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 Kelsey Lane with 40 residential units in the Wilburton part of Bellevue.
- Average Sale Price – ~$820 per sq.ft. (based on three sales over the last six months)
- Currently For Sale:
- Let us know if you are interested in purchasing a condo at Kelsey Lane and we’ll add you to our distribution list
- Average Monthly Assessment – $0.49 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$490/month).
- Move-in Fee – yes, $200.
- Pets – no dogs are permitted. A limit of one indoor cat. Birds and fish are also permitted inside the units.
- Rental cap – yes, no more than 25% of the units can be rented at any given time.
- EQ insurance – yes.
- Reserve funding – 41.6% (at least 70% is generally recommended)
- Risk of special assessment – medium high due to the level of reserve funding.
Fun fact – No owner can own more than two units within the association (We won’t go into one’s constitutional rights to own property with this snippet post). And you must owner occupy one unit even if the rental cap has not been met.
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.