I have talked to many board members over the years and I get a sense that they don't believe we will have a condominium collapse here in the Pacific Northwest. In our area we do have conditions similar to Florida. We have buildings from the 50's and 60's that were built on the waterfront. The [...]
Rising Association Fees: A Growing Concern for Washington State Condominium Owners Condominium owners in Washington State, like their counterparts in Florida, are grappling with the increasing burden of rising association fees. As buildings age, the costs associated with maintaining common areas, elevators, roofs, and other shared amenities inevitably soar. This trend is exacerbated by unexpected [...]
How the 2024 CAI Reserve Study Standards Impact Washington State Associations The Community Associations Institute (CAI) recently updated its reserve study standards in 2024. While these updates primarily affect national standards, they have significant implications for Washington State condominium associations, particularly in terms of the scope, duration, and funding of reserve studies. Key Changes and [...]
As a board member of a Washington State condominium and homeowner association (COA - HOA ), you're likely facing a challenging insurance market. The state's unique geographical features, combined with the increasing frequency and severity of natural disasters, have contributed to a hardening insurance market. This means higher premiums, reduced coverage options, and potential non-renewals. [...]
The Pacific Northwest is known for its stunning landscapes, but it also faces a variety of natural hazards. To ensure the safety and well-being of residents, community associations must be prepared for potential disasters. Our area has a history of experiencing: Winter storms: Heavy snowfall, freezing rain, and strong winds can disrupt daily life and [...]
Detention Ponds vs. Retention Ponds: What's the difference in Washington State. In Washington State developers are being required to put in storm water management systems. The intent is to minimize the impact on the storm water drainage system while trying to return the rainfall to the qualifiers. The terms "detention pond" and "retention pond" are [...]
Securing a mortgage for a Washington condo requires more than just good credit and income. Fannie Mae, the major buyer of mortgages, has strict guidelines that impact loan availability. One key factor for Fannie Mae approval is the condo association's reserve study. A Washington state reserve study analyzes upcoming expenses for major repairs and replacements [...]
HOA would not let boat be visible Homeowners Associations (HOAs) and Condominiums (COAs) are governed by Covenants, Conditions, and Restrictions (CC&Rs) which dictate how residents can use their property and the common areas. These CC&Rs can have a significant impact on a buyer's lifestyle and finances. Realtors have an ethical obligation to ensure [...]
Fannie Mae and Freddie Mac have tightened their requirements for condo financing in 2024, especially regarding financial stability and reserve funding. Here's a breakdown aligned with your previous text: Condo Reserve Fund Standards: Minimum Reserve: While a 10% rule of thumb exists, Fannie Mae and Freddie Mac now require a minimum reserve amount based on [...]
Underfunded Reserves in Washington State Condominiums Similar to the national situation, underfunded reserves are a major concern for condominium associations in Washington State. One key reason for this problem is that condo boards may have an overly optimistic or uninformed view of the true cost of maintaining their community's common areas. Here's a common misconception: [...]