Mercer Island and West Bellevue homes will be featured in a progressive open house event, complete with prize giveaways.
On the heels of a market upswing in home sales in Mercer Island and West Bellevue, JayMarc Homes, in partnership with Realogics Sotheby’s International Realty (RSIR), will be showcasing a parade of recently completed homes in these prospering neighborhoods.
The event, called Passport to Luxury, will serve as a progressive open house, taking place July 20–21 from noon to 4 p.m. Interested homebuyers and brokers will receive a personal open house “passport” which they can subsequently get stamped at each home. Fully complete passports will be entered for a prize drawing this month for an “Endless Summer Getaway” to Danzante Bay in Loreto, Mexico. As an additional “Buy in July” bonus, homebuyers will receive the aforementioned trip plus a $25,000 buyer bonus.
“West Bellevue and Mercer Island are two of the high watermarks in the regional metro area,” says Dean Jones, Founder and CEO of RSIR. “These are unique real-estate microclimates that are bucking the regional trends, and values are continuing to expand.”
In June, the Northwest Multiple Listing Service (NWMLS) reported median home prices in King County dropped 2.3% to $695,000 compared to June 2018. While median prices were retracting in many markets, Mercer Island saw median prices jump 15% in June year-over-year to $1.9 million. In nearby West Bellevue, the median price in June climbed 16% year-over-year to $2.9 million, according to NWMLS. Both neighborhoods experienced overall price-per-square-foot value growth of 11% to an average of $831 per square foot for homes valued above $2 million for the first half of 2019 compared to the first half of 2018.
So what is so exceptional about West Bellevue and Mercer Island in contrast to the rest of the greater Seattle metro area? A smart investment in the future could be the answer, and there are at least two “investments in the future” for which these neighborhoods are already well known.
First, the area consists of highly favored school districts. Newcomer families or city natives planning a family turn to the Eastside’s gold-standard districts for a competitive education for their children.
Secondly, a tech boom is reshaping downtown Bellevue and the greater Eastside as Amazon, Google, Facebook, Microsoft and others are establishing significant urban campuses, which promises tens of thousands of new jobs and subsequent housing demand.
JayMarc has been taking the lead since 2010 as one of the area’s most prolific builders of single-family homes and celebrated its 100th home sold last year. And the homes that JayMarc is now presenting are significant in that these properties were in development ahead of a recent downzoning for Mercer Island and may stand 15%–20% larger than those behind the curve.
“We’re thrilled to showcase this premier collection of homes at the height of the summer sales season,” says Mark Rousso, president of JayMarc Homes. “At a time of rising consumer confidence and lowering interest rates, we’ve delivered 11 contracts for new homes in March alone, and now we get to share what’s next in the midst of this excitement in the market.”
Rousso says the new home collection presents real value in an appreciated marketplace.
“If we were to break ground today, we’d have to price the homes 10%–15% higher just to cover the increases in land and construction costs,” he says. “Our Passport to Luxury home tour is a timely opportunity for prospective buyers and valued brokers to experience a broad range of home plans and locations, including several opportunities for presales.”
The homes offered range from five to seven bedrooms and 3,762 to 6,416 square feet, including those still under construction and offered for presale. Prices range from the low $2 millions to more than $4 million. For those who purchase in July, a $25,000 buyer bonus is offered for home personalization options or closing costs, as well as a trip for two to Danzante Bay in Loreto, Mexico (including coach airfare, transfer, resort experiences and accommodation; see agent for details and limitations).