Looking for a NEXUS condo update? Look no further.
Yesterday, June 4th at 11am, NEXUS started taking RSVP reservations for preferred floor-plans and first phase pricing. There is some guidance and reservation information on their website. As always, we are here to help if you want some suggestions, input on your selection or need our expertise during any phase of the process.
Check out the line for reservations! We were in the neighborhood twice yesterday. Once around 11:30am and again around 2pm. Each time there were lines of people out the door. We suspect a big number of units reserved. Given the activity and the pent up demand for new Seattle condos, we wouldn’t be surprised to see half of the building reserved in this first weekend.
There is an abundance of floor plans in the 403 unit condo building. Studios will range in the low $300,000’s to the low $400,000s. Open 1 bedrooms and traditional 1 bedrooms will range from the $300,000s up to $1.5M. 2 bedrooms units and rarely seen 3 bedrooms units will range from $800,000 up to $2.2M plus.
Here is a quick breakdown on the square footage range:
Open 1 beds: 480-519sf
1 Bedroom: 669-1013sf
2 Bedroom: 1099-2136sf
3 Bedroom: 1589-1672sf
Expect the amenities to be robust. Early word is that there will be co-working space, fitness center, dog run/lounge, great room, media facility and outdoor patio. In addition to the rooftop-level Sky Club offering social spaces, an exhibition kitchen, private dining, sky-bar, recreation room, view terrace with open air kitchen and a fireside lounge.
The first step in the process are reservations. The reservation along with a $5,000 deposit gives the prospective buyer the first opportunity to covert to a purchase and sale this fall. The amount of reservations is also a leading indicator for the developer on the interest in the project. Ultimately it can influence pricing in the second phase of the projects sales process. Developers will often flex pricing based upon the interest in their project (simple supply and demand). Reservations will be converted to purchase and sale agreements later this year in the Fall.
- Many units will not be deeded a parking stall (they will be flexed). Think shared parking similar to a grocery store
- 2nd parking spaces will be available for purchase in a specific sample of 2 and 3 bedroom units
- Dues are estimated to be $.60 – $.70 psf
- There will be no rental cap (this is important to a lot of investors)