Keller Williams Greater Seattle, Ben Kakimoto, Seattle Condo Agent

Moda Condos Update

By on May 16, 2008 in Belltown Condos, Real Estate with 19 Comments

UPDATE: Moda is converting to apartments.

Moda Condos just released a few units in the NWMLS today, providing a sampling of the home plans available. These range from sub-300 sq ft studios to two-bedrooms and are priced between $184,950 and $365,950. Though Moda sold exceptionally well during pre-sales, word on the street is that the mortgage upheaval impacted a few buyers thus making these units available.

Moda has re-opened its sales center on Bell Street between 4th & 3rd Avenues in Belltown. The sales center is open daily, except Wednesdays, from noon to 5 pm.

Occupancy is slated for September.

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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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There Are 19 Brilliant Comments

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  1. Rick says:

    Myself and many others backed out because they reduced the size of all the units by over 10%… For over a year and a half we where told it was one size and when the finale paper work shows up and oops !! it really 10% smaller…I’m not convinced it was a honest mistake

  2. Shane says:

    We also backed out. It was 9% smaller and they didn’t reduce the price. In fact, they were going to raise the price. They said the reason for the reduction was due to the city’s fire code. REALLY? At over $600 per square foot, we are glad we backed out. We find it shady practice.

    It will be interesting to see if they can sell any of the remaining units considering the saturated condo market and tight lending standards.

  3. kent says:

    Rick and Shane –

    Any problem getting your deposits back?

  4. Rick says:

    No they returned mine within a week…I think they thought they would be able to resell it quickly. They never gave us the true square footage untill the very end.. now I know why

  5. Shane says:

    Suprisingly, once we declined the final Purchase and Sales Agreement, we got the check within a week. You were given only a week to sign it. With the reduction in square footage, it was bascially a no brainer for us.

    For the first time, the site now states, “Limited Opportunity of Available Units”. It will be interesting to see how many remaining units will sell once the September completion date becomes official. I’m assuming the waiting list no longer exists.

  6. biff says:

    economically they were priced too low to start with. Anytime you sell all your units in one weekend it is a sign you didn’t push the pricing enough -much like why a 5% vacancy is good for apartments as the vacant units can test the market for higher rents. Regardless, this is a good first time buy and or investment property. THe mortage on some of these will be cheaper than rents without the 15% (9% remaining) increase over the next year.

  7. Rick says:

    I was in unit 309… It was 162,000$ for at that time a
    338 sq foot unit or 479$ a sq foot..

    My final paper work showed the unit now at 301 sq feet for the same price or 538$ a square foot

    That’s over priced not under priced…and at the time it was only the cost per square foot that made them affordable.

    Oh well on to another Condo “Marselle”

  8. Ben_Kakimoto says:

    Rick & Shane,
    While I’m sorry to hear the developer didn’t meet your expectations with this project, I am pleased they refunded your deposits without any hassle. Though, I’m sure that doesn’t make up for holding your deposit all this time and for you having to look at other options now.

  9. peter says:

    A 10% reduction in sq ft is quite substantial. However, as with all pre-sales, nothing is truly final until the official Purchase and Sales Agreement is released. There’s always a risk with buying something pre-sale. I purchased a unit as well and will be following through with it. Not all units were reduced as much as yours. Mine went down 1.5%. But with gas at $4.00/gallon and the value I place on my time, I’m sure I will recoup the cost quickly. For those who backed out b/c of cost per sq ft, the net loss is about 2-3 grand provided the developer didn’t budge on the original list prices. You can haggle with a developer for 2-3 grand, but if this is your home, I’m not sure it’s the best strategy. I hope that those who backed out will continue searching for a home in the city. The only way Seattle can become a vibrant cosmopolitan city is to create affordable housing for those who work in it.

  10. Brian says:

    Peter

    I have the final Public offering statement in my hands.
    It lists all the square footage in the building. Also I have the print out of the orginal sq footage as well. I’m not sure what unit you had Peter but the rest of us took a bath in our sq reduction. Good luck with your units at Moda. Rick did you get a unit at the Marselle?

  11. Lolly says:

    Not codos anymore….

  12. Bob says:

    It is all moot now…they closed down the website, fired all the saleforce, and have sent out letters rescinding the sales agreements. They are changing it to an apartment instead of a condo development. Too many people backed out, according to the letter. I have to wonder…

  13. mont says:

    i wondering if anyone else is upset as i was when i found out they rescind the offer to convert as i was ready to move in. I’ve already purchased some new furniture and got rid of my older and larger furniture in preparation for hte move. not very happy here,

  14. Ben_Kakimoto says:

    Monte – that’s got to be frustrating. Did they offer anything other than your deposit back?

  15. Bob says:

    It ticked me off…they held us for two years and 30 days prior to finishing they tank the project, but I have to wonder what other questionable stuff we would have discovered after the sales closed and we were on the hook for it. If this is how the developer does business, it maybe for the best that it didn’t happen. They backed out because they didn’t want the expense of maintaining the unsold units. Their profit would have been hurt on the deal, so obviously they think they can do better selling it to a REIT that specializes in apartments or some other group as a single apartment deal.

    If it was just the price, the upcoming Marselle may end up being cheaper per sq. ft. and you supposedly get parking and storage as part of it. The downside is it is on Aurora, but you also don’t have the bums and drug action that is directly facing you at the moda location. Bottom line, we may have dodged a bullet without realizing it.

  16. john says:

    there was a similar project in king county. half way through the project the developer decided to convert to appartment. the people that had the sales contract sued the developer and won. now the project is back on the market to sell as a condo. just a thought.

  17. monte says:

    I was not offer any form of compensation but a letter stating the economy turning south and that i should be understanding. I considering litigating. If anyone is contemplating please contact me at montchou@hotmail.com.

  18. Peter says:

    I purchased a top floor unit 2 years ago and declined several offers to buy other condos and homes in the city within that period thinking that I would move in this September. We were furious when we got the call. The 5% earnest could have been used for other investements yielding >1%. On top of that, we’ve just lost a home. The only silver lining is that we are now in a much better position to negotiate aggresively on any property we consider going forward.

  19. Peter says:

    I truly believe that you get what you give. If there was some other reason the developer is converting to apartments, one day they will pay the price for their lack of business ethics. Trust me, things come around.

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