Condominium Association
for the Roatan Vista Villas

The Sunnyside Vista Villas are managed by unit owners in a non-profit Condominium Association.  Condominium fees and typical home owner expenses are described here.

[ Villa Sales ] [ Construction Details ] [ Utilities ] [ Villa Features ] [ Aerial View of Site ] [ View Floor Plans ]

What is "peace of mind ownership"?

Peace of mind ownership is derived from a series of benefits that each unit owner will enjoy from membership in the Sunnyside Vista Condominium Association.  On going maintenance, quality covenants, quality building components, building insurance, an experienced professional management team, and clear title (individual recorded Escritura Publica) are some of the factors that assure "peace of mind ownership" for each owner at the Sunnyside Vista Condominium.

The Association has an extensive set of covenants and by laws covering most aspects of living at the Vista Condominiums.  Each new unit potential owner will be provided a complete set of English and Spanish documents soon after placing a purchase deposit on a unit.  The Condominium documents are always available for review from the Condominium management team prior to placing a deposit.

Each unit owner is entitled to one vote in the Condominium Association.  The Association is currently managed by experienced real estate development professionals from the developer’s staff.  When 80% of the units have been sold, the Association will hold its first official meeting to elect a new management team from the current unit owners.  During the first voting meeting, a new fiscal budget will be presented for the approval by its members.  The regular annual meeting of its members will be in February of each year.  The budget, management team nomination and election , and operational issues are the normal topics for the annual meeting.  While many of the unit owners may not be able to attend the annual meeting, their vote may be cast by proxy in the form of FAX, mail, telephone, email and any other electronic form.

The Association provides for a security guard as necessary.   Common elements are maintained by a gardener and maintenance crew on an as needed basis.  Maintenance reserves have been established at a rate of 10% of the monthly condominium assessments for long term replacement or repair of the exterior building components such as the roof, siding, stairs and decks.  Plumbing and electrical lines, hot water heaters, and pressure pumps are maintained by the Association.  The builder has selected only high quality products from US manufacturers.  The products selected are known for durability and a long maintenance free service life.

Building insurance with coverage for fire and lightning, earthquake, hurricane, explosion, malicious damage, civil commotion and riot losses through the American Home Assurance Company.  This company was selected because it has a reputation for strength and the ability to pay for losses in the event of catastrophic events.  Unit owners can obtain content insurance from the same insurance company. Content insurance is a decision for each unit owner.

The following condominium fees have been adopted by the management team for fiscal 2003. Some of these fees are currently not charged and have been noted in the foot notes to the budget.  This budget is presented to show the anticipated fee schedule for 2003.  The monthly Condominium Association fees are paid twice a year in advance (six months).  The fees below do not reflect an annual assessment for building insurance that includes fire and earthquake coverage.   Insurance coverage is approximately $500 per unit.

Fixed Monthly Fees of the Condominium Association
Monthly Fixed Total.............................$100.00

Security guard services is a variable fee.  Typically, services are provided when all unit owners are not occupying their units.  If several unit owners are in residence at any one time, the need for a guard diminishes significantly.  However, a guard may be provided whenever the management determines a guard to be appropriate.

Individual Variable Expenses

The following is a schedule of estimated expenses that a unit owner should anticipate for a Sunnyside Vista condo unit.  These expenses may vary significantly depending upon each owner’s usage of services. These costs were developed from the builder’s direct experience with running the condominium model.

Metered electricity from RECO¹...................................  $100.00
Metered water from Sunnyside Water Company...........  10.00
Television Service (Installation $57.30)......................... 15.30 plus 12% tax
Honduran Property Taxes²................................................... 29.06
Content Insurance ($12.36/thousand plus 7% tax)³...... unknown
Telephone³ .............................................................................. unknown

Rental Property Management (if rented) is typically 30% of the rentals collected by Roatan real estate firms.  Rental management is available from the builder’s staff.  The current rate for homeowners is 25%.  Property management is also available on fixed fee for absent unit owners.  The service would cover such items as paying bills and general unit management.

Footnote 1:  Electricity is estimated on full time living with the use of a dishwasher but not with using an air-conditioner or a clothes dryer.

Footnote 2:  Property taxes are based on .0025% of the recorded value. $29.06 is a monthly accrual of annual taxes of $348.75 on a unit recorded at $139,500.   Property taxes are due before May 1 of each year.

Footnote 3:  Content insurance and telephone costs have not been evaluated since usage and coverage will vary significantly among unit owners.