We are considering purchasing this condo.
Details
Asking Price:: 449999 Size:: 1166 Address:: 5025 California Ave SW Apt 206 Description:: Rarely available, attractive condo in prime area of West Seattle. Located just a few blocks South of the Alaska Junction providing easy access to restaurants, Trader Joes, Whole Foods, Lincoln Park & Alki Beach! Walk to everything! This unit has been thoughtfully updated. Newer cabinets with slow close doors & drawers, elegant granite counter-tops & even a pantry! Enjoy the beauty of the easy-to-maintain hammered, hardwood flooring. Updated bathrooms - master has a nice walk-in shower & dbl sinks. Don’t miss the large walk-in master closet which is rarely found in this complex. The lighting in this condo has been updated with LED’s! Additional storage provided on the lower level. This two bedroom 1.75 bath unit is ready for you to move in!
Thoughts
This is a pretty nice condo just south of the Alaska Junction that is available for a reasonable price. We’re trying to decide whether to buy it or to stay where we are and wait for a better option.
It ticks most of the boxes for what we need, but it’s not nearly as good as the condo we’re renting. We’re having trouble getting excited about it, even knowing the condo we’re in can raise the rent or go away altogether if the owner decides to sell later.
Photos
Pros
Buying Generally
| Attribute | Value |
|---|---|
| Stabilize housing costs (mostly) | 1 |
| Get in before housing costs rise even more | 0.9 |
| Gain financial asset | 0.3 |
| Stop constantly thinking about/looking for next home | 0.8 |
| Dramatically reduced housing cost after paid off | 0.6 |
| Could have pet | 0.1 |
Buying this Condo
| Attribute | Value |
|---|---|
| Closer to transit stops (especially the C) | 0.4 |
| Nicer washer/dryer | 0.2 |
| Space to do things we want to do | 0.6 |
| Corner unit | 0.3 |
Score
52
Cons
Buying Generally
| Attribute | Value |
|---|---|
| Pay for own home maintenance | 0.4 |
| Less flexibility to move | 0.2 |
Buying this Condo
| Attribute | Value |
|---|---|
| less convenient to drugstore and grocery | 0.3 |
| Building is ugly | 0.1 |
| No scenic view | 0.3 |
| No garden | 0.2 |
| $500 more monthly cost (vs. current) | 0.3 |
| Farther from Ambria’s school (for 2 years) | 0.5 |
| No workout room | 0.1 |
| Bad internet (Comcast) | 0.7 |
| Only one elevator | 0.2 |
| Have to go farther for trash/recycling | 0.1 |
| Bedrooms adjacent | 0.3 |
| Ambria will be farther from friends | 0.3 |
Score
40
Concerns
- What is typical of a special assessment? What should I expect? How did the previous one work?
- These can be really anything. According to Abigail, they won’t be tens of thousands of dollars due immediately, but according to a YouTube video I watched about them, they could be paid monthly or due immediately. Abigail said there is usually an interest charge for paying over time.
- Where to take garbage? recycling? compost?
- recycling and compost: Just outside the back door on the basement floor
- trash: Outside the back door on the basement floor and down the sidewalk to the left
- What is the lowest reasonable offer?
- Based on comps (comparable sales), Lili believes we could offer $20k less and pay our own closing costs ($6-10k) or we could ask for closing costs from the seller. She believes we could realistically get the condo for $10k less than asking in the end.
- Can we have an inspection of the building (not just our condo)?
- Sounds like the inspector will also do some inspection on the building. Finding out about that from our realtor Lili tomorrow
- How can outside balcony spaces be used?
- According to Lili’s info, this is free to be used by residents. We can place furniture as long as it doesn’t impede the walkway.
- Can ask inspector to inspect the condo building. May charge more. To understand more, HOA professionals specialize in that. They can review HOA documents to see if the HOA management company is managing well.
- Can add an HOA review contingency.
Possible Outcomes
Good
- Live affordably for longer
- Sell for big gain
- Stability
Bad
- Big assessments
- Because: Building needs repairs
- Prevent: Building inspection?
- Difficulty selling
- Because: Condo market is weak
- Because: Seattle housing market weakens
- Because: Location is not desirable
- Because: Condo is in disrepair
- Prevent: Keeping up condo maintenance
- Because: Better alternatives available to buyers
- This will be true. No way to prevent. Will affect price.
- Major interior repairs
- Because: Unseen problems
- Prevent: Inspection
- Because: Accidental damage by us or another owner
- Prevent: Insurance, leak detection, smoke detectors
Alternatives
Stay Where We Are
Pros
- Great location
- Nice people
- Well run
- Scenic view
- Outdoor space
- Relatively cheap
Cons
- Rent may go up
- May have to move when owner sells
Keep Looking
Pros
- Might find something better
Cons
- Might never find anything as good
- Ultimate purchase may cost more
- Ultimate purchase may not be as nice
- More time, effort, and stress to shop
Move to a Different City
Pros
- May be cheaper
- May like it more
Cons
- May be more expensive
- May not like it as much
Move to a Different Neighborhood
Pros
- May be cheaper (not very likely in an area we would want to live)
- May like it more
Cons
- May be more expensive
- May not like it as much
Decision 2021-07-27
Ambria
Dislikes
- Rooms next to each other
- No outdoor space
- Fix closet in her room
- Her room is smaller
Vote
Buy (weak preference)
Tiffany
Likes
- Counter height
Dislikes
- Dark and a little claustrophobic
- Hoping painting will fix
Vote
Buy
Devon
Vote
Make an offer
Offer
8k
What We’re Willing to Pay
$440k plus closing costs