What changes can I make to my condominium prior to construction?
The interior of the condominium can be completely custom built prior to construction as long as the exterior of the condominium isn't affected. If you are uncertain how much a change will cost, we are happy to price anything out for you. If you choose not to change the plan, you may still customize the interior by simply changing the flooring, lighting, cabinets, trim color and appliances. Because our condominiums have allowances on these items, you can make your condominium very personal without added cost. We offer samples of our allowance items in our office for your convenience, as well as personal assistance in making your selections.
What is the Association Fee and what does it cover?
The fee is $296 per month for the duplex homes and $266 per month for the garden
style homes and includes snow removal from private roads, driveways and sidewalks,
trash removal, landscaping maintenance, all of the insurance for replacement
value on the condominium, the annual Hawks Landing Neighborhood Association dues
and a reserve fund.
Will the fee go up?
Only as costs for provided services increase, or as services are added to the budget.
What is a reserve fund?
It is the savings account for the condominium association. When repairs that are not covered in the normal budget are needed (driveway sealing, roof repair, etc.) the reserve is available for the unit owners to use to pay for those items by vote of the association. That way, surprise assessments are seldom necessary.
If the association's insurance covers replacement value, what do unit owners cover?
Personal belongings, a $100,000 liability policy, and anything added to the condominium after closing.
How does the association work?
All owners become a member of the association which is run by a board of directors. Gorman & Company maintains a seat on the board of directors until the units are sold, then the board is made up of all owners. The association decides on any rule changes or changes to your services and fee.
Who maintains the inside of the condominium?
Gorman & Company, Inc. gives you a one year builder's warrantee on the condominium, and the appliances and mechanicals are all covered under manufacturers' warrantees. After the warrantees run out, the condominium interior is just like owning a house; the unit owners are responsible for maintenance. Our Homeowner's Manual covers the warranty on each item in your home in detail.
How do taxes work?
Your condominium is assessed by the City of Madison, just like a single family home would be. Because of this, you also get the benefit of potential appreciated value on your condominium, should you decide to sell it later.
Once I own the condominium, can I do what I want to it?
Although there are restrictions for changes to the exterior, mainly for the protection of the value of the condominiums, the interior is yours to update and change as your lifestyle changes. Just like a single family home, if you are doing interior construction, you need to apply for a building permit and get plans approved by the association's board of directors.
What are the pet rules?
Two pets under 30 pounds are allowed. In the duplex homes, the first owner may have a large dog if it is eight years old at closing and they have no other dog. For example, a large dog eight years of age and a cat would be allowed.
Gorman Condominium Resale Values
Gorman Neighborhoods began with High Point Gardens Condominiums on the West side of Madison on North High Point Road in 1995. We have tracked resale value of these homes, which are part of the greater Wexford Neighborhood. According to the Realtors Association of South Central Wisconsin’s Multiple Listing Service, resale values of High Point Gardens Condominiums went up 5% per year, which is the same resale value increase of the single family homes in the Wexford Neighborhood. Our Southern Hill Neighborhood has also experienced some resales, which have shown a 5-6% per year value increase.
According to the National Multi-Housing Council in their Research Notes publication dated September 24, 2004, nationally, single family median home prices between the years 2000 and 2003 rose by 22 percent, while over that same period condominium prices rose by 47 percent.
On Time Completion
Gorman Neighborhoods has a proven track record of completing homes on time, every time. In our ten years in the condominium business, we’ve missed just one closing, due to circumstances outside of our control. You can trust us to complete your condominium when promised, to the high national standards we adhere to in our “Homeowners Manual,” so you can move in on your closing date.
Note: Information subject to change.