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New Condo Announced in Seattle!

With the announcement of Nexus in mid-2016 and sales already at 83%, considering that the building is slated for completion in mid-2019, it is safe to say that the demand is still extremely high in Seattle's condo market. At Nexus the only units left are 2 bedroom/2 bath, all listed at or above $995,950. There is just one 1 bedroom plus den left, on the 38th floor, listed at $999,950.

Since developers have seen the success that Insignia (Belltown, 2015/2016) and Luma (First Hill, 2016) have had and the enormous reception the Nexus received when all the the public had access to were just photos and floor plans, other developers have taken notice of the strong Seattle market.

This leads us to the announcement of the Koda Condominium located in Seattle's International District, lead by Taiwanese Developer Da-Li, slated for completion in 2020. The building is planned to have roughly 200+ units, ranging from studios to 2+ bedrooms. Prices have not been discussed in detail but we expect a similar range to what we saw at the Nexus, with prices starting in the 300's and going up to $2+ Million. It is likely that parking will be optional with units at the higher price points getting priority. Considering how close the building will be to King Station, the street car, Amtrak, all major bus lines, and the light rail, it is likely that residents can get almost anywhere they want to via public transportation. Who wants to sit in traffic anyway. The plan is to break ground in Spring of 2018 but that may be pushed back as the city reviews the project. It is too early to know when construction will start but sometime mid/late 2018 would make sense. Completion is set for sometime 2020, I would imagine mid/late 2020.

In terms of pre-sales, it is to be seen how the developer will want to release the units. If it is anything like Nexus, we should start getting details in the next 3 months. Otherwise, if it is like Insignia/Luma, sales won't begin to occur until early/mid 2019. Feel free to send me an email or give me a call with any questions regarding purchasing in new construction, Koda, or anything in downtown Seattle/Bellevue!

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