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The complex as a whole is planned to have 100 units. 20 will be held by the owner/company for staffing purposes. 80 units will be made available on a first come first serve basis. We expect to sell out through pre-sales before very long. As planned for sale, there will be studio units, 1-bedroom units, 2-bedroom units, 3-bedroom units, and 4-bedroom penthouses. Prices will range from $500,000 to $5,000,000 as cash purchases. Traditional financing will not be allowed, nor can it be obtained on this type of facility anyway.
The monthly HOA fee covers a variety of expenses such as maintenance and repairs of the common areas, garbage collection, security, insurance, and reserves for future repairs as well as for other life-saving services on the facility such as medical, long-term food supply management, recreation facilities, etc. Subject to final agreement and terms.
A reserve fund is a portion of the HOA fee that is set aside for future repairs and maintenance of the common areas. The reserve fund is used to pay for major repairs like roof replacement, repaving the parking lot, or replacing the elevators, etc. It is important for the association to have a well-funded reserve fund to prevent special assessments or unexpected fees for residents.
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