Comments on: Moda Condos Update

By: Peter

Peter — Wed, 13 Aug 2008 02:27:41 +0000

I truly believe that you get what you give. If there was some other reason the developer is converting to apartments, one day they will pay the price for their lack of business ethics. Trust me, things come around.

By: Peter

Peter — Wed, 13 Aug 2008 02:21:49 +0000

I purchased a top floor unit 2 years ago and declined several offers to buy other condos and homes in the city within that period thinking that I would move in this September. We were furious when we got the call. The 5% earnest could have been used for other investements yielding >1%. On top of that, we’ve just lost a home. The only silver lining is that we are now in a much better position to negotiate aggresively on any property we consider going forward.

By: monte

monte — Tue, 12 Aug 2008 03:39:39 +0000

I was not offer any form of compensation but a letter stating the economy turning south and that i should be understanding. I considering litigating. If anyone is contemplating please contact me at montchou@hotmail.com.

By: john

john — Mon, 11 Aug 2008 21:04:24 +0000

there was a similar project in king county. half way through the project the developer decided to convert to appartment. the people that had the sales contract sued the developer and won. now the project is back on the market to sell as a condo. just a thought.

By: Bob

Bob — Mon, 11 Aug 2008 21:03:35 +0000

It ticked me off…they held us for two years and 30 days prior to finishing they tank the project, but I have to wonder what other questionable stuff we would have discovered after the sales closed and we were on the hook for it. If this is how the developer does business, it maybe for the best that it didn’t happen. They backed out because they didn’t want the expense of maintaining the unsold units. Their profit would have been hurt on the deal, so obviously they think they can do better selling it to a REIT that specializes in apartments or some other group as a single apartment deal.

If it was just the price, the upcoming Marselle may end up being cheaper per sq. ft. and you supposedly get parking and storage as part of it. The downside is it is on Aurora, but you also don’t have the bums and drug action that is directly facing you at the moda location. Bottom line, we may have dodged a bullet without realizing it.

By: Ben_Kakimoto

Ben_Kakimoto — Sun, 10 Aug 2008 17:30:53 +0000

Monte – that’s got to be frustrating. Did they offer anything other than your deposit back?

By: mont

mont — Sun, 10 Aug 2008 14:39:39 +0000

i wondering if anyone else is upset as i was when i found out they rescind the offer to convert as i was ready to move in. I’ve already purchased some new furniture and got rid of my older and larger furniture in preparation for hte move. not very happy here,

By: Bob

Bob — Fri, 08 Aug 2008 17:58:43 +0000

It is all moot now…they closed down the website, fired all the saleforce, and have sent out letters rescinding the sales agreements. They are changing it to an apartment instead of a condo development. Too many people backed out, according to the letter. I have to wonder…

By: Lolly

Lolly — Thu, 07 Aug 2008 20:16:37 +0000

Not codos anymore….

By: Brian

Brian — Sat, 19 Jul 2008 20:13:26 +0000

Peter

I have the final Public offering statement in my hands.
It lists all the square footage in the building. Also I have the print out of the orginal sq footage as well. I’m not sure what unit you had Peter but the rest of us took a bath in our sq reduction. Good luck with your units at Moda. Rick did you get a unit at the Marselle?