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 Park 122 residential units close to the intersection of I-90 and I-405 in Bellevue.
- Average Sale Price – ~$546 per sq.ft. (based on seven sales over the last six months)
- Currently For Sale:
- Unit #7-303 listed at $650k or approximately $556 per sq.ft.
- Let us know if you are interested in purchasing a condo at Mercer Park and we’ll add you to our distribution list
- Average Monthly Assessment – $0.57 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$570/month).
- Move-in Fee – yes, $400
- Pets – a limit of three pets with no more than two dogs weighing no more than 50 lbs. A $300 non-refundable pet fee applies to the first pet and a fee of $200 applies to each additional pet.
- Rental cap – no; however, the unit must first be owner occupied for at least a year before becoming a rental.
- EQ insurance – yes
- Reserve funding – 44% (at least 70% is generally recommended)
- Risk of special assessment – medium to medium 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…”
All in all, the association appears to be a well functioning community. All the right policies are in place, the financials are generally in line and mostly within budget, and the reserve contributions are increasing, which will minimize the chance of a future special assessment. Several big ticket items are on the horizon and the planning seems to be in the works.
Fun fact – Check the weather before washing your car! Car washing is generally permitted on the property but only when the outside temperature is above 36 degrees. If below or forecasted to be below 36 degrees within the next 24 hours, car washing is prohibited. That’s an actual rule – seems like common sense and who would want to wash their car in freezing cold anyway!
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.