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Revision to Condominium Resale Certificates Relating to EV Charging Stations
courtesy flickr/Ivan Radic
The WA State Legislature recently approved a revision to the Condominium Resale Certificate. House Bill 1793, passed by both the House and Senate, was effective June 9, 2022.
A new section has been added to the Condominium Resale Certificate relating to electric vehicle charging stations. Whether located in the unit or the limited common elements assigned to a unit, an association manager (or HOA of self-managed) is now required to complete the updated document to disclose information relating to application requirements for EV charging stations, the status of any application in process, insurance information and/or requirements, maintenance responsibilities, associated costs including any utility allocations to a unit or owner and other requirements related to proper approval of and installation of an EV charging station. With the popularity of electric vehicles on the rise, HOA rules and regulations will soon need to be updated to include the approval process and requirements for installing EV charging stations.
The updated form must be used for all condominium or common interest community purchase transactions with mutual acceptance on or after June 9th. If a resale certificate was previously ordered (for example, when the home was listed for sale), the resale certificate will need to be updated and available to a seller for review and approval.
Include Your Pet in Your Family’s Emergency Plan
photo of dog and cat
Brush and forest fires aren’t often a concern in the city. This week suburban, farm and agricultural communities in Bonney Lake and Sumner were caught off guard by a fast spreading fire that has caused evacuations, property damage and danger to people, farm animals and wildlife. If you live in a suburban community or a high rise city condo, you need a pet emergency evacuation plan.
You may already have an earthquake kit or an emergency “go-bag” with flashlights, water, food, etc. Maybe you’ve practiced a family evacuation plan. Whether you live in a high rise condo, a suburban single family community or rural farm . . . have you included your pets in your family’s emergency plan?
Your pet needs it’s own emergency “go-bag” with supplies (and medications) for 3-5 days. It should include food, bowls, treats, extra harness, collar and leash, plenty of water, doggy poop bags or kitty litter, vet contact and Rx information, a towel or blanket to warm or comfort a pet or provide a resting spot. If you evacuate by car, a crate is great to have to keep your pet safe, calm and confined while traveling. If you have no choice but to leave a pet behind, put pet alert signage in a window with the number/type of pet and your contact information so emergency personnel know to search for your pet and how to contact you.
We always think the worst won’t happen, but so far 2020 has shown us that a lot can happen that we haven’t planned for. For more information, human and pet emergency safety tips visit www.redcross.org.
Ideas for Creating Deck or Courtyard Privacy
courtesy HGTV
With summer weather finally here we’re all spending more time outdoors, but with the confines created by the COVID-19 pandemic, we’re spending a lot more time outdoors at home. Whether you live in an urban high rise or townhouse, creating privacy on your deck, patio or courtyard can be challenging.
HGTV has provided some interesting and affordable options available for adding a privacy screen to your deck. If you’re creative, there’s a lot of inspiration here for designing a customized screen to fit your space and decor.
https://www.hgtv.com/outdoors/outdoor-spaces/best-outdoor-privacy-screens
Mortgage Forbearance – Where are We Today?
This week Matthew Gardner, Chief Economist with Windermere Real Estate, provides updated news about the mortgage forbearance program. The program has provided a safety net for homeowners but isn’t likely to have any long term negative economic impact.
Could COVID-19 Impact Future Condo and Apartment Design?
Recent real estate and design articles have speculated on the impact the coronavirus pandemic could have on future residential design. Features in the last decade have focused on spacious luxury owner amenities with indoor and outdoor common areas, lush gardens, fitness centers, media rooms, private dining rooms, pet spas and co-working spaces. Will residential developers adjust future design plans to create safer and more comfortable common areas?
The new normal may mean fewer pieces of equipment in cardio and weight rooms and more space between mats in yoga studios. Expect more hand sanitizing stations and stricter cleaning protocols. Capacity limits or equipment reservations may be required to provide equitable use and a safe environment. Lobbies, owner lounges and other common gathering areas may adjust decor to provide more chairs and fewer sofas to create a comfortable yet safe area for residents and guests.
Home office space has become one of the “must have” features. Whether full or part time, more people are working from home increasing the need for dedicated office or study space. We’ve quickly learned dining room tables and kitchen islands aren’t the best backdrop for video meetings.
Spending more time indoors has made the need for a properly functioning HVAC system more evident. Buyers may be just as interested in knowing whether a new community design includes systems that introduce more fresh outdoor air, recycle air more frequently and perhaps sanitize.
Spending more time in our homes over the past several months has made us more aware of our space, how we use that space, how well it functions and what we may need/want for the future.
How has COVID-19 Impacted Various Housing Categories
Matthew Gardner offers insight into how the coronavirus pandemic may impact urban housing, condos, single family housing, suburbs, second homes and short term rentals.
Real Estate – What to Expect as We Return to “Normal”
flickr/Mark Moz
It’s not surprising to know home sales declined in mid-March as we sheltered at home. Moving into mid-April both buyer activity and pending sales began increasing, all while home prices remained strong. Nationally median home prices rose in every region of the US in April.
Locally buyer activity and home values also gained momentum. Short market times and multiple offers were more common by late April, especially in affordable price ranges. Even the high end market, hit harder by the health crisis and volatile stock market, began to recover with more expensive homes coming back into the market.
What can we expect for the local condo market this summer? Over the last 30 days 131 condos in the Eastside marketplace have sold. The average time on market was just 15 days with an average sales price of $620,420. The average sale price vs. list price was 100.08% with 78 of those 131 homes selling at or over the list price. Condos currently under contract with sales pending have been on the market an average of just 14 days. As reported by the Mortgage Bankers Association and National Association of Realtors®, buyer mortgage loan applications are up for the fourth consecutive week – a strong indication buyers are back in the market and ready to take advantage of record low interest rates.
Recovery of the local economy will have an impact on the real estate market as we move toward summer. Based on buyer activity and mortgage applications, as we find our “new normal” it’s clear buyers are ready to step into home ownership. Available housing inventory is still lagging behind compared to the same time last year. It remains to be seen if there will be enough housing inventory to meet buyer demand this summer. Low inventory will certainly keep pressure on prices resulting in fewer discounts in the marketplace.
