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.
While Seattle’s lead over other Pacific Coast gateway cities slipped slightly in September and October 2017, by December, the city had recovered its monthly lead over home prices in San Francisco and San Diego. The Puget Sound region ends the year with a record 16th consecutive month leading the nation on the S&P CoreLogic Case-Shiller Home Price Index.
Following the announcement that 95-percent of the 203-units at KODA Condominiums had been reserved during the project’s debut February 24th and 25th, local media reported on current market conditions and the frenzy that new projects are drawing in an inventory-strained market.
Da Li Development USA, a Taiwan–based real estate development company and Realogics Sotheby’s International Realty (RSIR) report first position unit reservations and deposits were received on 95-percent of the 203 homes at KODA Condominiums – a new 17-story condominium that will be built at 450 South Main Street. The project debuted on Saturday, February 24th at 11am at RSIR’s New Developments Preview Center located at 2715 1st Avenue in downtown Seattle.
As a recent Puget Sound Business Journal feature outlines, though Kevin Hsieh of Da Li Development USA is new to Seattle, he “has already done a deal with well-known Chinatown/International District player Tomio Moriguchi.” That deal was the 2016 sale of the property at 420 S. Main St., the future site of the highly anticipated KODA Condominiums.