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June 7, 2016

Buyers camp out for first shot at condos

Courtesy Weber Thompson [enlarge]

Burrard Group said that last weekend potential buyers reserved 244 of the 374 units in Nexus, the condo tower it is planning at 1200 Howell St. in Seattle.

Some people camped out overnight to pick their favorite unit. By 11 a.m. Saturday when the reservation event began, more than 130 potential buyers were in line, according to Burrard and its broker, Realogics Sotheby's International Realty.

Reserving a unit requires a $5,000 refundable deposit and ensures the buyer can avoid having to compete with others offers. Prices start in the low $300,000s.

Reservations convert to purchase-and-sale agreements this fall when construction is set to begin and the sales center opens.

Units are expected to be ready for move in by mid 2019.

If those potential buyers don't walk away, last weekend's reservations could lead to more than $200 million in sales, according to the press release.

Sixty of the units will not come with a parking space, and they were all reserved. The other units come with one or more permanent parking spaces or unassigned spots that will be coordinated through an app.

Weber Thompson is the architect.

Christian Chan, executive vice president of Burrard, said Nexus will be the first of “several significant projects” for Burrard in this area.

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