One of our Clients purchased property and had it entitled for 50+ condominium units in a resort area. They went to a local engineer, who drew up the condominium plan on the one-lot parcel, in accordance with the entitlement. The only problem was that the HOA dues were extraordinarily high for the first phase of 10 units.
CBS was able to work with the engineer and the attorney involved, to revise the Condominium Plan to create “Modules” which effectively worked as vertical phase boundaries. With the phasing modules in place, the HOA budget could be created without bringing in all common areas with the initial phase, and thus the lowering and leveling out the HOA dues.
Our office completed the HOA Budgets and Department of Real Estate Public Report processing.
