I don’t know what Cooper Square is, so no…this post wasn’t about that particular condo-conversion.

That happened over at SoHo here in Kirkland. Those who sold after the repairs were done, did better than those who sold at the phase you are in and during the time of the renovations when the place was covered in plastic and had porta potties lining the street and entrances.

But the discount in the market due to the downturn bedtween now and next year could be equal to or greater than the discount for having to live through the improvement phase. It can get pretty ugly and noisy during that time, and you could be encapsulated in dark plastic. That’s a lot for a buyer to take on and the price has to be discounted accordingly.

There’s no easy answer to that one without specifics. If it is local, send me an email. It depends on the specifics and not the generalities. If it is North Seattle or Eastside or the top of the Lake (Kenmore, Bothell, Lake City) I’ll give you my best guess, but I’d have to see the place. A lot depends on the position of the condo in the complex, among other things. So I can’t give best advice without seeing it. Hopefully it’s not Downtown. The only building I touch Downtown is The Newmark.

The repairs include replacing siding, decks, and columns. It’s a newer building so the updates won’t significantly update the look/feel of the building. There is an assessment, but it isn’t huge (approx $5-6K per unit).

Thanks!

The key is whether or not there is a special assessment after the improvements are done. There are a few complexes that carried a huge special assessment that doubled or tripled the dues for 15 years. When the dues are that high, the prices have to come down to compensate.

So a bargain is not a bargain if you buy cheap based on pre-special assessment comps without considering the after special assessment affect on pricing.

Even if the seller of the condo that you purchase pays the special assessment, if every other unit has financed it and included it in the monthly dues, then the value of your unit goes down with the ship, even though the monthly of your unit isn’t elevated.

BTW, the value can continue after the project is finished. I saw a complex two years ago where the agents were apparently listing the project without knowing of the fixes, and the listing were just flying out the door (accepted offers within 7 days or less). You could have probably pocketed 10% on your money, after closing costs, selling within 6 months.