You are here: Home / Apartments / Belltown / Moda / Moda Sold Out No Longer – 15% Fell Through

Moda Sold Out No Longer – 15% Fell Through

May 19, 2008 By 30 Comments

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?

Filed Under: Moda Views: 637
About Matt

Matt , Urbnlivn's publisher, has a love for lofts with industrial features and new construction condos that is only eclipsed by his passion for outdoor sports and urban living. Phrases such as “polished concrete” and “exposed brick” are music to his ears. You can also find Matt on Twitter or skiing.

  • anonymous

    The pictures aren’t even of the actual units, but rather a full-size “mock-up”.

  • anonymous

    The pictures aren’t even of the actual units, but rather a full-size “mock-up”.

  • Chris

    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?

  • Chris

    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?

  • jo

    Oh yea, Olive8 has a ton of investors.

    Did Moda require a 5% reservation? If so, are all these buyers forfeiting that 5%?

  • jo

    Oh yea, Olive8 has a ton of investors.

    Did Moda require a 5% reservation? If so, are all these buyers forfeiting that 5%?

  • http://deflationland.blogspot.com christiangustafson

    Bwahahahahahahahaha! Too funny!

  • http://deflationland.blogspot.com christiangustafson

    Bwahahahahahahahaha! Too funny!

  • Dan C.

    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.

  • Dan C.

    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.

  • BN

    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.

  • http://None BN

    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.

  • EconE

    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.

  • EconE

    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.

  • http://www.realself.com Eric K

    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.

  • http://www.realself.com Eric K

    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.

  • Chris

    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!”

  • Chris

    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!”

  • Foster

    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.

  • Foster

    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.

  • Seth

    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

  • Seth

    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

  • Larry

    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?

  • Larry

    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?

  • Seth

    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

  • Seth

    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

  • kent

    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

  • kent

    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

  • Rick

    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% smallerIm not convinced it was a honest mistake

    No they returned mine within a weekI 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

  • Rick

    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