When will the units be ready for occupancy? Two units are already occupied. The remaining space is completed "shell" space ready for customized fit-up. It takes approximately three months to complete a typical unit fit-up once the buyer or tenant has made a commitment and approved the custom floor plan.
How does a condominium work? Under condominium ownership, an owner enjoys absolute ownership of a unit in a multi-unit building, plus a percentage interest in the ownership of the common elements (such as the exterior walls and roof, the parking lot, the utility room, etc.), which are owned jointly with the other condominium unit owners. Legally, a condominium unit is a piece of real estate like any other, and it can be freely sold, mortgaged, or leased. But, to ensure harmonious co-ownership and to protect property values, condominium ownership and use is subject to certain rules, conditions, and other important matters detailed in a legally recorded Declaration of Condominium and in the By-Laws of the association. Every unit owner is a member of the condominium association, which has specified powers and duties to manage the condominium. The unit owners elect a board or an executive committee to carry out the association's duties, while a professional management company is typically hired to carry out most of the actual work. The executive committee prepares an annual budget for approval by the owners, and monthly assessments are billed to each owner to cover the budgeted expenses.
How much are the monthly condominium fees? The condominium association has adopted an annual budget that calls for annual fees of $0.75 per square foot of "footprint" (ground floor) space, which is collected in monthly installments. So, for example, the fee for Unit 3 would be 11,019 sq. ft. X $0.75 / 12 months = $689 per month. This covers snow removal, landscape maintenance, common area maintenance and reserves, property insurance, among other things.
How much are the property taxes? Derry's current tax rate is $22.05 per thousand dollars assessed value. The valuation for the completed units was set in April 2008, and the assessments were approximately 85% of the purchase prices. Based on that, unit 3 at 11,019 square foot unit purchased and fit-up for $957,500 will probably be taxed about $17,946 per year ($1.63 per square foot).
What utilities are available? Each unit will be served with municipal water and sewer, LP gas, and electricity. Telephone and broadband service are available in the utility room for connection to each unit through dedicated conduits. (Because users' needs vary greatly, telephone, and data wiring is not included with the unit.)
What is the zoning and what uses are permitted? Derry Business Center is located in the "Industrial VI" zone, which permits a wide array of uses, including light manufacturing, office, R&D and warehouse/distribution.
What are the parking arrangements? Derry Business Center has ample parking available. There are 150 total spaces planned. Units are sold with 2 assigned spaces per 1,000 square feet of ground floor space, and additional spaces are available for assignment at additional cost.
Is there a warranty on the building and the unit? Opechee Construction Corporation will correct any defects in materials or workmanship for a period of one year and will transfer to the Buyer the benefits of all manufacturer's and installer's warranties for components integrated into the unit.
Can I combine multiple units to create a larger space? Yes-multiple units can be easily combined, and doing so will almost certainly result in some cost savings for fit-up due to the elimination of unit separation walls and some duplicated systems and components. The condominium documents allow an owner of multiple units to divide the units in the future should his or her needs change.
