GROUND BREAKING AT RESIDENCES AT FAIRVIEW | LAKE UNION'S NEWEST HOMES

I am so excited to be associated with this project! Below are the details one some very exciting homes about to surface on Seattle's cool East Lake Union hood. Will be an exciting project to watch unfold. Please let me know if you'd like to keep up to date on the progress of this amazing project!

PRESS RELEASE BELOW. 

Luxury Multifamily Community Slated to be First Major “For Sale” ProjectDelivered inNew Development Cycle SEATTLE, WA.(April 30, 2013) –Executives at Trinity Real Estate announced today the official ground breaking of The Residences at Fairview – a 21‐unit, high‐end attached residential development on the eastern shore of LakeUnion. With construction lending by Sound Community Bank,the project is likely the first larger‐scale, “for‐sale” luxury development financed in Seattle since the credit crisis deferred or canceled dozens of condominium and town home projects over the pastfive years. This announcement follows confirmation by S&P/Case‐Shiller Home Price Index that the Seattle Metro Area recorded its highest annual growth rate according to their release thismorning –median home prices in the region have risen 9.3% year‐over‐year since bottoming in February 2012.

Broker representatives say the new units, set to deliver by early 2014, will be “eagerly anticipated” given overall inventory in the center city is projected to be “unprecedentedly anemic”.

“After years of waiting forthe {housing}marketto stabilize and forlocal construction lendersto loosen up financing we’re finally building The Residences at Fairview,” said Mike Yukevich, a partner with Seattle‐based Trinity Real Estate. “We’ve aligned a world‐class design, development, lending,sales and marketing teamto realize our vision on this never before, never again offering. By this time next year homeowners will be moving in and we’ll be developing our next phase at higher prices.”

The Residences at Fairview is unique in that unitsrange in size from2,500 tomore than 5,000 square feet(for combined homes) with the first collection of residences being offered at preferred presale pricing from$1.3million. Revitalizing more than a thousand feet of waterfront on LakeUnion,the 21 town home residences are part of the Wards Covemaster plan community that comprises a new marina, a commercial office building, a dozen floating home sites and a reclaimed beach for the community.

“Thisis quintessential Seattle living atitsfinestjustmomentsfromexpansive job growth taking shape in South LakeUnion,” said Nick Glant the listing brokerfor The Residences at Fairview. “With construction underway we can now tell prospective homebuyers and their brokers that we’re ready formarket – the excitement is building.”

The Residences at Fairview were designed as an alternative to high‐rise penthouse living and includes optionsfor boat moorage, says Glant. He confirms atleast one ofthe nine homes offered in the first phase issold but acknowledges that presales have not really been part of the Seattle‐areamarketplace in recent years untilrecently.“It’s been a chicken and egg scenario as neither buyers nor banks want to go first but Trinity Real Estate’s ability to bridge the divide and start construction motivates both,” addsGlant. “We’ve beenmonitoring successful pre-sales on the Eastside with single‐family homes but only smaller, for‐sale developments have been financed and pre-sold around Seattle. Ithink thisisthe firstlarger‐scale dealtomove forward with a traditional construction loan. Hopefully, it’s a harbinger of things to come – we need homesto sell.”

Typically presales are required to draw on a construction loan and banks have been especially cautiouswith speculative development since the real estate downturn. However rising market conditions have encouraged both the developer and their lendertomove forward with the project. The center‐citymarketplace hasrecovered dramatically over the last year, according to Dean Jones,Owner of Realogics Sotheby’sInternational Realty (RSIR) – a top‐selling brokerage firm based in downtown Seattle and a co‐listing brokerage on The Residences at Fairview withNWGReal Estate.

“Themarket hasrebooted and the next development cycle offor‐sale housing in the city has commenced,” said Jones. “Demand for condominiums and town homes have increased considerably but consumers are being forced to pick through existing inventory. This bodes well for presales where buyers can secure a presale price in a risingmarketplace while also enjoying personalization options during construction.” 

Jones says fewer than 45 new construction unitsremain available for sale fromthe last development cycle, which delivered the last unitsin early 2010. Even with 78 resale units the totalmarketsupply isstill lessthan 5% ofthe total inventory available compared with five years ago at the height ofthe housing boomin the center city, according to RSIR research. He believes the market may have overcorrected because ittakes yearsfor developers to deliver product, especially for high‐rise inventory. As ofthe first quarter 2013, the median home prices of condominium sin downtown Seattle rose 36% compared with the same period in 2012, according to the NWMLS. February 2012 is broadly viewed as the bottom of the housingmarket declinesin the Seattlemetro area.

“Our late startin the last cycle actually afforded us a pole position in a new development race,” adds Yukevich. “While plenty of new apartments are being delivered not everyone wants to rent and we’re talking about a very different product here. With new construction we have an opportunity to build something that doesn’t already exist. That’s what we’re doing at The Residences at Fairview.”

To learnmore visit: www.FairviewLakeUnion.com

About Trinity Real Estate: With amission to produce superiorreal estate investmentreturns by combining expertise in the local property markets with appropriate risk‐adjusted capital, Trinity Real Estate partners with public, private, and institutional clients to investin growth submarkets within the PacificNorthwest. The experienced team maintains a successfully portfolio of developments including multifamily, office and industrial, retail and residential developments. Visit www.TrinityRE.com.

The team and their golden shovels.

AboutNorthwestGroup Real Estate: Established in 2007,NWGis a leading boutique residential brokerage focusing exclusively on Seattle/Eastside properties. NWG has a collaborative broker approach that acts as a “Residential Board ofDirectors”. Visit www.NWGRealEstate.com.

The vision.

About Realogics Sotheby’sInternational Realty: Artfully uniting extraordinary homes with extraordinary lives, Realogics Sotheby’sInternational Realty is a full service marketing and sales brokerage in the PacificNorthwest and a top‐selling office in downtown Seattle according to Trendgraphix, Inc. The firmwasrecognized by the Puget Sound BusinessJournal asthe second fastest growing private company inWashingtonState for 2012. Visit www.RealogicsSothebysRealty.com.

EDITORSNOTE: Color photography ofreferenced principals or The Residences at Fairview is available upon request ‐ contact Andrea Savage at 206.448.5782 or email Andrea.Savage@SothebysRealty.com