Dallas Real Estate: Cool Pool At The House
The pool at The House, on the fifth floor overlooking everything. HOA’s at The House are .47 per square foot of space you own, that includes water and a blanket insurance policy. You will have to pay your own electricity. There is 24 hour valet and security, two concierge on staff in the day, one at night. Premier Communities is the condo manager. David Griffin says financing has been arranged through Wells Fargo at market rates. The units are non-warrant-able like all condos: Fannie Mae guidelines prohibit them from buying mortgages (on the secondary market) from condos that do not have 51% of the units sold but Fannie Mae buys only conforming mortgages — that is, mortgages at or below $417,000. That would make the only units at The House eligible for Fannie Mae the one bedroom units priced at $399,000.
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I know it isn’t uncommon before the owners take over the HOA but .47 a square foot seems a little too low to sustain those staffing levels, I would expect it to be closer to $.55-.70, possibly higher to maintain staffing at that level, I may be wrong though. Is there a chilled water system or is it individual AC for each unit? What is the HOA reserve assessment?
John M with those pesky questions when there is a jazzy Hard Rock with $15 lunches plus a fab pool…
I agree with John M’s sentiments. Forty-seven cents a square foot??? Gads! Look at the size of that pool. It looks almost as big as Lake Michigan. Well, maybe Lake Erie.
Some developers of new condomimiums set the HoA fees at an artifically low figure. And we all know high HOA fees can scare buyers away.
That big pool alone must cost .47 cents a square foot to maintain.