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 Fischer Studio Building with 27 residential and 2 commercial units downtown Seattle.

• • Average Sale Price – ~$546 per sq.ft. (based on five sales over the last year)
  • Currently For Sale:
    • Unit 204 (listed at $720,000 or ~$565 / sq.ft.)
    • View All Units Available at the Fischer Studio Building On Our Site
  • Average Monthly Assessment – $0.66 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$660/month).
  • Move-in Fee – yes, $250
  • Pets – yes (subject to “typical” guidelines and restrictions)
  • Rental cap – no
  • EQ insurance – yes
  • Reserve funding – 144% – yes, 144%! (at least 70% is generally recommended)
  • Risk of special assessment – a special assessment of just over $2m is currently in place. The assessment is intended for a variety of major repairs and improvements, including a new elevator.

Fun facts – Originally built in 1912 and expanded to its current design in 1914-15, the Fischer Studio Building is designated as a historic landmark by the City of Seattle. The building included living and teaching studios for musicians and had a concert hall and lounge on the top floors.  In the late 1970s-early 1980s, it was converted to a condominium association with 33 residential and 2 commercial units. Several units were combined by their owners over the years and it currently has 27 residential units. The Fischer Studio Building earned it historic designation in 2008.

The other interesting fact is the Fischer Studio Building, to this date, retains its First Right of Refusal. These provisions were popular in the 70s-80s however most have been amended out. The Fischer Studio Building’s is somewhat similar to what one might come across in a co-op:

“Any owner wishing to sell, lease or rent their apartment must give written notice to the Board…of all sales, lease or rental terms, together with the name and address of the contemplated purchaser, lessee or renter and such credit, character and other references as the Board may request. In the event of a sale the Board, on behalf of the owners, has the irrevocable option to purchase the unit upon the same terms and conditions…”

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.