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 Marsele, a residential condominium a few blocks away from Space Needle with 132 residential units.
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- Average Sale Price – ~$756 per sq.ft. (based on six sales over the last 6 months)
- Currently For Sale:
- Average Monthly Assessment – $0.46 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$460/month).
- Move-in Fee – yes, $250
- Pets – allowed with a limit of 2 dogs, 2 cats, or 1 dog and 1 cat (subject to “typical” guidelines and restrictions)
- Rental cap – no
- EQ insurance – yes
- Reserve funding – 60% (at least 70% is generally recommended)
- Risk of special assessment – none / very low
Fun facts – things appear in order at the Marsele. Financials are on track, budget is sufficient, reserves are up to date, and it appears as if needed repairs, upkeep and maintenance take place when scheduled.
On the subject of electric vehicles… We are seeing this come into play more and more when buyers are choosing which condominium to purchase. For some, lack of a charger is simply a deal breaker regardless of how much they love the actual condo. We’ve seen some associations struggle with the subject, especially in older buildings where significant upgrades to existing electrical systems may be needed to handle the extra load that comes with multiple vehicles charging at the same time. Who pays for the upgrade? Everyone or just the owners who wish to have the option of installing a charger in their parking space? At the end of the day, it may be that everyone does actually pay for it regardless of who covers the initial cost of the upgrade. Buildings without an option for electric vehicles limit the pool of qualified interested buyers, which may in turn affect the ultimate value of all condos when owners go to sell their units. And buyers who need a charger may be willing to pay a premium to be in a building with a plug.
Marsele appears to have embraced the subject! Several owners’ requests to install chargers at their own expense were approved and they are now paying extra for the additional electricity their vehicles draw.
Want us to help you review a resale cert?
Have an interesting fact to share about your association?
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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.