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. Prospective buyers and brokers began lining up the night before the event, at 8pm on February 23rd. Approximately 300 registrants attended the debut of the development, resulting in an additional 80 second and third position reservations. The homes were offered for individual unit reservations, which identifies a specific condominium referencing its preliminary floor plan, specifications and price range in advance of official presales, which are anticipated to commence in the summer 2018 commensurate with the opening of the KODA Sales Center and the groundbreaking of the development. The efficiently-scaled homes range in size from below 400-sq. ft. to more than 1,100-sq. ft. with introductory pricing from below $350,000 to more than $1.5 million.
“We extend our congratulations to the many prospective homeowners that secured their future home for priority presale this weekend” said Dean Jones, President & CEO of RSIR. “We are thrilled to represent this extraordinary opportunity for attainably-priced homeownership in one of the fastest-growing neighborhoods in the region.”
Jones says KODA Condominiums are the “first of few” new development opportunities for presales in downtown Seattle. According to research by RSIR and O’Connor Consulting Group, 94-percent of the estimated 27,000 housing expected to deliver in downtown Seattle during the current decade will be for rent and not for sale. Market pundits say that condominiums are notedly undersupplied, citing developer’s overwhelming preference to build apartments instead of condominiums. Resale opportunities for downtown Seattle condominiums have averaged fewer than 50 units and the median asking price is more than $1.4 million, according to the NWMLS.
The Reservation Agreement is a first right of opportunity offered to consumers in exchange for a fully-refundable $5,000 deposit that will be held in escrow. Reservation holders will be provided notice when the final product offering is released by the seller including the final floor plan, confirmed specifications and fixed price within the quoted price range – just as soon as that information is a validated by the architect, contractor and members of the development team. Reservations holders must be prequalified by the preferred lender, Caliber Home Loans, in order to maintain a reservation. The seller will accept multiple positions for reservations in the event a prospective buyer’s first choice is already reserved.