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 Bellevue Manor with 216 residential units in the Overlake part of Bellevue.

• Average Sale Price – ~$492 per sq.ft. (based on eleven sales over the last six months)
• Currently For Sale:
  • Unit A-2 (listed at $425,000 or ~$494 / sq.ft.)
  • Unit B-22 (listed at $399,999 or ~$588 / sq.ft.)
• Average Monthly Assessment – $0.48 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$480/month).
• Move-in Fee – yes, $100
• Pets – no pets allowed
• Rental cap – no
• EQ insurance – yes, with a ~$34m policy limit and a 10% deductible
• Reserve funding – 44% (at least 70% is generally recommended)
• Risk of special assessment – currently in effect and scheduled to continue annually until major renovation work is completed

Fun facts – nothing overly exciting to report with this complex. The association is undergoing a need to update, upgrade, or replace various building components. Those are in the works, albeit, with some delays. The trouble seems to have been with the condo being unable to obtain financing so everything could be done at the same time (thus the annual special assessments paired with a pre-scheduled set of work). Monthly assessments remain low and the expenses seem to continue exceeding the budgeted revenue. The hope here is that once the major projects are done and a few internal policies are implemented to better manage the risk and the responsibility for ongoing water (and other) damages, this should be a nice Bellevue community to live in, right across from Microsoft!

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.