Harvard & Highland Goes International

According to a press release yesterday from Realogics, Harvard and Highland is now being sold under the Realogics umbrella and Melissa Camp has moved over with the development as the Community Sales Director. The move is reportedly so Harvard and Highland can be marketed both locally and internationally.

It was in April last year that we saw Harvard and Highland with 14 units remaining switch to Windermere as their sales team (including Camp). In short order, they slashed prices and within four months sold five units, leaving nine remaining. Things slowed a bit after that with two additional units sold in the second half of 2011.

The press release mentions the seller has a “closeout perspective” but I can’t tell if prices have been adjusted further with this brokerage switch or not. However, it is worth noting that 1185 Broadway Ave E PH7 dropped to under $2M at some point in the past 9 months. It has gone from a high of $3.05M to $2.35M last spring to its current asking of $1.99M.

Disclaimer: Realogics is an Urban Living advertiser.

FOR IMMEDIATE RELEASE

HARVARD & HIGHLAND LUXURY CONDOS ADDED TO SEATTLE’S GLOBAL REALTY NETWORK
Melissa Camp Appointed to Community Sales Director; Broadens Market Reach

(January 24, 2012) SEATTLE, WA. — A listing agreement has been signed between Realogics Sotheby’s International Realty and the sellers of Harvard & Highland, a luxury collection of 38 condominiums in the heart of the historic Harvard-Belmont neighborhood. Now more than 80% sold, the remaining eight homes will be marketed both locally and internationally given a rise in second home ownership and out-of-state sales, according to the Seattle-based brokerage firm.

“We’re very proud to be representing Harvard & Highland – a distinctive addition to our collection of fine properties for sale in the greater Seattle area,” said Stacy Jones, Vice President and owner of Realogics Sotheby’s International Realty. “We know buyers and brokers from beyond our city limits have their eyes on Seattle and our goal is to optimize marketing exposure for our clientele in all markets. About a quarter of our luxury home sales now are to buyers relocating to the area, either as a primary address or a second home.”

Located just south of St. Mark’s Cathedral, Harvard & Highland is nestled among the quiet tree-lined streets of the Harvard-Belmont Landmark District—the only residential community in Seattle listed on the National Register of Historic Places. A classic alternative to downtown living, Harvard & Highland offers quality, concrete and steel construction with gracious floor plans, enhanced privacy and attractive sellout prices when compared with in-city high-rise condominium towers, according to the listing broker.

“Our buyer profile could be around the corner or around the world,” says Community Sales Director, Melissa Camp who recently joined Realogics Sotheby’s International Realty. “We look forward to closing out our remaining inventory soon given emerging trends in home sales and a dearth of new supply.” Camp points to new research published by Realogics Sotheby’s International Realty. Despite contrary headlines for the broader region, median home prices for in-city condominium actually rose 5% in 2011 and condos sales in the area above $1 million expanded nearly 20% when compared with 2010.

Meanwhile no new inventory has broken ground since before the “great recession”. And given the lack of construction financing for speculative development, no new projects are in the pipeline, according to the research available here: http://www.realogicssothebysrealty.com/news/market-news/real-estate-microclimates-%E2%80%93-it%E2%80%99s-looking-downtown.

“Our classic architecture and interior design may be timeless but this opportunity isn’t,” add Camp. “Supply of this design is inherently limited, our client has a closeout perspective and interest rates are at historic lows. It all adds up to opportunity for homebuyers ready to make a move.”

Harvard & Highland is comprised of five buildings with seven or eight generously-scaled, single-level residences within each. With only two or three homes per floor, most residents enjoy three exterior walls of windows maximizing natural light. This low density approach to development provides greater exclusively, added security and harmoniously merges the benefits and conveniences of urban living while residing within an established residential neighborhood. One of the Harvard Avenue buildings is sold out while a second Harvard Avenue building and one of the two Broadway East buildings has only one unit each remaining.
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