BUY-IN FEE: There is a one-time ‘buy-in’ fee of $1,500.00 for purchasing a Tall Ships unit. While the fee is payable by the buyer, the owner and the seller normally negotiate how the charge will be covered. The ‘buy-in’ fee is waived if the unit is simply being transferred to a member of the owner’s family or is passing by virtue of inheritance or divorce settlement.
The Tall Ships Association is a part of the Keowee Key Property Owners’ Association (KKPOA) and owners of Tall Ships units are subject to the same charges that all KKPOA members pay.
In addition the Tall Ships Association levies an annual fee to cover the upkeep of the buildings, roofs, elevators, landscaping, trash removal, common areas, etc. For 2020, the regime fee is $3,300/year, payable in quarterly installments of $825 each.Regime Fees are due on January 1, April 1, July 1, and October 1.
SPECIAL ASSESSMENTS: There are times when special assessments must be charged to cover the costs of major improvements, repairs, or replacements that exceed available funds from regime fees. In such cases the Tall Ship Board of Directors will determine the assessments and notify the owners.
Special assessment fees are currently being charged to repay the $4 million Tall Ship loan procured to complete a major repair and replacement project. This project involved the replacement of the bow and end wall windows, installation of a drainable system for the stucco wall coatings, as well as replacement of stucco wall coatings on back and end walls, and repairs to the foundations, chimneys, and deck columns. For more information on this construction project, see the Architect Reports page of this website.
Currently the special assessment fee being charged is $895 per quarter. Quarterly special assessment fees are expected to remain in effect through mid-2029 when the 12 year loan is fully repaid. The Board will be responsible for establishing the amount of the remaining quarterly special assessment fees needed to repay the loan. The amount of the special assessment fee is dependent on several factors, including the number of delinquent accounts, interest rate changes, administrative costs, and the number of accounts which have optionally prepaid. The amount is subject to change without notice.
Once a quarter owners have the option to prepay special assessments. A prepayment amount is calculated each quarter by the Board. The next quarterly prepayment window is valid through 9/18/2020 and the prepayment amount is $24,403.68. All prepayments will incur wire transfer, loan re-amortization, and administrative processing fees of $200. For more information on Regime or Special Assessment fees or balances, contact Foothills Property Management via email at email@example.com or by telephone at (864)654-1000.