Zillow Advice: Home Buying - I would like candid opinions on the 60-01 community. I have not seen it please tell me more...

I did not realize that the ...

Wed, 13 May 2009 00:10:00 GMT

I did not realize that the pet/dog policy was in regards to the swans on the grouds. I always wondered about that, but this seems like an obvious reason that Georgy gives. Cheers

For the price and location ...

Tue, 12 May 2009 05:16:00 GMT

For the price and location it is a good deal. Hard to find anything like it that close to Redmond, Kirkland and Bellevue for the price. Its reputation is improving.

Brent

Along with the mismanagement, ...

Tue, 12 May 2009 04:19:00 GMT

Along with the mismanagement, the original developer held a huge portion of the units as rental properties. Oddly, he wasn't paying home owner's dues on properties he held so the association had a few lawsuits dealing with this.

One thing that substantially held down the value of condos in there was the lawsuits themselves since buyers could not easily obtain financing to purchase condos in there while the lawsuits were underway. Also, the proportion of rental to owner occupied units has always made financing a bit tougher in there.

Last I checked, the lawsuits are done with. The next thing on their list now is a new roof if I'm not mistaken but I believe there is money in the coffers for this and/or they will do that project in phases.

The values in there shot up very sharply in the period from 2004-2007. Part of it was the market in general and the other part was the litigation being settled. From what I can tell, the portion of the value from the settled litigation is still reflected in the prices whereas the general market value has fallen at the same rate as everything in the surrounding areas if that makes sense. For instance, I sold a unit in there in 2005 for $60k, sold the same unit a year later for $95k. That unit went up to roughly $140k in 2007 and today, a similar unit just went pending for $115k.

One other notable thing I should mention about Sixty-01 is their pet policy. You are limited to indoor cats only. No dogs are even allowed on the grounds. You can't even have a dog in your car when you enter the complex to pick someone up,etc. They are strict on this partially because of the swans they keep on the grounds.

2-3 years ago was the last ...

Tue, 12 May 2009 04:07:00 GMT

2-3 years ago was the last time I had heard any news from this condo project and yes the HOA mismanaged the funds.

There were disputes taking place, which caused a huge issue with financing.

Good Luck!
The Mortgage Reel.

6001 was awfully mismanaged ...

Tue, 12 May 2009 03:50:00 GMT

6001 was awfully mismanaged back in 1990s and their association created a huge challenge for people trying to get loans in there ......I havent heard much about 6001 in past 4 or 5 yrs ....so I think it must have improved ......I am guessing that these condos are not holding value very well in this market as many of these units are entry level / investment units