Skip to content

Seattle Bubble

local real estate news, statistics, and commentary without the sales spin.

Menu
  • Home
  • About
  • Contact
  • Reference
  • Speaking
Menu

“Vast Majority” of Buyers Bail, Moda Condos Goes Rental

Posted on August 13, 2008 by The Tim

Lots of local real estate news hitting today.

Here’s another short one: Moda Condos in Belltown goes rental.

Moda: For RentWhen Moda Condominiums started accepting reservations in September 2006, prospective buyers lined up hours early and quickly locked up all 251 units.

Now, with the Belltown building two months from completion, Moda’s developers have changed it to rental apartments.

“The market and the financing conditions for condominiums have really taken a drastic turn,” said developer G. David Hoy, head of HMI Real Estate Inc. “The vast majority of (Moda’s) buyers decided not to proceed with the purchase of their unit.”

Some buyers found they could no longer get a loan, particularly for second homes or investment units, while others just got cold feet, Hoy said. “Because the vast majority have bailed out on us, we have no choice now but to turn it into a rental.”

Dang. The “vast majority.” I wonder how many of the other condo projects coming online in Seattle over the next couple years will meet the same fate.

(Aubrey Cohen, Seattle P-I, 08.12.2008)

Share:

  • Twitter
  • LinkedIn
  • Facebook
  • Reddit
  • Pinterest
  • Email

Continue Reading

Next Post:
July Reporting Roundup
Previous Post:
Foreclosures Up 41% YOY Around Seattle

Tim’s Other Projects

Dispatches from the Multiverse

Tip Jar

Like what we're doing?

Drop us a tip!

Accounts

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org
©2025 Seattle Bubble | Built using WordPress and Responsive Blogily theme by Superb