Remember Moda in Belltown and how it sold out the first weekend it went on sale in September 2006? It even had a long wait list because so many folks either couldn’t afford a regular sized condo or wanted their own pied-a-terre?
Well, no longer!
There are now five Moda units on the MLS. Ranging from $184,950 for #208 to $365,950 for #328. Conveniently they don’t list the square footage.
Hurry before they’re gone, again.
Update: In the comments Chris lets us know that:
I recieved an e-mail from the developer - there are 40 units for sale that were purchased by investors who could not get financing…
Does anyone know what the pricing difference on these units is between the first time they were available and now?
I also wonder what other buildings have a heavy investor presence that will have similar problems? Olive 8?
Popularity: 18% [?]
15 responses so far ↓
1 anonymous // May 19, 2008 at 1:44 pm
The pictures aren’t even of the actual units, but rather a full-size “mock-up”.
2 Chris // May 19, 2008 at 1:58 pm
I recieved an e-mail from the developer - there are 40 units for sale that were purchased by investors who could not get financing…
The first 251 units sold in 4 hours. Anyone wager how long it will take to sell there 40?
3 jo // May 19, 2008 at 3:24 pm
Oh yea, Olive8 has a ton of investors.
Did Moda require a 5% reservation? If so, are all these buyers forfeiting that 5%?
4 christiangustafson // May 19, 2008 at 5:37 pm
Bwahahahahahahahaha! Too funny!
5 Dan C. // May 20, 2008 at 12:06 pm
I also wonder what other buildings have a heavy investor presence that will have similar problems?
EVERY SINGLE CONDO BUILDING! Does this surprise anyone? I guarantee this is only the tipping point.
6 BN // May 20, 2008 at 1:40 pm
Matt- what’s the story with Mosler Lofts? I’ve heard whisperings that a lot of owners are not happy.
The once-informative Mosler Lofts blog (http://moslerlofts.wordpress.com/) has gone offline, making it tough for those of us who’ve been considering buying there.
7 EconE // May 20, 2008 at 5:13 pm
Say it ain’t so.
Hey…pssst…wanna buy a condo?
What’s that?
Investors?
Naaaaah….we have a strictly enforced “investor cap”…only (insert made up low % here) of our units are being sold to investors.
Speaking of investors that were profiled here before…remember our Canal Station Realtor flip?
http://www.owners.com/Search/ShowListing.aspx?id=1977597&src=odf
I love the ad copy.
8 Eric K // May 20, 2008 at 7:36 pm
Sellers — developers and investors — will probably be stubborn about prices and thus drag the process out. I would be surprised to see any major price reductions on Olive 8 until after the existing reservations close. After closing, the “price guarantee” no longer applies and Hedeen will eventually want to unload the remaining units.
9 Chris // May 21, 2008 at 7:43 am
Jo - I don’t have an answer to your question
EconE - I’d like to hold her to her guarantee in the PSA….. “For purchaser’s, this property value will only go up as phase 2 is completed!”
10 Foster // May 21, 2008 at 2:55 pm
Yes, I too am curious if all those 40 buyers lost their 5%. Surely some of these are readers of this blog and could share the scoop.
11 Seth // May 22, 2008 at 6:27 pm
BN,
The site is still up however due to over whelming demand I made it private.
Yes there are some unhappy owners however I will speak for myself, even though there are some things that occurred that has made me very unhappy I am very happy with my unit. Its close to work, the style fits my personality and I love my neighbors.
If I were to purchase again I would consider this building. I think that many of the owners may feel the same however you will have to ask them.
From what I have read, the issues we are dealing with may not be great but they are at least normal for the industry.
Seth
12 Larry // May 24, 2008 at 9:33 am
It’s annoying that Mosler owners aren’t talking more openly about their experiences good & bad….makes me worried about buying there. Teething troubles are fine, but is there something else going on? The Mosler blog going private smacks of a lawsuit.
Hell, the Cosmo had a 40 story building approved for next door and they are still blogging, so why not Mosler?
13 Seth // May 26, 2008 at 7:36 pm
Larry,
No lawsuit or anything else dramatic. The explanation is a simple Occam’s razor reason, all the owners asked me to make the blog private and also, there were comments on the blog noting how to sneak in to the garage. I thought it was the most prudent thing to do.
What kind of information would you like? Most of the issues are “teething” issues. The developer is replacing the garage door. There was some vandalism on the roof that is being repaired. The developer is putting up some fencing around the roof top deck. Pretty straight forward stuff among other things.
Would you like to contact me to get a more thorough feedback on my experiences?
Seth
14 kent // May 27, 2008 at 10:44 pm
Larry - I live at Mosler and have no complaints. As Seth indicated there are small issues to deal with, all easy and been or being fixed. I love the design of the building and feel that it will never look outdated. We have a great group of residents and a very capable group of Board members. If you are serious about buying here I would advise you to come by and look in depth at the building and talk with the owners. I know most people who I talk with here really like living here at Mosler and are glad the purchased here. Give me a shout as well if you want any more info. Ken
15 Rick // May 31, 2008 at 9:00 am
Myself and many others backed out because they reduced the size of all the units by over 10%… For over a year and a half we where told it was one size and when the finale paper work shows up and oops !! it really 10% smaller…I’m not convinced it was a honest mistake
No they returned mine within a week…I think they thought they would be able to resell it quickly. They never gave us the true square footage untill the very end.. now I know why
Leave a Comment