What is a condominium?
Condominium living offers a maintenance free, community life-‐style that is different from apartment or home ownership. Bluewater View offers an opportunity to live in a prime location with magnificent water views and close access to downtown. Through common ownership of the building and related amenities, more options are available for your enjoyment without having to invest and maintain them yourself – secure building, indoor parking, indoor pool, fitness center, social room, and more. Since your residence is owned by you, you may custom decorate it to fit your preferences.
What is the legal structure?
In a condominium, you own title to your residence. This is a recorded deed and can be sold or transferred by you without restrictions or approvals. Bluewater View Association is a non-profit association that owns and maintains all areas outside of your residence (building structure, elevators, common amenities, outdoor grounds, etc.).
How is the building operated?
A Board of Directors govern the Condominium association, initially elected by the developer but ultimately elected by the residents. The board is responsible for implementing the policies stated in the association By-laws and establishing other rules and policies. The By-laws cannot be changed by the board but can be amended by a favorable vote of two-‐thirds of the residents.
Why are there policies and rules?
As stated in the by-‐laws, the overall intent of the association is to ensure the maximum satisfaction of each residence in enjoying their residence and use of the common facilities and services provided by the association. To accomplish this, it is necessary to have certain joint obligations such as noise levels, pets, business use, storage of large exterior items (boats, RV’s, etc.). The level of services is also set by the board such as garbage collection, cleaning of common areas, accepting deliveries, etc.
What does the operation of the building cost?
Ultimately, spending is set by the board based on an annual budget presented to and approved by the residents. The estimate of the association costs, including additions to reserve funds to cover major items such as roof replacements, exterior painting, etc. is approximately $350-‐400 per month per residence. As long as the developer controls the board, the maximum monthly common cost cannot exceed $400 per residence.
What are my costs in addition to the common costs:
Like owning any residence, the owner has certain direct ownership costs. In the case of Bluewater View, direct costs incurred by the owner include property taxes on the residence, utilities including electricity, gas, phone and cable services, water, and sewer. All utilities are individually metered and billed so you pay for what you consume.
How are the residence purchase prices established?
The purchase price of each residence has been determined by the developer, Bluewater View Condominiums, LLC. Pricing has been established based on the size of the residence, view from the residence, and height within the building. Prices have been kept as low as possible considering that the building will be newly constructed and in line with the cost of new residential construction of a similar high quality, including land. All construction is high quality masonry and steel.
Why is indoor parking priced separately?
One indoor assigned parking space is included with each residence. Unassigned outdoor parking is included with the price of the residence for owners and guests. Additional indoor parking is available at an extra cost for residences. Once purchased the indoor parking spaces are assigned to you and owned by you. They may be purchased and sold. Although extremely convenient located under the building and adjacent to basement elevators, the cost of construction is substantial. Instead of including parking in the cost of each residence, the resident is offered the flexibility to purchase parking separate to fit their needs.
What option packages are available?
In addition to the normal high standard furnishing and fixtures included in the luxury price – everything you need for luxury living. Two different packages are offered as options. The packages include a traditional design upgrade and a contemporary design upgrade. In either design, upgrades are available for the kitchen, bathrooms, and surfaces (floor coverings, interior doors, etc.). These options are available to let you customize your residence to fit your lifestyle.
How do I purchase a residence?
For purchasing information please contact Lara Miller of Signature Sotheby's International Realty at 313.523.0100 or BWVcondos@gmail.com
Is financing available?
Yes, like any residence or home, a full range of financing options are available, including FHA. As an example, the approximate payment on a $400,000 residence with 20% down and a 30-year fixed rate would be approximately $1600.00 per month.