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 Market Court with 66 residential units, one commercial unit, and one athletic club unit in the Belltown part of Seattle. Market Court, as we’ve noted in some prior posts, has their parking spaces legally established as separate units each with their own parcel numbers with King County (Buyer beware when purchasing a unit as you also need to make sure title to parking space (s) is conveyed and you then need to pay a separate tax bill to King County!).

• Average Sale Price – ~$701 per sq.ft. (based on four sales over the last six months)
• Currently For Sale:
  • Unit #409 listed at $499k or approximately $725 per sq.ft
  • Unit #414 listed at $759k or approximately $669 per sq.ft
  • Unit #714 listed at $759k or approximately $747 per sq.ft
  • View All Units Available at Market Court On Our Website
• Average Monthly Assessment – $1.18 per sq.ft. (so if your condo is 1,000 sq.ft. you’d be paying ~$1,180/month)
• Move-in Fee – yes, $500
• Pets – conventional household pets (dogs, cats, fish, etc) are permitted
• Rental cap – no
• EQ insurance – yes
• Reserve funding – 46.6% (at least 70% is generally recommended)
• Risk of special assessment – low; however, the reserve study appears to include disclosures that some major building components, which may or may not require attention over the next 30 years, have been excluded from the study and will be funded via a special assessment, should the need arise.

Fun fact – Market Court appears to be a well-functioning community with several committees and an active Board of Directors with regular, open, and transparent Board meetings. Owners are invited to attend the meetings and their input is welcomed and appreciated.

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.