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December 2017

Buyers clamor for more downtown condos

Downtown condo imageGreater Seattle's pent-up demand for condominiums was underscored last month when buyers lined up for 18 hours for a pre-sale event for homes at NEXUS, a 41-story high-rise with 389 units.  Eager buyers snatched up the initial release of 16 units and a subsequent release of 12 more units within hours.

To date, 90 percent of the units have been pre-sold, according to the Burrard Group of Vancouver, B.C., the developer of the new vertical community in Belltown.

Described as "efficiently scaled and attainably priced," the units - which won't be ready for occupancy until fall 2019 - range in size from 350 to 500 square feet. Prices range from $341,000 to $668,000, with parking stalls selling for $75,000.

Remaining units at NEXUS have 2- or 3-bedrooms and are sized from 1,022 to 2,142 square feet. These homes are priced from just under $1.2 million to $3.5 million.

Dean Jones, president and CEO of Realogics Sotheby's International Realty, estimates 85 percent of the nearly 500 new condos being built in Seattle for delivery by 2020 have been pre-sold.

Authors of Seattle Condo Review report six condo projects in Seattle and Bellevue are in the pipeline. If all the buildings get built and "are indeed sold as condominiums," 1,677 new units would come to market, according to Marco Kronen, co-author of the report.

Only 58 condos were offered for sale in the Downtown/Belltown area at the beginning of December, according to a search of the Northwest Multiple Listing Service database. Of these, about 35 percent had asking prices of $2 million or more.