3 Units Sold Despite $2M Repair at Market Court
Stucco repair is the theme for today apparently. Although there don’t appear to be any active listings for sale at the moment in Market Court Condominiums, you may have been tempted by one of the three condos that were listed and sold in the past six months:
- 2030 Western Ave #712 – 2bd/2b with 1,377 sf sold for $565K
- 2030 Western Ave #602 – 1bd/1b with 631 sf sold for $199K (formerly bank-owned)
- 2030 Western Ave #306 – 2bd/2b with 1,299 sf sold for $513K
The sales alone in this 1989-constructed building aren’t that notable considering there are 60-something* units in Market Court and in any other building that would be an expected amount of turnover. However, since one of those sales lists a special assessment of $37K we decided to piece together the situation.
First stop, DPD permit status. Permit #6277488 was issued in April of this year for a $2M effort. According to the DPD, the permit in April was issued to:
Construct exterior alterations to replace stucco and exterior windows, and repair exterior sheathing where approved by building inspector.
Charter Construction also describes the repairs in their current projects list:
The windows and stucco cladding system is failing at this Belltown condominium building in Seattle. Crews will remove all stucco, windows, deck coating and railings. A Parex stucco system on top of a Knightwall rainscreen, aluminum windows and code compliant deck railings will be installed.
Urban Condo Spaces confirms that scaffolding went up in June and a little more time on the ‘Net shows that the stucco issue may not be a new one. If you believe the blogosphere then plans to repair the building trace all the way back to Sept 2008. Also, a permit was filed in 2010 to remove and repair the stucco from 12 chimneys which may have been an initial phase to the exterior work.
Also at Urban Condo Spaces is a description of the challenging sale of the formerly bank-owned condo for $199K which mentions the total cost of Market Court’s repairs are estimated at $2.7M-$3.1M. Given that current permits total a little over $2M, I have to wonder if there’s more coming or is that what “budget buffering” looks like on a multimillion dollar repair?
*A number of units have been combined over the years according to permits filed and none of the recent listings seem to agree on how many units are in the building. It might be 62 or maybe 69 or some other number altogether.