Condo Update

I have only been away for a week and yet there were quite a number of updates in Seattle Condos. Here is a quick summary:

2.) Following the foot steps of Expo 62 (Axis Apartment) and Domaine in Queen Anne, Moda is officially converted to an apartment. Moda homes were initially sold out two weeks after the sales center opened back in 2006. Two years later, several home buyers decided to back out from the purchase because the homes turned out to be smaller than they expected. That resulted with a handful of units becoming available on the market. However, with completion just around the corner, the developer has decided to turn it into an apartment citing that many home buyers are unable to secure financing as their 2nd home or investment property and others getting cold feet leaving them with no other alternative but to convert to an apartment. The slow market conditions did not help them as well. Read more.

Moda Update
Moda: Small, smaller, smallest!

Alex– Construction for Alex in Belltown is proceeding nicely with completion around 1st quarter of next year. They claim to have windows going into the building and masonry work starting pretty soon. So far, they have not released their pricing. No rendering or finishes are available for viewing either. The developer's objective is to finish the project and decide what to do with it next year. Like many developers in the Downtown and Belltown areas, their initial intention was to build it as a condo. However, with the market slowing down, they are not ruling out turning it into a high-end apartment. If there are sufficient buyers for the building, the project will be ready to go as a condo next year. If not, they might go with the apartment option and allow existing tenants the first right of refusal to purchase the units down the road when it is converted to a condo.

(Alex has been renamed as Volta in 2010.)

Alex Condos Update

1.) If you missed the Leona open house last weekend, there is another one for this weekend from 11am-6.00pm. The project features homes ranging from 800 square feet to 2,817 square feet with either single level or townhome style condos.