Quote:
Originally Posted by Bill14564
When a house changes hands, including initial sales, the amenity fee is set to the "prevailing rate" which is currently $195 (I believe this is correct, perhaps it is $194)
Each year in the month that the house was initially purchased from the Developer (or perhaps initially put on the market) the amenity fee is adjusted for the current CPI. Note that the month this happens has nothing to do with the month you purchased a resale, it is tied to the month the home was sold for the very first time. Also, the CPI used might be from a month or two prior to the anniversary month due to the time it takes to publish the number. All this is explained in your deed restrictions.
Each year either in October or January the Developer has the option to set a new "prevailing rate" for the amenity fee. If the new rate is set higher than the recent CPI then the new rate will be more than what you are currently paying for your home.
This explains why some homes are $195 and others are $190. The prevailing rate for a home sold before January 2024 was less than $195. When that amenity fee was adjusted for the CPI it came out to $190. Then the Developer set the 2024 rate to be $195 and a new home was purchased. The amenity fee for the new home is $195 while the fee for the old home is $190.
This also explains why some homes are $195 and others may be $201. Perhaps both homes were purchased in 2024 and both homes had the amenity fee set to $195. One home then reached the anniversary date of when it was first purchased and its amenity fee was adjusted according to the CPI. Since the CPI is running about 3%, the adjustment would be about $6 for a total of $201. The second home has not yet reached its anniversary date and so its amenity fee is still $195.
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I understand, but that doesn’t explain the nearly $22 difference between lowest and highest. The $179 rate home is the original owner. If the prevailing rate is $195, why is a home sold last year over $200?