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Frequently Asked Questions
It seems like there are more condos available on Mt. Desert Island than last year. Why? The main reason is that developable land on Mount Desert Island is scarce which makes traditional lots very expensive. Prices from $125,000 and up are not unusual! Condominiums spread the cost of land across all units making them much more affordable. Also, condominium owners - and those at Park Place Condomiuniums in particular - get to share special features such as water views or a private pool that a single buyer could probably not afford alone.
Is there a typical number of units in a Maine condominium property? Not really. There are condos with as few as two units, though it's common to see condominiums with four to six units in a single building. Park Place Condominiums consists of four duplex condominiums for a total of eight units. By Maine standards, anything over 25 units would be considered a big condominium property. Top of Page
What about monthly condo fees? The Park Place Condominiums budget for the period between July 1, 2006 and June 30, 2007 breaks down as listed here. Top of Page
Each distinct unit in a condominium is almost always valued by the town for tax purposes. The town bills each unit owner for his or her property tax. Often "common elements" such as a swimming pool or clubhouse are valued with each unit charged its share of the tax on the total value. Top of Page
What if something big - like a roof - must be repaired or replaced? Over time, big ticket items like a roof, septic system, or furnace do wear out. Condominiums in Maine are required to set aside money each year, called "reserves". These funds are set aside so that there will be enough available when the repairs are needed. See the Park Place condominium budget for the specifics. Top of Page
Who takes care of my unit if I decide to go away for the winter? It's common for Maine condo owners to use their units spring through fall and then take off for warmer climes. If there are several units in a building typically a neighbor or caretaker will keep an eye on the vacant unit. When units are in separate buldings or a duplex, then the condominium association arranges for a caretaker. Top of Page
What about pets? At Park Place Condominiums common household pets are welcome though the expectation is that owners are responsible for pets good behavior and, in the case of pets who go outdoors, that the owner cleans up after them. Most condominium rules provide for those unhappy instances when a pets behavior negatively impacts the "quiet enjoyment" of other condo residents. Top of Page
What about resale value? Condominium units should appreciate at roughly the same rate as single-family detached homes on traditional lots. When you select your condominium, however, try to pick a project or unit that has something special: a better location, better view, better amenities, better construction, etc. As you can see, Park Place Condominiums offers you all of that and more. Choosing wisely now will give you the advantage over other units when it comes time to sell. Top of Page
What about financing? All of our local banks are quite familiar with condominium financing, especially for second and retirement homes. Secondary market rates are the same as for non-condominium purchases. Top of Page
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