As I was going through my daily inventory yesterday, I noticed unit #1108 at Mosler Lofts. What a cool unit. First and foremost, it is a corner unit. Corner units are incredible because you have double exposure and double the views. It has a wall of windows, island kitchen, exposed concrete ceilings, its own private deck and big views. In my opinion, this is a unit worth checking out.  It is the original owner selling the unit. It was purchased for $610,000 in 2007.  Now offered at $525,000.

Check it out here.  Thanks to M. Doyle, our friend and a loyal reader for sharing the pictures.

If your out shopping for a Seattle condo this weekend, you may want to check out this bank owned unit at Mosler Lofts.  Just weeks ago it was listed as a short sale. Now listed as Fannie Mae owned, #311 is back on the market at $239,000. It originally sold for $376,000 in December of 2007.

Check out the listing here:

Project: Mosler Lofts
Neighborhood: Belltown

Do you recognize this unit?  Unit #411 at Mosler Lofts, is back on the market with the legal owner titled as “Federal Natl Mtg Assn Fnma” (Fannie Mae). It is the federal government that is now selling this Seattle condo.  Interesting huh?  We’ll see a lot more of these in the future as well.

With this particular unit, listed at $295,800, they are offering what is referred to as “HomePath” financing.  HomePath allows a borrower to purchase a Fannie Mae-owned property with a low down payment.  It also allows more flexible mortgage terms, it does not require a lender-requested appraisal and there is no mortgage insurance as well.  In addition, there are expanded seller contributions to closing costs in certain transactions.  According to the HomePath Financing website, the benefits to a borrower are as follows:

• Low down payment and flexible mortgage terms (fixed–rate, adjustable rate, or interest–only).
• Down payment (at least 3 percent) can be funded by the borrower’s own savings; a gift; a grant; or a loan from a nonprofit organization, state or local government, or employer.
• No lender-requested appraisal.
• No mortgage insurance; ask your lender for cost details on loans without mortgage insurance.
• Expanded seller contributions for closing costs allowed.
• Available for primary residences, second homes and investment properties.
• Many condo project requirements are waived; ask your lender for details.

Have more questions?  Don’t be afraid to ask.

Project: Mosler Lofts
Neighborhood: Belltown

I thought this unit was pretty cool. Mosler Lofts unit 1103 is just one floor below the penthouse.  What stands out the most is clearly the view.  Other things I like about Mosler:

• Exposed HVAC
• Concrete ceilings
• Floor to ceiling windows
• Great lobby
• Rooftop deck
• Great looking building envelope (Award Winning)

Did you see our post on Friday about the Molser Lofts unit going to auction?  See here.

It had a minimum bid from the bank (Wells Fargo) at $169,090.  No one even bid on it.  So it will now go back to Wells Fargo and we can expect to see it on the market “banked owned” or how its often referred too as an REO.  If you want to see pictures of the unit it is still being marketed on the MLS for $219,000 This will happen from time to time because the broker and the owner were not aware that the unit was going to auction.

So for me the question is this; If most of us knew that the “fair market value” of this condo was just below $198,000. Would we buy it? Investors didn’t buy it because their margins for re-selling the condo are too thin. Could it work for an end-user though?  One of us could have went the auction, bought the unit for $169,091 and walked away with a very competitively priced studio right in the heart of Belltown.  So was this a good deal?

Side note: This unit was purchased for $335,650 in November of 2007.

MOSLER LOCATION:

View Seattle Condo Map in a larger map

There is a great unit at Mosler Lofts, headed to auction tomorrow(4/1/11) .  Although Mosler isn’t a building for everybody, this studio is scheduled to sell at close to $200,000 less then its last price in 2007!  If you do the math in your head, that is a pretty good deal.  I will update the results tomorrow via twitter @Seattle_Condos.

If you are interested in learning more about foreclosures or how to invest in them check out the page I created on UCS (See Here)

Clearly the impact of condos purchased between 2005-2009 is starting to rear its ugly head in Seattle.  As values plummeted, owners started giving their keys back to the bank.  Condo foreclosures are on the rise and in the upcoming weeks you could see foreclosures in some of the best buildings in Seattle and Bellevue.  I’ve included a “short” list of buildings that will have units auctioned in the next 60 days:

If you want to learn about investing at the Foreclosure Auction, contact us.

Interested in studio condominiums?  Here is a list of all studios that have sold in downtown Seattle over the last 6 months.  There are a total of 9 units:

• Prices ranging from $142,000-$220,000
• Average cost per square foot is $378.87
• Average square footage is 474sf
• Average “days on market”, (which is the time it takes to sell from start to finish) is 93 days
• Original pricing $212,269
• List pricing when they went under contract $186,869
• Sale price average $177,461

View the stats here: MLS Studio Condos

View the listings here:  Downtown Seattle Studios

If you are interest in seeing “real time stats” in your neighborhood, visit our market reports section of the website and get your weekly stats for FREE. Here is the link:  Market Reports

Ok, so I have a GREAT update on a good buy at Mosler Lofts.  You may recall a post I wrote a few weeks ago about unit #403 at Mosler Lofts (Foreclosure at Mosler Lofts).  Well, it did not sell at foreclosure auction, but is back on the market “Bank Owned”.

What I mean by that is; if a bank doesn’t get what it wants at auction, they will take the property back on their books and will sell it at a price that they see fit.  What is amazing about this situation is that the bank is now selling the property at $85,000 less then what they wanted at auction.  In my opinion this is showing the commitment that Fannie Mae has to get this property off their books.  Although this unit is on the small side (644sf) it is selling at 427psf .  I would consider this a good buy.  Keep in mind you don’t have to offer the list price of ($275,000).  It is in a class “A” project (Mosler Lofts), with good upside. The only downside to Belltown at the moment is the well publicized crime. I don’t think that will last forever. Plus, this is on the North end of Belltown.

Quick Facts:

• The average cost per square foot of SOLD units at Mosler is $458.73 (See below. Over the last 180 days)
• Mosler is a steel and concrete building
• 148 units
• Amenities include concierge, grand entry, fitness studio, business center, library and rooftop deck.

I love these Panoramics.  I took them last year form the rooftop deck.

There just something about a really good looking condo building.  I tend to gravitate towards buildings with a lot of glass, steel and concrete. I’ve added my top 5 condo exteriors and I want you to vote!  What is your favorite?

You can vote once on each building (1-5 Stars).  Check back in to see the results!

Bellevue Towers

Bellora

Enso

Mosler

1521

For those of you that didn’t see the post a few weeks ago “Seatte Foreclosure List“, in an exclusive partnership with Vestus, we now have the ability to send out a weekly list of Seattle condo foreclosures (Free Service).  This weeks foreclosure list includes a unit at Mosler Lofts on the 4th floor. For those of you interested in receiving the free list of weekly foreclosures, add your name to our e-mail system (see here) or simply fill out the form below.

Not all foreclosures are a good buy.  In fact, prices have fallen so rapidly that many banks refuse to take the loss necessary in order to move the unit.  Thus, creating a situation of adding more real estate to their balance sheet.

In the case of the Mosler Lofts unit referenced above:

The debt on the unit is:  $341,281.38

The owner has back payments or arrears of $15,048.75

Creating a total debt to the bank of:  $356,330.13

The minimum bid at auction will be $360,874.91

A myth about foreclosures is that you have to have 100% cash. There are plenty of resources that all you to purchase with as little as %15 down.  If you have any questions, please feel free to contact us.

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WEEKLY SEATTLE CONDO FORECLOSURE LIST

I showed a pretty amazing condo a few weeks ago and thought I would bring it to your attention. For anyone looking in downtown, or more specifically in Belltown, unit #513 at Mosler Lofts is definitely worth a look.  It is a 1 bed, 1 bath with an incredible private patio that over looks the city.  To me it was very similar to what you would expect in New York.

If you are in the market, I would check it out. View Listing Here

Read more about Mosler Lofts

I was doing some research this afternoon for a seller that owns a loft in the city.  In doing so, I realized that Mosler Lofts has 11 units for sale and 6 pending offers.  A total of 17 units that are currently active or under contract.  About 12% of the total building.

A green home may be classified by LEED, Built Green, Energy Star or another 3rd Party classification.

I thought I would highlight a few environmentally certified new construction projects and those still seeking some form of green building classification:

Trace North/Trace Lofts – Capitol Hill

Brix – Capitol Hill

Rollin Street – South Lake Union

Enso– South Lake Union

Veer Lofts – South Lake Union

Parc – Belltown

Mosler Lofts – Belltown

Cosmopolitan – Downtown Seattle

Olive 8 – Downtown Seattle

1521 – Downtown Seattle

5th & Madison – Downtown Seattle

220 West Highland – Queen Anne

Hjarta – Ballard

Florera – Greenlake

Bellevue Towers – Downtown Bellevue

This is a fun post for me to write.  I have been so excited to share with you some recent updates to the blog.  As you will see in the picture below, we have added a category of links titled “UCS Exclusive Sites”.  I think this is an incredible addition to the site.

For the last 2 months, I have been working tirelessly on building individual sites for the major condominiums projects in Bellevue and Seattle.  The objective was to bring each project to you!  This hyper-local approach, delivers “building” specific information.  Each website is loaded with great info.  You can search units for sale, units that have sold and within a few weeks you’ll be able to search for rentals as well!  In addition, you will find the following:

• Neighborhood information
• Amenities
• Walkscore and much much more.

Each site is fairly interactive as well.  For example, if you want UCS to send you listings in your favorite building, just fill out the email notifications form and you will receive new listings immediately when they hit the market.  As an owner you will also be able to keep tabs on the units that are for sale in your building.  We will be adding new features to the site as time goes on. For now, my hope is that you enjoy what has been created.  Please spread the word!  I’m very excited to get your feedback.  See below for a list of all the websites offered at this time:

Here is an example of the website for the Vine!

These are where the website links are located in UrbanCondoSpaces (see the picture below):

Eastside/Bellevue Condos:

Bravern Condos
Bellevue Towers
One Lincoln Square
One Main Street Condos
Astoria Condos
Washington Square
Kirkland Central

Seattle Condos:

Trace Condos and Lofts
Brix Condos
Eastlake Condos and Lofts
Enso Condominiums
Veer Lofts
2200 Westlake
The Cosmopolitan
5th and Madison
Escala Condos
1521 Condominiums
Cristalla Condos
Bellora Condos
Concord  Condos
The Vine
The Parc
Mosler Lofts
Madison Lofts
Gallery