Just received confirmation from one of the principals behind the Moda Condominium project in Belltown. The project, which will be completed in just a few months, will in fact be converted to apartments.
Moda received quite a bit of attention when it first came on the market as most of the units sold out during the first weekend of pre-sales. Though, recently, a number of those early adopter opted out as the finished product was smaller than they anticipated and those homes were small to begin with. (Update: according to a comment from buyer, the letter that Moda sent out indicated that many people had backed out.)
Terrible news for those who wanted an affordable option for downtown homeownership. Fortunately, this could be a boon for Marselle (near the Seattle Center) which anticipates price points to begin at a lower price-per-square foot than Moda.
Update 8/13: Seattle PI got around to it…interesting comment here:
“The market and the financing conditions for condominiums have really taken a drastic turn,” said developer G. David Hoy, head of HMI Real Estate Inc. “The vast majority of (Moda’s) buyers decided not to proceed with the purchase of their unit.”
Some buyers found they could no longer get a loan, particularly for second homes or investment units, while others just got cold feet, Hoy said. “Because the vast majority have bailed out on us, we have no choice now but to turn it into a rental.”
Update 9/8:
Moda units have hit the Seattlerentals.com website, and they’re incredibly pricey.
- Studios: 251 to 474 sf, $1,225 to $1,695
- 1-bedrooms: 467 to 546 sf, $1,250 to $1,825
- 2-bedrooms: 530 to 631 sf, $1,925 to $2,175
If you’re looking to experience Belltown living, there are better rental deals with rental condo units.
