Jade Residences in Kirkland closes its 100th home and welcomes owners as residents in the newly completed condominium

Courtesy of JADE Residences

Record sales noted in one-of-a-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 at their new 136-unit condominium since closings began nearly three weeks ago. This milestone makes JADE Residences a true one-of-a-kind residential development in Kirkland’s newly revitalized Totem Lake neighborhood and the most successful condominium sale in the area. JADE is also the first larger new condominium built in the neighborhood in more than fifteen years.

“We are delighted with the success of JADE and congratulate our owners who today enjoy the quality of life that the property presents,” said Wade Metz, director of Terrene. “Nearly three years ago, we set out to deliver a new class of living condominiums to a market with no new inventory. We hoped that our hard work would provide all of our buyers along the way with an appreciation of their home’s value. Based on our sales and the satisfaction of our owners, I am proud that we have achieved this goal.

Metz confirms that only 20 homes remain available for sale with an official public opening and sales event scheduled for April 2-3, 2022. Floor plans include large two-bedroom layouts, one bedroom plus a den, one bedroom and an Urban Room, ranging from $500 to over $1.4 million.

The stunning design comes from Johnson Braund Architects with interiors from Sechrist Design. The building is the epitome of modern urban luxury, superior finishes and carefully selected amenities. Full-time concierge, secure underground parking, private health club, residents’ lounge with screening area and catering kitchen, rooftop terrace, pet spa, dog enclosure and an indoor/outdoor fireplace complete a full list of attractive amenities.

The development is also within walking distance of Totem Lake Village – a newly developed urban center with 852 residential apartments and approximately 435,000 square feet of delis, restaurants, fitness shops and boutiques, including local brands and international brands like Whole Foods, Trader Joe’s, Lululemon, 203ºF Coffee, Nordstrom Rack, Cinemark, Mod Pizza, Sephora, and more. This newly redesigned urban enclave in Kirkland truly feels like a modern, pedestrian-oriented village. This is largely because Terrene worked tirelessly to create a convenient, connected multi-family residential building that would meet the needs of the growing Kirkland area now and for years to come.

“It’s been a tremendous accomplishment to see this collective team go from concept to closure over the past few years. JADE Residences is an extraordinary achievement,” adds Dean Jones, President and CEO of Realogics Sotheby’s International Realty (RSIR), the sales and marketing company. representing Terrene on the project since its inception. “Clearly the market was ready for this level of development and home ownership opportunity, in a market so heavily dominated by rental housing. These durable values ​​are likely to grow further, given the lack of development for sale on the Eastside and rising construction costs, but for now, inventory is anemic and demand is rising.

To be sure, Jones points to recent data from the NWMLS (Area 560 – Kirkland/Juanita) revealing that year-to-date 2022, active condominium inventory (new and resales) has fallen 78%, while Pending sales increased by 32% in the month of February 2022 compared to the previous month, indicating that demand clearly exceeds supply and is driving price increases. So far in 2022, median home prices are up 6% to $625,000, while the average price per square foot is up 17%. The lack of supply is evident in declining closing volumes, which are 37% lower year-over-year, and days on market have been reduced to just two weeks, down 64% from compared to the same period in 2022.

Wade Metz and Michael Walsh, directors of Terrene, hail from the Eastside (Woodinville, to be precise), so are invested in Kirkland and the surrounding area as only locals can be. Based in Bellevue, they started their business, Terrene Homes, ten years ago and quickly grew their residential construction business, Terrene Homes, to become one of the most active home builders in the area. Metz and Walsh identified a void in residential offerings on the Eastside and wanted to meet the demand for affordable homes in a single-story format, complete with desired amenities. By offering the same finishes and luxuries as the multi-million dollar residential homes of the Eastside along with “in town” amenities, they were able to offer what had only been seen in Bellevue or Seattle – until here.

About Terrene
Terrene Homes is a Bellevue, WA-based real estate developer specializing in multi-family, mixed-use, single-family, and land-based residential development in and around the Puget Sound area. Founded in 2009, the Company’s businesses include Terrene Homes, its single-family arm as well as Terrene, its multi-family division. Terrene currently has over 500 residential units under development.

About Realogics Sotheby’s International Realty (RSIR)
One of the world’s leading sales and marketing brokerage firms in the Pacific Northwest, RSIR is a boutique real estate firm of more than 300 brokers, with service locations in downtown Seattle, Bainbridge Island, Bellevue, Kirkland, Mercer Island and Madison Park. RSIR is a leading marketer of projects currently representing over $1 billion in new construction and recently sold, active and planned condominiums throughout the Puget Sound region.

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