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 Cosmopolitan with 250 residential, one guest suite, and two commercial units in the Downtown / Denny Triangle part of Seattle.
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- Average Sale Price – ~$817 per sq.ft. (based on 12 sales over the last 6 months)
- Currently For Sale:
- Unit 1401 (listed at $768,000 or ~$805 / sq.ft.)
- Unit 1510 (listed at $850,000 or ~$646 / sq.ft.)
- Unit 1610 (listed at $930,000 or ~$702 / sq.ft.)
- Unit 2002 (listed at $989,000 or ~$752 / sq.ft.)
- Unit 2510 (listed at $910,000 or ~$692 / sq.ft.)
- Unit 3301 (listed at $1,298,000 or ~$862 / sq.ft.)
- View All Units Available at The Cosmopolitan On Our Site
- Average Monthly Assessment – $0.60 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$600/month).
- Move-in Fee – yes, $500
- Pets – allowed with a limit of 2 dogs, 2 cats, or 1 dog and 1 cat (75 lb weight limit + $50 non-refundable pet fee)
- Rental cap – no
- EQ insurance – yes
- Reserve funding – 67% (at least 70% is generally recommended)
- Risk of special assessment – none / very low
Fun facts – Our review of the resale certificate reveals all things in order from the financial, budgeting, insurance, and long term planning perspective. The Cosmopolitan is packed with first class amenities – rooftop terrace, fitness center, spa with a sauna and a hot tub, a conference room, guest suite, and an additional owner’s lounge capable of fitting up to 80 persons. We are coming across more and more associations that are rather heavy handed when it comes to enforcement. The Cosmopolitan’s regulations call for an immediate fine without warning on many things. Fines start at $100 per violation, per occurrence, per day for first violation, then go to $200, then to $300 and the violations are counted in a unique way.
Here is an example: “if two dogs of one Occupant each leave two piles of dog droppings on a Common Element in violation of the Rules, that Occupant shall be fined $400.00 per day the droppings are not removed” – 2 dogs, 2 piles of poop = 4 violations. Wonder if the analogy is the same when an owner goes to work and their dog is barking all day. Is someone counting each bark? That might be an expensive day at work!
And here is one of the rules we should all follow (this one comes with a warning before a fine is levied) – “Emails should be professional, courteous and in compliance with all applicable laws.”
Want us to help you review a resale cert?
Have an interesting fact to share about your association?
Need help buying or selling? We are here for you!
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.