Holy Homeowners Dues…

A cool penthouse unit at the Lumen that has seen its price ride the roller coaster of the market is available for $699,000.

Two-level penthouse at the Lumen on 5th and Mercer.

That is a jump from the last recorded price of $553,000 when it sold a year ago but a major bargain compared to the 2008 price of $1.25 million. Yet, in deciding whether this 2,120 sq ft unit next to the Seattle Center is worth the price, you would have to consider the homeowners dues.

The listing says the HOA dues are $1,641 a month. (That’s more than the monthly mortgage payment on a $450,000 home with 20% down).

Money aside, the penthouse looks pretty sweet with its 12-ft ceilings framing the modern design. There are 3 bedrooms, 2.75 baths, a private patio, a chef’s kitchen with top-end appliances, 3 parking spaces, and 4 storage lockers.

It’s hard to judge from the listing photos whether there’s much of a view from the unit itself. Location wise, you would live in the same building as a QFC, be just blocks from the great restaurants, shops, and entertainment of Lower Queen Anne and have easy access to I-5 and Highway 99.

About Bernard
Contact Matt matt@urbnlivn.com / 206-618-1600

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  • ssnider

    Those HOA dues are ridiculous! .77 per square foot. The developer seriously screwed this up, looks like the homes HOA dues are based partially on size and also value. All the units on the market have different prices per foot for HOA. Typically when you have huge retailers like Lumen does the HOA dues are a lot cheaper because a huge part of the building reserves and expenses are paid by them. Great value for the square footage though.

  • Amir

    I doubt there’s any relation to value since that’s such a nebulous term … it’s more likely that it’s based on cubic feet, since it would make sense for a two-story loft-style unit to have higher dues than a regular unit with identical square footage

  • “Money aside, the penthouse looks pretty sweet.” At $1,641 per month, better make that “Reason aside…”

  • ssnider

    Now that would be interesting!

  • Guest

    How about an article about the now sold out Marselle? HOA dues are only $0.35 per sq ft.