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 Riverstone with 100 residential units in the Lake Hills part of Bellevue.
- Average Sale Price – ~$518 per sq.ft. (based on two sales over the last twelve months)
- Currently For Sale:
- Unit #46 listed at $328k or approximately $377 per sq.ft
- Unit #77 listed at $515k or approximately $553 per sq.ft
- Let us know if you are interested in purchasing a condo at Riverstone and we’ll add you to our distribution list
- Average Monthly Assessment – $0.51 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$510/month)
- Move-in Fee – no
- Pets – permitted subject to the customary rules
- Rental cap – no
- EQ insurance – no
- Reserve funding – 26% (at least 70% is generally recommended)
- Risk of special assessment – high due to the current level of reserve funding
Fun fact – here is something you don’t see often. The complex was originally intended to have 98 units. A few years later, some laundry rooms, storage areas, and a shop were converted to additional residential units bringing the total of units to an even 100. At the same time, some laundry areas were converted to storage units as well!
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.