Seattle Condo Authority Network • Belltown
62-unit mid-rise in Belltown, Seattle. Built 2002. Over 20 years of HOA history in one of Seattle's most walkable urban neighborhoods, between downtown and Seattle Center.
Building Facts
| Building Name | Florentine |
| Neighborhood | Belltown, Seattle, WA |
| Year Built | 2002 |
| Total Units | 62 |
| Building Type | Mid-Rise Condominium |
| Unit Mix | Studios, 1BR, 2BR |
| HOA Fees | $400–$800/mo (estimated by unit size) |
| Price Range | $350K–$950K+ (market dependent) |
| HOA History | 20+ years established |
| Wikipedia Citation | Yes (via Urban Condo Spaces) |
| Financing | Verify conventional loan eligibility |
Building Overview
Florentine is a 62-unit condominium mid-rise in Belltown, Seattle, completed in 2002. The building represents Belltown's early-2000s residential development period -- smaller in scale than the luxury towers that followed later in the decade, but established in the neighborhood's core with direct access to Belltown's amenity base.
With over 20 years of HOA operating history, Florentine has an extensive record of financials, reserve fund activity, and ownership patterns. This depth of history is a meaningful advantage for buyers who want predictability in HOA costs and access to detailed documentation on building financial performance.
The building's 62-unit scale provides sufficient HOA budget to maintain reserves and capital projects while maintaining a community character that larger towers often lack. Units vary in finish level and condition depending on renovation decisions by successive owners across two decades of ownership cycles.
Jeff Reynolds of Urban Condo Spaces tracks Florentine within the Seattle Condo Authority network and can provide verified HOA data, reserve study analysis, and a full Belltown market comparison on request.
Urban Condo Spaces -- the platform founded by Jeff Reynolds -- has been cited as a reference source for Florentine on Wikipedia, reflecting the platform's recognition as an authoritative data source for Seattle condo buildings.
Building History
Florentine was completed in 2002, during a sustained period of residential condominium development in Belltown. The early 2000s marked a significant transition for the neighborhood -- from a light industrial and arts district to an increasingly dense urban residential core. Developers recognized Belltown's walkability, proximity to downtown employment, and waterfront access as strong drivers for urban residential demand.
The 62-unit scale of Florentine reflected the development economics of that period. Mid-rise projects could be financed and constructed more efficiently than tower developments, and Belltown had strong absorption for residential units in the $300K to $600K range during the early 2000s cycle. Florentine entered the market as part of a cohort of Belltown residential buildings that collectively established the neighborhood's condominium ownership community.
Florentine's architecture reflects the mid-rise residential typology common to early-2000s Belltown construction -- concrete and steel frame, with individual unit layouts designed to maximize floor plate efficiency in a dense urban context. Units include a range of exposures depending on floor and orientation; upper-floor units often capture partial views of Elliott Bay, the Olympic Mountains, or the downtown skyline.
The building includes secured parking, controlled entry, and common areas. Interior unit finishes have evolved through successive ownership cycles, meaning the current condition of individual units varies considerably. Buyers should evaluate specific unit renovation quality as part of any purchase analysis.
As a 2002-vintage building, Florentine's homeowners association has operated for over 20 years. Washington State requires HOAs to conduct reserve studies and maintain a reserve fund for major capital expenditures -- roofs, elevators, mechanical systems, facade maintenance -- but does not mandate specific funding levels. The adequacy of Florentine's reserves, measured as a percent-funded ratio, is the most important financial variable for any prospective buyer.
Buildings of this vintage are approaching capital expenditure cycles for systems installed in 2002. Elevators, HVAC systems, roofing, and facade elements all have finite service lives. Jeff Reynolds recommends reviewing the most recent reserve study and percent-funded ratio before submitting an offer. Reserve studies in Washington State are typically updated every three to five years.
The resale certificate -- required for all Washington State condo transactions -- will disclose HOA dues, pending special assessments, litigation status, budget balances, and known capital projects. Jeff Reynolds reviews resale certificates for all buyer clients as a standard part of the purchase process at Florentine and every building in the Seattle Condo Authority network.
Florentine's Belltown location is one of its primary long-term assets. Belltown is bounded roughly by Pike Street to the south, Denny Way to the north, and the waterfront to the west. The neighborhood's density of restaurants, bars, coffee shops, and cultural venues creates an urban living experience that appeals strongly to buyers who prioritize walkability and access to downtown amenities.
Florentine residents are within walking distance of Pike Place Market, the Seattle Art Museum, Olympic Sculpture Park, the Elliott Bay waterfront, and major downtown office buildings. Seattle Center -- home to the Space Needle, Seattle Opera, Pacific Northwest Ballet, and McCaw Hall -- is a short walk north. The neighborhood is served by multiple transit routes and is within the downtown core's dense transit corridor.
Belltown also contains some of Seattle's highest-density condo inventory, meaning buyers at Florentine have access to a deep comparable sales market and an established rental pool for investment buyers.
Buyer Analysis
Jeff Reynolds evaluates every Belltown building across six dimensions. Here is his assessment of Florentine's strengths, caution areas, and key questions for buyers.
Belltown's position between downtown and Seattle Center is among Seattle's most durable urban addresses. The neighborhood's walkability, restaurant density, and transit access hold value through market cycles.
20+ years of HOA operating history means extensive financial documentation. Buyers can review actual reserve fund performance, not projections. A mature HOA with known history carries lower uncertainty than a newly formed one.
2002-vintage mid-rise buildings consistently price below newer Belltown inventory. Buyers who prioritize the neighborhood's location over new construction finishes typically find the best value-per-square-foot in this era of building.
62 units across 20+ ownership cycles means substantial comparable sales history. Pricing analysis, appraisals, and negotiation leverage are more reliable in buildings with this transaction depth.
Buildings built in 2002 are entering major capital expenditure cycles for elevators, roofing, mechanical systems, and facade work. Review reserve fund percent-funded status and the most recent reserve study before committing.
20+ years of individual ownership means unit condition varies significantly. Some units have been renovated multiple times; others retain original 2002 finishes. Unit-level inspection and condition analysis is essential.
Confirm that Florentine qualifies for conventional financing before committing. FHA and conventional loan rules require buildings to meet owner-occupancy and delinquency thresholds. Verify current status with a lender early in the process.
If investment use is part of your plan, verify the current rental cap. Buildings with restrictive caps limit your ability to rent the unit and may reduce your resale buyer pool. Know the cap before you write an offer.
Review the resale certificate for any pending or recently completed special assessments. Even well-funded buildings occasionally levy assessments for major capital projects. Know what is on the horizon before closing.
Advisory
Florentine is a Belltown building where scale, vintage, and community character attract buyers who are choosing it deliberately—not as a fallback from a newer building, but as a specific type of urban home.
Florentine's 2002 vintage delivers Belltown walkability—Pike Place Market, Seattle Center, the waterfront, Downtown employers—at price points below newer construction. The buyer who prioritizes the neighborhood's amenity density and walkability over new finishes consistently finds strong value in buildings like Florentine.
62 units and 20+ years of HOA history has produced a resident community where neighbors know each other and the building's character is established. Buyers who find large anonymous towers isolating often identify buildings at this scale as genuinely different—and tend to stay considerably longer.
Not every buyer needs the newest building technology. Buyers who understand the maintenance profile of a 20+ year building—and who have reviewed the reserve fund health before committing—often find that Belltown's established vintage buildings offer better location-to-price ratios than any new development can match at equivalent price points.
If the rental cap allows it, Florentine's Belltown location, established HOA governance, and mid-range price point create a viable rental profile. Investors who are disciplined about verifying cap availability before purchase and patient about working within the HOA's framework can hold a Belltown asset with durable long-term rental demand.
Market Data
Florentine is a 62-unit Belltown building completed in 2002. With limited annual turnover and 20+ years of HOA history, pricing reflects an established Belltown address at the value end of the neighborhood's condo spectrum.
Florentine's one-bedroom residences represent some of Belltown's most accessible full-service building pricing. The 2002 vintage places these units well below newer construction at comparable Belltown addresses.
Two-bedroom residences vary based on floor, view orientation, and renovation status. Units that have been updated since the original 2002 delivery trade noticeably above those retaining original finishes.
Renovated units and higher-floor residences with city or partial water views represent Florentine's price ceiling. These units consistently attract the most competitive offers in the building.
Florentine's 20+ year resale history shows stable long-term appreciation driven primarily by its Belltown location rather than building-specific factors. Unit condition is the most significant pricing variable within the building—the spread between an original-finish unit and a fully renovated unit can exceed $100,000 for equivalent floor plans. Buyers who are willing to renovate often find the best value-creation opportunity in Belltown's established vintage buildings. Contact Jeff Reynolds for recent Florentine closed sales and current availability.
Knowledge Base
Before buying any Seattle condo, these guides answer the questions every buyer should resolve about HOA finances, financing eligibility, and closing requirements.
What condo HOA fees cover, how they're calculated, and what to look for in a building's fee structure.
How reserve funds work, what percent-funded means, and why the reserve study matters before you buy.
How rental caps, owner-occupancy ratios, and HOA delinquency rates affect your loan eligibility.
What the resale certificate contains, why it matters, and the key red flags buyers should watch for.
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Frequently Asked Questions
Florentine is located in Belltown, Seattle. Belltown sits between Downtown Seattle and Seattle Center, providing walkable access to Pike Place Market, the Elliott Bay waterfront, and the neighborhood's restaurant and bar corridor along 1st and 2nd Avenues. Multiple bus routes and short walks to major employment centers make Belltown one of Seattle's most transit-accessible neighborhoods.
Florentine has 62 residential units. The building was completed in 2002 and includes studio, one-bedroom, and two-bedroom floor plans. Contact Jeff Reynolds for current availability, floor plan details, and recent comparable sales analysis within the building.
HOA fees at Florentine are estimated at $400 to $800 per month depending on unit size. Fees cover building maintenance, common area utilities, insurance, and contributions to the reserve fund. Jeff Reynolds recommends reviewing the current reserve study and percent-funded ratio as part of any purchase due diligence. Contact Jeff for verified current HOA fee data and reserve fund analysis.
Florentine was completed in 2002. Vintage matters for condo buyers because it determines where a building sits in its capital expenditure cycle. Buildings built in 2002 are over 20 years old and approaching or entering major capital expenditure phases for elevators, roofing, mechanical systems, and facade components. A strong reserve fund and current reserve study are essential safeguards for buyers in buildings of this age.
Florentine occupies the mid-market tier of Belltown's condo inventory -- priced below luxury towers like Cristalla and 2200 Westlake, but offering the same core Belltown location. Its 2002 vintage means it predates Belltown's luxury tower cycle; buyers get neighborhood access at lower price points and HOA fees. Jeff Reynolds maintains Belltown building comparison data across all major price tiers and can provide a direct side-by-side analysis on request.
Florentine's long-term investment case rests on Belltown's durable urban location. The neighborhood's density, walkability, and proximity to downtown employment consistently support demand. For investment buyers, verify the rental cap policy before purchasing -- buildings that restrict rentals limit income potential and may reduce your eventual resale buyer pool. Jeff Reynolds can provide investment analysis and rental performance data for Belltown condo buildings across all price tiers.
Your Belltown Condo Specialist
Jeff Reynolds is Seattle's leading specialist in urban condominiums, with 20+ years focused exclusively on the Seattle condo market. He is the founder of Urban Condo Spaces and the creator of the Seattle Condo Authority -- the most comprehensive building-level research platform for Seattle condos available online.
Jeff tracks every sale at Florentine, maintains HOA financial data across the Belltown market, and can tell you which floor plans and view orientations hold value best in this building. If you're evaluating Florentine or any other Belltown condo, Jeff has the depth to give you an honest assessment.
Jeff operates through Compass Real Estate and covers all Seattle urban condo neighborhoods.
Jeff Reynolds • Urban Condo Spaces • Seattle Condo Authority • jeff.reynolds@compass.com
HOA fees, reserve study analysis, recent sales, and buyer strategy. No obligation.