Waiea is a masterpiece created by the world renowned architect, James K. M. Cheng in collaboration with one of America’s iconic interior designers, Tony Ingrao. In his words, James Cheng calls the penthouse “a villa in the sky.” Designed with the connoisseur of life in mind, no detail has been overlooked. This six-bedroom, six-and-one-half-bathroom residence sprawls over 8,532 square-feet and features a spectacular, over 2,000-square-foot rooftop lanai and a private, ocean-facing infinity pool.
Seattle has made seemingly endless headlines in recent months for its impressive housing market, and it seems no end is in sight as Seattle Times reports that the Emerald City has now maintained its position as the hottest market in the nation for 12 consecutive months. On top of boasting the largest home price gains of any other city, the Puget Sound also made headlinesfor 2018, as the annual “Emerging Trends in Real Estate” study ranked the city number one on its list, up from a fourth position in 2017.
Looking at data from August 2017, Mike Rosenberg says Seattle’s 12-month reign is “the fifth-longest streak in the country since 2000, and the longest since Phoenix led the nation in home value increases for 13 months in a row from 2012 to 2013.” In looking to the rest of the nation, “home costs here [in Seattle] are growing at more than double the national rate of 6.1 percent.” What’s more, the second-place market, Las Vegas, saw an 8.6 percent growth, “nearly five percentage points less than Seattle.” In looking to Seattle’s West Coast peer markets such as San Francisco, the growth is almost astronomical, as home values are now growing twice as fast as those in the Bay Area, according to a recent Puget Sound Business Journal article.
Rosenberg attributes the region’s growth to high paying tech jobs, competition amidst anemic inventory, the impact of foreign investment, and soaring rents, sentiments which echo the findings of the recently released “Emerging Trends in Real Estate” report and those previously noted by Realogics Sotheby’s International Realty and experts of The FutureCast Forum.
Regarded as “an important measure of economic conditions,” Seattle Times reporter Jon Talton shared key findings from the report, which include a positive housing outlook, strong population growth and a well-diversified economy. He adds that “we benefit from having twice the U.S. average – 12 percent – working on STEM occupations.” Looking to the future, he says “overall costs, housing affordability and availability of construction labor” will be important considerations, in addition to “infrastructure improvements.”
Want to know more about the latest housing market trends in the greater Seattle region? Read Realogics Sotheby’s International Realty’s latest insights on the S&P Case-Shiller report, dive into the third quarter market reports, or explore The FutureCast Forum, a collaborative of opinion leaders that explores the current and projected market fundamentals and trends influencing the Seattle/Bellevue metro area by 2020 and beyond.
Original source on RSIR
Dozens of Prospective Buyers Formed a Line Prior to Opening of NEXUS Sales Center; Some Camped Out OvernightRead More
Market Experts Array Pent Up Demand for In-City Homeownership; Downtown Seattle Condo Prices Surge 33%
Representatives of Realogics Sotheby’s International Realty and Burrard Group announced a major milestone in the development of the 41-story NEXUS Condominium Tower today as it begins a vertical ascent towards completion in fall 2019. With excavation now complete, SKANSKA, the general contractor for NEXUS, has poured the foundation mat, which comprised of 3,900 cubic yards of concrete and measures up to twelve feet thick.
“The entire development and construction team is excited to shift the focus from digging down to building upward and constructing this iconic tower,” said Chad Mathis, Senior Development Manager with Burrard.
After analyzing market demand, Burrard also announced a change in the final product offering. The final construction documents include a revision to the floor plates in the “third cube” between levels 28 and 35 where a larger one bedroom and den floor plan will now be built as two independent and efficiently-scaled residences called City Suites – a 484-sq. ft. studio and a 503-sq. ft. urban one bedroom. Conversely, a penthouse home assembled two units to create a 4 bedroom plus den offering nearly 3,200-sq. ft. These revisions increased NEXUS Condominiums by 8 residences to 389 units.
“We took this opportunity to optimize the product offering based on market demands,” added Mathis, who acknowledged the flexibility to assemble and disassemble floor plans.
“This design update presents an encore sales release of new homes priced from the mid-$500,000s to mid-$600,000s, a price range that was previously sold out at NEXUS,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “There’s a lack of attainably priced homes in downtown Seattle. Consumers can afford to live in less space but they can’t always afford the cost of new condominiums. We’re facing a condo crunch as more and more apartment dwellers desire homeownership but there are few options available in the market.”
Jones points to RSIR research showing that 78-percent of the 496 new condominiums being built in downtown Seattle are currently presold with virtually all remaining homes priced above $700,000. Consumers will find little relief in the resale marketplace as according to the NWMLS, there are only 11 homes listed for sale priced below $700,000. Meanwhile, RSIR reports the median price of resale condominiums sold in October 2017 was $649,500, an increase of 33-percent over the prior year. A preference for newer condominiums was also noted at the recently completed Insignia Condominiums. This presale development was delivered in 2015 and 2016 and experienced four resales last month – all within days of hitting the market, several escalating above asking price and exhibiting an average of 25-percent increases from presale to resale values. Market wide, S&P/Case-Shiller tracked 13.2-percent median home price increases making the Seattle metro area the fastest-rising housing market in the US for the past 12 months.
Citing pent up demand, market pundits anticipate the latest sales release at NEXUS will sell out quickly upon listing on November 18th. Recently, the Urban Land Institute heralded Seattle as the #1 investment market in the US as part of their “2018 Emerging Trends in Real Estate” report. However, the opportunity for individual home ownership has been challenging given the dearth of for-sale housing being built. Research by RSIR and O’Connor Consulting Group confirms that no new condominiums will be delivered in 2017 and it’s estimated that 94-percent of the 27,000+ new multifamily housing units to be built in downtown Seattle’s urban center for the current decade will be for rent and not for sale.
Mathis says more new condominiums are on the horizon but suspects most developers will want to retain their inventory as income property because the market is appreciating.
“Land and construction costs are rising rapidly,” claims Mathis. “The reality is future deliveries will cost more to build and developers will need to charge more to make new developments pencil.”
Several members of Realogics Sotheby’s International Realty, including owners Dean and Stacy Jones along with Founding Director Scott Wasner and broker Cassie Daughtrey attended the Asian Real Estate Association of America Global Luxury Summit in New York City April 12-15. Held at the historic Waldorf Astoria Hotel, the event was sponsored by Sotheby’s International Realty and was co-chaired byPhilip White, President & CEO of the global realty network. More than 700 registered guests traveled from around the world to participate in the much-anticipated conference.
“I was struck by the significance of the event being held at the Waldorf Astoria – one of the first, largest and grandest hotels in New York City of which its original location hosted thousands of wealthy investors from Europe more than a hundred years ago,” said Dean Jones. “Fast forward to today, the hotel is again host to another wave of foreign interest, albeit it this time investors are from Asia and most dominantly from Mainland China.”
In addition to Dean Jones' participation on two panels during the event, he also offered a publication for attendees in Chinese and English, which may be viewed below:
Chad Zinda - Realogics Sotheby’s International Realty Director of Sales and Designated Broker by day, dancer by night? He definitely tried on the role well at Seattle Dances! 2014, which took place on March 1st. Chad and the other celebrity dancers entertained while raising an excess of $522,000 for Plymouth Housing Group! The event garnered much media attention, as Patti Payne from the Puget Sound Business Journal and Nicole Brodaur from the Seattle Times wrote about the successful evening. Watch all the dancers shake it in the video below!
Realogics Sotheby’s International Realty was featured in the March edition of the Alaska Airlines Magazine, thanks to the professional insight offered by Owner and President Dean Jones. He said, “Millenials are time sensitive and really prefer to walk to work,” and describes that we’re seeing condo-high rises in the city because they accommodate employees who’d prefer to live near their workplace but aren’t ready for a single-family home yet. A home the article says will likely be desired in the future and means the move may be, “just four blocks” away.
As Realogics Sotheby’s International Realty has experienced growth this year with the opening of our new Kirkland Showroom, Sotheby’s International Realty Affiliates LLC is also reporting continued growth. In 2013, its U.S.-affiliated brokers and sales professionals handled 24% more transaction sides compared to 2012, a number nearly 3 times higher than the National Association of Realtors.® reported 9.2% gain. Sales volume also rose to 29%, a full 10% higher than the overall market numbers, according to the National Association of Realtors.
Sotheby’s International Realty network only promises continued global growth in 2014, with the opening Beijing Sotheby’s International Realty, which Philip White, president and chief executive officer of Sotheby’s International Realty Affiliates LLC says, “is slated for the first quarter of 2014.”
On Thursday, March 13th a collective of brokers from Realogics Sotheby’s International Realty’s ”Connoisseurs of Life” Showroom gathered at the new branch office for an evening of wine education courtesy of the Maison DeLille Wine Bar. Guests sipped on four exclusive wines while enjoying a bite and one another’s company. The delicious Wine Tasting Menu ranged from an aromatic Doyenne 2012 Roussanne to a vintage DeLille Cellars 2011.
In an article outlining the recent increase in residential construction just north of Downtown Seattle in communities such as northern Belltown and the Seattle Center, Lindsay Cohen from KOMO TV turned to Realogics Sotheby’s International Realty’s Owner and President Dean Jones for insight.
“I think we’re seeing this neighborhood being targeted by developers because the CBD has become so expensive to develop and arriving later in this current development cycle suggests building within smaller building envelopes,” said Jones. “The zoning in this neighborhood surrounding Seattle Center is much lower so we’re talking about more boutique communities where the developer can get into the city, get vertical quickly and be out to market in some cases before other high-rise projects are completed, even if they are under construction today.”
Big news for Sotheby’s International Realty Affiliates, LLC as they revealed that Beijing will soon see a Sotheby’s International Realty Office in their city. Dean Jones, Owner and President of Realogics Sotheby’s International Realty, who introduced Plus Investment to the global network nearly two years ago, told the RSIR Blog, “in many ways this timing for Beijing and our own Eastside expansion is very serendipitous . . . we look forward to exploring all these opportunities for the benefit of our brokers and our clients alike. This brand is all about exposure and relationships. This direct conduit to the Capital City of China is a very significant accomplishment for our network.”