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S, Both Buyer and Seller in 78704

What is the HOA fee and does it cover structure? Thanks!

Asked by S, 78704 Sat Mar 7, 2009

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This question is about this property: http://www.trulia.com/property/1065199610-1402-Parker-Ln-10-…

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S,

I took a buyer client to see this unit. The finish out was very good, but not outstanding. The complex is a very small one, with only 8 to 10 units, and a 3rd building currently on hold until the builder finishes selling out the remaining units. There was another unit in the other building that was also for sale at the time.

The building this unit was in sits on Parker, so it would have a fair amount of traffic noise to deal with. The complex is putting in a full security fence with a automatic gate to the parking/garage area. This complex sits just South of the new high-end condos going in on Riverside, and the Domain like shopping complex on Lady Bird lake.

The bedrooms were a bit on the small side. I personally liked this unit because the garage was separate from the home, with a short enclosed walkway to the first floor front door (many units required you to go up a level of stairs to get to the first floor). The area is a bit untested as of yet, but I saw this unit as a very good opportunity for my client. I did some checking on the other sales in the complex. Given the length of time it was sitting, and other sold data in the complex, I think you could have purchased this particular unit for around $185,000. Apparently, someone already did.

As for the status of this unit being PB (accepting backups), never go chasing a property by making a backup offer. You only give a safety net to the seller, and you do not improve your purchasing negotiations at all. This was probably one of the better deals just off Riverside at $185,000. If the high-end condos on RIverside sell well, and the shopping complex does too, this would become a great investment, but there are no facts about the future.

My client is still undecided as to where he wants to focus his efforts, but this was a very good option for him.

As for what it covers, we were told these were townhomes, but verifying with the CC&Rs is the only way to be sure. The issue of covering the structure for insurance is the least of your worries. If these are indeed townhomes, you would be responsible for the exterior of your entire unit. That means you have to paint the outside, you have to replace the roof if it needs it, etc.

Note that HOA fees typically also include water, sewer and trash service.

Jeffrey
0 votes Thank Flag Link Sat Mar 7, 2009
This property is currently under contract (as of Feb. 25), but the seller will negotiate back-up offers. HOA fees are shown as $204 a month and report to include common area maintenance and "common insurance".

The legal description shows this to be a condo, but the listing agent's comments refer to it as a townhome. To be certain, a check of the CC & R would be necessary to show whether the individual owners own their structures and are responsible for insurance to cover the actual structure or if the HOA fees cover the structures.

Still, $204/month is pretty hefty for a HOA that does not even include a swimming pool.
0 votes Thank Flag Link Sat Mar 7, 2009
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