Nexus Update

It has been roughly three months since Nexus has gone public with pre-sales after the initial reservation period which had started back on June 4th, 2016.

Many reservation holders eventually did end up securing their unit by putting the full 5% earnest money down. With sales prices, as low as $315,000 and as high as 3 Million, buyers have put earnest money of anywhere between $15,750 to $150,000+.

Once the reservation holders made their decision to either secure their unit or let go of it, the units were free game to anyone. At that point, roughly 65% of homes were secured that went from reservations to contract. Once the units went public, the opening weekend, we saw another line early in Saturday morning for buyers eager to get their hands on what was left. By the end of the first week of going public, in early March, 75% of units were in contract.

Fast forward three months to today and 80% of the units are now under contract. Every studio, urban one, and (almost every) one bedroom has been bought. There may be a couple one bedrooms, in the top cube, available. With 20% of the building remaining, buyers are looking at either a one bedroom + den, or a two bedroom. The prices for either of those are starting at the mid to high 900’s.

Prices for these two-bedrooms are still on par with of what we currently see in the downtown Seattle condo market. This could be your chance to secure a home without the headache of the bidding wars and allow you to plan long-term since completion is projected for end of June 2019.

If you are interested feel free to give me a call at 425.299.7557. I have done extensive research on the building, am investing myself, and have clients also investing. Want to know which side is the best long term investment or what your view will look like? I will discuss all the possibilities with you!

© 2015 by Cyrus Fiene, Coldwell Banker Bain