We review association documents and resale certificates for clients on a regular basis. Every week we post stats and something fun or interesting.

This week it is The Braeburn, a mixed use development in Seattle’s Capitol Hill with with 147 residential, 5 commercial, and 6 live/work units. The Braeburn was built in 2006.

• Average Sale Price – ~$764 per sq.ft. (based on just one sale during the last 6 months)
• Currently For Sale:
  • Unit # E708 (listed at $549,000 or ~$749 / sq.ft.)
  • View All Units Available at The Braeburn On Our Site
• Average Monthly Assessment – $0.69 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$690/month)
• Move-in Fee – yes, $500
• Pets – allowed (subject to “typical” guidelines and restrictions)
• Rental cap – no
• EQ insurance – yes (up to full building limit)
• Reserve funding – 43.4% (at least 70% is generally recommended)
• Risk of special assessment – Medium

Fun fact – The Braeburn seems pretty straightforward with all the usual happennings you’d expect in a condo association. In reviewing the last three years of financials we did notice that there was at least one insurance claim every year. Individual units are covered by the master insurance with owners being responsible for the deductible as it may relate to damages within a unit. Declaration says: “…The Owner of each Residential Unit shall be responsible for the amount of the deductible applicable to damage or loss within the Owner’s Unit…” The Braeburn’s deductible is $10k. Check with your personal insurance broker to make sure you have sufficient coverage or be prepared to write a check should your unit be involved in a claim.

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And of course a fancy disclosure has to follow because attorneys tell us it is a good idea – all information contained herein is based on third party records, is not guaranteed, and is subject to change. We simply review, tell you what we read in someone else’s docs, and hope whatever they have is / was correct at that time.