Over lunch I was talking to my friend and co-worker who bought at Mosler Lofts and he was lamenting about the third lien that has been filed against them. This got us talking about developers and how, at least anecdotally, one of the sales tactics used selling new condos is they tell you that the developer will also be living in the building:
Lumen: Architect was said to be going to be living in the building. I don’t know how this turned out.
Mosler Lofts: Developer said he was going to live in the building only to put his unit on the MLS once the building closed.
Meritage: Developer has a unit and is renting it out
Trace: Developer said he was going to buy a penthouse unit and ended up buying a smaller unit and renting it out.
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6 responses so far ↓
1 kent // Aug 5, 2008 at 3:04 pm
Schuster, the developer, owns PH2 at Mosler. I could be wrong, but don’t believe that this has ever been listed on the MLS. However, I don’t think he has moved in either.
2 mark w // Aug 5, 2008 at 6:15 pm
Yep. I’ve received that pitch at most pre-sale centers. Designed to instill confidence I suppose. Whenever I hear it, I always wonder, “Can I get the same discount on my purchase?”
3 EconE // Aug 5, 2008 at 6:31 pm
There’s a big difference between
“I’m gonna live here too”
and
“I think I’ll help myself to a penthouse, who cares what it costs…I’m buying it from myself after all!”
4 just another dirty renter // Aug 6, 2008 at 7:41 am
the Ava developer said that he’d be buying a unit there aas well.
…but, looks like that project is dead in the water
5 Seth // Aug 6, 2008 at 10:05 am
I live at Mosler and yes, Mark did move into one of the penthouses.
I have seen him around the building as well, would be nice to see him show up to a HOA meeting!
Seth
6 Duncan // Aug 6, 2008 at 7:03 pm
The developers also purchase a unit in the building so that they can be part of the HOA and get that first notice of any issues that may crop up in the buulding.
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