Mosler Lofts Bank Owned Update

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.

  • http://www.thriveseattle.com Michael Doyle

    Good pick, Jeff. I support your feeling that #403 has a compelling price in today’s market. Of course, if it doesn’t sell…

    Note that #403 did, when last listed, have a distinct cigarette smoke smell in it, so Buyers should go in with nostrils tuned and smoke-abating paint in hand. A couple notes on your Quick Facts:
    -The business center is a conference room/community room (no business machines or desks included), but there is free Wi-Fi in the lobby and library areas.
    -While there are 148 Residential Units at Mosler, there are at present 146 homes. Four of the 148 –#900/901 and #1007/1008– are at present combined into two distinct 2BR living spaces (I have each of them currently listed for sale). For those with three or four pets, this presents a really unique opportunity to live with more than the normally allowed two pet limit.

  • http://www.thriveseattle.com Michael Doyle

    …oh, and another note to possible Buyers out there. The 5th photo in the listing for #403, as of this writing, is actually of #603, currently Pending close of Escrow. Kudos to my photographer and stagers for their enviable work.