In City Real Estate Seattle

If you’re looking to buy in city real estate in Seattle you are most likely looking at purchasing a condo or a co-op. As a home buyer you should be diligent and research the neighborhoods, buildings, and surrounding areas. When buying a condo in downtown Seattle you should think about your lifestyle and what neighborhood fits your lifestyle. Check out the Real Estate Properties Seattle page to find out more about the different vibes of the neighborhoods.

Tips for purchasing a condo
Check the parking. Some or should I say most of parking in Seattle is scarce. Does the unit have an assigned spot? How is the street parking? Does the unit face a busy street? Check the crime rate for that particular area. Give some thought to what you want. If you're not interested in the pool, sauna, tennis courts, or gym, understand that the condo's price and ongoing monthly association fees will reflect their use regardless of your interest in swimming or sweating.
Check to see how much the dues are and what at they cover. Compare them with other units in other buildings to see if they are on Par. Many times when you think a unit is a great deal you will find the HOA dues to be a lot higher.

Check for special assessments
If an HOA association doesn’t have enough funds to cover a major repair all unit owners will have to pitch in to cover the costs. If you don’t have the cash to cover the assessment which can run in the 10’s of thousands of dollars you may find it very difficult to find a loan to cover your share of the assessment.

Check the HOA Minutes
HOA minutes are written recordings of what has been going on in the HOA meetings. See if they are talking about any major repairs coming up. Nothings worse than buying a condo and finding out a week after closing that you will be responsible for paying $15,000 for new siding.

Check the HOA Reserves
It’s a good idea to check the reserves to make sure they have enough money to take care of a big expenses. A properly ran HOA will have enough in reserves to cover most large expenses eliminating the need for a special assessment.

Check the CC&R’S
Look at the convents, codes, and restrictions. Very important to look at if you have any sort of pets.

Look at Comps

Once you find a unit that you really like have your real estate agent provide you with a comparable market analysis. Make sure all the sold comps have sold within the last 6 months and are similar in style, condition, & sq footage. Also make sure the solds are in the same building that you are purchasing. There could be an identical unit in another