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 Montreux with 132 residential and 4 commercial units in Belltown.
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- Average Sale Price – ~$842 per sq.ft. (based on seven sales over the last year)
- Currently For Sale:
- 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, $50
- Pets – yes with a limit of 2 per unit (subject to “typical” guidelines and restrictions)
- Rental cap – no (short-term rentals ok)
- EQ insurance – yes
- Reserve funding – 76% (at least 70% is generally recommended)
- Risk of special assessment – no
Fun facts – The Montreux is one of the few associations which allow short term rentals (think Airbnb, VRBO, and the like). And while most communities tend to restrict rentals as much as possible, The Montreux went as far as creating sort of a partnership with Airbnb to simplify a variety of logistical tasks that come with nightly rentals and share the generated revenue. And when one looks at a $50 move-in fee and thinks “that is way too low from what we’ve seen”, think again! Combine that with short-term rentals and The Montreux generates more move-in fee revenue than similarly sized associations whose move in fees are $300+.
Want us to help you review a resale cert?
Have an interesting fact to share about your association?
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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.