Thank you! Encore at Columbia Station Condominiums secures 20 reservations on a limited release of homes for priority presale
On Saturday, February 23rd representatives of BDR Urban and Realogics Sotheby’s International Realty (RSIR) hosted a pop-up preview center for Encore at Columbia Station that drew 20 reservations on a limited release of 25 homes within the 96-unit condominium. The event was held at the newly completed Sonata Apartments, also developed by BDR, which is ideally located across the street from the future development.
“We’re thrilled with the market response and quick validation of our research and planning efforts for Encore at Columbia Station,” said Richard Obernesser, President of BDR Urban. “We’re even more excited for our future homeowners that secured a new home for priority presales. We now move ahead with constructing our Sales Center for a public sales debut in late Spring 2019 commensurate with groundbreaking.”
Obernesser admits some buyers have been waiting more than a year since BDR first announced the inspired development. Several also took advantage of the unique opportunity to rent at Sonata Apartments while waiting for their new condominium to be built across the street. Under the preferred program, Obernesser agreed to credit 15% of the monthly rent towards the future down payment and closing costs of their purchase at Encore at Columbia Station.
“Encore at Columbia Station is a first-of-its-kind offering in Columbia City,” added Dean Jones, President and CEO of RSIR. “In a market that is dominated by three-story townhomes, pricey apartment buildings or older single-family homes – attainable homeownership options have been anemic until now. Encore at Columbia Station delivers efficiently scaled, urban living with downtown-style amenities and premium finishes. Yet it’s conveniently adjacent to the LINK light rail and the $55 billion Sound Transit 3 transportation expansion. This is the future of development.”
The March edition of Seattle Magazine featured a cover story article called “The Shape of Things to Come” with a serendipitous two-page photo of the very intersection that is shared by both Sonata Apartments and what’s soon-to-be Encore at Columbia Station. Not surprisingly, Columbia City was called out as one of the hot markets to watch in the real estate feature.
Based on Saturday’s results, buyers appear to agree. Jones points to NWMLS listings, which indicate just four available listings offered between $599,000 to $699,990 while nine are pending with pricing from $364,888 to $750,000 within a half mile of Columbia Station. That’s all.
“The market is pent up for these price points – especially for new product,” said Jeff McDonald, Community Sales Director for Encore at Columbia Station. “While it’s true this community will substantially increase supply, we just witnessed more than 80-percent of the initial 25 homes released be reserved in a single afternoon at these introductory prices.”
As the majority of homes will be offered for sale in late spring, McDonald says he and his team are happy to offer private previews by appointment for those that are interested in exploring additional reservations. Home reservations require a $2,500 fully refundable deposit held in escrow securing a set price range.
“Homebuyers enjoy the opportunity to explore the home purchase without fear of missing out or multiple offers,” adds McDonald. “This allows plenty of time to become prequalified with our preferred lender and prepare for their future purchase just as soon as the Encore sales center is completed and more specific details on the product offering are available.”
Reservation Program Price Guidance
Studio / One Bathroom (349-483 Sq. Ft) from the Low $300,000s
Urban One Bedroom / One Bathroom (495-569 Sq. Ft.) from Below $400,000
One Bedroom / One Bathroom (505-670 Sq. Ft.) from the Low $400,000s
One Bedroom Plus Den / One Bathroom (696 Sq. Ft.) from Mid $500,000s
Two Bedroom / Two Bathroom (864-976 Sq. Ft.) from the High $600,000s
Optional parking from $29,000 to $39,000 (homes are priced without parking included
Other Questions? Please contact Community Sales Director, Jeff McDonald, at Jeff.McDonald@EncoreColumbiaStation.com or call (206) 669.2327.