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.