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 Mercer Isle with eighty eight (88) residential units in Mercer Island.
- Average Sale Price – ~$408 per sq.ft. (based on seven sales over the last six months)
- Currently For Sale:
- No Units are currently listed for sale
- Let us know if you are interested in purchasing a condo at Mercer Isle and we’ll add you to our distribution list
- Average Monthly Assessment – $0.60 per sq.ft. (so if your condo is 1,000 sq.ft you’d be paying ~$600/month).
- Move-in Fee – yes, $250
- Pets – no pets allowed; however, the documents include a provision with some exceptions for “Assistive Living Dogs”
- Rental cap – no
- EQ insurance – yes, with a ~$16m policy limit and a 5% deductible
- Reserve funding – 28.6% (at least 70% is generally recommended)
- Risk of special assessment – the risk of a special assessment is very high due to reserves being underfunded. Additionally, the reserve study included a recommendation to levy a $2.5m assessment. The disclosures also indicated that the association is looking into replacing all plumbing within the community and the siding / exteriors of the buildings and mentions that it is unknown “…if a special assessment will be needed to complete the projects…”
Fun facts – all in all, the association appears to be a well functioning community. The amount of construction work currently being undertaken and planned for the future will undoubtedly renew and significantly improve the buildings! In the meantime, a beautiful pond and a fountain welcome you in as you pull up to the complex.
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.