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New York-Style Living Makes its Debut in Seattle

  • Launch of moda condominiums melds entry-level pricing with sophisticated style;
  • Priced from $150,000 to the $400,000s, Belltown condo project likely to sell quickly

SEATTLE – Aug. 24, 2006

As real estate prices continue to soar, owning a home in Seattle, particularly in the desirable Belltown neighborhood, has become increasingly out of reach for most.

Until now.

Beginning August 26th, pre-sale registration begins on one of the first projects in Seattle to successfully meld high-end style with affordable pricing. The development – moda – is a 251-unit condominium home project on Third Avenue in the heart of Belltown. Selling for approximately $150,000 to the $400,000’s, moda is currently the only new condominium project in downtown Seattle available in that appealing price range – and its developers expect sales to sizzle.

“There is nothing like moda on the market in downtown Seattle,” said David Hoy, president of HMI Real Estate Inc and managing partner of HMI-2312 LLC, the project’s development company. “There is exceptional demand for housing under $500,000 in downtown Seattle. We looked at the market and realized that with some creativity, this was a solvable problem. We know what buyers want and they’ll have it all with moda.”

moda is expected to be ready for occupancy in Summer 2008.

LOCATION, LOCATION, LOCATION….at the right price 

Situated in a prime Belltown location, moda features floor plans that vary from studios and lofts to two-bedroom, two-bathroom units. Ranging in size from approximately 300 to 1,021 square feet, all moda homes will feature quality finishes typically found in more higher-priced developments – stainless steel finish appliances, slab granite or limestone countertops, cherry or walnut finish floors, tiled bathrooms and the choice of three inviting color palettes. The project will also feature 8,000 square-feet of ground-level retail space.

“The typical moda buyer is someone who values style and location over size,” Hoy said. “It’s New York-style living in Seattle, which is very new for this market.”

Owners can choose from three packages of kitchen cabinets, flooring, tile and wall colors in muted, natural tones selected by interior designer Richard Stead, whose previous projects include the Banya 5 spa in South Lake Union, the Palermo Condominiums and the Bellagio Condominiums on Capitol Hill.

“The finishes are exquisite - they’re high-end and reflect the urban, stylish flavor of the area,” said Iolanthe Chan-McCarthy, the founder and president of Urban Pacific Real Estate, the project’s marketing firm. “This project is combining elements that buyers have wanted but not been able to find. This is a first.”

“We designed this building to be functional, with a high-quality urban sophistication to it,” said Michael Hoffman, principal at H+dlT architects. “moda will reflect the contemporary lifestyle Belltown represents, with a very warm, livable twist.” 

moda Steps Up to Help Solve Housing Headache for Seattle-area Buyers

The City of Seattle's Office of Housing estimates that a homebuyer needs to earn about $100,000 annually to afford the median-priced home of approximately $420,000 within city limits. With the median income in Seattle about $54,000 for an individual and $70,000 for a family of three, many would-be buyers are priced out of the market. 

Rick Hooper, the Office of Housing's director of policy and program development, said moda speaks to Seattle Mayor Greg Nickels' top priorities - affordable housing and transportation. "We want residents of all income levels to be able to live in the center city area because it enables people to live closer to where they work. The center city area is the hub of our transportation system, and it just makes sense to focus population density here," Hooper said

"New residential buildings in the downtown area are generally providing larger units at much higher prices than we've ever seen," Hooper added. "To find a developer who's able to put an attractive product on the market that hits that lower price range is fantastic." 

In a city that is becoming increasingly unaffordable to many who live and work in it, moda will provide the type of housing downtown needs, Seattle land use economist Matthew Gardner said. “The bottom line is, downtown Seattle can be viewed as becoming elitist,” he said. “What we’re sorely lacking is product which will appeal to the person working downtown and not just the one who’s retiring downtown.

“We have always had a good demand from buyers wishing to live downtown and work downtown, but it’s becoming increasingly difficult for them to get into new construction,” Gardner said. “A lot of people can’t afford to spend $600,000-plus.”

Sales Center Opening in September; Sell-out anticipated within the first 60 days

The moda sales center, located on Bell Street and Fourth Ave., will open on Saturday, Sept. 23. Prospective buyers are required to register online and book a time slot for an upcoming priority sales event. 

“We are requiring prospects to register online to help ensure everyone is treated equitably,” said Hoy.

To register for moda’s priority sales event or for additional information on the project, visit www.modacondos.com

About Urban Pacific Real Estate

Based on Mercer Island, Wash., Urban Pacific Real Estate is a privately-owned real estate marketing and sales company that specializes in condominium and multi-family projects in the Seattle area. The company’s owner and president, Iolanthe Chan-McCarthy, works with developers to conceptualize and implement marketing strategies and pricing for new multi-family projects. A licensed real estate associate, Chan-McCarthy has been selling real estate since 1992 and has a deep understanding of the Puget Sound residential market. 

About HMI Real Estate

Hoy Management and Investment, Inc. (HMI), a Washington corporation, was formed in 1986 and HMI Real Estate, Inc. in 1997 to respond to the real estate needs of private investors from the Pacific Northwest and Pacific Rim countries. By working closely with a team of professionals, HMI provides its clients with a broad cross-section of real estate services from a single source. HMI Real Estate creates new real estate investment opportunities for its clients and has experience in single and mixed-use projects, low- and mid-rise residential buildings, urban infill projects and master planning. For more information, go to http://www.hmirealestate.com/

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