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SolTerra Development Breaks Ground on 45-Unit Solis Condominiums in Capitol Hill’s Pike-Pine Neighborhood – the First New Construction “For Sale” Community in a Decade

SolTerra Development Breaks Ground on 45-Unit Solis Condominiums in Capitol Hill’s Pike-Pine Neighborhood – the First New Construction “For Sale” Community in a Decade

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Seattle’s Condo Comeback: Realogics Sotheby’s International Realty Reports 25 Reservations for Priority Presales

Executives of SolTerra Capital, Inc. and Realogics Sotheby’s International Realty (RSIR) jointly announce the official groundbreaking of SOLIS – a 45-unit condominium community located at 1300 East Pike Street. Following a successful market debut, which witnessed 25 reservations for priority presales in the past ten days, SolTerra will host a groundbreaking ceremony at the construction site at 2:00pm on Monday, September 24, 2018. Remarkably, SOLIS is the first new construction for-sale development to be offered for sale in the popular Pike/Pine neighborhood in a decade.

“I’m very encouraged by the market reception to our vision – it underscores that SOLIS is tapping some unmet demand for new, eco-luxury residences in the one of Seattle’s most sought-after communities,” said Marc Coluccio, COO of SolTerra – the developer of SOLIS Condominiums. “Our groundbreaking signals not only a new era for multifamily design and quality but an increasing preference for consumers and developers to target condominiums for sale instead of apartments for rent.”

The progressive six-story condominium is targeting Passive House certification – the first of its kind in Seattle, which aims to use up to 80% less energy for the building’s heating and cooling needs. The homes range from studios to two bedrooms ranging from 445-sq. ft. up to of 878-sq. ft. and are offered from the mid-$400,000s to the high $900,000s. Designed by the award-winning architects at Weber Thompson, SOLIS will be constructed by Cascade Built – a leading Passive House contractor. Building features include an expansive roof top garden and dog run, contemporary interiors with 9-foot ceilings, premium kitchens and bathrooms, gas cooking, A/C and oversized windows with exterior automated sun shades. Throughout the project residents will enjoy sun-inspired artisan touches such as sun glazed Spanish tiles and Mediterranean lighting elements. With 3,300-sq. ft. of ground level retail, SOLIS will feature a premier space boasting 18-foot ceilings and dynamic indoor/outdoor seating with a prime street corner at 13thAvenue and East Pike Street.

The homes are represented by Dave Janssens, a Senior Global Real Estate Advisor and Managing Broker with RSIR.

“Homebuyers have been eagerly awaiting the next generation of development that they can actually own,” said Janssens. “Our prospective homebuyers include first time homebuyers, downsizing empty-nesters, savvy investors and move up buyers from other condominiums to name a few profiles. While the demographics vary they all share an affinity for this dynamic location and the high quality of construction that SOLIS delivers – the Passive House design is truly a new paradigm for Seattle real estate.”

Janssens says homebuyers have rallied around the opportunity to reserve a home for presale. A line began forming at 7am on Saturday, September 15th, 2018 when the SOLIS Preview Center was later opened at 11am and by the end of the debut two dozen reservations were secured with several more that followed. Reservations provide a homebuyer with a preferred right of opportunity to purchase a specific home during presale once the developer has all their purchase documents prepared and includes a final sales price within the structured range, confirmed floor plans, specifications and other underwriting required to execute a formal Purchase and Sale Agreement. Reservations require a fully-refundable $5,000 deposit that is held in escrow and later converts to a Purchase and Agreement, which requires a 5-percent non-refundable deposit.

“Reservations have proven to be very successful for developers and homebuyers to organize the interest list and allow consumers time to review the opportunity without fear of missing out,” said Dean Jones, President and CEO of RSIR. “Presales are an excellent opportunity for future homeowners to plan ahead and fortunately, more boutique buildings like SOLIS will be delivered in less than 18 months, unlike high-rise communities that can take several years to build and occupy.”

“We’ve experienced a steep rise in construction costs” adds Coluccio  “therefore new planned projects will need to reflect this in their sales prices. If these new projects in the pipeline aren’t supported by the market during presales they simply won’t get built. And if the new supply doesn’t get built, then a supply and demand imbalance will put upward pressure on prices of existing inventory until it does.”

During the groundbreaking ceremony, Coluccio will welcome and recognize numerous members of the SOLIS development team:

  • Developer: SolTerra Development

  • Architect: Weber Thompson

  • Interior Design: SolTerra Development

  • Contractor: Cascade Built

  • Marketing & Sales: Realogics Sotheby’s International Realty

SolTerra will entertain additional reservations at introductory prices until October 15, 2018 before remaining inventory is removed from the market to be reintroduced closer to construction completion once the homes can be toured with updated pricing.  For more information and to register for reservations, visit: www.LIVESOLIS.com

EDITORS NOTE: Property renderings, development team headshots, bios and additional market statistics are available upon request.

Realogics Sotheby’s International Realty Announces The Neighborhood Collection – A Portfolio of 133-units “For Sale” in Three Buildings in Capitol Hill and Wallingford

Realogics Sotheby’s International Realty Announces The Neighborhood Collection – A Portfolio of 133-units “For Sale” in Three Buildings in Capitol Hill and Wallingford

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The Attainably-Priced, Brand New Condominiums Will Be First and Only to Enter Local Markets in the Current Decade

As featured in The Puget Sound Business Journal

SEATTLE, WA (August 9, 2018) – Executives behind the Neighborhood Collection, an assembly of local visionaries, investors, developers, contractors and leading market professionals today confirmed the listing for sale of 133 recently-developed multi-family homes in the preferred communities of Capitol Hill, the nearby Pike-Pine Corridor and in the heart of Wallingford. During development, the collaborative maintained the optionality of either leasing or selling the homes based upon prevailing market conditions and took the necessary steps to introduce condominiums for sale instead of apartments for rent.

“Our prospective buyers will enjoy this new construction inventory at attractive price points in one of the best real estate markets in the country,” said Elliott Severson, a principal of The Wallingford Development, LLC and a member of the Neighborhood Collection.“Our group of companies had three individual communities delivered within weeks of each other and all were in distinct Seattle neighborhoods, so it made sense to offer them for sale all together at the same time with one marketing platform.”

The Neighborhood Collection consists of three highly desirable addresses:

  • ATRIUM (750 11th Avenue E) – 34 Units (Occupancy Early Fall 2018)

  • WALLINGFORD 45 (1601 N 45th St) – 48 Units (Occupancy Fall 2018)

  • EDISON (121 12th Avenue E) – 51 Units (Occupancy Fall 2018)

All homes offered are targeted to be in the price range of below $400,000 to more than $800,000 (subject to change).

Severson collaborated with longtime developer, Robert Hardy – a 25-year veteran of construction in the Puget Sound Region; real estate investor Greg Walton; Bradley Khouri, Principal of B9 Architects; Carlene Pride Managing Broker of Pride Group NW of Realogics Sotheby’s International Realty along with its President and CEO Dean Jones; and Brandon Ehrlich of HomeStreet Home Loans; to deliver attainably-priced homeownership options with first occupancy by Fall 2018.

The collaborative will introduce, promote and sell the aforementioned units in one campaign beginning with an opportunity to secure an individual home for priority presales through a reservation system. Prospective buyers (and their brokers) can identify a preferred home with a price range for a $5,000 fully-refundable deposit held in escrow while the development team finalizes the offering, including necessary permits to occupy the new buildings and sell the individual homes. Reservations guarantee the buyer a first right of opportunity without fear of multiple offers or price escalation that is commonplace with new NWMLS listings in today’s market. A Neighborhood Collection Preview Center located at 1420 E. Madison Street, Suite 113 on Capitol Hill will open in early September 2018 to help prospective buyers learn about the individual neighborhoods and the product offerings in advance of touring the buildings later that month. Each property will soon include a series of model homes in a furniture partnership with Alchemy Collections and InForm Interiors with audio/visual and home automation displays by Wipliance.

“The time is now to move into homeownership,” said Pride. “I’ve been watching these popular in-fill neighborhoods for years and our portfolio will be the first and likely the only, new construction, for-sale offering in the current decade. Waiting will cost more.”

Pride points to an overwhelming preference for developers to build rental housing in the past cycle – in fact, more than 93% of the 27,000 housing units built throughout downtown Seattle neighborhoods were apartments. Furthermore, most of what’s been de- veloped for sale and occupancy in downtown Seattle high-rises by 2020 has already been presold or is currently optioned for pur- chase by reservation holders. A recent report by O’Connor Consulting Group, a leading real estate appraiser and economic thought leader, discovered the second half of 2017 witnessed a decline in apartment demand throughout King and Snohomish County of approximately 5,000 units while same increase occurred in home sales compared with the prior year.

“We believe this is evidence of a pivot when former apartment dwellers who decided to purchase a home,” said Brian O’Connor, principal of O’Connor Consulting Group. “There’s definitely been a shift of focus towards homeownership and developers are attempting to play catch up – it can take several years to entitle, build and sell new condominium inventory.”

The reality is that interest rates are increasing and affordability is slipping away for many consumers.

“It’s a significant advantage for homebuyers to lock into today’s rates, secure introductory pricing at these communities and plan ahead with confidence,” said Ehrlich. “Signing another 12-month lease will likely result in higher prices and larger mortgage payments. Fortunately, the Neighborhood Collection inventory is mostly priced below the conforming loan limit of $667,000, allowing buyer to qualify with lower FICO scores, enjoy 3.5% (FHA) or 5% down payment options and lower interest rates.”

To be sure, the most recent S&P/Case-Shiller Home Price Index revealed Seattle was again the top metro area in the US for median home price increases as of May 2018 – a title held for 21 straight months in a row. Another report by RSIR found that the first half of 2018 garnered median home prices of $700,000 in downtown Seattle with average unit values increasing 20% year-over-year from $726 per sq. ft. to $873 per sq. ft. Given rising property values and the lack of new construction in recent years, the total number of homes sold in downtown below $500,000 dropped from 112 condominiums in the first half of 2016 to just 39 homes in 2018.

“The market needs new construction and more inventory, especially homes priced below $700,000,” said Dean Jones, President and CEO of RSIR. “The Neighborhood Collection delivers on this goal with immediate occupancy. New construction is on the horizon but rising land and construction costs will be passed on to consumers and the only thing for sure is that interest rate increases will signif- icantly affect affordability. The approaching condo pipeline will generally be in excess of $1,200 per sq. ft. or about 20% more than the current inventory, not to mention delivery dates that are two years out or more.”

For more information and to register for reservations, visit: www.NeighborhoodCollection.com

EDITORS NOTE: Property renderings, development team headshots, bios and additional market statistics are available upon request.