Planned for downtown Seattle, the building will include a collection of studios and urban one-bedroom units, as well as conventional one-, two- and three-bedroom floor plans.
SEATTLE — Sales reservations begin at 11 a.m. June 4 at the preview center for NEXUS, a condominium tower planned in downtown Seattle.
At the preview center, located at 2715 First Ave., Seattle, prospective homebuyers can secure unit-specific reservations with a price range in advance of the presales event, which is scheduled in the fall at the time of the project’s groundbreaking.
Reservations require a $5,000 fully refundable deposit to be held in escrow, and the agreement between the seller and the future homebuyer effectively provides a first right of opportunity for the reservation holder to convert to presale when the homes are officially released for sale.
According to Michael Cannon, the sales director at NEXUS, first responders not only earn preferred selection and presale pricing, but each reservation removes the possibility for multiple offers to escalate the purchase price.
“We are observing a very buyer-centric sales process by organizing the interest through reservations,” he says. “It’s comforting to know that future homebuyers can walk arm in arm with the development team while they consider the opportunity over the coming months with confidence. The excitement is building.”
Cannon says presales allow the homebuyer time to get organized before the eventual closing, which is anticipated to begin in early 2019. He notes that the reservation deposit will accrue toward a 5 percent earnest-money deposit upon purchase later this year.
“In many cases, that’s all that is required to secure the home for purchase, as with many of the available mortgage programs it’s possible to finance the balance of the property,” he says.
There will also be opportunities to personalize the home with finish selections and upgrades ranging from cabinet doors to high-tech features.
“NEXUS is going to be particularly attractive to those who have recently relocated to downtown Seattle and may be renting, but plan for homeownership ahead,” Cannon says. “The best part is that the pricing is locked in at the time of purchase, even though the downtown condominium market has been experiencing double-digit annual appreciation.”
Research conducted by Realogics Sotheby’s International Realty and Caliber Home Loans indicates that it can be less expensive to own than it is to rent after as little as a few years, particularly when considering such factors as income-tax deductions and capital appreciation. The research can be viewed online at NEXUSseattle.com.
Home prices at NEXUS begin in the low $300,000s. The building will include a collection of studios and urban one-bedroom units, as well as conventional one-, two- and three-bedroom floor plans.
Unique to NEXUS, the building will also feature three levels of “sub-penthouse” homes at transitional axis points in the building’s architecture, where taller ceilings and expansive terraces are available.
The traditional penthouse level of the building is available for use by all residents and their guests. It includes views, amenities and more than 10,000 square feet of interior and exterior living space.
“NEXUS is designed like a resort in the middle of the city, so you don’t just live in your individual residence but within a hospitality-minded vertical village,” Cannon says. “The surrounding community will also provide many residential amenities and attractions.”
A series of interviews is posted at NEXUSseattle.com that provides firsthand perspectives on the state of the downtown housing market, mortgage trends, the building’s architecture, its interior design, and sustainable-development practices that influenced NEXUS’s design.