We spend a lot of time celebrating the people and businesses that make PhinneyWood specialโbut what about the people who dream of living here? For many first-time homebuyers, purchasing a home in our neighborhood can seem impossible. Homestead Community Land Trust is working to change that through Nest, a new affordable homeownership community at 6109 Phinney Ave N. We spoke with Pearl Nelson, Homeownership Associate at Homestead Community Land Trust, about how the community land trust model works, who these homes are for, and why this opportunity could be within reach for more people than they realize.
For readers who aren’t familiar with Homestead Land Trust, what makes your approach to affordable homeownership unique?
Homestead Community Land Trust makes homeownership possible for people who might otherwise be priced out of Seattle. Through the community land trust model, homeowners purchase the home while Homestead retains ownership of the land beneath it. This significantly lowers the purchase price while allowing homeowners to build equity and enjoy the many benefits of homeownership.
What makes our approach unique is that the homes remain permanently affordable. When a homeowner decides to sell, a resale formula allows them to earn equity while ensuring the home remains within reach for the next income-qualified buyer. It’s a model that creates opportunities not just for one family, but for generations of homeowners.
Can you tell us about Nest and who these condos are designed for? What makes this such an exciting opportunity?
Nest is designed for first-time homebuyers earning up to 80% of the Area Median Income who want to put down roots in one of Seattle’s most sought-after neighborhoods. It offers thoughtfully designed, energy-efficient homes in the heart of Phinney Ridge, with easy access to parks, local businesses, transit, and everything that makes the neighborhood such a vibrant place to live.
What makes Nest especially exciting is that buyers aren’t just purchasing a homeโthey’re becoming part of a welcoming community while gaining the long-term stability that comes with homeownership. Opportunities like this are increasingly rare in Seattle, and we’re thrilled to help make them possible.
Homestead talks a lot about creating stable communitiesโnot just building homes. How do you help homeowners feel rooted in their neighborhoods and ensure these homes remain a community asset for generations to come?
Affordable homeownership is about much more than buying a homeโit’s about creating stability, belonging, and connection. Homeowners are able to invest in their neighborhood, build relationships with neighbors, support local businesses, and become active members of their community.
Because Homestead permanently stewards these homes, each resale creates another opportunity for a future first-time buyer. Instead of affordability disappearing over time, it stays with the home, helping neighborhoods remain economically diverse and ensuring these homes continue serving the community for decades to come.
For someone who assumes buying a home in Seattle is simply out of reach, what would you want them to know?
We hear that every day, and it’s understandable. Seattle’s housing market can feel overwhelming. But homeownership may be more attainable than many people realize.
Many of our buyers are surprised to learn they qualify for one of our homes, especially when paired with down payment assistance or affordable mortgage programs. We encourage anyone who’s interested to attend an information session, learn about the process, and talk with our team. Even if someone isn’t ready today, we’re happy to help them understand the steps they can take to become a homeowner in the future.
Is there anything else potential buyers should know about Nest or the homebuying process? Anything else you want to share?
The homebuying process can feel intimidating, especially for first-time buyers, but you don’t have to navigate it alone. Our team works closely with buyers throughout every stepโfrom information sessions and applications to financing, inspections, and closing. We partner with experienced lenders, housing counselors, and community organizations to make sure buyers have the information and support they need.
Nest represents more than a new development. It’s an opportunity for more people to achieve stable, affordable homeownership in a neighborhood where they can build a future. We’re excited to welcome a new group of homeowners into the Phinney Ridge community.