Moda condominiums is nearing completion with move-in dates estimated around September of this year. The project initially sold out within 5 days after hitting the market in September of 2006 but now 40 units becoming available. According to Thach Nguyen, one of the developer partners, the drop outs were due to changes in the buyers’ situations — especially loan financing. Thach also commented that "the vision for Moda condos is to serve a niche market: to provide condo living with luxurious finishes at affordable prices. Homebuyers who are looking at Moda are willing to sacrifice square footage for better quality finshes at a good location."
Here are the available units:
Floor plan Approx. Sq.Ft. Prices starting from
Studio 251-474 $179,950
Open 1 bedroom 467-546 $258,950
1 bedroom 337-602 $225,950
2 bedroom 530-631 $345,950
Lofts 509-883 $339,950
One interesting point is that the developer is using a moisture monitoring system for the building. During construction, the moisture dectection conduits are applied within the walls of the entire exterior of the condo. These conduits serve as the sensing device for moisture, providing constant monitoring in areas prone to leaking. When a leak occurs, information about the leak is sent to the mositure detection company. Unless there is a power and internet outage, the building is monitored 24 hours a day.
Given Seattle’s weather and many leaky condo stories we’ve all heard (and many of us have experienced), this seems to be a good system to put into all wood-framed buidlings. If it is as effective as it promises, I think it would create a win-win situation for both homeowners and developers. Of course, it assumes the developer will respond when the monitor starts beeping. Nevertheless, rapid detection and repairs could conceivably reduce the need for potential litigation, special assessments and months of inconvenience for homeowners if the leak is allowed to become a larger problem down the road.
Moda: Small, smaller, smallest!
Can a 2 bedroom be actually created at 530 sq. ft.? This is the size of the smallest studios in downtown…and now this is being called out as as a 2 bedroom! How can two bedrooms + bath and kitchen and living room/dining room fit in 500+ sq. feet?
Steve, I fully agree, a loft starting in the 500 sq foot range, hmmmm.
I don’t know how you could possibly live in 250 square feet. Seems a little crowded…
As an ex holder of one of those sold out Moda units… I can tell you the reason I and many others backed out was the huge lose in square footage. Every unit in the building lost 10% of there square footage.. We waited for over a year to get our final paper work and when we did it had shrunk by 11% in size in my case. It went from a fair deal to a bad one really fast
However small, there must be a demand for these units. 15% unsold inventory is pretty good in this economic climate. Some new construction projects are being converted to rentals b/c developers can’t sell enough units to secure financing. Small spaces call for a simpler life style. With Seattle’s strong market something’s gotta give. Size or location. At $4 a gallon for gas, I’d choose to walk to the store to buy my milk.
We received a letter from the developer stating that they have decided to not proceed with the moda condo sales because too many units remain unsold, and instead turn the building into apartments. They have given us 7 days to sign and return a rescission agreement in order to get our earnest money back.
I had purchased an condo and was anticipating moving in the next two months. I have sold half of my furniture in clearing space for my new small habitat before they pull this shit. I’m interest if anyone willing come together and litigate?
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