April 27, 2007

Queen Anne: Worth Negotiating with Parking Spot Income Potential

This unit is on the North side of the building with a nice view of Queen Ann Hill. I was told that with all the pop-ups and planned pop-ups, you can’t count on a view in the future. The floor installation was poor to say the least. I could (and did) stand my pen up in the huge gaps between boards. The agent I talked to said that having the floors refinished could be negotiated in the contract. My only questions are:
- Why aren’t they fixing them now since they know they have a problem?
- Why should you have to negotiate having floors properly installed in a brand new condo
- Why didn’t they see the problems before installing the base molding?
- What else didn’t they catch since it seems they were not checking the work being done on the building as it was being built?

At $626 a sq. ft., I’d say it’s a bit high for the quality. On a good note, there is opportunity to get additional parking space income if you pick your parking spot options carefully. I was told that each unit comes with one covered space in the garage or two spots outside in the alley, one covered, one not. You also have the option, if you choose the tandem alley spaces, to buy an additional space in the garage for $20,000. You could capitalize on it all and end up with three spots. One for yourself and two to rent out. If you rented two spaces and brought in $500-$700/mo., you would pay for the spots in a few years and have some steady parking spot income.

Price: $289,900
Beds: 1
Baths: 1
Sq. Ft. 463
$Sq. Ft. $626
Homeowners Dues: $222.38
MLS# 27026752