320 E 32nd Street Unit #110 is currently being sold for just $180,000. 3 bedrooms, 2 baths and just shy of 1600 square feet. You maybe wondering; “why is this beautifully renovated condo being sold for so little?” Unfortunately Hawthorne Hill Condominiums, has a pending assessment that is going to cost between $800K and $1.5M. The owners will be responsible for the total payment of this assessment.
Rather than go into detail about this particular assessment, let’s discuss the top 3 things to know about your HOA before investing in it. Number one, how much money is in the reserve account and when is the association OK to use it? Generally speaking, the more money you have in the reserve account, the stronger the HOA. Second; does the building have a builder warranty? If it was built within the last 10 years, it should. If it is an older building, (like many in Tacoma) then know what type of upgrades have been complete. For example; has the building been updated to withstand earthquakes? Finally, is there a rental cap? If there is a rental cap, is it full? You should have a complete understanding of your HOA before fully committing to the purchase of a particular unit.
Work directly with a Realtor who has experience buying and selling Condominiums in the area you are buying. Every condominium is different, dig deep to understand the Home Owner Association and who is running it. Your time doing this research is well spent!
Contact Realtor Jenny Wetzel if you are considering selling/buying a Condo in the Greater Tacoma Area. 253-381-9788. Jenny@jennywetzelhomes.com