The Alexandria
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 Alexandria Continental House with 79 residential units in Belltown.
- Average Sale Price – ~$730 per sq.ft. (based on nine sales over the last 12 months)
- Currently For Sale:
- Average Monthly Assessment – $0.68 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$680/month).
- Move-in Fee – yes, $450
- Pets – allowed with a maximum of 2 per unit (and subject to “typical” guidelines and restrictions)
- Rental cap – no (minimum 6-month lease term)
- EQ insurance – yes (almost up to full building value)
- Reserve funding – 28% (at least 70% is generally recommended)
- Risk of special assessment – one is currently in place – $1.4m, courtyard membrane repair, assessed in 2016 with a 7-year repayment period; high risk of additional special assessments (see reserve funding level above)
Fun facts – The Alexandria appears to have all the right rules and policies in place and is operating just like one would expect an urban condo complex to operate. One of the biggest challenges owners at this association face is related to the building’s plumbing systems. Significant unexpected and unbudgeted plumbing repairs, multiple leaks, and a handful of insurance claims are evident over the last few years. These are unpredictable and, as such, tough to budget for. Unfortunately, they happen when they happen and must be paid for and The Alexandria seems to be running out of money for its day-to-day expenses. Couple that with a higher than usual rate of owner delinquencies, a significant amount of money borrowed from reserves to pay for the ongoing operating expenditures, and well over half a million dollars worth of major projects recommended by the reserve study consultant to be completed over the next 3 years, we suspect a few more special assessments are around the corner. The Alexandria needs a cash injection and a serious look at its plumbing.
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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.
