Nexus: 75% sold, early investors not faring well
Nexus, is a the 389-unit condo that just completed in Denny Triangle. The first of many condos to sell this cycle, it had incredible pre-sales attracting many buyers at sales events that had people camping over night and lines wrapping around the block.
At one point 92% of units were pending but unfortunately they started closings right as the pandemic began. As of today, they’ve closed 277 pre-sales and a couple additional units with 20-25 pre-sale units still to close which will put them at 75% sold. Which means a number of buyers didn’t move forward with their purchase likely forfeiting their 5% earnest money deposits.
For those that closed, not surprisingly to those who attended the events, many early buyers were investors and those investors aren’t faring well especially with the recent imposition of a rental cap. For those able to rent, about 50 have put their units up for rent:
- 25 units for rent on the MLS right now
- 23 were rented between $3.47 and $6.08 a square foot
For those who tried a quick sale after closing, only four have successfully sold their unit with three units still pending.
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There are also 27 owners trying to immediately sell having never occupied their units which leaves the developer with about 80 units left to sell. The sales team is reporting strong interest below $1m with a unit they recently posted for sale at $600k already receiving an offer.
If you’re a Nexus owner and thinking of selling, happy to chat! We sold one of those four units that already sold.
If you’re thinking of buying at Nexus, now is a great time. There’s lots of selection left across a broad spectrum of units at pricing that is often as good as the pre-sale years ago.