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.”