Record-Setting Sales Noted in First-of-its-Kind Condominium in Fifteen Years for Kirkland Submarket
SEATTLE, March 28, 2022 — Terrene, the local development team responsible for JADE Residences, announced the closing of the 100th sale in their newly built, 136-unit condominium since closings began nearly three weeks ago. The milestone establishes JADE Residences as a true one-of-a-kind residential development in the newly revitalized Totem Lake neighborhood of Kirkland and the most successful condominium sellout in the region. JADE is also the first larger-scale new condominium built in the neighborhood in over fifteen years.
“We are thrilled with the success of JADE and congratulate our homeowners that today enjoy the quality of life the property presents,” said Wade Metz, Principal of Terrene. “Nearly three years ago, we set out to deliver a new category of condominium living in a market with no new inventory. We hoped that our hard work would provide all of our buyers along the way with appreciation in their home values. Based on our sales and the satisfaction of our homeowners, I’m proud that we met that goal.”
Metz confirms that just 20 homes remain available for sale with an official public opening and sales event scheduled for April 2 and 3, 2022. Floorplans include large two-bedroom layouts, one-bedroom plus den, one-bedroom, and one-bedroom urbans, ranging from the mid $500’s to more than $1.4 million.
The stunning design comes from architects Johnson Braund with interiors by Sechrist Design. The building is the epitome of urban modern luxuries, superior finishes, and thoughtfully curated amenities. A full-time concierge, secured underground parking, private health club, resident lounge with screening area and catering kitchen, rooftop deck, pet spa, dog run, and indoor/outdoor fireplace complete a full list of compelling amenities.
The development is also just steps from the Village at Totem Lake — a newly developed urban center with 852 residential apartments and approximately 435,000 square feet of gourmet groceries, restaurants, boutique fitness, and shopping, including local and international brands like Whole Foods, Trader Joe’s, Lululemon, 203ºF Coffee, Nordstrom Rack, Cinemark, Mod Pizza, Sephora, and more. This newly reimagined urban enclave in Kirkland truly feels like a pedestrian-oriented, modern village. That is in large part because Terrene worked tirelessly to create a convenient and connected multi-family residential building that would serve the needs of the growing Kirkland area, now and for years to come.
“It’s a tremendous accomplishment to witness this collective team move from concept to closings over the past few years—JADE Residences is an extraordinary success story,” adds Dean Jones, President and CEO of Realogics Sotheby’s International Realty (RSIR) the sales and marketing company representing Terrene on the project since inception. “Clearly, the market was ready for this level of development and opportunities for homeownership, in a market so heavily dominated by rental housing. These enduring values are likely to grow further, given the lack of for-sale development on the Eastside and rising costs of construction, but for now, inventory is anemic, and the demand is rising.”
To be sure, Jones points to recent data by the NWMLS (Area 560 – Kirkland/Juanita) reveals that year-to-date in 2022, active inventory of condominiums (new and resale) has plummeted by 78%, while pending sales rose 32% in the month of February 2022 over the previous month, an indication that demand is clearly outpacing supply and leading to price increases. So far in 2022, median home prices have swelled 6% to $625,000, while the average price per square foot increased by 17%. The lack of supply is evident by the shrinking closing volumes, which are 37% lower year-over-year, and days on market have been reduced to just two weeks, down 64% from the same period in 2022.
Wade Metz and Michael Walsh, principals at Terrene, are native to the Eastside (Woodinville, to be specific), and so are invested in Kirkland and the surrounding area in a way only locals can be. Based in Bellevue, they started their company, Terrene Homes, a decade ago, and quickly grew their homebuilding company, Terrene Homes, to become one of the most active homebuilders in the area. Metz and Walsh identified a void in the residential offerings on the Eastside and wanted to meet the demand for attainably priced homes in a single-level format, complemented by desired amenities. By providing the same finishes and luxuries as the mutli-million dollar residential homes on the Eastside along with “in-city” amenities, they were able to offer what has otherwise only been seen in Bellevue or Seattle—until now.
Terrene Homes is a Bellevue, WA-based real estate developer that specializes in residential multi-family, mixed-use, single-family, and land development in and around the Puget Sound Region. Founded in 2009, the firm’s companies include Terrene Homes, its single-family arm as well as Terrene, its multi-family division. Terrene currently has over 500 residential units in development.
About Realogics Sotheby’s International Realty (RSIR)
A leading global sales and marketing brokerage firm in the Pacific Northwest, RSIR is a boutique real estate firm of 300+ brokers, with service branches in downtown Seattle, Bainbridge Island, Bellevue, Kirkland, Mercer Island, and Madison Park. RSIR is a leading project marketing specialist currently representing more than $1 billion in new construction and condominium developments recently sold, active and planned throughout the Puget Sound region.