When will my office be ready for occupancy? Lakes Professional Center was substantially complete in early 2010 and one Buyer already has their doors open for business. From the date of purchase, you can be ready for occupancy in approximately three months. Contact Greg Kirsch for more information.
How does a condominium work? Under condominium ownership, an owner enjoys absolute ownership of a unit in a multi-unit building, plus a percentage interest in the ownership of the common elements (such as the exterior walls and roof, the parking lot, the utility room, etc.), which are owned jointly with the other condominium unit owners. Legally, a condominium unit is a piece of real estate, like any other and it can be freely sold, mortgaged or leased. But, to ensure harmonious co-ownership and to protect property values, condominium ownership and use is subject to certain rules, conditions and other important matters detailed in a legally recorded Declaration of Condominium and in the By-Laws of the association. Every unit owner is a member of the condominium association, which has specified powers and duties to manage the condominium. The unit owners elect a board or an executive committee to carry out the association's duties, while a professional management company is typically hired to carry out most of the actual work. The executive committee prepares an annual budget for approval by the owners and monthly assessments are billed to each owner to cover the budgeted expenses.
Will there be a professional management company? Yes—Astoria plans to hire a professional property management company to manage the association and property.
How much are the monthly condominium fees? A detailed condominium budget is currently being prepared. Based on two recent similar office condominium developed by Astoria, it is expected that the annual fee will be $2.00 per square foot of space, which is collected in monthly installments.
How much are the property taxes? Gilford's current tax rate is $17.37 per thousand dollars of assessed value. While 2010 assessed values have not been released yet, our experience suggests that ninety percent of the sum of the purchase price plus the cost of additional fit-up (beyond the standard business fit-up provided in the purchase price) is a reasonable prediction of the assessed value. As an example, a 2,097 SF unit that sells for $341,811 with no additional fit-up will probably be taxed about $5,346 per year based on the current tax rate.
What utilities are available? Each unit will be served with municipal water and sewer, natural gas and electricity. Telephone and broadband will be available in the utility room for connection to each unit through a dedicated conduit.
Who pays for utilities? Each unit owner will establish and be responsible for his or her own individually metered accounts with the electric, gas, telephone and telecommunication companies. A single water and sewer account will be established by the condominium association. A small water submeter will be located in the utility closet of each unit, which will be read quarterly by the property manager. Based on those readings, the association will bill each unit owner quarterly for their share of the water and sewer charges. Electricity for common and outdoor lighting and water for irrigation will be separately metered, and the association will pay those charges (which are built into the condominium fees).
What are the parking arrangements? Lakes Professional Center has very ample parking—the 87 spaces equal a "5.4 per 1,000" parking ratio.
Is there a warranty on the building and the unit? Opechee Construction Corporation will correct any defects in materials or workmanship for a period of one year, and will transfer to the Buyer the benefits of all manufacturers' and installers' warranties for components integrated into the unit.
How does the fit-up process work? After you select and reserve a unit in Lakes Professional Center, an architect will be assigned to work with you to develop a floor plan customized for your requirements. Opechee Construction will provide you with a fixed price quote for any customized fit-up work which will include a credit from the Developer equal to the cost of a standard business office fit-up that is included in the purchase price of your unit. Depending on the type of financing and the scope of fit-up, the way in which you purchase your unit and fund any additional fit-up will vary. After you close the purchase of the shell unit, Opechee will complete your fit-up under a contract directly between you and Opechee. You are free to use another contractor for your fit-up if you wish.
Can I combine multiple units to create a larger space? Yes—multiple units can be easily combined, and doing so will almost certainly result in some cost savings for fit-up due to the elimination of unit separation walls and some duplicated systems and components. The condominium documents allow an owner of multiple units to divide the units in the future should your needs change.
