The Pomeroy
This week it is The Pomeroy, a mixed use development in Belltown with 52 residential and 2 commercial units.
- Average Sale Price – ~$867 per sq.ft. (based on just one sale during the last 6 months)
- Currently For Sale:
- Average Monthly Assessment – $0.48 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$480/month) – see below for special assessment
- Move-in Fee – yes, $500
- Pets – 2 pets per unit with a 40lb weight limit
- Rental cap – no
- EQ insurance – yes (up to full building limit)
- Reserve funding – 25.83% (at least 70% is generally recommended)
- Risk of special assessment – there is a special assessment for 2018 (to fund reserves)
Fun facts – The Pomeroy seems pretty straightforward with all the usual happenings you’d expect when multiple families cohabitate in the same environment…
The BBQ grills on the rooftop deck have apparently been left turned on overnight on more than one occasion. These are gas grills, so just imaging someone coming up to smoke (or having an unexpected electrical spark in a light fixture somewhere near the grills for that matter!)
Someone re-painted their unit door a different color (sounds like this was approved by the Board).
Someone’s water heater flooded 5 units, someone’s ice maker caused damages, people move in and out without notice or with short notice, leaving the elevator unprotected and building doors open…
The association is looking into increasing the insurance deductible from $10k to $25k (yes, owners are responsible up to this amount) and desires overall strict compliance – fines start at $200 per occurrence, per day on the first violation (no free pass with just a warning the first time – better read up on the hundreds of pages of policies and procedures before you move-in!)
Want us to help you review a resale cert?
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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.
