Robust Presales at KODA Condominium Flats Establish Real Estate Microclimate
Since its official sales debut on March 30, KODA Condominium Flats are Seattle’s fastest-selling new condominiums, with dozens of prospective buyers touring the KODA Sales Gallery at 510 Occidental Avenue South each week. In less than a month, the new addition to Seattle’s historic and culturally-rich Nihonmachi (Japantown) has experienced scores of additional units placed in a purchase contract with more than half of the building now either sold or with reservations still pending.
“There’s a lot of buzz surrounding KODA and for good reason,” said Michele Liang, a Sales Associate for KODA. “This is a first-of-its-kind offering in the Chinatown-International District and introduces attainable home ownership in one of the most convenient and dynamic communities in Seattle.”
And that dynamic community is attracting a diverse array of buyers, ranging from long-time neighborhood renters looking to buy a home to second home owners and even down-sizing empty-nesters, who are looking to enjoy a new life of streamlined, in-city convenience. In fact, prospective buyers have even targeted KODA from international markets noting that Seattle is a global city on the rise.
“With KODA standing centered between every major neighborhood in the city and perfectly aligned to multiple modes of mass transit, KODA is just what the market was waiting for – especially for savvy consumers familiar with the city’s growth trajectory,” said Matt Van Damm, Vice President of New Development at Realogics Sotheby’s International Realty (RSIR). “KODA is an opportunity like no other to ‘Own Seattle’ with priority pricing starting below $400,000, with select residences priced under $1,000 per square foot.”
Van Damm points to a recent op-ed article by Brian O’Connor, a real estate economist and appraiser with O’Connor Consulting Group. The Puget Sound Business Journal story documents the challenges that new developments face with rising construction costs, requiring “more than $1,200” per foot on average to deliver a high-rise in today’s market.
“Fortunately, the developer of KODA was able to lock in preferred pricing on the land and construction hard costs and likewise presale buyers are locking their purchase price two years before occupancy,” adds Van Damm. “The robust sales at KODA has established a real estate microclimate – we’ve experienced sales in all of our product lines ranging from efficient studios priced below $400,000 to penthouses valued sold at more than $1.3 million. Naturally, as we sell prices will rise due to market forces.”
Central location and proximity to transportation have been an enormous selling point for the new condominiums—only a single block from the King Street Station and regional transportation network. And with the LINK Light rail expansion underway, KODA will offer access to Eastside job centers and major tech campuses. The homes will be ideal for professionals and commuters, as the Central Business District is only moments away, along with the ambitious “S” project by Urban Visions—more than 7-acres of campus real estate in downtown Seattle that serve as an optimal “gamechanger” for prospective firms seeking an enviable foothold in the region.
Geekwire reported Seattle is the nation’s fastest-growing tech hub, as local and Bay Area engineering centers continue to expand in the area. According to a report from CBRE, the Seattle area added a combined 33,803 tech jobs in 2017 and 2016, for growth rate of 25.7 percent. That was more than Silicon Valley. And despite Amazon’s exploration for satellite offices elsewhere, tech is here to stay. Google, Facebook and Expedia are each developing substantial campuses in downtown Seattle while Microsoft is undergoing a multi-year campus modernization in Redmond comprising another 3 million sq. ft. of workspace.
“Ultimately, Amazon’s HQ2 was more like HQ1.5 as plans for the East Coast expansion in part, ended up on the Eastside in Bellevue,” said Dean Jones, President and CEO of RSIR. “Either way, residents of KODA will enjoy enviable commutes to Seattle or Eastside job centers on the tech train.”
KODA’s prime perch won’t only provide access to work, but also to play. The condominiums will reside a short walk away from the city’s new multi-billion-dollar waterfront—an enormous expansion to follow the demolition of the Alaskan Viaduct that will include new parks, a city aquarium ocean pavilion, and a slew of new attractions that will transform the area. Residents will also have immediate access to Seattle’s historic Chinatown-International District that boasts a seemingly infinite list of sites for culture and cuisine. Just adjacent to the neighborhood is Seattle’s Stadium District that is home to two professional sports stadiums and even more sports franchises, not to mention a host of concerts, exhibitions and seasonal attractions.
Designed by KMD Architects, KODA will comprise a collection of studios; urban one-bedrooms; and one-, two- and two-plus-bedroom homes ranging in size from 353 to 1,156 square feet. The homes will feature generous ceiling heights; walls of glass; exposed concrete columns (most homes); engineered hardwood floors; and custom kitchens with stainless steel appliances, induction cooking, quartz countertops, glass backsplashes and premium plumbing fixtures.