Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Moda Condo – Update

By on September 13, 2006 in Belltown Condos, Pre-Sales with 14 Comments

UPDATE: Moda is converting to apartments.

Moda Condo Belltown

Today was the official start of sales at Moda Condominiums in Belltown. Moda fills a gap left by many of the other developers by providing “affordable” in-city condominium homes under the $500,000 price point. And, that resonated well with buyers. Though, affordable is relative since price per square foot range from $460 to $535 which matches many of the swankier downtown projects.

Officially, sales began at 11 AM this morning for the 251 units, though several hundred people were given advanced purchase opportunities. By noon this afternoon, a good majority of the homes were sold, leaving only the sub-400 sq ft alley facing studios & one bedrooms available. Those units are priced up to mid-$200,000s.

The Nitty Gritty

Studio & smaller one-bedroom units face East towards the alley & neigboring buildings, larger one bedrooms are located in the interior, and the two-bedroom units face West on 3rd Avenue. Many of the top floor units are two-level townhome styled homes.

Aside from the kitchen, the units are rather non-descript. The kitchens feature slab granite or limestone countertops, slimmed down LG & GE stainless steel appliances (range is regular sized) & veneered press board cabinetry.

An early press release mentioned walnut or cherry hardwood floors, which actually turned out to be laminate flooring in walnut or cherry finishes. which are engineered manufactured hardwood rather than solid hardwood in walnut or cherry finish.
At least with the one-bedroom model unit, the bedroom and closet did not come with doors. Doors may be installed as an option.

The bathrooms are good sized and include a full sized tub/shower with tiled surround, slab granite countertops and nice lighting fixtures.

Only 43 units come with assigned parking. Another 125 spaces are available, though 156 permits for selected units are available on a first come, first served basis. Fifty-six units, all studios, do not come with, nor is it an option to purchase, parking.

Twenty-five units on the 2nd floor are designated “Affordable Housing Units” where buyers must qualify based on income requirements. Yet, those low income requirements are quite high – $78,000 for 1 person household, $89,100 for 2 person household, $100,300 for a 3 person household and $114,450 for a 4 person household.

Other features include a stacked washer & dryer, rooftop deck with barbecue and entertainment area, a central boiler system and a moisture monitoring system.

Though the finishes and quality may not have lived up to the hype and earlier descriptions, overall, these are nicely designed and finished units at an affordable price located in the heart of the Belltown neighborhood. Moda fills a need by catering to the average homebuyer, often overlooked by many of the glitzier projects.

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About the Author

About the Author: Ben Kakimoto is a Seattle condo and urban real estate marketing & listing specialist. Contact Ben to learn more about the Seattle condo and loft real estate market or about buying or selling a Seattle area condo. Find Ben on Google+, Twitter and Facebook. .

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  1. Seattle Housing Buzz » Blog Archive » A Moda No-No | October 6, 2006
  1. peckhammer says:

    Hey, can you give a more exact figure on how many units are left at Moda?

  2. Ben_Kakimoto says:

    I just called the sales center, it looks like there’s about 30 studios left, on the back (alley) side of the building. I’ll get more info on size and prices.

  3. Ben_Kakimoto says:

    Current available units are studios on floors 2-7 on the alley side of the building. Size range from 314 to 394 sq ft with prices from $149,950 to $217,950. For units priced $199,950 and above, parking is included.  On the south end of the building, you need to be on the 3rd floor to view over the building across the alley; on the north side, on the 5th floor or higher.

  4. michaels says:

    anyone know how much earnest money is needed?

  5. Ben_Kakimoto says:

    Generally, new construction presales require a 5% down payment.

  6. Ben_Kakimoto says:

    Moda sold out a couple of days ago. They do have a waiting list for those still interested in purchasing. There’s always a possibility someone may not fulfill their purchase and open up an opportunity for someone else.

  7. Hiep Tran says:

    Ben,
    How do I get my name on the waiting list?

  8. Ben_Kakimoto says:

    You can contact Moda at 206-443-7676.

  9. Noda says:

    Watch out for the shrinking Condo… My unit was 338 sq feet. By the time my final paper work came out it was 301 sq feet and I lost my slider as well. Losing that much sq feet without a mention was too much for me and I backed out….If interested contact them all the units lost 11% of there size. I can’t imagine I was alone in leaving. By the way the adjusted price for the unit was 538$ per sq foot…..not such a deal anymore

  10. mont says:

    Moda is terminating the remaining outstanding purchase and sale agreement and is not financing and complete as an apartment. Do you guys have any information on that ?

  11. Ben_Kakimoto says:

    Mont – Did you you purchase at Moda? I haven’t heard anything regarding Moda, but it would appear unlikely given the project has been popular with pre-sale purchasers.

    Interesting, I’m noticing a bit Google referral activity with Moda keywords. Anyway, I have a call into one of the Moda principals for verification of status.

    comment was edited

  12. sonny kwan says:

    Seems like there are some questions and concerns about the Moda project and what is next. Whatever the outcome , I think it is still a great building to be in either as an owner occupied unit or rented as an apartment for low income housing.

  13. mont says:

    yes, i did purchase a condo in moda and they rescind the contract to convert as they say financing is an issue

    monte

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