Prospective Buyers and Real Estate Brokers Offered First Right of Opportunity for Purchase of 29 Single-Family New Construction Homes in Debut Neighborhood; Targeting "Missing Middle" Housing From the $700,000s
CLE ELUM, Wash., Dec. 6, 2023 Executives from Realogics Sotheby's International Realty ("RSIR") and Trailside Group of Companies ("TSG") announced today that reservations for priority presales will be accepted for the first release of 29 new homes under construction in the Ederra master-planned community in Cle Elum, WA. Market pundits say this first-of-its-kind residential offering in Cle Elum reaches the "missing middle" of prospective buyers who are seeking new homeownership at attainable price points, which have proven to be elusive in King County. The listings will be managed by Brian Hopper and Dan Redwine under Mountain Haus Properties, a regional division of RSIR.
"We are elated to bring this product offering to market after more than two decades in the making," says Brian Hopper, a Senior Global Real Estate Advisor with RSIR, a local Partner in Mountain Haus Properties, and Director of Sales for Trailside Homes. "These brand new single-family homes represent the premier opportunity to live in Ederra in early 2024, and our founding homeowners will enjoy unprecedented price points starting from the $700,000s."
Hopper said that prospective buyers are being offered a simple reservation agreement, which provides a first right of opportunity for pre-sales in exchange for a fully refundable $5,000 deposit that will be held in escrow. When the developer has finalized the legal underwriting, specifications, and pricing, and confirmed the development schedule, a notice to the reservation holder will be provided and the parties will enter into a formal Purchase and Sale Agreement. Reservations will be accepted in early December 2023 with conversions to presale purchases by the New Year and closings upon home completions, which are slated to deliver one per week starting in February 2024.
"This approach helps to organize the demand and avoids listing the homes and managing multiple offers," adds Hopper. "We have some registered homebuyers that have been waiting patiently for product information and this is the right way to honor those who seek to position themselves in a priority sequence. We will be delivering hundreds of homes for many years into the future, although preferred selection and introductory pricing will reward those who can appreciate our Mountain Vision 2030."
TSG has been entitling and land developing the 834-acre, 1,118-unit master-planned community since 2010 and the commencement of construction, marketing, and sales of the first home is a milestone accomplishment. The reference to Mountain Vision 2030 contemplates the full buildout of the master-planned community, including amenities. The Ederra masterplan combined with Skyline Ridge offers views of mountains and valleys and brings with it substantial economic benefits to the city of approximately 2,174 residents, according to recent Census data, and bring vitality to the local business community and tax base.
The initial offering of single-family homes range from 3-to-4-bedroom with 2.5 to 3.5 bathrooms and scaled from 1,865 to 2,610 square feet, complete with two-car garages, covered terraces and placed upon lots sized between approximately 4,000 and 8,000 square feet. Sean Northrop, Founder and CEO of Trailside Group, says introductory pricing will range between the low $700,000s to the low $1 millions, depending on finish options. In future phases, Northrop has also said they will introduce attached townhomes in 2-to-4-bedroom formats with 2.5 to 4 bathrooms and range with pricing from the $500,000s to $700,000s. These price points have been a rarity for new construction properties in Cle Elum until now.
Other infrastructure projects align well with Ederra's schedule. The Washington State Department of Transportation (WSDOT) is expanding a 15-mile stretch of I-90 from Hyak to Easton to meet both the current and future needs of this transportation corridor, among other projects, making the connection between Cle Elum and Seattle a dependable 90-minute commute. This nearly $1 billion project scope is expected to be completed by the end of the current decade, about the same time Mountain Vision 2030 is fully realized.
"Good things come to those who wait, and we are certain that Ederra is a very, very good thing," said Northrop. "We are delivering a very distinctive residential community that is going to make the dream of owning a brand-new home at introductory pricing that is below the median home price of King County a reality."
Northrop points to the King County median home price of $844,000 as of November 2023 and notes new construction of single-family homes is much higher due to the cost of land, entitlements, and other market pressures. To be sure, the Washington State legislature approved House Bill 1110, which requires municipal governments in major population centers to adopt zoning ordinances that permit the development of infill housing, such as multifamily units and accessory dwellings, within single-family zoning. The goal is to encourage more housing, especially near transit corridors. According to the recently released projections within the King County Countywide Planning Policies adopted by the King County Council, more than 300,000 new homes are required in the next 20 years to keep up with housing demand, and historically, attainable homeownership has proved to be the most elusive segment.
That logic is garnering attention from other thought leaders, such as Kelly Mann, an Executive with The Realogics Group of Companies and a former Regional Director for the Pacific Northwest with The Urban Land Institute.
"There is a missing-middle crisis in the region, especially within King County," said Mann. "It's just so difficult for developers to deliver market-rate housing that can be afforded by consumers earning median household income levels when the majority of development is either subsidized for low-income consumers or targeting luxury price points beyond the reach of so many."
Mann finds a solution with Ederra, where the road to attainable homeownership is to head over Snoqualmie Pass to Upper Kittitas County. This has never been more accessible than now, with I-90 improvements and newfound clarity about hybrid and/or remote work schedules. For someone who needs to be in Seattle, Bellevue, or Redmond two to three days a week, she says buying a home in Ederra provides an attractive alternative while one's family can enjoy an enviable lifestyle in nature, as well as a burgeoning city on the rise.
The public debut for the Trailside Group's initial listings is planned for Friday, December 8th, and guided tours of the model home are in progress and new houses under construction will be available upon request. A sales center and open house rotation will begin in early January 2024 on location at 415 Outfitter Place, Cle Elum, WA. RSIR is hosting a preview exhibition, including a conversation with the development team in the lowlands, at the Kirkland Branch office of RSIR on Wednesday, December 6, from 4 pm-7 pm located at 15 Lake Street, Kirkland WA.
For more information visit http://www.ReserveEderra.com.
About Realogics Sotheby's International Realty (RSIR) (https://www.rsir.com)
A global sales and marketing brokerage 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 throughout the Puget Sound region. The company was recognized again in 2022 by The Puget Sound Business Journal among the region's "Top 100 Largest Private Companies"; "Fastest-Growing Private Companies"; "Largest Family-Owned Companies"; "Middle Market Fast 50"; and "Largest Residential Real Estate Brands". RSIR is one of the top 20 largest affiliates within the United States for the Sotheby's International Real Estate network according to Real Trends survey in 2022 (published in 2023).
About Trailside Group (https://www.TrailsideHomes.com)
Established in 1993, Trailside Group is a pioneering force in Pacific Northwest community development. Comprising dedicated professionals, Trailside Group has crafted outstanding communities throughout Snohomish, Pierce, King, and Kittitas Counties. Renowned for their expertise in planning, development, and construction, Trailside Group seamlessly blends indoor and outdoor spaces to create vibrant living environments that capture the essence of Washington. As committed stewards of the state, they actively participate in preservation initiatives and advise at county and state levels, demonstrating their unwavering commitment to sustainable community growth. Trailside Group's legacy stands as a testament to PNW's enduring spirit, creating exceptional places to call home for residents across the region.
Editor's Note: Market data, project photos, and principal headshots are available on request.
Media Contact
Alyssa Morrison, Realogics Sotheby's International Realty, 206.448.5752, [email protected], https://www.rsir.com/
SOURCE Realogics Sotheby's International Realty
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