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 Austin Bell, a mixed use historic building (built in 1908, converted to condominiums in 1999) in Belltown with 45 residential and 4 commercial units.

• Average Sale Price – ~$956 per sq.ft. (based on just one sale during the last 6 months)
• Currently For Sale – none
• 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, $350
• Pets – allowed (subject to “typical” guidelines and restrictions)
• Rental cap – no
• EQ insurance – yes (up to full building limit)
• Reserve funding – 35.7% (at least 70% is generally recommended)
• Risk of special assessment – Medium

Fun fact – we saw a few. Not sure how strictly they are enforced by the Board of Directors, but…

A pizza delivery at 11pm on a Monday night may cost you more than you thought. Rules and Regulations that went into effect on September 1, 2016 say that “Noise generating activities that may affect adjacent units including…food delivery…shall be limited to the hours between 8:00 am to 10:00pm, Sunday through Thursday and between 8:00 am and 12:00 am on Friday and Saturday“.  (first violation is a warning, second pizza delivery at night will add a $100 fine to your order, third one will set you $300 back)

And if you have water damage from all the rain we’ve been having lately (or other liquids???), you might be the one paying to fix your own unit. Austin Bell Declaration says “Except to the extent covered by insurance obtained by the Board…neither the Association nor the Board nor the Manager shall be liable for…injury or damage to person or property caused by the elements, or resulting from electricity, noise, smoke, water, rain (or other liquid), dust or sand which may leak or flow from outside or from any parts of the buildings, or from any of its pipes, drains, conduits, appliances, or equipment, or from any other places…” And yes, even if it is covered by insurance, you will most likely have to pay the deductible (or at least a portion of it), which in Austin Bell’s case is $25k.

Want us to help you review a resale cert?
Have an interesting fact to share about your association?
Need help buying or selling? We are here for you!

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.