The 12 intro Ravenna88 townhomes will be available under $600,000, likely to go fast due to high demand.
SEATTLE—As reasonably priced housing continues to be scarce throughout Puget Sound, 12 new townhomes starting from below $600,000 are something of a rarity. Now selling from $598,880, the release of Ravenna88 will feature two-, three- and four-bedroom townhomes, each with an attached oversized one- or two-car garage, ranging in size from 1,410 to 1,784 square feet.
Developer Intracorp will unveil the model on March 9. Located at the corner of Lake City Way and NE 88th Street, most of the homes within this release are available for immediate move-ins. The entire community comprised of 87 townhomes is expected to be completed in 2020.
“We're expecting this to be the only time we have townhomes available under $600,000 within Ravenna88, so now is the time for buyers to come in, see the high-level of finishes within the model and get the best value within the community,” said Christine Johnson, vice president of marketing and sales at Intracorp. “As many of our buyers are coming from small apartments throughout the Seattle area that have little to no storage or parking, our model will give them an idea of how much extra space the attached garage will give them, which is a rare offering for this market.”
Ravenna88 is located just 6 miles north of Seattle's central business district, 2 miles from the University of Washington, 5 miles from South Lake Union and centrally located to Interstate 5. And, the development has its own parks and gathering spaces.
“There are no other new townhomes in this market priced under $600,000, so this is a one of a kind offering at Ravenna88. This submarket is quite underserved,” Johnson tells GlobeSt.com. “Other than Ravanna88, there are only six new townhomes currently for sale and the lowest price of those is at $699,950. With a few select Ravenna88 homes available at $598,880, that is $100,000 savings versus the competition. Additionally, the competing townhome does not include a garage whereas our home includes a two-car garage. Because we have a few homes that are finished, we have priced them at amazingly low prices. These are sure to get snapped up quickly.”
Townhomes were designed by NK Architects complete with open floorplans and outdoor decks. Kitchens feature polished quartz countertops with a full-height decorative glass backsplash, an under-mount sink, Whirlpool stainless appliances, a gas range with convection oven, a stainless/glass hood and white-painted and stained-wood cabinets. A kitchen island with pendant lighting is also available, per plan.
Master baths are designed with oversized showers and dual vanities, polished quartz countertops with porcelain under-mount sinks, full vanity mirrors, 36-inch-tall wood cabinets and semi-frameless glass shower doors.
Features include mini split heating and air conditioning systems, high efficiency hot water heaters, 2 x 6 exterior wall construction and whole-house networking with cable, phone, USB charging ports and Cat5 wiring.
According to Metrostudy research as of second quarter last year, single-family home sales were down 7% year-over-year, while the multifamily market is down 3% since second quarter 2017. Growth is concentrated in Pierce County, which is the most affordable compared to King and Snohomish. Some 57% of the starts and 62% of the closings in Pierce County were priced between $250,000 and $450,000 compared to only 2% in King County. The majority of starts in King County (47.1%) came in at $851,000 and up. Snohomish County had 30% of its starts fall in under $450,000, with 54% of the starts coming in between $451,000 and $750,000.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
