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Frequently Asked Questions
Is there a condominium association?
Yes. The developer has created “The Paddock Antoine Owners Association” which is a Texas LLC to manage the property.
What services does the association provide?
The association is responsible for purchasing property and casualty insurance, and liability insurance for the property as well as establishing electrical and water service for the common areas. The association is also responsible for engaging contractors to perform landscaping services, trash pick-up, security monitoring and other miscellaneous services.
Who manages the association?
The developer will manage the association until a minimum of six (6) units are sold. At that time, an owners meeting will be held to elect three (3) owners to serve as directors to take over management of the association.
Who manages the property and what services do they provide?
The association shall engage a professional property management company, that specializes in managing small condominium associations. The management company shall be responsible for collecting monthly owner fees, paying association expenses, sourcing vendors to provide the services the association is responsible for providing as mentioned above, preparing financial statements for its members and preparing and filing the annual tax returns.
How much are the monthly association fees?
Association fees will be paid pro-rata by the owners, based on the square footage of their unit. The developer estimates small units will pay approximately $ 400 per month and large units will pay approximately $500 per month. These are purely estimates and the actual amounts won’t be known until the project is built and begins obtaining quotes for property insurance and various other services.
Who is responsible for insuring the content of the unit?
Unit owners are responsible for insuring the contents of their unit including vehicles.
Who pays property taxes?
Unit owners are responsible for paying property taxes on their unit. Current property tax rates are approximately 2.52 percent of the assessed value of the unit.
Has the property flooded?
The property has never flooded and does not lie within the 500 year floodplain according to the latest Harris County Flood Control District maps.
How do I purchase a unit?
Contact scott@paddockcarcondos.com or call Scott at 713-305-5545
Do you offer financing?
The developer does not directly offer seller financing. However, the developer can put you in touch with several mortgage brokers that can assist in providing financing for your unit.
Can I resell my unit?
Yes, you can resell your unit at any time after closing.
Can I rent my unit to others?
Yes, you can rent your unit provided the tenant complies with all association rules governing the property.
What are common buildout options?
Buildout options for the mezzanine space are virtually limitless. From full gourmet kitchens, to man caves with state-of-the-art audio/video systems, to driving simulators. There's sufficient space to do whatever you desire. Concrete garage floors can be resurfaced and garage areas can be fitted with custom cabinetry, work sinks and stackable washers and dryers for rags and towels.
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