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The Puget Sound Business Journal Reports on NEXUS: "A New Center of Gravity in Downtown Seattle"

An article published today by the Puget Sound Business Journal says “a new neighborhood is emerging in the northeast section of downtown Seattle, and by 2020 it will be a new residential core featuring cutting-edge apartment and condominium buildings, a variety of restaurants and retail, as well as places to meet and work. In the heart of this so-called ‘East Village’ neighborhood will stand NEXUS, the first condominium tower to open in the neighborhood, offering buyers the opportunity to own their share of downtown Seattle’s future and a slice of the ever-expanding skyline.”

The highly anticipated condominium tower NEXUS, which will offer reservations June 4th and is scheduled for completion in 2019, will be bordered by I-5, Olive Way, 6th Avenue and Denny Way, which means it “will be uniquely positioned between, and in walking distance to South Lake Union, the downtown/retail office core, and Capitol Hill, and will offer quick access to a multitude of transportation options within the city, as well as enviable freeway access to reach the region’s outdoor recreational activities.” It will appeal to first-time homebuyers, millennials, urban professionals and downsizers for its prime location within Seattle’s emerging “East Village” neighborhood.

As Christian Chan, Executive Vice President of The Burrard Group told the Puget Sound Business Journal, “Seattle is enviably poised economically and geographically as a global gateway of the future . . . This is where people want to live, and where many prominent companies want to do business. The city’s quality of life, relative affordability, and a lack of state income taxes promotes employee retention. Peer cities like Vancouver, San Francisco and New York have significantly higher real estate prices and an increased cost of living. Now is the time for people to take advantage of what is, relatively speaking, a more attainable homebuyers’ market in Seattle.’”

And the future remains at the forefront of all design and planning, as Carrie Smith, Principal of Interior Design with Weber Thompson said “NEXUS represents a balance between the natural materials and beauty of the Pacific Northwest, ergonomically designed spaces, and an increasingly technology-oriented lifestyle” that will speak to a vision of life in 2020.

Dean Jones, President & CEO of Realogics Sotheby’s International Realty added that “NEXUS will establish a new, fresh mindset for this neighborhood. It’s an intersection of design, technology, convenience and lifestyle . . . NEXUS is the next generation of living in downtown Seattle.”

Given anemic condominium inventory, NEXUS will be a prime opportunity for would-be buyers to jump into homeownership. As the article reads, The Burrard Group believes “there’s pent up demand to buy downtown” and that if even a fraction of current renters explore buying, there will be an inventory imbalance: “‘if only ten percent of the renter population decided it was time to buy, that would absorb the pipeline of available condominiums – and I think that’s going to happen,’ said Carese Busby, a senior mortgage consultant atCaliber Home Loans, a preferred lender of NEXUS. ‘Like all market cycles, opportunities exist for the first responders who can spot the trends and act.’”

Nancy Glover, another a senior mortgage consultant at Caliber Home Loans echoed Busby’s insights and added that now is the time to begin the process as pre-approval is required in order to reserve a condominium at NEXUS. She also described the benefits of owning, because “you don’t have to worry about the landlord increasing rent or selling the apartment that you’re currently renting and forcing you to move. People like knowing they have their own piece of property. It’s theirs. They can personalize it the way they want to.”

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The Burrard Group Debuts NEXUS - A New Condominium Tower Amidst a Burgeoning Multi-Billion Dollar Vertical Village in Downtown Seattle

Q1-2016 Market Report Reveals 22% Growth in Median Home Prices

The Burrard Group, a Vancouver, BC–based real estate development firm provided a first glimpse of downtown Seattle’s next generation condominium tower called NEXUS, and plans to offer unit reservations in May 2016, presales in Fall and break ground by late 2016 for first occupancy in 2019. The developer has appointed key members of the development and marketing team and confirms that all units will be offered for sale, citing a point of inflection in the buy vs. rent debate amongst urban dwellers in one of North America’s fastest-growing cities.

“NEXUS will be the first of several significant projects we plan for the Seattle area,” said Christian Chan, Executive Vice President of The Burrard Group. “We view downtown as a fundamentally strong housing market and believe trending will increasingly favor homeownership as home values grow, interest rates remain low and thousands of renters contemplate the benefits of homeownership, especially upon Tax Day.”

Chan points to Seattle-area rents, which have grown by 35-percent in the last five years as the city now ranks among the top ten most expensive apartment markets in the US according to CNN Money. That’s despite nearly 10,000 new apartments that have been built in the downtown submarket since 2011. Condominium values and corresponding supply are also making a comeback with 22-percent median home price increases year-over-year during the first quarter of 2016, according to an internal report prepared by Realogics Sotheby’s International Realty (“RSIR”) and O’Connor Consulting Group. They project 17,000 new housing units in the pipeline could deliver over the next five years but 85-percent are expected to be rental. NEXUS is among a new generation of units for sale, however the total condo supply is projected to be less than the past condominium market cycle a decade ago.

“NEXUS will anchor an emerging vertical village in the northeast corner of downtown Seattle where high-rise zoning and a meteoric number of developments are creating a glimmering new, multi-billion dollar neighborhood,” said Dean Jones, President and CEO of RSIR. “This kind of transformation has occurred in peer markets like False Creek in Vancouver, BC, Williamsburg in New York City, or Mission Bay/SOMA in San Francisco. Now it’s taking shape in downtown Seattle.”

Jones says NEXUS provides a unique opportunity to own the future as these homes can be purchased two years before delivery, offering savvy homebuyers the opportunity to lock in preferred home plans and presale prices, as well as personalize their new condominium. He believes an increasing percentage of apartment dwellers will migrate to ownership as new ownership opportunities are presented.

“I’m thrilled to be working with The Burrard Group and will soon add NEXUS to their impressive portfolio of iconic developments,” said Bendrick. “This will be one of the most transformative residential developments in North America with dynamic floor plans, high-tech amenities and the kind of thoughtful hospitality that The Burrard Group is internationally known for.”

At forty stories (or 440-feet tall), NEXUS is planned to comprise up to 403 condominium units offering a range of floor plans from efficient urban one bedrooms to three bedrooms, including a select number of two-level Sky Lofts and expansive penthouses. Owners will enjoy multiple levels of amenities including a service-oriented retail and lobby level; the 7th level which contains a co-working space, fitness center, dog run/lounge, great room, media facility and outdoor patio; as well as the rooftop-level Sky Club offering social spaces, an exhibition kitchen, private dining, sky-bar, recreation room, view terrace with open air kitchen, and fireside lounge with commanding views of downtown Seattle, Lake Union and Capitol Hill. Owners will have the opportunity to reserve in-building guest suites, flexible parking options, business center amenities and other services via a custom app that is in development.

Prices at NEXUS are expected to start in the $300,000s with low down payment options and mortgage payments that are comparable to prevailing rents. O’Conner believes NEXUS will meet pent up demand for attainably-priced homes as nearby condominiums in downtown Seattle’s urban core have all but sold out of inventory below $900,000. Fewer than 75 resale condominiums remain available in downtown Seattle, according to the Northwest Multiple Listing Service.

“Prices are rising quickly in downtown Seattle and NEXUS will offer owners the potential for capital appreciation, unlike rent which only benefits the landlord” said Brian O’Connor, Principal of O’Connor Consulting Group. “This debut is well-timed with IRS Tax Day. I believe renters of those newer apartment buildings built since 2011 have missed an estimated $40 million in income tax deductions in 2015. Sellers of principal residences also enjoy tax free capital gains up to $250,000 for single owners or up to $500,000 for married couples.”

Realogics, Inc. will provide marketing services and Realogics Sotheby’s International Realty will be the exclusive listing broker for NEXUS.

Explore Recent Local Media Attention >>

Prospective homebuyers are encouraged to register at www.NexusSeattle.com for priority sales information and learn about upcoming design preview events and unit reservations.

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