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 Ridge Bellevue with 125 residential units in Northwest Bellevue.
- Average Sale Price – ~$545 per sq.ft. (based on seven sales over the last twelve months)
- Currently For Sale:
- Unit #C202 listed at $485k or approximately $597 per sq.ft
- Unit #H302 listed at $729k or approximately $757 per sq.ft
- Let us know if you are interested in purchasing a condo at The Ridge Bellevue and we’ll add you to our distribution list
- Average Monthly Assessment – $0.50 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$500/month).
- Move-in Fee – yes, $200.
- Pets – a limit of two (2) pets per unit.
- Rental cap – no.
- EQ insurance – yes.
- Reserve funding – 3.2% (at least 70% is generally recommended)
- Risk of special assessment – very high due to significantly underfunded reserves, with what appears to be a few very expensive major projects on the horizon.
The community has nice amenities with a swimming pool, a hot tub, a clubhouse, nice mature trees and beautiful landscaping throughout. It seems a major refresh is needed when it comes to the state of finances, budgeting, and long term financial planning.
Fun fact – ok, we just couldn’t help ourselves! Where does the common sense end and writing of the rules start? Here, if you want to use the pool, there is a rule for how you enter. “At no time is entry by means of climbing the fence permitted”. Common sense, right? But…“Such entry will subject the violator to an immediate fine of $500.00”. So, maybe it is ok to climb the fence because you don’t feel like walking to the main gate, so long as you are willing to pay $500.
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.