New condominium homes can be hard to come by on the Eastside, even as the region’s population and economy are experiencing a boom.
Jade Condominiums in Kirkland, however, is a bright spot for buyers who aren’t looking for a large house, either because they prefer the lifestyle that condominiums offer or because they cannot afford the costs of a single-family home of comparable quality in the area.
With occupancy scheduled this fall, Jade Condominiums is already more than 60% presold, making it among the fastest-selling new homeownership opportunities in the region. And it may be the only such condominium in the Kirkland area for some time — it has been more than a decade since any similar for-sale offering was presented north of SR-520, as developers built more apartments for rent in the region.
The 136-unit Jade Condominiums is currently under construction at 11903 N.E. 128th St., immediately adjacent to the burgeoning retail and lifestyle center, The Village at Totem Lake. The Village is a newly developed urban center roughly the same size as University Village in Seattle, with approximately 435,000 square feet of gourmet groceries, restaurants, boutique fitness and shopping, including local and international brands like Whole Foods, Trader Joe’s, Lululemon, 203°F Coffee, Nordstrom Rack, Cinemark, Mod Pizza and Sephora.
“We are truly fortunate to have identified this remarkable site at this time, and our presale buyers have certainly benefited from more preferred construction costs instead of starting this process again now,” says Wade Metz, a partner for Terrene Homes, the developer of Jade Condominiums. “The reality is both land and development costs are skyrocketing, and so is the demand. If we were to propose a similar development today, we would need to command an additional 25% in asking prices to pencil the project. And looking ahead, I’m confident we could still attract buyers, but the land is scarce.”
Metz points to a bullish real estate trajectory and strong market fundamentals on the Eastside, historically
–low interest rates and rising consumer confidence. Resale inventory levels for newer condominiums (built 2006 or later) in the Kirkland/Bridle Trails area have decreased, while closings have more than doubled year-over-year, Metz says. “So effectively, the remaining inventory offered by Jade comprises virtually all of the supply in the area’s condominium market today.”
Most of the floor plans offered at Jade Condominiums have fewer than six homes remaining, including:
- Urban one-bedroom, one-bath from $435,990
- One-bedroom, one-bath from $595,990
- One-bedroom, 1.5-bath from $625,990
- One-bedroom, one-bath plus den from $612,990
- One-bedroom, 1.75-bath plus den from $667,990
- Two-bedroom, two-bath from $919,990
- Two-bedroom, two-bath plus den from $1,199,990
“Jade is well-positioned with the tremendous job growth in the area, and by virtue of offering price points for brand new construction that are not possible with either townhome or single-family homes in the area,” says Sarah Del Moral, a project manager for Realogics Sotheby’s International Realty (RSIR), which is the listing brokerage representing Jade Condominiums. “We will continue to observe our introductory prices for all new contracts by June, but with occupancy approaching, we’ll move into a new phase of sales and a new price list.”
According to data from the Northwest Multiple Listing Service, the median price of resale listings in the area around Jade Condominiums has increased to $1,167,950 from $962,500 during the first four months of 2021 — an increase of 21%.
Metz says developers such as Terrene believe condominiums will continue to offer a desirable lifestyle, not just because of the pricing, but also for the “lock-and-leave” benefits that come with hassle-free condominium living rather than domestic responsibilities.
“Residents can always afford to live in less square footage, but they can’t afford to spend more than their budget allows,” Metz says. “And at Jade, you’re not just enjoying your new home but the robust amenities the building offers, and that of the community that surrounds you.”
The controlled-access building will include below-grade parking and storage; a full-service concierge; a residents’ lounge; a fitness studio with indoor and outdoor exercise areas; and a rooftop garden terrace with barbecues and expansive views of Mount Rainier and the surrounding neighborhood.
Jade Condominiums: Opening this fall at 11903 N.E. 128th St., Kirkland. Information: JadeKirkland.com.