Union Harbor
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 Union Harbor with 48 residential units and its own marina in the Eastlake part of Seattle.
- Average Sale Price – ~$647 per sq.ft. (based on seven sales in 2017)
- Currently For Sale:
- Average Monthly Assessment – $0.63 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$630/month) – this excludes the marina operations as those with boat slips cover the moorage related expenses.
- Move-in Fee – yes, $200
- Pets – allowed (subject to mostly “typical” guidelines and restrictions)
- Rental cap – no
- EQ insurance – yes
- Reserve funding – 34% (at least 70% is generally recommended)
- Risk of special assessment – yes
Fun facts – being right on the water and having its own marina are two very appealing things. It seems Union Harbor agrees as it hasn’t always had 48 units. Over the years (the building was built in 1968 as apartments and converted to condominiums in 1981), several units were combined and subdivided. That’s an easy way to stay put in a building you love while adjusting your living arrangements to your current situation. Want more space? Buy a unit next door or above or below yours and combine them. Want less space, subdivide the condo you have and sell the extra space!
And while we are on the subject of being on the water, especially in one of the best places to watch fireworks on the 4th of July! If you plan on hosting a 4th of July party, you might need to make a stop at a local hardware store for some measuring tape and a scale. Overloading your deck is never a good thing. Union Harbor suggests that “Having more than one row of average weight people on the balcony is strongly discouraged.” So, while you are making a guest list for your 4th of July party, measure the people you are inviting so the gathering doesn’t form more than one row and have a scale handy to ensure everyone is of average weight.
Lastly, pets often tend to be a topic of discussion in a community setting. Someone hasn’t picked up after their pet, someone’s dog was barking too loud, someone forgot to leash their pet. Solutions and rules vary. Some associations go as far as requiring a DNA test before a pet can be brought in. Some associations send violation warnings and levy fines. Union Harbor has a different idea. “No unusual pets are allowed on the property without consent of the Board.” Makes sense (wait, what is considered “unusual”?). But if your “usual” pet goes without a leash, instead of a warning and a fine, you might be answering to a professional pet hunter. In this community “Loose animals may be caught and donated to a local animal shelter”
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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.
