KODA Reservation Event Draws Media Attention
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.
Marc Stiles of Puget Sound Business Journal called the weekend’s events “déjà vu,” as prospective buyers lined up as early as 8 p.m. on Friday, February 23rd to secure their position in line for unit reservations. And “by the end of the weekend, most of the residences had been spoken for, sometimes more than twice.” Stiles says buyers are willing to reserve units despite unfinalized floor plans and pricing, given the region’s anemic inventory. As he writes, “There were about 1,250 King County condos on the market at the end of last year, or nearly 21 percent fewer than the same time a year before,” which means condominium competition is fiercer than ever.
In a visit to the New Developments Preview Center at 2715 1st Avenue in Seattle on February 26th, King 5 News talked with Dean Jones, Owner & CEO of Realogics Sotheby’s International Realty, about pent up demand in the Seattle market, and growing concerns over the Foreign Buyer tax increase in Vancouver, BC. As Jones said, “we’re just starting to see the inbound investment demands that are just now coming to shore,” adding that the success of the KODA reservation event underscores that “really the developers have to play catch-up.”
Curbed Seattle wrapped up the action during the opening reservation weekend event at KODA, outlining that the International District's latest project is already 95-percent presold. As the article outlines, "it's an indicator of high demand for condos - and while 'another condo building' is a common gripe in development-heavy Seattle, most new residential buildings are actually set to be rentals."
A press release distributed by Da Li Development USA and Realogics Sotheby's International Realty reported that the KODA Condominium Reservation Event drew deposits on 95-percent of 203 units. "We extend our congratulations to the many prospective homeowners that secured their future home for priority presale," said Jones. "We are thrilled to represent this extraordinary opportunity for attainably-priced homeownership in one of the fastest-growing neighborhoods in the region."