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 Talisman with 65 residential in the First Hill part of Seattle.

• • Average Sale Price – ~$684 per sq.ft. (based on five sales over the last 6 months)
  • Currently For Sale:
    • View All Units Available at Talisman On Our Site
  • Average Monthly Assessment – $0.75 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$750/month).
  • Move-in Fee – yes, $550
  • Pets – limit of 1 pet per unit (subject to “typical” guidelines and restrictions + $100 non-refundable pet registration fee)
  • Rental cap – no
  • EQ insurance – yes
  • Reserve funding – 11% (at least 70% is generally recommended)
  • Risk of special assessment – high. A window replacement project is being considered by the association with a recommended special assessment of $2.8m

Fun facts – Talisman appears to have quite a bit of deferred maintenance. The average monthly assessments of $0.75 per sq.ft. is on the higher end of the spectrum; the reserve funding level is only 11%; there seems to have been significant overspending in at least the last two years (on maintenance and excessive water usage); and several major building components are either at or beyond their useful life. The good news is the Board of Directors is actively working towards addressing the bulk of the items that need be done; however, it’ll likely be expensive for the next few years.

Water heaters in individual units are always a topic of discussion especially in older buildings.  They break and cause floods with no warning. Some owners are proactive with all maintenance needs and replace their water heaters before they break. Some hope it’ll never happen to them and then flood units below them. Talisman adopted a policy requiring owners to replace their water heaters every ten years, actively monitors compliance, and, annually, organizes a group buy-in programs that individual owners may participate in. If an owner chooses not to participate, they are required to submit proof of a professional installation of a new water heater once theirs reaches the 10-year mark. This approach should help minimize the chance of a major unexpected flood!

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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.