FAQ
How many Buildings and Units are planned?
Lake Modern approvals were for up to 109 free-market units.
Building-1 has 13 units.
How many parking spaces per unit?
1-bedroom units have one parking space, 2 and 3-bedroom units have two spaces, and 4-bedroom units have three spaces deeded to them within a heated garage. There is limited guest parking in the garage and additional guest spaces along Lake Avenue and Willow Road.
How much storage does each owner receive?
Each owner has deeded a storage space within the heated garage based on the size of their unit. Storage units range from approximately 55 square feet to 205 square feet.
Who is the HOA Management Company?
To be determined.
How much are the HOA dues?
HOA dues are based on the unit size. They are predicted to range from $350 to $1,300 per month.
What is included in the HOA dues?
Landscape maintenance
Exterior building maintenance
Interior common space maintenance
Common space utilities
Parking garage utilities
Exterior lighting of common areas
Trash and recycling
Common element building insurance
Elevator maintenance
Fire suppression maintenance and inspection
Irrigation
Common space cleaning
Snow removal
Building reserve fund
Roof-mounted solar panel maintenance
Hot water
When will construction be completed?
Building-1 will start construction in 2023.
What is the pet policy?
Residents may have two pets.
Are renters allowed?
Owners may rent their units two times a year. Leases must be for 31 days or more.
Is there a transfer assessment?
Yes, there is a 2% Real Estate Transfer Assessment (RETA) on initial sales and resales.
Who pays the RETA?
The RETA is paid by the buyer.