Nobody likes hearing that there’s going to be a special assessment they will have to start paying. An unfortunate circumstance can always be understood, but when lack of upkeep and maintenance causes an unexpected dent in everybody’s bank account, it can cause you to lose sleep at night.
Over the last year or so, we’ve been able to instill more confidence in our perceived value of three downtown condo buildings just because their Homeowner’s Associations have made proactive decisions to improve their property, rather than waiting for what could have been an improvement to be a maintenance issue.
Last year, Market Court made the decision to replace the buildings windows and siding, since it originally wasn’t done to their standards to begin with. In March 2009, Bay Vista Tower informed us that they were renovating their amenity floor and should be finished in the next week or two.
The Ellington is also now on that list of downtown addresses that has an HOA an interested buyer can feel good about. Between now and through October, you may see they’re replacing some of the building’s sealant, doing pressure washing, and even doing some painting here and there. It may not be a breaking news story, but as Realtors it’s one of those little things we pay attention to for our clients. It’s easy for buyers to sometimes be sold on a project boasting about their granite countertops and stainless steel appliances, but a solid HOA will serve you the best in the long run.
Before anyone else puts a negative spin on Market Court for going under wraps, we wanted to be the first to applaud their HOA for the way they have decided to handle their upcoming maintenance. The reputable building will soon be receiving new windows and siding due to substandard repairs made nearly a decade ago. Rather than playing the defensive role and acting like victims, the building’s modern day homeowners are standing together to take an offensive stand on how to make the community better.
There’s no doubt that the new improvements will be costly, however the actions taken should maintain a steady value since there will be no litigation. In addition, the HOA will be making improvements to the roof, although there’s been no report on any defects.
So, what can future buyers learn from this? Making an investment in a downtown condo is not just about the price, view, year built, etc.. When consulting with buyers, endorsing a new condo purchase the buyer must consider neighborhood trends, zoning (especially downtown), building reputation, and in many other cases, a well ran homeowner association.
Address: 2030 Western Ave., Seattle, WA 98121
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Due to it’s location in the heart of Pike Place Market, an eclectic collection of nearby restaurants and boutique shops you’ll rarely see an available listing at Market Court. Units have 10′ ceilings and most floorplans are over 1,000 square feet. The 7-story low-rise community also features a lushly landscaped, award-winning “secrete garden” known only to residents. Units have oversized windows making them well-lit, and many homes also have private patios with views of the market and Puget Sound.
- Year Built: 1989
- Number of Units: 69
- Number of Stories: 7
- Exterior: Stucco
- Parking: Common Garage
- Pets: No Restrictions
- H/O Dues Included: Cable TV, Central Hot Water, Earthquake Ins., Garbage, Water/Sewer
- Common Property Features & Amenities: Cable TV, Concierge, Disabled Access, Elevator, Fire Sprinklers, Lobby Entrance, Outdoor Terrace, Outside Entry, Security Gate
- Chocolate & Ice Cream Delight
- Cost Plus Imports
- Elliott Bay Bicycles
- Etta’s Seafood
- Gian Decaro Sartoria
- J. Gilbert Footwear
- Margaret O’Leary
- Ottica Seattle
- Phoenix Rising Gallery
- Pike & Western Wine Shop
- Pike Place Market
- Seattle Athletic Club
- Tully’s Coffee
- Twilight Martini Lounge
ADDITIONAL OPINIONS & REVIEWS
*Data is deemed to be reliable, but not guaranteed. In some cases, number of units may include commercial and residential spaces and/or height may or may not include a 13th floor.