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 515 1st West with 14 residential and 1 commercial unit in Lower Queen Anne.
- Average Sale Price – ~$660 per sq.ft. (based on just one sale over the last 12 months)
- Currently For Sale:
- Average Monthly Assessment – $0.50 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$500/month).
- Move-in Fee – no
- Pets – allowed (subject to “typical” guidelines and restrictions)
- Rental cap – no (there also does not appear to be a restriction on short-term rentals although it looks like the topic has been discussed and one might be on its way)
- EQ insurance – yes (to full building value)
- Reserve funding – 21% (at least 70% is generally recommended)
- Risk of special assessment – significant (see reserve funding level above); additionally, a special assessment is being discussed for a re-clad project of three sides of the building.
Fun facts – well, we had to spend some time trying to find a fun fact here. Nothing. 515 1st West is operating under the original set of documents (1997), budget and financials are on track when it comes to day-to-day operating expenses (reserves are a different story – see above), insurance coverage is in place, and everything else seems to be going according to plan. The most interesting thing is the fact that 515 1st West has a one page set of Rules and Regulations (with a minor one paragraph amendment attached as an addendum). That’s it. Just one page. That might be a first! We don’t remember the last time we came across an association without pages and pages and pages on noise, parking, pets, the color of the blinds / drapes, and an associated list of fines for non-compliance. 515 1st West rules have no mention of fines. Sounds like this community figured out a way to get along!
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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.