Experts Say Rising Prices West of I-405 Nudge Buyers East for “New, View and Around Two” Million
Executives at Realogics Sotheby’s International Realty announced today the exclusive listing of Vista View Estates at Mondavio – a new construction enclave of luxury residences set amongst the 74-acre master-planned community by Cosmos Development. Originally platted in 2005 and comprising 120 town homes and 119 single-family home sites, all but 39 lots were constructed and sold by 2008 when Cosmos deferred its final phase of development. Seven years later, a new release of six homes at Vista View Estates was kicked off by recent closings of Villa Royale (sold at $1,750,000) and Villa Toscana (sold at $1,850,000), underscoring the market has fully recovered and in fact, is setting new benchmarks for values east of I-405. Experts suggest a new development cycle for luxury single family homes in Redmond has arrived.
“Developing communities like Redmond, Newcastle, Issaquah and Sammamish were once considered tertiary but not anymore – the Eastside’s luxury juggernaut has finally jumped the fence,” says Becky Gray, a Senior Eastside Global Advisor with RSIR. “The marketplace west of I-405 has become so expensive that many buyers are now exploring options east of 1-405 in search of greater value and open space. The demand trends are consistent: new, view and around two million. That’s precisely our niche at Vista View Estate. It’s our time.”
Gray says many consumers are being priced out of Bellevue, Clyde Hill and Kirkland where non-waterfront homes built in 2008 or sooner are fetching median home prices of $1,650,000 or $440 per sq. ft. according to NWMLS data for Q1 2015. Her analysis indicates that median values have increased by an average of a $100,000 in a year and are now 10% more on a price per sq. ft. basis compared with Q1-2014 (meanwhile new construction offerings have crossed $600 per square foot west of I-405). She finds Vista View Estates in Redmond is well-positioned because it offers families enhanced design and quality and residents also enjoy the same Lake Washington School District and equal access to residential services and amenities. Most importantly, the homes are brand new with protected views of the Sammamish River Valley and can be purchased for the cost of a typical resale, non-view home west of I-405.
“Our buyers at Vista View Estates are living the town and country lifestyle with plenty of extra elbow room – it’s the best of both worlds,” adds Gray. “The Eastside is changing so quickly, especially with all the international homebuyer interest. Suburbs are becoming boom burgs – it’s so exciting!”
The new release of new homes at Vista View Estates range from a 4 bedroom, 3.5 bathroom residence of 4,121 sq. ft. offered at $1,788,888 to a 5 bedroom, 4 bathroom residence of nearly 5,000 sq. ft. offered at $2,388,888. All boast high-end finishes with unique features including voluminous two-story interiors, three car finished garages, large covered terraces, patios and expansive walls of glass to maximize natural light and views.
The Grand Opening Sales Event for Vista View Estates is scheduled for Friday, May 15th through Sunday, May 17th.
“After many years of patience and planning we now are prepared to complete our vision at Mondavio,” says Oscar Del Moro, Executive Vice-President of Bellevue-based Cosmos Development Company. “We’ve saved the best for last and we couldn’t be more proud of our accomplishments within the Mondavio community – this is our legacy.”
Del Moro says his firm has already cued up additional lots for future development. Based on the sales trending, he may even consider releasing two 12-acre equestrian ranch estates that are perched alongside the Sammamish River.
Vista View Estates at Mondavio was inspired by its namesake – the picturesque Italian town of Mondavio in the Marche Region in the province of Pesaro and Urbano. Having endured for more than 500 years with a rich sense of community, the hillside reserve provides the inspiration for Cosmos to build a similar enclave on the Eastside —half way around the world. Perfectly centered between the wine region of Woodinville and the urban center of downtown Redmond, this exclusive community is thoughtfully sited upon a bluff alongside Education Hill overlooking the Sammamish Valley– so named for the multiple schools located in the area, including Redmond High, Redmond Junior High, Horace Mann Elementary, Albert Einstein Elementary, and Norman Rockwell Elementary.