The night before The Burrard Group was set to open its presales office for NEXUS, a new 374-unit high-rise condo tower in downtown Seattle, small groups started to line up as if they were waiting on much anticipated concert tickets. By 11 o'clock the next morning nearly 130 people were found standing in line.
By the end of the weekend, Realogics Sotheby's International Realty reported The Currard Group accepted 244-first-position, unit-specific reservations, after processing nearly 500 prospective home buyers and creating roughly $200 million in presales.
Brokers expect to move those reservations into sales agreements this fall and developers expect to deliver the project for occupancy in Spring 2019.
With many renters choosing home ownership amid anemic inventory, bidding wars have become a frustrating reality in the Seattle metro area. Redfin recently reported that multiple offers occurred on 78% of the transactions in April 2016 resulting in 56% of the homes selling above asking price, which is more than twice the national average. Seattle trails only behind the Bay Area on either index nationally, and many pundits believe downtown Seattle is becoming more and more like San Francisco – expensive.
“A primary benefit of our reservation process is buyers are assured they are in first position to accept a purchase and sale agreement without multiple offers,” adds Jones. “We are observing a very consumer-friendly sales process so our home buyers can plan ahead with confidence.”