RISE Properties Announces Reservation Process for Officer's Row
The last thirteen residences on Officer's Row at Fort Lawton present an opportunity like no other to live in an authentic, landmark community surrounded by the natural beauty of Discovery Park. The offering of these homes is unparalleled in the county, let alone a single listing in Magnolia or the greater Seattle area, which is why we created the Officer's Club in preparation for the summer sales debut.
The Officer's Club is a tailored program for qualified homebuyers (and their brokers) to receive priority sales information, gain preferred access to private events, and participate in the Officer's Row reservation process. Through this program we intend to provide exceptional service to people like you who have shown the most interest in these homes, before advertising draws others in for their first look.
While we recognize that a distinct reason for joining the Club is for access to the early reservation process, we encourage you to take full advantage of the informational events as well. RISE Properties (Fort Lawton) Limited Partnership ("RISE Properties") could have designed a sales process that only maximizes profits, but that is not our goal. We believe that these stately homes deserve the type of stewardship that will ensure their historic integrity for another century.
Hence, the primary purpose of the Officer's Club is to give each prospective buyer ample time to learn about owning and living in one of these unique residences, well in advance of the Reservation Event.
* As a reminder, RISE Properties is hosting a Landmark Event this Saturday, May 21st, focusing on the history of each home and the advantages and limitations of landmark status. In addition, a second Design Preview Event has been scheduled for Tuesday, May 24th.
In planning for the Reservation Event, it has been important to RISE Properties that every prospective homebuyer is treated equally in a fair and transparent process. To that end, prospective buyers who would like to participate in the Reservation Event are required to have completed the following steps:
- By June 1st - Join the Officer's Club; and
- By June 4th - Provide documentation of a lender's pre-approval or sufficient funds for a cash purchase; and
- By June 6th - Meet with Fort Lawton listing broker, Stephanie McMahon or Fort Lawton buyer's agent, Aaron Freeman to discuss your preferences and value expectations. There will be no pricing available at the June Reservation Event; Officer's Row homes will be priced upon completion beginning in July 2016. Reservations will be address-specific.
By June 1st, RISE Properties will provide the Reservation Agreement, Purchase & Sale Agreement and any addenda to qualified Officer's Club members for review. We want prospective buyers to have as much insight and information as possible prior to the Reservation Event on June 8th.
Much deliberation has gone into the reservation process and event. As stated, RISE Properties wants this to be a transparent and equitable process. At the Reservation Event, each prospective homebuyer (households are treated as a single buyer) will be given thirteen personalized tokens. Attendees will be invited to privately place their tokens in address box(s) of their choice.
This is where you influence the outcome. Every buyer is unique and he/she has the opportunity to place anywhere from zero to thirteen tokens in an address box. For example, if an attendee is only interested in the Ellicott plan, they may decide to place all 13-tokens in one Ellicott box or divide their tokens among the two Ellicott address boxes. Or if a prospective homebuyer is drawn to the Prosch plan, he/she may drop all of their tokens in one address box, or divide their tokens among any of the eight Prosch addresses.
After all guests have deposited their tokens, we will hold a drawing for reservations. Following the same sequence as the release order of the homes, we will draw names for each address. The first name drawn will be the first reservation holder. There is a limit of only one "first position" per buyer, so please plan before the event. After all the first positions have been drawn, we will start the sequence again to determine the second position and so on. If an attendee's token is drawn again for first position, they will have the option of releasing their prior first for the latter address. Prospective buyers may hold a maximum of three reservations, only one of which may be a "first position."
As names are drawn, they will be announced to the group, and we will have a private area to answer questions and formalize all agreements that evening. Deposits will be required within two business days of executing the reservation agreement ($10,000 for first position, $5,000 for second or third position). Deposit funds are held in escrow, and are fully refundable should the reservation holder not enter into a purchase and sale agreement on the reserved home.
If you cannot attend the event, you may send a proxy with your power of attorney. Simply let Stephanie or Aaron know in advance of the event. The dinner is only for Officer's Club members, their broker and/or proxy.
We will not be taking any reservations prior to the event (there are two existing reservations in place with previous rental residents).
As residences are completed, reservation holders will be invited to privately tour their reserved home. We will begin with the first reservation holder, whom after the tour has three business days to sign a purchase agreement. If that reservation holder does not purchase the home, we will contact the second reservation holder for a private tour and so on.
Based on our experience at Montana Circle, we know how to price these homes, and reservation holders will have the first right of purchase without any competition. Fort Lawton is a very special project and we are more interested in finding passionate homebuyers than maximizing profits. When a purchase agreement is signed, we will notify the other reservation holders for that address.
We have no doubt that you may have questions, which is why we wanted to reiterate the prequalification information and share our deliberative process for the Reservation Event. After selling the homes at Montana Circle, we learned that our new homeowners are as unique as the Fort Lawton homes themselves. Their enthusiasm for these residences, as well as the park, has made us even more passionate about building this new community.
For additional information, please contact me today!