Citiscape
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 Citiscape with 60 residential units in the Queen Anne / South Lake Union part of Seattle.
- Average Sale Price – ~$675 per sq.ft. (based on three sales in 2017)
- Currently For Sale:
- Average Monthly Assessment – $0.60 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$600/month)
- Move-in Fee – yes, $200
- Pets – no dogs (otherwise subject to “typical” guidelines and restrictions)
- Rental cap – no
- EQ insurance – yes
- Reserve funding – 36% (at least 70% is generally recommended)
- Risk of special assessment – yes
Fun facts – you know what happens when you live in a condo and on a slope? All sorts of things can happen… Citiscape, for instance, had an elevator failure causing it to break down some time in March 2016. Lots of consultants and investigations later, it seems the root cause could have been earth settlement. In the meantime, the elevator remained inoperable for well over a year. Trying to get through expert opinions, repair options, proposals, determine how to pay for it, consider insurance coverage, if any is available, and everything else that comes with a major project is a hassle if you own a single family home and the one making all the decisions (my house, my money, I decide). Trying to get 60 households (that’s how many units are at Citiscape) to agree on and support just one of the many options is more than just a hassle.
With the elevator not functioning, owners that live in the building have to climb stairs, with or without hands full of groceries. Persons with disabilities may have a much harder time enjoying their residences and getting in and out of the building. Owners who rent their units likely have a hard time explaining to prospective tenants that the elevator has been down for a long time and the permanent solution is still being considered and implemented. Or just imagine moving in or out of the building especially if you are on the top floor and there is no elevator for all the furniture and other heavy items.
All that is now in the past for Citiscape. The elevator was fixed in the summer of 2017. The process took just over a year but also brought litigation alleging failure to timely repair the elevator… According to Washington court records, the lawsuit remains active. Certainly lots of attorneys and insurance companies are involved and, hopefully, this chapter in Citiscape’s book will soon come to its end.
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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.
