Seaview
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 Seaview with 59 residential units in the Queen Anne part of Seattle.
-
- Average Sale Price – ~$700 per sq.ft. (based on four sales over the last year)
- Currently For Sale:
- Average Monthly Assessment – $0.76 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$760/month).
- Move-in Fee – yes, $250
- Pets – yes with a limit of 2 per unit (subject to “typical” guidelines and restrictions)
- Rental cap – no* (see fun facts)
- EQ insurance – yes
- Reserve funding – 23% (at least 70% is generally recommended)
- Risk of special assessment – one is in the works. It looks like the association is contemplating replacing plumbing, upgrading electrical systems, and modernizing its elevator at an estimated cost of $3.6m.
Fun facts – With an average monthly assessments already at $0.76 per sq.ft., reserves at 23%, and a significant special assessment around the corner, this might be another condo to be expensive to own and live in for the next few years…
Here is an interesting fact… Having worked with plenty of investors, the most common question asked is “is there a rental cap”? The short answer is “no” in Seaview’s case. The correct answer however is two-fold.
First, while there is not a rental cap, the unit must be owner occupied for at least a year before it can be rented out. “It is the intent of the Owners that the Residential Units shall hereafter be acquired for occupancy by their Owners and occupied consistent therewith. In order to discourage the acquisition of Residential Units in the Condominium for investment or rental purposes, no Owner shall be permitted to rent or lease his or her Residential Unit during the one (1) year period after he or she shall have acquired title…”
And many investors, once they find a building they love, are open to owning multiple units in that building. The approach might be challenging at Seaview, which limits the number of units one can own. “No Owner who owns or controls two (2) Residential Units in the Condominium, directly or indirectly through an Affiliate of the Owner, shall acquire, whether directly or indirectly through an Affiliate of the Owner, any interest in any additional Residential Unit in the Condominium, whether through purchase, trade, gift, inheritance, lease, merger, consolidation or other means of acquisition…”
One more just because it might be a first for us… There is lots of research on smoking. It is no longer socially acceptable. More and more local, city, and state regulations get passed on a regular basis. We come across non-smoking associations frequently (ever get asked if you are a smoker when you are looking for a condo to buy?). Seaview also restricts smoking, but there is an exception…It seems smoking is about to be considered a disability… “No person may burn, carry or smoke any kind of lighted pipe, cigar, cigarette, tobacco, or any other lighted smoking apparatus, equipment or product (hereinafter referred to as “Smoking Apparatus”) in any of the Units or in the Common Elements or Limited Common Elements at any time. The foregoing restriction shall not apply in any situation where a disabled person requests and is entitled to receive a reasonable accommodation of a disability under federal, state or local housing 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.
