REALOGICS SOTHEBY'S INTERNATIONAL REALTY & TRAILSIDE GROUP SIGN AN EXCLUSIVE LISTING AGREEMENT FOR REAL ESTATE PORTFOLIO IN CLE ELUM, SUNCADIA & TUMBLE CREEK
“Mountain Vision 2030” May Represent $1 Billion+ in Retail Sales; Mountain Haus Mojo Event Kick-Off Planned for October 14th & 15th with Broker Presentations, Open Houses, and Grand Reception at The Crown Jewel Estate
PRESS RELEASE BY RSIR STAFF
October 5, 2023
Executives from Realogics Sotheby’s International Realty (“RSIR”) and Trailside Group of Companies (“TSG”) announced today a multi-phase exclusive listing engagement to sell a portfolio of individual finished homes, presale homes, custom homes, finished lots, and some builder lots in Upper Kittitas County. The offering will include properties within the resort communities of Suncadia and Tumble Creek and throughout the newly established master plan neighborhoods of Ederra and Skyline Ridge developed by TSG. The collective buildout could surpass more than $1 billion in retail sales over the balance of the decade defining what RSIR and TSG are calling “Mountain Vision 2030”. This new offering is among the largest master plan communities in Washington State.
Left to right: Dan Redwine, Dean Jones, Sarah Skryabnev, Blakeney Wisner, Brian Hopper
Market pundits believe the timing is right given an inflection point in the region has created a buyer’s market offering consumers more selection, sharper prices, and the immediacy of making a move to the mountains in time for the approaching winter season, as well as anticipated drops in mortgage rates in 2024. The listings will be managed by Brian Hopper and Dan Redwine under Mountain Haus Properties, a regional division of RSIR.
“The sky is calling,” said Brian Hopper, Senior Global Real Estate Advisor with RSIR and a local partner in Mountain Haus Properties. “We’re thrilled to represent the Trailside Group through our recent opening of Mountain Haus Properties in the heart of Cle Elum, and as we make our contribution as part of a broader economic development plan for the region.”
The listings coincide with the first residential occupancy of recently built homes in the Skyline Ridge neighborhood by TSG, vertical development within the Ederra master plan, and newly completed listings in Tumble Creek and Suncadia. TSG is targeting a new home groundbreaking each week.
“This is a major development milestone for Trailside Group, and we’re commencing immediately with world-class marketing and sales campaigns led by a global leader in real estate excellence with Realogics Sotheby’s International Realty,” said Denis Hernandez-Grada, President of Trailside Group. “Our grand vision is coming to life, which includes a broad spectrum of product types and price points that are novel for Upper Kittitas County. This is timely given the tremendous need for housing in Washington State.”
While luxury demand for primary and second homes within the resort communities endures, Hernandez-Grada points to a crisis of affordability, especially for the working-class families that are earning less than the area median income within King County. According to the recently released projections within the King County Countywide Planning Policies to the King County Council, more than 300,000 new homes are required in the next twenty years to keep up with housing demand, and historically, attainable homeownership has proved to be the most elusive segment. Meanwhile, research by Seattle-based Redfin confirms that Seattle is one of the major metropolitan cities that is seeing more people looking to move out than in. The recent census data confirms that the Seattle region is once again the fastest-growing large metropolitan area in the U.S., but it’s also one of the most expensive, literally driving consumers to exurban locales in search of affordability.
“Consumers can afford to live in less space or adopt a hybrid work schedule in some cases, but they simply can’t afford to pay more than their income allows in pricey Central Puget Sound submarkets,” said Dean Jones, President and CEO of RSIR. “We’ve seen this trend before, especially as major improvements are made to regional highways and new boom-burbs are born—this becomes a clear harbinger for burgeoning markets like Cle Elum.”
Jones recalls significant HWY 99 improvements in British Columbia made between West Vancouver and Whistler/Blackcomb in preparation for the 2010 Olympics. The quicker and safer commute times became a major catalyst for small towns, like Squamish, BC, (now just 60 minutes from Vancouver and 50 minutes to Whistler/Blackcomb) to expand significantly with full-time residency, vacation rentals, and robust economic development. Fast forward a few years and the number of occupied private dwellings in Squamish increased 26% to 9,100 between the census years of 2016 and 2021. That trend was only amplified during the COVID-era work-from-home phenomenon over the past three years. Squamish continues to rank among the fastest-growing small towns in the country with more than 500 new residents added annually.
Likewise, and locally, 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 reliable 90-minute commute. This nearly $1 billion scope is expected to be completed by the end of the current decade, about the same time Mountain Vision 2030 is realized. Jones believes Cle Elum’s population could double to more than 5,000 residents, and much of this development potential is possible within Trailside Group’s vision and entitled buildout trajectory.
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.
“We have a true affordability crisis in our region, especially within King County—so one way to achieve attainable homeownership is to head over Snoqualmie Pass to Upper Kittitas County,” said Mann. “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, buying a home in Ederra offers an authentic small-town lifestyle with exceptional access to four seasons of nature and activities. Mountain biking and hiking are at one’s doorstep, skiing and snowboarding are just half an hour away, and it’s steps from the restaurants and shops of Cle Elum’s historic shopping district.
To be sure, the Ederra master plan will include inspired single-family and townhome residences targeting the “missing middle” price points from below $500,000 to below $1 million, as well as some new, low-income residences currently being built as part of the development agreement with the City of Cle Elum. Prospective homebuyers and real estate agents are encouraged to register online for the priority sales release at EderraLiving.com.
Other TSG listings include luxury spec homes in more established communities within the Suncadia Resort and Tumble Creek. For example, Mountain Haus Properties just released “The Getaway” at 330 Farmhouse Way comprised of five bedrooms, five bathrooms across 3,418 sq. ft. and offered at $2,150,000. Several other featured listings are anticipated to be released in the coming weeks.
Dan Redwine, a RSIR co-listing agent alongside Hopper, and a Founding Member of Mountain Haus Properties has embarked on a digital showcase as the founder and host of a fast-growing YouTube channel and Instagram brand known as themasterplan.tv, including numerous recently produced shows. He promises a series of inspirational events, podcasts, and video documentaries to help accelerate the Mountain Vision 2030 to a point of purchase today.
“We’re bringing to light unparalleled investment and lifestyle opportunities through the industry leadership brought by Trailside Group that’s been decades in the making,” added Redwine. “As a resident in the region and living and working on both sides of the Cascades, I am not only a principal in this exciting enterprise but also a client. My family is already enjoying Cle Elum’s unbridled future, and it all awaits your discovery.”