Moda : Small, smaller, smallest!

Want upscale Belltown living, but can't afford the price tag? A new development set to break ground in October 2006 and begin occupancy in summer 2008, attempts to do just that. In exchange for a great location, relatively low prices and luxury finishings, future owners must be willing to compromise on space. This idea, borrowed from bigger cities such as New York or London has already been successful in Seattle at The Montreux building constructed in 1999 at 425 Vine St with studios hovering around the 300 sq. ft. mark.

Moda Condominiums

 

Features

• Prices range from $150,000 for studios to the $400,000s for two bedroom, two bath units.

• Studios begin at 296 sq. ft. and 2 bed/2 bath units just break the 1,000 sq. ft. mark.

• Developed by HMI Real Estate, the force behind other Seattle based projects such as, Alki Beach Towers, Palermo and  Montesano in Mercer Island

• Luxury fittings include; cherry or walnut finished floors, tiled bathrooms, stainless steel appliances and granite or limestone counter-tops

• Located in the heart of Belltown's booming nightlife and restaurant scene but situated on 3rd Avenue which is typically a quieter than 2nd and 4th Avenues

Moda condominium will be having its priority purchase event for pre-registered home buyers between September 13th thru September 22nd from 11AM to 6:00PM.

During the event, home buyers will have a chance to tour three full-sized, furnished units in the sales center, located at 314 Bell Street, Seattle, WA between Third and Fourth Avenue.

Moda units will be available only to buyers who are purchasing a primary or secondary residence; and no rentals will be permitted for at least the first year of occupancy. Home buyers who are interested can put down a deposit of five percent of the purchase price.

(10/01/06 Update: Moda units are sold out.)

Pros

- Affordable pricing

Cons

- Tight square feet, time to put on your creativity hat

Interior         Average

Location        Good

View        Below average

Value            Good

Overall          Good

-Wendy   

Technorati Tags: Moda condo, Mountreux, Moda, HMI Real Estate Inc, Iolanthe Chan-McCarthy, 296 square feet, 314 Bell St, belltown condos

Comments

[Scott Peterson]

That price per square foot and total square footage is approaching Tokyo levels. The neighborhood better be really, really hot or this is a sucker purchase.

[tom]

$400-$500 a square foot seems to be inline with what larger units are selling for in belltown.

[dave chin]

Hi Wendy,

I really enjoy the content posted on your webpage.

Have you heard anything recent on the Moda Condo project in Belltown? Also, are you aware if there are any similar projects going up in the area? All the places that I have seen recently seem a bit over priced.

Best regards,

Dave

[Wendy]

Hi Dave, Moda had sold out all their units. They are currently under construction. So far, i have not heard of any similar projects. If i do, i'll do a post on it. Feel free to check back on my website.

[Cathy Wittel]

Is the Montreux a steel & concrete bldg? The prices on the units seem very reasonable (compared to other condos in the are).

[Wendy]

It is a wood framed building. Their units are a lot smaller than other buildings ranging anywhere from 300's to 600's square feet.

[Mike]

When will the residents begin moving in to Moda???

I just backed out. Woodframe building with $ per sq. foot of a concrete and steel building were the dealbreaker for me.

I'm guessing most of the people that bought in this buiding won't be living in it anyways.

[Kevin]

What unit did you back out of? I tried to get in last year but was too late and would be willing to assume your contract.