214 Summit Ave E #302

2008-05-02T16:33:00.000-07:00

Welcome to the website for our amazing home! We wanted to provide more information than is available in a listing, so we've written some short articles on a few different topics. Please use these links to jump straight to your topic of interest:

The Details - Description of the property from an owner's perspective

The Elephants in the Room - Some common points of concern, and how we deal with them. Includes parking, homeowners dues, hallways, and stairs.

What is a Co-op? - Not sure how a co-op is different from a condo? Read this quick guide!

The Neighborhood - A list of some of our favorite things on Capitol Hill with a bit of commentary.

Also, be sure to check out the links to the right and slideshow above for more information! Congratulations on discovering one of the most desirable properties in Seattle - we hope you love it as much as we do.

The Neighborhood: Capitol Hill

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Capitol Hill is lively, friendly and convenient. Its very pedestrian friendly, full of restaurants, shops, museums, galleries and nightlife. Capitol hill also has some of the city's most beautiful parks, and is a short walk/drive/busride to downtown malls, movie theaters, and tourist stuff.

Though there are way too many great businesses to truly do justice to the neighborhood, here are some of my favorite spots on Capitol Hill:

Restaurants

Saley - The best crepes and baguette sandwiches, owned by the sweetest woman in Seattle. Hands down.
Siam on Broadway - There are a million Thai restaurants on Capitol Hill, but this one is my favorite. Others might disagree.
Via Tribunali - Gourmet brick oven pizzas, calzones, and carafes of wine. This is a great place for a slow, relaxed dinner in a cozy loft space.

Cafes

Faire Gallery Cafe - The best cafe. Beautiful space, also doubles as an art gallery. Often has live jazz and other events at night. Great espresso, sandwiches, wine and beer. Awesome owners make this place a real fixture in the community.
Top Pot Doughnuts - Yummy doughnuts, friendly staff, and a cozy, comfortable space for working with a laptop. Also has some outdoor tables on the sidewalk for summer afternoons.

Grocery Stores

Hillcrest Market - The Hillcrest is an awesome convenience store that's barely a block from our building. Perfect for grabbing a quick 6-pack, or a quart of milk in a pinch.
QFC - A brand new, huge, supermarket + drugstore + hardware store. QFC has everything you would want in a grocery store, and it's only 5 short blocks away.

Pubs and Nightlife

Summit Public House - Laid back, reasonably priced, close by, and they have a pool table.
Linda's Tavern - Capitol Hill Hipsters' epicenter. Good beers on tap, and a great patio for happy hour.
The Stumbling Monk - Only Belgian beers served. Relaxed owners, and plentiful old board games available. Insanely close to home.

Music Venues

Chop Suey - Intimate venue that attracts some great DJ's, hip-hop and indie music. Also have some comedy nights and other stuff.
Neumo's - Mid-sized venue that attracts national tours as well as local acts.
The War Room - Club with a great rooftop deck. DJ's spin different stuff on different nights. Sometimes it's really crowded and sweaty, other times it's more relaxed. Good happy hour in the summer.

Movie Theatres

Harvard Exit - Shows great independent movies.
Egyptian Landmark - Beautiful old theater, and sometimes they do midnight showings of movies from the 80's.

Retail Shops

Edie's - They've got some pretty sweet shoes
Aprie - Pretty good women's clothing boutique, but the sales staff is very disinterested in helping, so go when you're feel like browsing independently...
Gary Manuel Aveda Institute - Great place to get affordable salon and spa services!

Parks and Libraries

Cal Anderson Park - Relatively new urban park. Fountain with reflecting pool, sports fields, playground, and people watching.
Volunteer Park - Gorgeous park with lots of great flowers and trees, a greenhouse, a reservoir + water tower, tennis courts, and the Seattle Asian Art Museum
Seattle Public Library: Capitol Hill Branch - Brand new, beautiful, and convenient - just like all the public library branches in Seattle!

Check out Yelp for more suggestions and reviews on neighborhood establishments.

Lastly, here's a great resource for neighborhood statistics and demographics.

As with any neighborhood, the best way to get to know Capitol Hill is to see it for yourself - with some great sunny days coming up, take an afternoon to get to know the area!

How is a co-op different from a condo?

2008-05-02T12:47:00.000-07:00

Since co-ops are not very common in Seattle, many buyers and agents are confused by the concept. Rest assured, the practical differences are very minor. Here are the main points to consider (in my opinion):

In a co-op, property taxes are included in the homeowners dues. To the city, the co-op is one property that pays taxes as a whole, so the building pays them together.

There are fewer choices for financing. Only a couple of banks will finance co-ops in Seattle, so you have less of an opportunity to shop around for mortgages and interest rates. We found the rates to be competitive, but there was less flexibility for downpayment amounts and loan structures.

Co-ops are generally intended to be owner occupied, not rented out. Different co-ops enforce this differently; in the Los Angeles Apartments (our building), a unit may only be rented while the owner is actively trying to sell it. Exceptions are made if you are renting to a family member, or if you still live in the unit and rent out the 2nd bedroom.

When you purchase a co-op, instead of getting a deed for property, you receive shares in the co-op. The number of shares is proportional to your square footage. This technicality doesn't seem to make any practical difference, but it does affect voting rights in the co-op. This particular unit is one of the largest in this building, giving significant voting rights to its owners!

As is often the case with condos, the common areas, hallways, and exterior are maintained using the homeowners dues. Our co-op has hired a property management company to manage this, so the residents are not responsible for the upkeep, as might be the case at some other co-ops.

If you'd like more information about co-ops and financing, here are two lenders in Seattle who are experienced in co-op lending:

Geri Nelson at First Horizon

Eileen Burke at Cobalt

The Elephants in the Room: Parking, Dues, Stairs, and Hallways

2008-04-29T21:50:00.000-07:00

Parking: If you have a car, there are several options for parking. Many of the neighboring buildings, lots, and garages will rent parking spots for $50-$150/month. We had two cars for a while, and easily found spots to rent within 1-2 blocks of our building for both cars.

Additionally, street parking is copious during the day in this neighborhood. For someone who uses a car occasionally, parking on the street is often a viable option.

Finally, there is a zipcar location right outside the front door, and several bus lines run within blocks of the building, including the 8, 14, 43, 49 and 60.

The bottom line is that most classic, "old-world charm" buildings do not have their own parking garages. Luckily, Capitol Hill is one of the most walkable neigborhoods in america, with a walk score of 92/100! More about the neighborhood in a future post...

Homeowners Dues: The $804/month dues can induce some sticker shock for people who might not be too familiar with co-ops (more on that to follow). However, the main thing to note is that in a co-op, property taxes are included in the homeowners dues.

Imagine this were a traditional condominium. Most condos in this price range have an annual tax payment of around:

$4,000.00 per year / 12 months = $333 per month

so when you subtract the taxes, our effective HOD's are:

$804 - $333 = $471/month

Now that's on par with other condos in this price range! Plus at a low $264/sq foot, you're getting far more value for your money than for a comparably priced condo, regardless of HOD's.

4th Floor Walk-up? I'm out of breath! This unit occupies the 3rd and 4th floor of our building. However...when you use the back door to the building (on the alley), the 2nd floor is at ground level. So to reach the 3rd floor entrance to this unit, its only 1 flight of stairs up!

Sound confusing? Check it out for yourself! After viewing the unit and walking out through the downstairs, exit the building through the back door - you'll see what I mean. One of the perks of living on a hill!

Hallways and Foyer: You don't have to whisper - we know that the common areas of the building (foyer, halways, etc.) have some..ahem..."character." Though they are kept clean and safe by our management company, they could definitely use a fresh coat of paint and some new light fixtures.

The members of the co-op board are very aware of this situation, and there is a plan to renovate the hallways and foyer within the next couple of years. This has been worked into the current budget, and should not require any kind of new assessment.

If you've still got questions, feel free to comment, as I'm sure others are wondering the same thing!

The Details

2008-04-29T21:07:00.000-07:00

Top 5 phrases to describe this property:

Gorgeous / Bright / Affordable / Prime Location / Old-world Charm

2 bedrooms / 1.75 bathrooms
sqft: 1550 (2-story)

Gorgeous 1,550 sqft. top floor unit in a prime Capitol Hill location! Huge west-facing windows and high ceilings make for tons of natural light and a stunning view of the Space Needle, Elliott Bay, Olympic Mountains and Queen Anne. In-unit washer/dryer, dishwasher, new stove/oven, and stainless steel refrigerator.

Upstairs glows with old world charm - gleaming hardwoods, crown moldings, built-in window seat, shelves, and cabinetry. Full cook's kitchen, complete with granite countertops, new dishwasher and appliances. Separate spacious living and dining rooms. Main bedroom with two closets. Upstairs bathroom complete with oversized bathtub and granite countertop.

Lower level has a separate entrance and is perfect for use as a business, entertainment area, or to rent out for extra income. Beautiful exposed brick, full CAT-5 wiring, built in desks, kitchenette, bedroom/office, and fully updated bathroom with shower.

The building is a co-op, so property taxes are included in the dues ($804/month).

This is a one-of-a kind unit in capitol hill! We're absolutely loved living here, and are so sad to see it go.