OVERVIEW:
The Normandale Park Condominium is a five-unit new construction townhouse-style project. The units are built with top-quality finishes and abundant natural light throughout. The site includes a shared outdoor gas fire pit, secured bike storage, and is located directly across the street from 14-acre Normandale Park. Normandale Park features two large off-leash dog areas, ball fields, lawns, and a mini-softball stadium.
The project was custom designed by John Brehm of Forming Architecture and built by Neil Thogerson of Etruscan Custom Homes. Neil has over 25 years of top-quality construction experience. The developer, Douglas MacLeod, has 20+ years of experience in various aspects of new construction and has been an advocate for progressive housing options for over a decade. His development vehicle, UrbanRoost Development LLC, is a boutique “middle-housing” company specializing in moderately priced, high quality townhouse style homes.
HOLTE: A TEN YEAR 75% TAX REDUCTION:
This is a City program that works. The Homeowner’s Limited Tax Exemption (HOLTE) is a Portland program available to homebuyers who earn up to $106,500 annually. Qualifying buyers enjoy roughly a 75% tax reduction over a ten-year period.
The application is simple: two pages, some supporting docs, and a quick turnaround. For those who are approved, there is a $900 fee paid at closing to the Portland Housing Bureau.
UNIT DETAILS: PRICING, SIZES and FEES:
Each of the five units are two bedroom, one and a half bath townhomes. Sizes vary from 700 to 900+ square feet. Prices are very competitive, from the mid-$300s to low $400s.
SYSTEM DEVELOPMENT CHARGES AND PRICING:
The pricing noted on the listings is available to owner-occupied buyers earning $106,500 or less annually (those who qualify for the HOLTE tax exemption). Those who earn more, or are investor buyers, should consider prices to be $22,000 higher, as UrbanRoost Development is subject to those fees for non-HOLTE qualifying buyers.
CONDO FEE COVERAGE and THREE HOA BYLAWS:
Condominium fees range from $146 to $193 per month based on unit size. Fees cover irrigation and landscaping, garbage and recycling, insurance, and long-term exterior maintenance items such as paint, roof, siding, etc.
Common HOA Questions: Regarding pets, a total of two cats and/or dogs are allowed (Bylaws section 7.6 e). Rentals are allowed subject to a 30-day minimum rental period (Bylaws section 7.7). And smoking is only allowed inside individual units with windows closed (Bylaws section 7.6 n).
DISCLOSURE DOCUMENTS:
Prior to putting together an offer, your clients should review the following three documents. These documents are for review only and are not executed until closing. However, your client will sign a receipt of disclosure documents as part of their offer.
UNIT SALES AGREEMENT and RELATED DOCUMENTS:
Brokers are required to use the project specific Unit Sales Agreement below. The USA is marked with red Xs for the sections which buyers complete, and blue Xs for the seller. Please do not edit within the USA but use an addendum instead. Addendum A, the Professional Inspection Addendum, and the Plat Map need also be executed as part of your offer. Please include the buyer’s phone and email information on page one of the USA. It is required.
Link to Unit Sales & Related Documents
FINANCE and CLOSING: Only conventional finance and cash purchases are allowed. NOTE: Before the first Fannie / Freddie financed unit can close, 50% of the project (three units) must be sold to or pending for residential buyers. Closing dates can be affected. Contact the listing agent for the current status of sales status.
ADDITIONAL INFORMATION, PLEASE READ:
ESCROW CONTACT INFORMATION: Deena Bergstrom | Chicago Title Company
O: (503) 973-7500 | D: (503) 238-2392 | M: (503) 347-7827
5300 Meadows Rd., Ste. 100 | Lake Oswego, OR 97035
Deena.Bergstrom [at] ctt.com | www.ChicagoTitleOregon.com
SELLER’S PROPERTY DISCLOSURE STATEMENT OREF 020: Your admin, principal broker, and/or lender will likely ask for it, but OREF 020 is not allowed, per Oregon statute ORS 105.465(1)(a)(B). Essentially, the multipage “Condominium Disclosure Statement For Normandale Park Condominium” serves the function of OREF 020. The OREF is considered to conflict with the state approved, project specific condominium disclosure. This is a firm legal guideline.
APPLIANCE ORDERING: Washers, dryers, and refrigerators are not typically provided, in part as buyers normally prefer to customize these items. The builder’s appliance contractor is a strictly a wholesale vender and unfortunately will not retail to individual buyers (builder discounts are minimal in any event). Due to supply chain issues, it is strongly recommended for buyers to locate their appliances early and to schedule delivery around closing. Buyer agents may provide access for delivery.
UrbanRoost Development, LLC | urbanroostdevelopmentllc.com | 503.481.3997
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