| As with any condominium
development, Parkview Bay Condominiums require certain assessments to
subsidize the maintenance of common areas. These assessments reflect real costs and are
intended to finance the maintenance of the property in a manner that will enhance property
values and meet the standards of all property owners. Parkview Bay assessments are based on a rate of 70 cents per
square foot per year of your individual unit:
Other billings:
The sewer bill is set by the Osage Beach Sanitation
Department and is $18.58 per month. The rate for Falcon Cable is $13.01 per month. The
water bill is $12.00 per month.
The developer has made contributions that cover
management and accounting fees billed by Management Company. In point of fact those
contributions exceed the required amount and excess funds will be placed in the fund to
cover common area expenses.
The following was taken from a narrative
appraisal report by Loren K. Woodard, IFA, Appraisal Research Consultants, Sunrise Beach,
Missouri.
Neighborhood analysis:
The subject property is located on Lake Road 54-29,
approximately 1 to 1.5 miles south of Highway 54 and the downtown Osage Beach area. The
immediate neighborhood consisted of several uses including residential, commercial, and
the subject condominium development. There are nine buildings that are basically finished in the development having a total of
180 units
per date, per the listing Broker. There was a small resort on each side of the subject
development. This is typical of the Lake of the Ozarks area and should not affect the
value or marketability of the subject property. This statement can be supported by the
subject's high average marketing rate of 3.33 units per month, one of the highest in the
lake area. However, one of the resorts has been torn down for
Parkview Bay to do further development.
Most of the subject's neighborhood consisted of
single family homes. There was an average mixture of both lake front and offshore homes.
The homes had an average value range of approximately $60,000 to over $200,000 and range
in age from new to approximately 35 years. As might be expected, the offshore homes set
the lower end of the value range. There was almost no vacancy in the area, which is
typical of the Osage Beach area.
There is a considerable amount of back acreage in
the entire Lake of the Ozarks area. This can be somewhat misleading to an unknowledgeable
eye, as the land looks like it would be available for development when in actuality, it is
not on the market and not available for development. In the subject's case, most of the
vacant acreage belongs to the Missouri park system and will not be developed in the
foreseeable future.
The subject property is zoned commercial, the
required zoning for condominium development in the Lake of the Ozarks area.
Site description:
The site is a portion of a large tract that was
purchased to develop Parkview Bay Condominiums. The proposed site has moderate terrain and
affords a good lake view. The entire Parkview Bay development is located across from a
state park so the picturesque view should remain similar for the foreseeable future.
Amenities in Parkview
Bay Condominiums consisted of two swimming pools and dock slips, pwc
slips, and garages available for sale. In
addition, the grounds are nicely landscaped with asphalt parking areas and concrete walks. |
