In 1991, A&M Homes started the Capriana Townhome development, which runs along Ardenwood Blvd. from Tan Oak Dr. to Commerce Dr. It was one of the first large developments in the area that featured a tri-level design. Not a three story townhome, like many designs available since, but a half level up from entry/living to dining/kitchen with one more story above.
The HOA dues are amazingly low here. As I recall, they started at $165 per month in 1991 and even went down to $140… even today they are an affordable $185. At open houses, many people ask us how this is possible. There are several things, but first: the economy of scale. There are 165 units. Most developments have 100 or less. What this means is that there's a proportionate saving in costs gained by an increased level of efficiency. It doesn't cost that much to take care of an extra 65 units but the dues of the extra 65 units adds up nicely. As for the second, the builder spent money on quality, most likely in an effort to avoid the litigation that perpetually plagued condos and townhomes in that period. However, the Capriana HOA doesn't have to collect dues to replace wood trim on the exterior of the buildings because smartly, the builder wrapped stucco around architectural foam trim. And when the builder uses tile roofing that will last 50 years, there are huge savings involved and forever increasing dues doesn't become a thing.
Not sure if all that 'smart' money led to A&M homes failing and selling out to GreyStone homes midway through the build-out, but this did happen and did lead to some changes in the end-unit floor plans. For some reason, GreyStone didn't offer the 4 bedroom version any longer. Not sure how many of the original 4 bedroom units were built, but in 20 years I've never sold one. Being that I've sold more Capriana townhomes than any other Realtor in the last 20 years, there can't be that many. I only recall about 10 or so ever coming up for sale.
Many of the end units without the 4th bedroom are listed as 1,783 sq ft. Yet when measured by appraisers, it comes out as over 1,900 sq ft.
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