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 Lakeside North with 53 residential units in the Lake City part of Seattle.

• Average Sale Price – ~$529 per sq.ft. (based on five sales over the last six months)
• Currently For Sale:
  • Unit #313 listed at $256k or approximately $657 per sq.ft
  • View All Units Available at Lakeside North On Our Site
• Average Monthly Assessment – $0.53 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$530/month)
• Move-in Fee – yes, $150
• Pets – “Residents are permitted to keep within their respective units, domestic pets other than dogs. Seeing-eye dogs are excluded from this requirement in as much as they assist disabled residents and guests.”
• Rental cap – no
• EQ insurance – yes
• Reserve funding – 35% (at least 70% is generally recommended)
• Risk of special assessment – medium to high due to the current level of reserve funding

Fun fact – nothing overly exciting with this association, but we did see an interesting provision that we haven’t necessarily come across before. Something must have happened at some point to where a rule had to be created stating that “No trees or other flora shall be cut down or removed at any time from the premises, without first obtaining written authorization from the Board“. Was there a resident who was chopping down trees for firewood?

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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.