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Rio Concho West Lease Rates

 

Pricing: New Construction

Phase VI

 

Townhouses Plan Sq. Ft. Price 
Mockingbird Plan #1672 1759 $187,200
       
Chaparral Plan #2070 2100 $219,300
       
Chaparral Plan #2072 2159 $222,500

(Prices subject to change without notice)

 

 

Pricing: Pre-Owned Houses

      Sq. Ft. Price  End Unit
Small Bluebonnet Plan #1170 1218 $89,800 $91,300
           
Medium Bobwhite Plan #1470 1420 $121,700 $123,500
           
Large Mockingbird Plan #1670 1736 $139,900 $141,900
           
Townhouse Chaparral Plan #1672 1759 $163,100  
           
  Chaparral Plan #2070 2100 $169,000  
           
  Chaparral Plan #2072 2159 $173,700  

 (Average Price may vary according to square footage)

 

Cost Fee

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.

Purchasing

An initial entrance fee of $1,000 is paid when you sign the lease agreement. After 30 days, an additional $12,000 is due. This first amount is used for land development. The balance is to be paid in four equal parts. The first installment of the balance is due on the date construction begins, and the three remaining installments are due in thirty day intervals.

Because the homes are paid for up front, the financial security to your community is further ensured.  Financing is not available thru Rio Concho, Inc.; however, upon  approval, it may be obtained from a financial institution.

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 West, 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 increase 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.

Resident Fees

Residents of Rio Concho West pay for their electricity, gas, telephone, annual taxes on the home, and a monthly service fee of $384 - $468 (based on square footage of home). The monthly service fee is as follows: 
 
 Sq. Ft.  Base Cost  Insurance/Maintenance Total Maintenance Fee
1185-1400 $340 $44 $384
       
1401-1700 $340 $61 $401
       
1701-2008 $340 $84 $424
       
2009-2199 $340 $101 $441
       
 2200-2399 $340 $113 $453
       
 2400-2600 $340 $128 $468
 
Monthly fee includes:
 
  • Total maintenance on the building and grounds
  • Community taxes on the recreation building and other facilities
  • Patrolmen
  • Water and sewer costs
  • Emergency systems
  • Garbage removal
  • Street lighting Cable