18 Courtyard condos and two level townhomes, located at the corner of Silver Spur and Crenshaw Blvd. in Rolling Hills Estates, ranging in size from 1,700 sq. ft. to 3,000 sq. ft. with prices originally set by the developer ranging from $930,000 to $1.7 million. All 18 units were “sold” at Auction on July 17th, 2010 at significant discounts.
Additional information about the condo units provided at the time of the auction follows:
1) There are no restrictions on the size or number of pets, other than they must be “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). 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.
2) Units that are rented must be leased for at least a 6 month period.
3) There are no specific amenities such as an exercise room, bbq area, etc. There are common area courtyards with fountains and landscaped areas, and an elevator. Parking is in a parking garage with gated entry.
4) 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. It appears that the current HOA budget does assume that the HOA will also pay for each unit´s water usage.
5) 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.
