for unsold homes. So now’s the time to enjoy the best unit selection, introductory pricing and preferred interior selections.”