Condos Get Buyer Spike as Low Interest Rates Fuel Demand

SEATTLE—Come summer 2020, The Emerald will be hosting a grand opening to introduce the condominiums above the Pike Place Market and Puget Sound. At 40 stories, The Emerald will include 262 studios, one, two-, three- and four-bedroom residences, and penthouses with unobstructed views.

Located at Second and Stewart, The Emerald’s central location provides access to a mix of markets, restaurants and bars, museums and galleries. It is located within one block of Pike Place Market and two blocks from the waterfront’s future redevelopment including the future overlook walk, the Seattle Aquarium Ocean Pavilion, and plazas and parks along the boardwalk. The Emerald is 30 minutes from SeaTac International Airport and in close proximity to Seattle’s growing tech campuses across downtown and South Lake Union.

The tower’s penthouse collection is made up of 22 two-, three-, and four-bedroom residences ranging from $2 million to nearly $11 million. The building’s two top-floor penthouses, Trillion and Marquise, named for floor plans resembling the eponymous gem cuts, are listed for up to $10.9 million, which makes this Seattle’s most expensive luxury listing along the city’s waterfront.

“Over the last few weeks, The Emerald has seen a spike in serious buyers, specifically in prospects returning to tour the sales gallery. Low interest rates are fueling this increase, along with news of the building’s new partnership with the Thompson Seattle which delivers owners an offering unlike any other in Seattle,” Josh Nasvik, managing director of Polaris Pacific, sales team for The Emerald, tells GlobeSt.com. “Buyers are attracted to the hotel-style living and amenities that come with The Emerald Thompson Seattle partnership including seven-day-a-week 24-hour valet service parking, discounts on room stays, and exclusive food and dining experiences. We are also attributing our spike in sales gallery foot traffic to the fact that workplaces are effectively shut down, allowing mutual decision makers time to visit together, which otherwise wouldn’t be the case. Given The Emerald’s prime waterfront location and its position as the next luxury condominium building to deliver, local prospective buyers are actively monitoring the project and eagerly anticipating our move-ins this summer.”

Earlier this year, The Emerald unveiled a strategic partnership with boutique hotel, Thompson Seattle, to deliver homeowners a resort-style living experience with the introduction of a new suite of amenities and service. Owners at The Emerald will enjoy curated food and beverage experiences including discounted meals at Conversation, Thompson Seattle’s restaurant, and a secret signature cocktail menu at The Nest, the hotel’s rooftop bar and lounge.

When The Emerald opens, the exclusive partnership will also offer The Emerald owners a limited number of convenient subterranean garage parking spots at the Thompson Seattle, complete with electric vehicle charging stations and 24-hour curbside valet service, seven days a week.

“Owners at The Emerald look for a seamless indoor-outdoor living experience and what better way to extend their waterfront home than to partner with one of the leading hotels in the Pike-Market Corridor,” said Nasvik. “This partnership is unlike any other in Seattle and will offer owners at The Emerald a new set of keys to enjoy everything this great city has to offer.”

According to Newmark Knight Frank, branded residences have been a fast-growing theme globally and now in 2020, the concept continues to diversify so that it can be offered more flexibly across varying markets and locations. The concept now manifests itself in many ways globally and falls into multiple broad categories from hotel-led developments with integrated residences to residential-led developments with hotel adjacent or remote hotel tie-in.

The Emerald is being developed by Daniels Create World Seattle alongside Seattle-based design team Julia Nagele of Hewitt Architects and Susan Marinello Interiors.