Portal Over Lake Union
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 Portal Over Lake Union with 76 residential units in the Queen Anne / South Lake Union part of Seattle.
- Average Sale Price – ~$670 per sq.ft. (based on five sales in 2017)
- Currently For Sale:
- Average Monthly Assessment – $0.43 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$430/month).
- Move-in Fee – yes, $250
- Pets – allowed with a maximum of 2 per unit (and subject to “typical” guidelines and restrictions)
- Rental cap – no (Portal Over Lake Union also appears to permit short term rentals)
- EQ insurance – yes
- Reserve funding – 81% (at least 70% is generally recommended)
- Risk of special assessment – no
Fun facts – The Portal Over Lake Union seems fairly laid back. Reserves are well funded, finances are in order, budget is on track, there doesn’t appear to be deferred maintenance or an abundance of insurance claims which we seem to run across quite a bit lately (a handful of vehicular incidents appear to have taken place over the last couple of years and the association has pursued the respective vehicle owners and/or their insurance companies for damages) and, yes, owners are still responsible for the deductible under the association’s insurance policy ($10k in this case). Overall, if we had a “stamp of approval”, Portal Over Lake Union might have been a recipient.
But we still promised a fun fact, right? Let’s talk marijuana. Washington made marijuana legal a few years ago. The news on the federal level are mixed. Our President seems to continuously change his mind (or tweets?) on just about every subject (depending on what side of the bed he wakes up on?), including marijuana. What happens at a more local level? Some are silent, some support, some oppose. Portal Over Lake Union sides with the federal laws:
“While recent state law legalized the possession and use of small amounts of marijuana, the use and possession of marijuana, even in small amounts, is still illegal under federal law. As such, the smoking of marijuana as defined in RCW 69.50.101 as amended, is specifically prohibited in any Common Elements or Limited Common Elements of the Condominium (which shall include decks). Further, the use, growing, manufacture, delivery, or possession of marijuana, and any controlled substance under either state or federal law, is strictly prohibited on Common Elements or Limited Common Elements.”
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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.
