SEATTLE, Feb. 22, 2018 /PRNewswire-PRWeb/ -- Da-Li
International, LLC, a Taiwan–based real estate development company
and Realogics Sotheby's International Realty (RSIR) will host a
reservation event for the much-anticipated KODA Condominiums at the
New Developments Preview Center at 2715 1st Avenue in downtown
Seattle on February 24th beginning at 11am. The 203-unit, 17-story condominium project
will be built at 450 South Main Street at the gateway to
Seattle's historic International
District offering efficiently-scaled homes ranging in size from
below 400-sq. ft. to more than 1,100-sq. ft. with introductory
pricing from below $400,000 to more
than $1.3 million. The homes are
being offered for individual unit reservations, which identifies a
specific condominium referencing its preliminary floor plan, design
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.
"This is effectively the presale of a presale," said
Dean Jones, President & CEO of
RSIR. "Prospective buyers are invited to identify and reserve their
future home for purchase ahead of the public sales debut and secure
a structured price range without concern about multiple offers,
escalation clauses or missing out on what's inherently a limited
opportunity."
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 a 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.
"Our view is this reservation approach with its first-come,
first-served policy is the best way to offer our homes within a
highly competitive market," said Kevin
Hsieh, Vice President of Development for Da-Li
International, LLC. "We are excited to move forward with this phase
of the development sharing preliminary information with homebuyers
– we've assembled a world-class team to deliver the next generation
condominium in Seattle."
Hsieh notes that the cost of development is rising alongside the
cost of housing, making it more difficult to set pricing during
presales. To be sure, downtown Seattle is the fastest-growing large city in
the US with record numbers of developments taking shape, resulting
in construction hard costs rising between 6-8-percent per year. The
median home prices of resale condominiums rose 19-percent in 2017,
according to NWMLS records.
KODA Condominiums is one of the few, new for-sale developments
being offered in downtown Seattle
as most developers have preferred to build apartments for rent.
According to RSIR research, more than 27,000 housing units will be
delivered downtown in the current decade but more than 94-percent
of this supply is planned as apartments. The Urban Land Institute
cited Seattle as the top market
for investment in their 2018 Emerging Trends in Real Estate report.
Downtown Seattle has added 65,000
jobs since 2010, according to the Downtown Seattle Association, and
it's estimated that 1,100 new residents are moving into the
Seattle metro area. Seattle moved up to No. 7 from No. 10 in
Redfin's rankings of the best US cities for public transit in 2018.
In their media release Seattle
Mayor Jenny Durkan called
Seattle "one of the most
transit-friendly cities".
"Da-Li International is playing a critical role introducing
attainably-priced homeownership opportunities in what's otherwise
been a very anemic market – especially at price points below
$700,000 within conforming loan
limits as buyers can qualify with as little as 3.5 to 5-percent
down payment and monthly mortgages are similar to prevailing
rents," adds Jones. "When purchasing during presales, prospective
buyers can plan ahead and fix their housing costs by mid-2020
within this rising market. Not having the expense of owning a car
will help many afford to buy a home."
In order to offer a higher volume of more affordable units,
Da-Li International borrowed several design and development
principals from their 30-years of experience building condominiums
in Taiwan. The units include
in-line kitchens with optional (flexible) islands providing
additional storage and eating areas. Access to the traditional
bedrooms are located along the window wall reducing single-purpose
corridors in the home and opening up light and views. The building
is designed as a vertical neighborhood offering a robust collection
of amenities including a grand lobby with co-working spaces, a 7th
floor fitness center, yoga room, library and conference room as
well as the 17th floor KODA Club – a voluminous lifestyle center
complete with a screening room, billiards room, fireside lounge, a
catering kitchen, a private dining room and access to the rooftop
terrace offering BBQs, fire pits and outdoor seating areas with
expansive views of Mt. Rainier, the Stadium District, Pioneer
Square, Elliott Bay and Seattle's dramatic skyline. All homes will be
offered without parking – treating the automobile as an option as
opposed to an obligation reducing the average purchase price by an
estimated $75,000, according to
Jones. He notes KODA is just a block away from the King Street
Station and the terminus of the planned Sound Transit 3 initiative
– a $50+ billion regional transit plan that will bring 116 miles of
track to in-city neighborhoods and exurban locations.
"At KODA, homeowners will live in their individual homes and
throughout the building's impressive amenities and the surrounding
community," adds Hsieh. "This hiving concept combined with numerous
transportation options at your doorstep will provide a return on
lifestyle instead of being burdened with higher costs of housing or
commuting with an automobile. I believe this is the future of
Seattle."
Located in the heart of Japantown, or Nihonmachi as it's also
known, KODA is poised to be an iconic landmark that will become a
centralized gateway to the historic Chinatown-International
District to the south, to Pioneer Square and the revitalized
waterfront to the west, to the redevelopment of Yesler Terrace to
the east, and to hundreds of thousands of jobs in the Central
Business District to the north. The immediate neighborhood is
experiencing an urban renaissance of development given its
availability of land, overlay of high-rise zoning and close
proximity to job centers, residential services, attractions and
transportation options.
KODA Condominium is designed by KMD Architects with
pre-construction services offered by PCL Construction. Caliber Home
Loans is the preferred mortgage lender. Marketing and sales are
being provided by Realogics, Inc. and Realogics Sotheby's
International Realty, respectively. Title and escrow services are
provided by First American Title and Escrow. Da-Li International,
LLC was introduced by Becky Lee of
RSIR and Taiwan Sotheby's International Realty. For more
information, visit http://www.ownKODA.com.
About Da-Li Development – Taiwan-based Da-Li Development is a
publicly-traded company principally engaged in the development,
construction, leasing and sales of properties. The Company's
principal businesses include the development of residential
buildings and mixed-use buildings, such as condominiums, commercial
retail shops, villas, private clubs, and parking spaces. DAL-LI
formed DA-LI Development USA LLC
in 2015 and purchased two commercial retail shopping centers in
Washington and is developing the
KODA Condominiums in downtown Seattle.
About Realogics Sotheby's International Realty
(http://www.RSIR.com) - Realogics Sotheby's International Realty is
a leading global sales and marketing brokerage firm in the Pacific
Northwest that specializes in new condominiums. Recognized by the
Puget Sound Business Journal amongst the fastest-growing private
companies in Washington State
during the past five years, the boutique real estate firm of 220+
brokers consistently rank among the top producing firms within the
markets that it serves with branches in downtown Seattle, Bainbridge
Island, Kirkland,
Issaquah and Madison Park.
EDITORS NOTES: For high-resolution photography, video, floor
plans and new renderings of KODA Condominiums contact Krista Dunn at 206.448.5752 or email
Krista(dot)Dunn(at)RSIR.com.
SOURCE Realogics Inc. l Realogics Sotheby's I