High-Flying Seattle Submarket Adds More Residences
Work has begun on Presidio’s new single-family community in Issaquah, WA.
By Alex Girda, Associate Editor
Homes at a new residential development are set to become available for sale in December, following the groundbreaking of Copper Ridge in Issaquah. Summit Homes of Washington and Presidio Residential Capital are building the new single-family homes in one of the hottest submarkets of Seattle.
Located at 24424 S.E. Issaquah-Fall City Road in East King County, the 15-home development project will cover a 4.6-acre plot of land. The homes will offer residents easy access to the Issaquah Highlands master planned community, as well as to an array of shopping and dining options. The major urban centers of Seattle and Bellevue are also situated nearby. Issaquah is one the five fastest growing submarkets in the Seattle MSA in terms of rent growth, as per Yardi Matrix data. The real estate data provider shows that the two major cities in the Pacific Northwest are leading the nation in terms of rent growth, indicating that residents are flocking to the area.
Copper Ridge homes will range in size from 2,800 to 3,300 square feet, while floorplans will include two- and three-story homes with up to five bedrooms and three baths. With a range of upgrades available for each home, prices will stand somewhere between the high $700,000s and the mid $800,000s.
Once completed, the retail value of the project will stand at around $11.7 million. According to the National Association of Home Builders’ formula to determine the impact of development, the project is expected to generate approximately $4.3 million in local income, as well as about 59 jobs.
Image courtesy of presidioresidential.com