Update on Post-Flood Mosler Lofts
Before the year is up, we should probably circle back on one of the bigger stories of the year: the flood at Mosler Lofts. To quickly recap, the flood happened in May, impacted as many as 30 units on the 7th floor and below, forced some residents to relocate while repairs were made, and generally sucked all around. Matt initially broke the story but KIRO 7 dug in and surfaced a tidbit about possible building code violations discovered in the resulting inspections.
So here’s what we have to share: major repairs are — as far as we know — complete. Building insurance saw a 23% increase which contributed to an increase to individual HOA dues (dues went up approximately 5.5% for 2012). However, one homeowner we spoke with mentioned that HOA dues have seen a 5% rise year-over-year so the increase wasn’t completely unexpected.
When we inquired about the potential code issues we learned that it turned out to be “no big deal.” The board hired a consultant to come in, they came up with a plan of action, and the issues were fixed as part of the repairs.
In looking at sales activity in the building, six units have sold since the flood out of nine total sales in the past year. There are currently six units for sale in Mosler Lofts asking widely ranging prices per square foot (from as low as $267/sf up to $556/sf).