New Condo Purchase

Started by ArtN • 11 replies • 1090 views

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ArtN (Massachusetts)
Posts: 48

Posted:

Hi, this may be unusal, but I need to know. We are interested in purchasing a Condo in a new resort type area, where all Condominiums will be in building above Retail shopping stores and want to know how will or what system is used in determining fees for the Condos and the Retail, or is it shared equally, which does not seem fair.

Yes, this is still in early stages but hopes are building would start end of 2007.

Any information will be appreciated, the new Development will be in Washington, ear Seattle.

Thanks,

ArtN

JoeW1 (New York)
Posts: 728

Posted:

ArtN - Check with your condo's Developer's sales office for the information on who pays and for what?

ArtN (Massachusetts)
Posts: 48

Posted:

Hi Joe, thanks for the reply, yes I will be checking with them, I am in Massachusetts, the property is in Washington, we happen to have been there two weeks ago, and that question was not thought of until yesterday.
yeah, I will check with them, I thought of asking on his forum. thanks

hoatalk (California)
Posts: 603

Posted:

Art: Every community could have different rules on that. You will want to check with the developer as suggested, but also get an official copy of the recorded documents where the allocations will be spelled out. Don't base your decision on a comment from someone in the sales office. At the end of the day, only the recorded docs matter.

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PatrickH (California)
Posts: 204

Posted:

Hi Art,

While you're checking on the fees, you may also want to find out about other things that come with living above retail.

Ask about parking, hours of operation of the stores, what type of stores will be there, delivery truck hours, trash pick up, things like that.

You could end up living above a bunch of bars that are open late or have live bands at night. There need to be use restrictions in the documents covering the retail portion of the development so the residential portion remains attractive long after the development is completed.

JoeW1 (New York)
Posts: 728

Posted:

HOATalk - Didn't say that Art should base info on a comment from someone in the sales office. Assumed that Art would request information from the sourse that could detail who pays for what.

ArtN (Massachusetts)
Posts: 48

Posted:

Patrick, that is the stuff I needed, I had not thought anytning about that, but only know that retail shops will be there, I must find out what does the Developer consider RETAIL......

Thanks for the great input from all.

ArtN

GloriaM (North Carolina)
Posts: 829

Posted:

Art:

We have a beautiful Retail and Residential area here in NC. It has been a great sucess of a mixture of shops, restuarants, movie theather and condo's. The retail stores and condos all pay their proportionate share accordingly. Find out from the Developer what your share would be.

JoanR (North Carolina)
Posts: 24

Posted:

Gloria, what is the name of the development and where in NC is it located? I am in a mixed use development where the commercial condos get a huge discount on dues and would be interested in having comparisons if we propose an amendment to our Declarations.

DottieS (Massachusetts)
Posts: 34

Posted:

Art, we have that developement in Naples , Fl...and they are in front of the Commissioners all the time for noise , music in the resturants that are there. Parking problems and one lady had to put boards up on her windows.

Music form motels around in the summer as it is on the river.

I happen to love it....and watched since thier inception , I do not own one, but if I did, I would know that it would be a busy place with parking problems as the people visiting thoes shops and resturants cannot read numbers. It would have noise, and would be busy. But it has its pluses, it is right downtown, walking distance to everything. On the water, overlooks the boats.

I think with the owners there that bought in the beginning they probly only had dress shops ect...and resturants with no music, Not anymore, so you might want to check all of that out too....What the future can hold so you won't be suprised.

Good luck .

JoanR (North Carolina)
Posts: 24

Posted:

Would you share the name and address of the development in Naple? You can email directly to [email protected] Thanks in advance.

DaneC (California)
Posts: 210

Posted:

ArtN - suggest you read another topic of 10/11/07 entitled - Mixed use Association - here are a couple of interesting posts from it -

Does anyone belong to an association where there are residences and commercial spaces that are both classified as condos? If so, I am interested in knowing how the commercial space is assessed. I belong to an association in NC and the commercial space pays 80% less in dues because they supposedly do not use all the amenities and are considered an amenity to the community. These spaces are used for restaurants, gift shops, and convenience stores. I can see allowing a break in the dues but not that extreme an amount.

On the NC Coast, but not in Wilmington. My unit is 1175 sq ft and my percentage of ownership in the total property is calculated at 1.37%. One of the commercial spaces is 8000 sq ft and their percentage ownership is calculated at .513%. This ratio is used for dues and any special assesments. Commercial unit owners pay no C.A.M. fees, only their HOA dues. Are you familiar with what the ratio is usually for commercial vs residential in a mixed use complex?

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