REALOGICS SOTHEBY’S INTERNATIONAL REALTY ANNOUNCES RECORD BREAKING SALE OF $26.75 MILLION MEDINA ESTATE; THE MOST VALUABLE LISTING SOLD AND CLOSED IN NWMLS HISTORY

Executives of Realogics Sotheby’s International Realty (RSIR) confirmed today the closed sale of a property in Medina, Washington, for $26.75 million, which was listed for sale by RSIR broker and Global Real Estate Advisor Becky Gray. The estate is the most valuable residential listing ever listed and sold on the Northwest Multiple Listing Service.

“This is a very important sale and we are honored to represent the seller in identifying a new steward for this legacy estate,” said Gray. “While this price point is extraordinary for our region, there were more than a few interested parties and all very qualified purchasers. Activity at this level is yet another sign of the times that the Seattle metro area has become a global gateway market.”

Gray states the property is in a category of its own with few comparable properties on Lake Washington, let alone in one of the most prized communities in the world.

“The Realogics Sotheby’s International Realty team is a consistent, strong representation of the brand in the Pacific Northwest,” said Philip White, President and Chief Executive Officer, Sotheby’s International Realty Affiliates LLC. “We are proud to celebrate this record-setting achievement with Ms. Gray.”

True to the brand’s international real estate network, accolades about the record sale have been streaming in from around world. Sotheby’s International Realty is now represented by approximately 900 offices in 70 countries with 22,000 sales professionals. Global sales in 2017 exceeded $100 billion.

About Realogics Sotheby’s International Realty (www.RSIR.com) – Artfully uniting extraordinary homes with extraordinary lives, Realogics Sotheby’s International Realty is a leading global sales and marketing brokerage firm in the Pacific Northwest. Recognized by the Puget Sound Business Journal amongst the fastest-growing private companies in Washington State for the past five years, the boutique real estate firm of 225+ brokers consistently rank among the top producing firms within the markets that it serves with branches in downtown Seattle, Bainbridge Island, Kirkland, Issaquah and Madison Park.

Original Source found on RSIR.

REALOGICS SOTHEBY’S INTERNATIONAL REALTY MAKES LIST OF LARGEST RESIDENTIAL REAL ESTATE COMPANIES IN PUGET SOUND BUSINESS JOURNAL’S ANNUAL “BOOK OF LISTS” FOR 6TH CONSECUTIVE YEAR

Puget Sound Business Journal  released their annual “Book of Lists”, naming Realogics Sotheby’s International Realty among the list of “Largest Residential Real Estate Companies” for the sixth year in a row. Despite its boutique size, the firm ranked seventh on the list, reporting $1.07 billion in sales by its 195 brokers with an average sales price of $767,000.

In all, the 25 companies that were ranked on the list collectively reported nearly $52 billion in residential real estate sales within King, Kitsap, Pierce and Snohomish counties. Together they 11,929 real estate brokers in the Puget Sound region.

Click here to find out where Sotheby's Int'l Realty is on the list.

SEATTLE’S NEW ERA OF CONDOS

As a recent Realogics Sotheby’s International Realty feature entitled “Seattle’s New Era of Condos” proclaims, the Emerald City is definitively in the midst of a condo comeback; the population is growing, residents are fueling additional in-city attractions, and millennials are transitioning from renting to homeownership. Today, thousands are reading the latest Seattle trends, as the special feature, which was originally included in Portrait of Seattle Magazine, was hand delivered to 1,500 broker mailboxes throughout the Seattle area, and was included in select copies of Puget Sound Business Journal, Wall Street Journal, Madison Park Times, Capitol Hill Times, Queen Anne & Magnolia Times, Magnolia News, City Living Seattle, The Monroe Monitor, Valley News, Eatonville Dispatch and Marketplace.

Not only does the insert highlight a number of exciting upcoming projects, including the NEXUS Condominium Tower, KODA Condominium Flats, The Pinnacle at Alki, Sonata, and Florera Condominiums, among others, it also outlines market fundamentals that are helping grow the city. Wealthy tech-industry millennials and downsizing empty nesters are fueling demand for in-city condominiums, yet they face a severe shortage of availability unless they turn to new construction presales. As outlined in the feature, Seattle is home to approximately 80,000 urban residents, yet as of February 2018, there were only three dozen resale units listed for sale with a median asking price of $1.3 million.

A number of RSIR brokers also lend their insight and explore trends in city living, from added conveniences such as the expanding LINK Light Rail that are making life without a car more and more feasible to the notion that condominium buildings are serving as vertical communities that integrate opportunities for residents to have access to technological innovation, health and entertainment, and professional business spaces.

“The expanding demand for both urban condominiums and resort destinations led our firm to open a New Developments Gallery located at 2715 1st Avenue,” announced Dean Jones, CEO & President of RSIR. “The retail pop-up promises to offer consumers a glimpse into the future so they can be in the know before the show.”

For more on Seattle’s condo comeback, find this article and the full digital copy of the publication on RSIR.

AS INTERNATIONAL BUYING SURGES, BEST BROKER PRACTICES ARE MORE IMPORTANT THAN EVER

The rise of the Seattle housing market has been such a consistent refrain for the last several years that there’s little question whether the Puget Sound has “arrived” yet.

Motivated homebuyers from diverse backgrounds are drawn by the region’s spectacular environment, great schools, vibrant culture and world-class companies. The only reason sales could decline in Seattle is insufficient inventory, not waning demand.

International buyers have been an important factor in this surge, with Chinese consumers leading the charge. It’s no surprise Seattle was the most searched U.S. market in 2017 according to Juwai.com, China’s top real estate search portal, and that many Chinese plan to go on shopping tours during the upcoming Lunar New Year celebration.

Increased demand means increased competition, especially in an inventory-scarce market like Seattle. With fewer available properties than interested buyers, consumers sometimes resort to time-saving and corner-cutting tactics to get to the front of the line, like waiving inspections, purchasing homes sight unseen or doing comparison shopping before putting in an offer.

Since our company was founded, Realogics Sotheby’s International Realty and our brokers have had an unwavering commitment to always follow best practices throughout the home buying process. We know how important it is to ensure buyers are protected, that they have the information they need to make educated decisions and receive the best counsel from objective, professional experts both here at RSIR or among our preferred list of advisors including accountants, lawyers, inspectors, school admissions consultants, immigration specialists and the like.

We also understand the unique factors that Chinese consumers face when contemplating a home purchase in the Puget Sound. That’s why we founded the first-of-its-kind Asia Services Group, a network of trusted, experienced brokers who speak Chinese and understand Chinese culture, and are able to serve as responsible, accessible advisors when Chinese consider buying a home.

With Chinese New Year approaching, RSIR recently hosted a Town Hall meeting with the Asia Services Group to review best practices when working with overseas buyers. The meeting was attended by China Daily reporter Linda Deng, who covered the findings in a recent China Daily cover story, and was moderated by Marc Berger from Nyhus Communications.

Find the  top ten results from this meeting on the original source from RSIR.

COLLECTIONS VOLUME IV, 2017

Sotheby’s International Realty recently released the fourth volume of Collections for 2017, which reflects on the brand’s extraordinary growth and members of a network that spans over 930 offices in 69 countries and territories.  “It has been another landmark year for the Sotheby’s International Realty  brand and I want to congratulate each of you on your continued success and wish you all the best for a prosperous 2018,” writes Philip White, President & Chief Executive Officer, Sotheby’s International Realty Affiliates LLC. The issue highlights Realogics Sotheby’s International Realty in two places, as broker Blake Ruud-Johnson shares his experience at the 2017 Global Networking Event and the brand recognizes Becky Gray’s representation of The Iconic Medina Waterfront Estate.

The Power of the Brand section took a look back at the Global Networking Event, which “was held at the Wynn Las Vegas in Nevada and brought together approximately 2,400 members of the brand’s global network with more than 155 of the brand’s companies represented from 34 countries and territories worldwide. The event was shared across social media using the hashtag #SIRGNE over 900 times.” The feature included a selection of Instagram posts shared during and after the event, including a photo by RSIR broker Blake Ruud-Johnson.

Read what Blake said in the full article on RSIR.

FORBES CROWNS SEATTLE THE SECOND COOLEST CITY IN THE NATION

Following a recent report by Forbes and Bert Sperling which ranked the “coolness” of the 100 largest metro cities in the country,    that having taken the second spot, “you might even say we’re the municipal equivalent of Beyoncé, expensive denim jackets and cigarettes in the ‘70s.” As the article outlines, after looking at a number of factors including “entertainment and recreation options, the food and drink scene, transit choices, population growth and where young people are living,” Forbes crowned the Emerald City the second coolest city in the nation, behind only San Francisco. 

Among the factors helping Seattle’s cool factor are “recreation and the jointly weighted coffee shops and breweries.” And as Sperling observes, “a city’s desirability (or coolness, if you will) drives the housing demand up.” “It would be an anomaly if you found a place that was really really cool but was really really cheap,” he says. 

To be sure, Seattle’s housing market is on fire, as the latest CoreLogic Case Shiller index reveals that over the past 12 months, home prices in Seattle have increased 13.2 percent, far outpacing those in major U.S. cities across the country. Recent analysis by William Hillis, Research Editor with Realogics Sotheby’s International Realty, reveals that despite the run-up in Seattle home prices, the city is still more affordable relative to local incomes than any of its peer metro markets. Real estate analyst Mark Hanson observed that in Seattle, the difference between household income and income needed to buy a median-priced house is about 18 percent, where a city such as San Francisco is currently at 52 percent. 

Original source on RSIR

REALOGICS SOTHEBY’S INTERNATIONAL REALTY & BURRARD GROUP ANNOUNCE A MAJOR MILESTONE IN THE DEVELOPMENT OF NEXUS CONDOMINIUM TOWER; ENCORE RELEASE OF 16 CITY SUITES ON 11/18

Market Experts Array Pent Up Demand for In-City Homeownership; Downtown Seattle Condo Prices Surge 33% 

Representatives of Realogics Sotheby’s International Realty and Burrard Group announced a major milestone in the development of the 41-story NEXUS Condominium Tower today as it begins a vertical ascent towards completion in fall 2019. With excavation now complete, SKANSKA, the general contractor for NEXUS, has poured the foundation mat, which comprised of 3,900 cubic yards of concrete and measures up to twelve feet thick. 

“The entire development and construction team is excited to shift the focus from digging down to building upward and constructing this iconic tower,” said Chad Mathis, Senior Development Manager with Burrard. 

After analyzing market demand, Burrard also announced a change in the final product offering. The final construction documents include a revision to the floor plates in the “third cube” between levels 28 and 35 where a larger one bedroom and den floor plan will now be built as two independent and efficiently-scaled residences called City Suites – a 484-sq. ft. studio and a 503-sq. ft. urban one bedroom. Conversely, a penthouse home assembled two units to create a 4 bedroom plus den offering nearly 3,200-sq. ft.  These revisions increased NEXUS Condominiums by 8 residences to 389 units. 

“We took this opportunity to optimize the product offering based on market demands,” added Mathis, who acknowledged the flexibility to assemble and disassemble floor plans. 

“This design update presents an encore sales release of new homes priced from the mid-$500,000s to mid-$600,000s, a price range that was previously sold out at NEXUS,” said Dean Jones, President and CEO of Realogics Sotheby’s International Realty. “There’s a lack of attainably priced homes in downtown Seattle. Consumers can afford to live in less space but they can’t always afford the cost of new condominiums. We’re facing a condo crunch as more and more apartment dwellers desire homeownership but there are few options available in the market.” 

Jones points to RSIR research showing that 78-percent of the 496 new condominiums being built in downtown Seattle are currently presold with virtually all remaining homes priced above $700,000. Consumers will find little relief in the resale marketplace as according to the NWMLS, there are only 11 homes listed for sale priced below $700,000. Meanwhile, RSIR reports the median price of resale condominiums sold in October 2017 was $649,500, an increase of 33-percent over the prior year. A preference for newer condominiums was also noted at the recently completed Insignia Condominiums. This presale development was delivered in 2015 and 2016 and experienced four resales last month – all within days of hitting the market, several escalating above asking price and exhibiting an average of 25-percent increases from presale to resale values. Market wide, S&P/Case-Shiller tracked 13.2-percent median home price increases making the Seattle metro area the fastest-rising housing market in the US for the past 12 months. 

Citing pent up demand, market pundits anticipate the latest sales release at NEXUS will sell out quickly upon listing on November 18th. Recently, the Urban Land Institute heralded Seattle as the #1 investment market in the US as part of their “2018 Emerging Trends in Real Estate” report. However, the opportunity for individual home ownership has been challenging given the dearth of for-sale housing being built. Research by RSIR and O’Connor Consulting Group confirms that no new condominiums will be delivered in 2017 and it’s estimated that 94-percent of the 27,000+ new multifamily housing units to be built in downtown Seattle’s urban center for the current decade will be for rent and not for sale. 

Mathis says more new condominiums are on the horizon but suspects most developers will want to retain their inventory as income property because the market is appreciating. 

“Land and construction costs are rising rapidly,” claims Mathis. “The reality is future deliveries will cost more to build and developers will need to charge more to make new developments pencil.” 

Original Source on RSIR

New & Notable Luxury Properties for Sale

From a vast historic island estate in New York to a modern masterpiece in Dubai, this month’s collection of exceptional properties for sale feature homes from some of the world’s finest locales. 

$125,000,000 USD | Glen Cove, New York | Daniel Gale Sotheby’s International Realty 

Salutation is an exquisite 46-plus-acre island on the North Shore of Long Island. The land was granted by King George I and purchased by Peter Caverly in 1721 for two hundred pounds. More than 10 adjacent acres were granted with “underwater” rights, valuable for fishing, clamming and boating. The tranquil 28-plus-acre pond, which flows into the Long Island Sound, is home to oyster beds and many varieties of wildlife. The fortified 700-foot sea wall, a 250-foot dock that accommodates yachts and seaplanes, and a helicopter landing spot complete this phenomenal property. 

36 200 000 $ CAD | North Vancouver, British Columbia, Canada | Canada Sotheby’s International Realty 

In total, this property comprises three separate titles, over 14 acres, a 9,000-square-foot custom-built West Coast home, another self-contained Guest House, working 12-stall paddock/barn, and Greenhouse. The main residence melds indigenous materials of stone, fir, and glass, spilling onto the maturely planted grounds of both native and specimen plantings, with natural and man-made water features. The homes are mechanically superior and the seamless marriage of West Coast architecture and Japanese influence create the perfect backdrop for this one and only retreat. Never before offered as one, the possibilities are endless and with RS3 zoning the future potential, this really could be the last of its kind and is truly a Lower Mainland trophy. 

$16,000,000 SGD | Singapore | List Sotheby’s International Realty 

This minimalistic bungalow-style home in Treasure Island’s Sentosa Cove features captivating, modern amenities such as a floating staircase, infinity edge pool with indoor access, open floorplan, and incredible views. The home also features a rooftop terrace, partially covered and ideal for entertaining. 

$58,500,000 USD | Snowmass, Colorado | Aspen Snowmass Sotheby’s International Realty 

Taking its name from surrounding Snowmass Mountain, Capitol Peak, Mount Daly and Mount Sopris, Four Peaks Ranch is the consummate mountain sanctuary. Once inside the gate, a world of unique splendor and beauty awaits. An outdoor paradise spreads out amongst the 876 pristine and unspoiled acres with 15 miles of alluring private trails for hiking, biking, horseback riding, four-wheeling, snowmobiling, paintball, and cross-country skiing. Moreover, a stocked pond and private beach with cabana, abundant wildlife for an exceptional private hunting experience, a chipping and putting green, and even a private labyrinth make these outdoor activities unrivaled for a personal residence of this stature. 

129,000,000 د.إ AED | Dubai, United Arab Emirates | Gulf Sotheby’s International Realty 

With an expansive 26,000-square-foot built-up area, this Emirates Hills villa exhibits the finest in architectural design and materials used to create a serene family home. From the moment you enter this full golf course-facing home, you feel a sense of tranquility. The oversized picture windows that are inserted into the structure, allows every room to enjoy fabulous views. 

Original source on RSIR