Mercer Island and West Bellevue homes will be featured in a progressive open house event, complete with prize giveaways.
BELLEVUE — By popular demand, JayMarc Homes, in partnership with Realogics Sotheby’s International Realty (RSIR), is extending its showcase of recently completed homes in Mercer Island and West Bellevue.
The progressive open house, called Passport to Luxury, opened last weekend to an overwhelming response from interested homebuyers. During the event, visitors explored each new luxury home and received a stamp for their personal open house “passport.” Fully completed passports were entered for an upcoming prize drawing for an “Endless Summer Getaway” to Danzante Bay in Loreto, Mexico. As an additional “Buy in July” bonus, homebuyers were offered the aforementioned trip plus a $25,000 buyer bonus.
“Last weekend’s progressive open house was a phenomenal success,” says Daniel Sessoms, sales director at JayMarc Homes. “More than 100 groups toured the Passport to Luxury — a tremendous response that has inspired an encore event this weekend.”
The second Passport to Luxury event will take place July 27–28 from noon to 4 p.m., and will continue to showcase luxury homes in Seattle’s most prosperous neighborhoods. Prospective buyers and brokers are encouraged to stop by The Delhi Estate at 8520 N.E. 25th St., in the Clyde Hill neighborhood of Bellevue, to pick up a “passport” and commence the tour.
“West Bellevue and Mercer Island are two of the high watermarks in the regional metro area,” says Dean Jones, president and CEO of RSIR. “These are unique real-estate microclimates that are bucking the regional trends, and values are continuing to expand. With several more contracts this past week, the summer sales season is heating up.”
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 response to the initial run of open houses garnered a great deal of interest, Rousso says, with one sale and two offers pending. The remaining 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.
Those who purchase in July will receive a $25,000 buyer bonus for home personalization options or closing costs, as well as an opportunity for a trip for two to Danzante Bay in Loreto, Mexico (including coach airfare, transfer, resort experiences and accommodation; see agent for details and limitations).