SEATTLE — A series of celebratory milestones for the Chinatown-International District’s newest development, KODA Condominium Flats, is demonstrating that fortune favors the bold and those who move swiftly.
SEATTLE, WA (March 1, 2019) – Executives of DA LI Development USA and Realogics Sotheby’s International Realty (RSIR) jointly announce the official groundbreaking of KODA – a 201-unit, 17-story condominium high-rise community located at 450 South Main Street in Nihonmachi (Japantown), the gateway to the historic Chinatown-International District.
Recently, members of the KODA development team assembled at the newly completed KODA Sales Gallery at 510 Occidental Avenue South in Pioneer Square to celebrate the milestone of International Special Review District (ISRD) Board approval and official commencement of this much-anticipated project.
On February 2nd, members of Da Li Development and Realogics Sotheby’s International Realty attended the 2019 Chinese New Year Gala hosted by the Hong Kong and Greater China Association of Washington at the Sheraton Seattle Hotel. More than 800 partygoers enjoyed the evening, which included numerous luxury brands and a condominium showcased featuring KODA.
Da-Li Development USA Chairman James Hsieh, left, and his son and company Vice President Kevin Hsieh have opened a regional development office in Seattle's Pioneer Square. They're standing next to a model of Koda, a 17-story condominium project. Da-Li plans to break ground on the project this winter as it begins planning a second tower near the Space Needle.
Da-Li Development, the developer for KODA is expected to open their Sales Gallery by early November 2018 for previews, giving an official first look at the highly-anticipated 18-story urban luxury residential tower coming soon to Japantown-International District.
Da-Li Development is pleased to announce that KODA, the next generation of urban living, has received a Preliminary Design Review (PDR) for its new development located in the historic Japantown-International District on October 9, 2018 by the board of the International Special Review District (ISRD).
Representatives of DA LI Development USA recently released a collection of new renderings following the design confirmation of the interior specifications and common areas while the construction entitlements continue to process with the City of Seattle. Meanwhile, the KODA Discovery Center has been secured and is under development at 510 Occidental Avenue South in Pioneer Square, just north of Century Link Field.
For May 2018, the S&P CoreLogic Case Shiller Index registered a 21st month with Seattle leading nationwide home prices. While competing Pacific Coast gateway cities Los Angeles and San Francisco saw year-over-year home price increases of 7.64 percent and 10.87 percent, respectively, Seattle’s 12-month advance widened to 13.59 percent. The monthly increases on the Index were 2.23 percent for Seattle, 1.08 percent for San Francisco, and 0.48 percent for Los Angeles.
The second half of 2017 evidences what may be a paradigm shift in consumer trending from rent to buy. According to research by O’Connor Consulting Group, annual apartment demand in 2017 fell by 4,500 units (unexpectedly) throughout King and Snohomish counties and this decrease was concentrated into the second half of the year.
Drawing upon more than 17,000 members across North America, the Asian Real Estate Association (AREAA) hosted its annual Global + Luxury Summit (GLS) in Seattle for the first time with events around the city from April 6-9. The GLS has traditionally been held in global gateway markets like New York City, Miami and Honolulu, but Seattle’s rise as an international hotspot secured its position as a host city.
Now halfway into its second year, Seattle’s nationwide lead on the S&P CoreLogic Case-Shiller Home Price Index is once again widening on a monthly basis. Gains that seemed to be slipping away last summer have rebounded, with February’s monthly increase exceeding that of January by 1.74 percent to 0.72 percent, for a 12-month average gain of one percent per month.
Downtown Seattle witnessed fewer condominium resales during the first quarter of 2018 compared with that of the first quarter of 2017, largely because there were fewer homes to choose from. And the lack of available supply is raising further concerns about an affordability crisis. Currently, there are only 44 resale homes available for sale in an urban center of more than 80,000 residents but there are more priced above $1 million than there are at lower price points. Meanwhile, median home prices in Seattle are rising at 19-percent per year, according to analysis of first quarter 2018 data compared to the prior year.
As of January 2018, single-family home prices in the Puget Sound region were 12.86 percent higher than 12 months before, and prices were 0.73 percent ahead of those in December. On a monthly basis, home prices in San Diego grew slightly faster, at 0.76 percent. Yet year over year, Seattle’s nearest West Coast competitor was San Francisco, where home prices are up by 10.2 percent since January 2017. Further inland, Las Vegas home sellers saw prices 11.1 percent higher than this time last year.
Seattle is currently in the midst of a massive update to the streetcar system, which will link the city’s two existing lines at South Lake Union and First Hill, moving past Pike Place Market and some of the most congested areas within the Emerald City. Most recently, SDOT has come under fire regarding the project’s expenses, as a report indicates that city officials may have underestimated the costs to run the system upon its completion in 2020. Seattle Times reports that in response to concern, Mayor Jenny Durkan has requested an independent review of the budget to be completed within the next 90 days.
As a recent Curbed Seattle article outlines, the abundance of luxury construction projects cropping up around downtown Seattle make it “easy to look around and think, condos. But the majority of new residential projects going up in the city – and downtown specifically – are destined to be rentals.” Of all the new homes under construction, there will be 6,324 units available for rent, and just 489 (7.1%) offered for sale.
As Blaine Weber, Senior Principal of Weber Thompson Architects, proclaims in a recent Daily Journal of Commerce article, “the affordable housing crisis is one of the more perplexing problems facing rapidly growing cities like Seattle.” One proposed solution is to add to the supply of small, affordable condominiums in the city, yet as a 2016 paper published by the University of Washington Runstad Center for Real Estate Studies notes, condominiums in Seattle are overwhelmingly “beyond the means of the average-income individual.” So, Weber asks, why is there a lack of supply amidst rising demand in the Emerald City? Though there are myriad reasons, a main one can be attributed to the liability associated with building multi-family units for sale in Washington state, given regulations outlined within the Washington State Condominium Development Act.
First-position unit reservations and deposits were received on 95 percent of the 203 homes planned at KODA Condominium Flats during a recent preview event. The 17-story midrise in the city’s International District is expecting its first occupants by mid-2020.
In a recent feature on Curbed Seattle, Sarah Anne Lloyd writes that KODA Condominiums "experienced a rush of demand" during the launch of unit reservations over the last weekend in February, and that the project is now already 95% reserved. The article describes that "condo-seekers put down a refundable $5,000 deposit for the first right of opportunity," which is held until Da Li Development USA finalizes the product offering.