Downtown Patio Homes Pricing:
Basic Unit (1150 sq. ft.)
|* Fee Includes:
All building and grounds maintenance,
building insurance, management and recreation building costs, water,
sewer, trash pick up, basic cable, taxes on land, and exterior
security night watchman. Residents are responsible for gas, electricity,
telephone, and house property taxes.
Cost fee is the amount of money paid for the original lease plus the
cost of additional square footage added to the basic floor plan selected.
The cost fee does not include the entrance fee, extras, or amenities
you may add.
The Life-Time Agreement
A Life-Time agreement is a contract between a resident and Rio Concho
Inc., that may last a day or a lifetime, depending upon the discretion
of the resident. The Life-Time Agreement enables the resident to enjoy
the home without the everyday work and worry of home ownership. Rio Concho,
as the property owner of Rio Concho Patio Homes is responsible for the
maintenance and upkeep of the the property.
The 90-10 Agreement
The agreement used by Rio Concho, Inc., is called a 90-10 agreement.
This agreement is based on an annual depreciation of 2% a year for the
first five years of occupancy. At the end of the fifth year of occupancy,
the agreement stabilizes at 10% depreciation and allows for at least
90% of the original cost fee to be returned to the resident and no more
than the 10% of the original cost fee to be retained by Rio Concho. The
purpose of this program is to keep the price of the homes consistent
and to make the homes easier to market in the future. If the market increases
above the original cost fee, the appreciated amount is divided so that
the resident receives half of the appreciation and Rio Concho receives
the other half.