Moving Into Seattle’s Broadmoor Neighborhood Has Potentially Become More Expensive For New Residents

Broadmoor’s primary source for funding capital improvement projects and general neighborhood maintenance has been the move-in fee for new Broadmoor homeowners. The move-in fee up until recently was $5,400.00 for all move-ins, this is no longer the case as a new variable collection system has been implemented. As of now, the move in fee for all home sales up to $1,500,000.00 is $5,400.00. The move-in fee for sales in excess of $1,500,000.00 will be based on a percentage of the sales price, the percentage rate will be 0.36%. Currently there are 3 homes available for sale in the neighborhood, if each of the 3 homes sold at asking price, the move-in fees collected would be $7,902.00 (Sales Price $2,195,000.00), $15,822.00 (Sales price $4,395,000.00), and $23,2200.00 (Sales Price $6,450,000). The rate of 0.36% will be in place until June 30th, 2016. On June 30th, 2016 the rate will reset, the new rate will be based on a change in the Consumer Price Index.

Year to date there have only been 3 closed sales in the neighborhood with 3 homes currently Pending.  Given the low volume of sales, it’s understandable that the Board of the Broadmoor Home Owner Association would want to make changes to ensure that the neighborhood’s reserves are at healthy level, as they are vital to fund current expenditures, expenditures which make Broadmoor one of the premier neighborhoods in the city.