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

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)

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About The Tim

Tim Ellis is the founder of Seattle Bubble. His background in engineering and computer / internet technology, a fondness of data-based analysis of problems, and an addiction to spreadsheets all influence his perspective on the Seattle-area real estate market. Tim also hosts the weekly improv comedy sci-fi podcast Dispatches from the Multiverse.