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July 2014

Client Question – What Info in a Resale Cert is Important & Do I Have to Provide One?

“We are getting ready to sell our condo and we heard we need to provide a resale certificate. What information are the buyers looking for and can I provide this without paying my property manager to prepare it?”

Dear “What’s important in a Resale Certificate?”:

ResaleWhen it comes to selling a condo in Washington State, you do have to provide a Resale Certificate to your potential buyer and that Certificate, along with supporting documents, needs to be provided by the Home Owner’s Association or Property Management Company. You cannot create the documents yourself unless you are a very small condo association and there is no official entity managing the HOA’s affairs (very rare). Buyers also have the right to a 5 day review of the documents once they receive them and also it’s important to note that the buyer’s lender will also be reviewing this Resale Certificate or a similar document provided by the HOA.

In terms of what buyers and also their lenders are typically looking for, here are a few main points:

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New High-Rise Condo Development on Seattle’s First Hill - Luma

LumaAs we mentioned in our post back in November, there is a new high-rise condo development coming to First Hill. The project has been officially announced and will be called Luma.

Here are the highlights:

  • 168 condominium units
  • Prices will range from low $300s to over $1 million
  • It will sit at the corner of Boylston and Seneca in the First Hill neighborhood
  • 24 story tower
  • Sizes will range from 600 to 1700 square feet
  • There will be a rooftop deck
  • Construction will begin in 2014
  • Sales will begin in 2015
  • Sales center will open in early 2015
  • Completion will be spring 2016

Julie McAvoy and team of McAvoy Real Estate will be handling the sales with Red Propeller behind the marketing efforts.

We will bring you more information as we receive it.

By Marco Kronen with Seattle Condo Review: A guide to Seattle downtown condos.

Who Should Sell Their Seattle Condo Right Now?

MeridianHere is a true story of a client to help illustrate who should sell their condo right now~

The Client:
She is a single woman working in technology (no, not at amazon), very responsible with her money and has some savings.  She is not an all cash investor or a long term Amazonian with 50% down, but she is like a lot of you, with maybe enough savings for 10%-20% down.  She has a budget of maybe $2,400 a month max for a mortgage payment (including dues, taxes and insurance).  She is looking for a nice one bedroom of average size (at least 650 sqft), with parking and storage, and in a building with some amenities like a gym and concierge staff.  She wants a newer building. She wants to be close to downtown where she works, wants to walk to the market every weekend, maybe take a stroll along Myrtle Edwards Park with friend now and then and take a quick cab ride, long walk or light rail ride to a Mariners or Sounders game in Pioneer Square.

Sounds like a reasonable request of Seattle’s downtown area condo market right?  Does this sound like the condo that you own?  Well guess what? This is the most common type of buyer we are seeing right now in Downtown Seattle.  They want the Seattle lifestyle, to be close to activities, work and recreation, and it’s important to them to be in nice building that is either new, or is updated and modern, feels safe, and will be a good investment in the event they need to relocate for work and need to sell in the future or keep it as a rental. 

Why is this important to you if you own a Seattle condo in the Downtown area and are considering selling? Keep reading.

Continue reading "Who Should Sell Their Seattle Condo Right Now?" »