The newly built Silver Spur Court condo project located at the corner of Silver Spur and Crenshaw had suspended sales due to poor initial sales of the units and litigation relating to cost over-runs and debt problems. A public auction has now been scheduled on July 11, 2010.
Silver Spur Court
18 Courtyard condos, ranging in size from 1,700 sq. ft. to 3,000 sq. ft. with original prices ranging from $930,000 to $1.7 million.
If you are interested in participating in the public auction process, please call me and I will be happy to arrange a tour of the units and to help you understand their current market values and to help you through the entire process as well as attend the auction with you.
Additional information on the Silver Spur Condos relating to the upcoming auction on July 11th, 2010 follow:
•1) There is no special tax other than the normal taxes on the property tax bills. The property tax rate for Rolling Hills Estates for the fiscal year 2009-2010 is 1.055672% of the property's purchase price plus direct assessments of approx. $600-$700 per parcel for such items as school parcel taxes, etc.
•2) Certificates of Occupancy have been granted for all 18 units
•3) There are no restrictions on the size or number of pets, other than they must be a "reasonable number". There are some limited restrictions on aggressive breeds of dogs such as pit bulls and rottweilers. There are a number of restrictions relating to changing or adding fixtures and the floor materials ( such as installing hardwood floors, which must be approved as including a sound attenuation system limiting the noise to the unit below ). These restrictions are covered in the C C & R's at http://www.bidkw.com/files/uploaded/auction_53_66.pdf .
•4) There are no restrictions on age, family size, etc. Many lenders, however, do have restrictions on the percentage of owner occupied versus leased units they will allow in order to fund a new loan, with typically the limit of leased units being 50% of the units.
•5) Units that are rented must be leased for at least a 6 month period.
•6) There are no specific amenities such as an exercise room, bar-b-que area, etc. There are common area courtyards with fountains and landscaped areas, and an elevator. Parking is in a parking garage with gated entry.
•7) Upon close of escrow, each purchaser is to contribute 2 months of HOA fees to establish the initial HOA funding. The HOA fees cover maintenance and repairs of the exterior and roofs of the units, the common areas, parking garage and gates, elevator, landscaping maintenance, waste disposal and fire and liability insurance. The current estimate of HOA fees will range from $357-$410 per month depending on the size of the unit. The current budget does not contemplate earthquake insurance, however if the majority of the units elect to do so, the cost will be an additional cost. The auction company says that the HOA may also include water for each of the units. It appears that the current HOA budget does assume that the HOA will also pay for each unit's water usage. The current HOA budget begins on page 133 at http://www.bidkw.com/files/uploaded/auction_53_66.pdf and includes a yearly reserve amount to build up reserves for periodic major repairs. The budget was prepared in August 2008 and may have to be updated by the new board. Since the units are brand new, there is no necessity to have a current HOA funded balance other than the initial 2 months of assessments to be collected at closing.
•8) Each of the units has , by right, use of 2 spaces, however there are a total of 56 spaces, including some set aside for guest parking and handicapped parking. The vehicle restrictions in the CC & R's limit the size of a vehicle to an 8 passenger van. No parking of boats, etc. is allowed.
For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.