That's because the units are cheap, at least by downtown standards. Could you live in a condo that's just 296 square feet? Certainly the price is right at $150,000.

Hillis Moore signed up to see the mock-up units. "Oh gosh I think they're wonderful," she said. "I think there's definitely a need in the greater seattle area, for something like this."

More than 80 percent of the condos are already sold and they haven't even demolished the old building to start building the new one. The condos are expected to be finished in the summer 2008.

A few people who showed up for the pre-sale were rather disappointed that so many units had already sold. One man said he felt like he had just been the victim of a bait and switch.

And he wasn't the only one. Natalie Rerecichi said she couldn't find anything she wanted. She came looking for a second home and left rather disappointed.

"Unfortunately what's such a high demand it's a little bit harder to control how many people can be able to purchase a unit," explained Moda's listing agent Iolanthe Chan-McCarthy.

"It's always your wish that the project will sell out quickly but this is extraordinary," Developer David Hoy said. "Again, meeting the unmet demand for reasonably priced units."