Condo Review - Mosler Lofts in Belltown

Mosler Lofts in Belltown
2720 3rd Avenue, Seattle

Mosler Lofts is located on the quieter end of Belltown. It's a 12 story condo with 148 homes. There are mainly open one bedroom homes with exposed concrete walls and metal ducting for an industrial look and feel. The units have floor to ceiling windows, wood cabinetry, and hardwood floors. A handful of these homes are 2-story lofts with both exterior and interior entrances. Mosler Lofts was certified as a LEED Silver building, first of its kind for high-rise residential in Seattle, and has also received multiple awards for its green building features and design.

The stats:

148 units
– 22 studios ranging from 428-712 square feet
– 119 one bedrooms ranging from 585-1,820 square feet
– 6 two bedrooms ranging from 1,378-1,561 square feet
– 1 three bedroom at 1,991 square feet
Built in 2007
Developer: Schuster Group
All have 1 or 2 parking spaces and all have storage
6 units have sold in the last 6 months ranging in price from $210,000 to $503,000; at the time of this post 8 units are pending ranging in price from $249,000 to $499,000 and 4 are active ranging in price from $360,000 to $505,000
HOA dues include: sewer, garbage, water (including hot water), concierge, earthquake insurance, amenities, master insurance policy
Amenities: Concierge staff including facility manager, community roof deck with BBQs, fire pit, and seating areas, a gym, a guest suite, and a conference room/owners lounge

The pros:

Many of the units have views of the Space Needle, Puget Sound, Olympic mountains, and/or Queen Anne Hill
Nice package of amenities in the building to enjoy along with your condo space
Rental cap of 20% is in place making it easier to get financing as a buyer or to refinance
Location is at the “quieter end of Belltown” away from most of the clubs and loud bars
It is in close proximity to restaurants, coffee shops, and is only a few blocks from the waterfront itself along with the Olympic Sculpture Park and Myrtle Edwards Park
Close proximity to South Lake Union and Queen Anne
3^rd Avenue has several bus routes on it, making commuting to downtown or South Lake Union a snap
Parking is in secured garage and every unit has parking and storage
Recent construction warranty litigation between the HOA and the developer has been settled and the HOA was awarded over $8.5 million, which is enough to make needed repairs. This also means that mortgages to purchase condos and refinance are now easier to obtain due the litigation being settled.

The cons:

Condo building is close to two major Seattle news stations and their news helicopters land and take off on the news station buildings throughout the day resulting in some noise, especially for the north facing units
Many of the units lack enough built in storage options as the open loft designs didn’t include a lot of built in closets and cabinets
Rental cap makes it nearly impossible for new investor buyers (at the time of this post, the 20% rental cap has been met and there is a lengthy waiting list for rentals)
If you are a landlord, the current rules prevent you from renting to a new a new tenant once your current tenant moves out because you have to go to the bottom of the rental waiting list once you change tenants
Recently the HOA settled with its developer for construction warranty items and repairs will be ongoing for some time

To see a video of an example of an actual unit at The Mosler Lofts Condominiums click here.