Old Colony
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 32-unit Old Colony condominium on First Hill.
- Average Sale Price – ~$482 per sq.ft. (based on two sales during the last 6 months)
- Currently For Sale:
- Average Monthly Assessment – $0.62 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$620/month)
- Move-in Fee – yes, $200
- Pets – allowed (subject to “typical” guidelines and restrictions)
- Rental cap – no
- EQ insurance – yes
- Reserve funding – fully funded (at least 70% is generally recommended)
- Risk of special assessment – none evident
Fun facts – Old Colony is a historic building with all that comes with it. Beautiful architectural details, old world charm, and, in some cases a few inconveniences. First, here is some history on Old Colony:
“This grand building was constructed in 1909 as a luxury apartment and hotel for new-come residents and visitors to the growing frontier city of Seattle. The Edwardian-styled architecture and details were reminiscent of east-coast residences and the Old Colony – and the very fashionable First Hill neighborhood – soon became a prestigious destination.
In its long life, the Old Colony changed hands several times and fell into disrepair. The building was saved from the wrecking ball by developer David Michaud and the Old Colony Condominium was incorporated in 1991. Through the efforts of the owners, many units have been restored and many original details remain. The architecture and stylistic details make the Old Colony a unique Seattle residence.”
There are also a few inconveniences. There is no parking at Old Colony. Methods of transportation were quite different in 1909 so construction of a parking garage (or a street level parking lot) was not necessary. And modern Seattle with all of our traffic congestion may be bucking the trend on single occupant automobile commute, at least according to this Seattle Times article.
The plumbing systems also restrict the ability to have garbage disposals “Garbage Disposals are not allowed due to the age of the Old Colony plumbing system.” Dishwashers however are ok and “…are required to have a working and well-maintained food trap.”
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.
