MODA: hot or not?

Moda model in 2006

So MODA is now going rental. After starting out as a smoking hot, trendy urban condominium that “sold out” within a week in 2006, many buyers are jumping the ship like rats.

The developers of this bulky, wood-frame, rabbit warren, packed with units having less than 300 square feet (or now less than 250 square feet, it seems) touted the project as bringing “affordable” units to the market. At $500/sf, that was hardly an accurate claim.

Perhaps this was just a bad idea. It certainly is for the neighborhood and the block where it sits. The developer managed to avoid neighborhood design review — which would have surely resulted in a better design — by reviving an old permit from the early 90′s, before design review was required.

The original rendering showed a generous ground floor — if one is to believe the scale implied in the rendering — with large, high bay windows ostensibly filled with cool Belltown galleries, cafes and shops.

What we see in fact are a row of low height storefronts, some barely 8 feet to the header, which cannot possibly house any truly interesting retailers. I’m sure what we will now get will include an inevitable chain hoagie shop, a real estate office and a branch of some obscure bank.

I’m sure that more than a few of the supposed buyers who now have cold feet, or couldn’t secure financing, never intended to live in MODA at all, but rather envisioned flipping their purchases in a few years to make a massive profit.

Sometimes life is just a big casino. You can leave the place a little sorry and a lot broke.

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