The Seattle Condo Blog

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.

UPDATE: Moda is converting to apartments.

Received news this morning that Moda Condominium in Belltown has sold the 40 some units that came back on the market a couple of weeks ago. A number of those units were made available due to buyer financing issues or buyers backing out due to decreases in square footage. I’m told the square footage reduction was the result of city zoning which required greater setback. Nevertheless, Moda provides one of the most affordable choices, especially for new construction, for downtown living and homeownership.

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.

UPDATE: Moda is converting to apartments.

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.

UPDATE: Moda is converting to apartments.

The latest entrant to the Seattle condo boom is Moda Condominiums in Belltown. Located at the corner of 3rd Avenue & Bell Street (just north of Bell), Moda is being developed by HMI Real Estate.

The 251-unit low-rise is positioning itself towards the more affordable entry-level market. Prices are expected to range from the mid-$100,000’s to the $400,000s. However, the trade off is smaller unit sizes ranging from 300 to 1,021 sq ft. Yet, units will feature stainless appliances, cherry or walnut floors and granite or limestone countertops.

Almost kitty corner from the Belltown Dog Park, Moda will be in a great location between the downtown core & the Seattle Center. Plus, it’s in the middle of Belltown’s eclectic mix of restaurants & nightlife scene. And, for the most part, 3rd Avenue doesn’t have the traffic that’s common on 4th or 2nd Avenues.

Moda is planning to break ground this fall with an eye towards a Summer 2008 completion date. The sales office is slated to open September 23rd. www.ModaCondos.com

Update 8/31: Adding link to Seattle PI article. The PI referenced the Montreux, located at 5th & Vine, as a comparable complex with small units. They may be tiny but can be functional and is perfect as a pied-a-terre. Instead of the regular bed, a wall bed (murphy bed) would add much needed space.

Related Post: Moda Condo – Update