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Double-Units at Mosler

By Matt Goyer June 24, 2010

There are now two double-units for sale at Mosler.

The first to hit the market was unit 900-901 priced at $1,495,000 for 2,055 square feet complete with northwest accents:

The second hit the market a few days ago, unit 1008 priced at $925,000 for 1,546 square “painstakingly produced by acclaimed designer Holly McKinley”:

I prefer 1008. It’s cheaper too at $598/square foot compared to $727 for 900-901.

I own and manage Urban Living, a boutique Seattle and Bellevue real estate brokerage. I love lofts, floating homes, new construction, and mid-century moderns, but I will help you buy or sell just about anything!

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13 responses to “Double-Units at Mosler”

lulo says:

June 24, 2010 at 11:35 pm

“Painstakingly produced.” That's ridiculous – not to discount that someone put in some work into it, but let's not stretch the truth. :)
Brian says:

June 25, 2010 at 1:27 am

Those doors are just a bit over the top. Could you sell them to Ivar's?

Also why is the listing written in the first person?
Serg says:

June 25, 2010 at 3:59 am

Mosler resale values are pretty awful across the board.

1007 & 1008 looks beautiful. They sold for $325k and $570k originally – total $895k. If they sell for $895k they are still losing 6% commission plus everything they spent on the remodel – $50k? $100k?

Why are there so many people desperate to sell at Mosler?
Mosler Resident says:

June 25, 2010 at 4:41 pm

I don't think people are desperate–they all had to wait until the lien was cleared so many went on the market at the same time.
Tascha says:

June 25, 2010 at 5:53 pm

Throwing away nearly $100k to get out of a brand new two year old condo is a good definition of desperate for me.
mattgoyer says:

June 25, 2010 at 5:54 pm

I believe presales for the building started in 2005 at the height of condo mania in Seattle so I imagine a number of buyers were buying speculatively and this is the soonest that they've been able to unload because of the lien.
lulo says:

June 25, 2010 at 8:12 pm

Agreed. It's clearly exceptional craftsmanship, but not the kind of thing I think you'd want to feature when trying to resell. Art is subjective and therefore not everyone will like it. This is the kind of thing, where the seller should've considered taking them down for the purposes of showing they unit – why polarize or limit your potential buyers over such a relatively minor element of the overall unit?
kent says:

June 26, 2010 at 4:54 am

Tascha, Serg – Not sure where you get your data. Where did you come up with $100K? Even if it were true, that is a 12% loss, which is way better than many other buildings. There are less than 10% of the units for sale. If that is desperate, there are many other sellers in other buildings who are more desperate. As Matt mentioned, some units have come on the market after the liens cleared. You both seem out of touch with what the market is for condos downtown.
Guest says:

June 26, 2010 at 3:08 pm

Start with $895,000.

Take 6% of this as the commission, which the seller pays. That's $53,700.

Then take the closing costs of both the buying and selling transaction. To that, add the total costs of the remodel, which based on the photos above are quite high.

I think it's reasonable to estimate that the seller will lose about $100K in the transaction. That's not even counting the mortgage interest, taxes, and HOA dues paid as carrying costs, of which most or all is simply a loss.
Andy says:

June 26, 2010 at 8:19 pm

More like $150k once you factor in Pedini kitchen and closets, custom furniture and the interior designer.

Still, better than the Mosler townhouse that dropped more than 20%.
Daizy Daina02 says:

July 1, 2010 at 6:02 am

I believe presales for the building started in 2005 at the height of condo mania in Seattle so I imagine a number of buyers were buying speculatively and this is the soonest that they've been able to unload because of the lien.
Real Estate Land
Daizy Daina02 says:

July 1, 2010 at 6:05 am

I don't think people are desperate–they all had to wait until the lien was cleared so many went on the market at the same time.
Real Estate Land
Mar says:

July 9, 2010 at 2:40 pm

1007-1008 has the same problem as the penthouses – it's on the north end of the building so most of the nice views will be built out across a narrow lane.

Double-Units at Mosler

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