Quote:
Originally Posted by MAXUM
I remember about 10 years ago my brother was looking at a place that was for sale on RI, and the topic of the assoc came up. He opted not to buy partially because it was island property but he really did not like the assoc arrangement and for the life of me I don't recall the details. Of course I asked a listing agent about the specifics of the association and all I got was the mainland access and other than that it's no big deal. Um OK that may work for some but not me. Now don't get me wrong that's great and a HUGE thing that makes property on the island somewhat desirable over other islands. The question is what are the association's annual fees? I seem to recall that all properties on the island have membership in the association deeded? I also seemed to recall and I think this is what my brother did not like, any property transaction the association could have a hand in, I don't remember if it's some sort of approval process or what. I'm also assuming that there are some sort of covenants that may also be in play but can't get any specific details on any of this stuff. I guess these are unreasonable questions to ask the listing agent. After all I'm sure the market for the million dollar homes is keeping them way to busy to deal with a small time guy like myself 
That's OK though, don't need to spend a million to get a piece of the pie which in my opinion is priceless unless you're on a budget! |
Our 8th year and we have never really had any dealings with the association. We have not gone to an annual meeting. We pay our $160 per year per lot. There are some covenants but nothing like the State's water front rules. The one that might effect some is the rule against renting our camps. But, I can't imagine it would be enforced unless it was causing hart burn for someone.
The $160 fee covers the common lot, maintenance, and taxes to the town of Alton on the many many acres of land in the middle of the island which we all own in common.
We have bought two lots now and both had to be passed through the association for right to first refusal. These were routine sign offs and seem to insure that the fees are paid up before the approval is given. Seems only fair.