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 Elektra with 200 residential in the First Hill part of Seattle.

• • Average Sale Price – ~$599 per sq.ft. (based on seven sales over the last year)
  • Currently For Sale:
    • Unit 409 (listed at $400,000 or ~$567 / sq.ft.)
    • Unit 809 (listed at $475,000 or ~$656 / sq.ft.)
    • Unit 1201 (listed at $475,000 or ~$592 / sq.ft.)
    • Unit PH110 (listed at $899,999 or ~$636 / sq.ft.)
    • View All Units Available at Elektra On Our Site
  • Average Monthly Assessment – $0.69 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$690/month).
  • Move-in Fee – yes, $250 (new owner fee, Elektra also has a variety of other rental registration and tenant change over fees – more on that below)
  • Pets – yes (subject to “typical” guidelines and restrictions)
  • Rental cap – no (short-term ok)
  • EQ insurance – yes
  • Reserve funding – 52% (at least 70% is generally recommended)
  • Risk of special assessment – medium. Elektra also currently has a special assessment of just under $1m from 2015 for the elevator modernization (many owners appear to have paid off their special assessments).

Fun facts – There are two interesting things about Elektra. The first is their rental program which is short term friendly (Airbnb, VRBO, etc). Owners of rental units pay an annual registration fee (with some exceptions for multi-year tenancies) and agree to follow a specific procedure and comply with association rules and regulations. The funds that are collected through the program are segregated into a separate line item which is then used to offset additional maintenance and admin expenses related to move-ins, move-outs, and other changes of unit occupants. Leftover funds are transferred to the general fund at the end of the year.

The second interesting fact about Elektra is the parking. Not all Elektra parking spaces are actually at Elektra. The association has a parking easement agreement with Meridian, a neighboring building, and some Elektra owners park at the Meridian. Keep an eye out for the actual location of your parking space when buying a unit at Elektra!

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.