Formerly Quail Ridge II
As a general practice, condo complexes have monthly common charges and in addition (and often unanticipated) they add special assessments with large sums required quickly. Last minute assessments happen especially when there is no long range planning of infrastructure needs.
Our assessment philosophy is different. We do not want to surprise homeowners with large bills and immediate payments. Unlike other condo complexes, we have no surprise assessments. Assessments are woven into our common charges each month.
We are attractive to banks. For prospective buyers looking to finance a townhome, banks generally require 10% of common charges to be set aside for capital programs. Here at Prospect Woods, we set aside about 20%, making us very attractive to banks.
The planning process at Prospect Woods is rigorous. We engage independent consultants to assess our infrastructure needs every 5 years. They project requirements on a 20- to 30-year timeframe and our Board reviews and updates this document each year. This process enables us to build up or draw down reserves over a long time horizon without having to resort to large, unpredictable assessments.
Our current plan calls for a near term emphasis on roads and sidewalks. Pool refurbishment and roof repair/replacement are on a 10-year horizon. These projects can all be handled within our current forecasts and through close management of our balance sheet.