New Sales, Home Prices and Value Appraisals Remain Strong Despite Market Slowdown

SEATTLE, Aug. 13 /PRNewswire/ -- Opus Northwest announced today that it closed on its 86th sale at Fifteen Twenty-One Second Avenue, bringing the project's total sales to date to approximately $160 million. The award-winning condominium tower at the edge of Pike Place Market in downtown Seattle has now closed more than 60 percent of all homes. With five additional closings scheduled this month and more scheduled next month, Fifteen Twenty-One Second Avenue's sales volume makes it one of the most successful projects on the West Coast.

"Closing the majority of homes in any development is a material benchmark because it shows that the market values have been established," said Tom Parsons, senior vice president and general manager of Opus Northwest. "Clearly, we're bucking the trend with several new sales each month supported by appraisals at or above our asking prices. Homebuyers repeatedly affirm that the quality of our finishes, the efficiency of our floor plans, our location, our views and the overall design of the building is unmatched in the market."

In contrast to other developers in downtown Seattle and Bellevue lowering prices to stimulate sales, both pricing and traffic have been steady at Fifteen Twenty-One Second Avenue, which has averaged a new offer to purchase every week since January. Opus Northwest confirmed that it received two new offers today and that the number of new buyers visiting the project is increasing. Parsons attributes the ongoing market success to product differentiation and consumer confidence in the project eliminating the fear that home prices may drop in the future.

Fifteen Twenty-One Second Avenue is the first "tall and skinny" residential tower added to the Seattle skyline under the new high-rise residential zoning code. In creating its sculptural design, architects eliminated decks in favor of indoor/outdoor solariums, and created large, open living spaces with floor-to-ceiling glass enhancing the protected Puget Sound views available in the majority of the residences. The finishes and features of each home create the experience of a "penthouse on every level." All homes have two bedrooms and boast larger floor plans (averaging 1,905 square feet). The project is also the first luxury high-rise residential tower in Seattle to achieve a silver LEED rating. Remaining homes at Fifteen Twenty-One Second Avenue range in price from $1.1 million to more than $5 million.

OPUS NORTHWEST, L.L.C.

Opus Northwest, L.L.C. is a full-service design-build development firm serving the northwestern region of the United States. The company has offices in Minneapolis, Denver, Kansas City, Portland, Seattle, and St. Louis. With in-house expertise in office, industrial, retail, multifamily, government, and institutional projects, Opus Northwest has developed more than 84.8 million square feet of space. Committed to creating great real estate, Opus Northwest implements best practices in sustainable design and construction to maximize building performance and reduce environmental impact. For more information, visit www.opuscorp.com.

SOURCE Opus Northwest, L.L.C.

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