StonebridgeHOA Reserve Study – Another document in the HOA disclosures

If you have the patience to wade through all of the disclosure information that is provided by the HOA when you buy a house, you may stumble upon a document called a reserve study. In fact according to the current AAR Planned Community Addendum, the most recent reserve study must be provided to the buyer if it exists.  If the HOA is responsible for maintaining a community with more than the normal level of common area amenities such as a man made lake or a community park or clubhouse, a reserve study is even more important. The Lakes Dock and Boat

What is a reserve study?

The best definition of a reserve study that I’ve found is “A Reserve Study is the art and science of anticipating, and preparing for, major common area repair and replacement costs. (Association Reserves, Inc.)  There are two parts to the reserve study; the physical analysis and the financial analysis. The physical analysis contains information about the condition and anticipated costs to maintain or replace the assets maintained by the association. The second part is the financial analysis that includes a review of the association’s reserve balance and plan to offset expenses.  As a community has more assets and common area responsibilities, a thorough reserve study becomes very important because of the large capital expenses that can occur.   The purpose of reserve study is to establish reserves that will cover capital common area expenses. Otherwise, a special assessment may be required of each property owner to cover costs that were not anticipated or budgeted.

Reserve studies are not required by law in Arizona even though in other states such as California, Delaware, Utah, Nevada and Virginia they are.   As a prudent steward over the assets of a community it would be very reasonable that a community association would perform a reserve study periodically.  A.R.S. 33-1260 does requires that the buyer be provided with a statement regarding the total Diving Poolamount of money held by the association as reserves.  The significant discussion really centers around how frequently a reserve study should be performed.  In states that do require reserve studies, physical site assessments 3 – 5 years cycles are suggested.

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A benefit of reviewing the reserve study for any Phoenix area home is that a potential buyer or existing owner will be able to see what community assets are being considered for repair or replacement and the anticipated life of each. You’ll also run across terminology regarding the funding strategy and funding resWater Tower Plaza Fountainserve.  Calculations also show how much of the spent or deteriorated asset life has been covered for in the reserves.  Even as a current homeowner, the review of the reserve study is recommended.

The Reserve Study is often overlooked by buyers when they are reviewing the HOA disclosures. Possibly because a potential buyer is busy reading the Conditions, Covenants, and Restrictions (CC&R’s) for the community.  However, a quick review can give a buyer worthwhile insight into the community where their next home will be.

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The Lakes Bill ARS 45-132

$275,000 :: 3532 S BUCKAROO Trail, Gilbert AZ, 85297

3 beds, 2 baths
Home size: 1,352 sq ft
Lot Size: 6,534 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691256
Community: SAN TAN RANCH PARCEL 2
Tract: SAN TAN RANCH PARCEL 2
Status: Active


Your new home is super clean and ready for you to move in! Enjoy your time by your Pebble Tech play pool w/ rock water fall and grassy area for pets and kids. Your new home has 3 bedroom and 2 full baths and it beautifully upgraded to include all new carpet and paint. You have 18 in. tile in kitchen, hall and baths.Your ceiling is vaulted in your family room and you have pot shelves to decorate for Christmas and other Holidays. Your Master Bedroom has separate tub & shower and you also have upgraded window blinds, ceiling fans, single level homes all around making yard very private, low maintenance front yard landscaping with automatic drip.

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$248,000 :: 1505 W LOBSTER TRAP Drive, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,407 sq ft
Lot Size: 4,356 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691231
Community: PARCEL 31 AT THE ISLANDS AMD R
Tract: PARCEL 31 AT THE ISLANDS AMD R
Status: Active


This Harbor Cove home with backyard views to a common area has been renewed with fresh interior paint! Upon entry, the interior impresses with vaulted ceilings, plantation shutters, and pot shelves. The Great room flows into the formal dining area and has sliding glass doors leading to the covered back patio. The kitchen features tile countertops, breakfast bar, and a nook. The Master suite boasts dual vanities, a garden tub and shower combination, and a walk-in closet. Conveniently located less than a mile from the dining/shopping options at Corovado Village and Stonegate Park. Also near bus stops and US-60/AZ-202 access.Home comes with a 30-day satisfaction guarantee and one-year premium warranty. Terms and conditions apply.

Listed with Opendoor Homes


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$236,000 :: 3220 E SANDY Way, Gilbert AZ, 85297

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3 beds, 2 baths
Home size: 1,325 sq ft
Lot Size: 6,534 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691190
Community: SAN TAN RANCH PARCEL 5
Tract: SAN TAN RANCH PARCEL 5
Status: Active


Nice home with open and light floor plan. Home features vaulted ceilings, bay window eat-in kitchen area and fireplace in the living room, as well as a behive fireplace on the back patio. Floors are tile, real wood and matching wood laminate~ no carpeting. A/C is about 4 years old. Large master suite has a walk in closet. Backyard has a fenced play pool and covered patio. This short sale is already conditionally approved by the lender.

Listed with Heritage Success Realty LLC


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$250,000 :: 2300 E AUSTIN Drive, Gilbert AZ, 85296

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3 beds, 2 baths
Home size: 1,393 sq ft
Lot Size: 6,534 sq ft
Added: 11/02/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5682296
Community: FINLEY FARMS
Tract: FINLEY FARMS
The price of this listing was last increased on 11/15/2017 by 2%
Status: Active


Upscale Finley Farms Master Planned Community. This property shows new exterior paint, new interior paint and new carpet. Neutral tile everywhere except bedrooms. Move in ready and looks sharp. Upscale Finley Farms, great room floor plan with vaulted ceilings, dual pain windows, covered patio, additional cement slab out back with side walkway and north/south exposure. Kitchen shows dark oak cabinets with pantry. Ceiling fans & garage cabinets. New covered patio roofing. New hot water tank. Desert Front yard with grass area out back. No two story homes around. Well maintained property. Owner/Agent.

Listed with FDR Real Estate


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$415,000 :: 2719 S BUTTE Lane, Gilbert AZ, 85295

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4 beds, 2.5 baths
Home size: 3,207 sq ft
Lot Size: 7,405 sq ft
Added: 10/11/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5672865
Community: SPECTRUM AT VAL VISTA PARCEL 9
Tract: SPECTRUM AT VAL VISTA PARCEL 9
Status: Active


This home has it ALL!! Curb appeal w/extra long driveway leading to a 4 CAR GARAGE!! From the front porch enter your new home & notice the brand new carpet & neutral color palette. The 1st floor boasts formal lvg & dng, large family room open to kitchen/eat-in area, large bonus room w/big closet and powder room. Kitchen offers lots of upgraded 42" cabinets, granite counters & S/S appliances. Upstairs you'll find a loft, 3 large guest bedss & bath along w/a huge master bedroom & bath with enormous closet! Separate tub & shower w/double sinks. Don't miss the upstairs laundry for added convenience! Plantation Shutters t/o!! Outside you'll love to entertain in your very private yard (no rear neighbors! Backs to medical plaza's back side) with pebble tech pool and extended patio area. Click mo

Listed with RE/MAX Excalibur


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$219,900 :: 4322 E JASPER Drive, Gilbert AZ, 85296

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4 beds, 2.75 baths
Home size: 1,576 sq ft
Lot Size: 871 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691147
Community: GARDENS PARCEL 5 CONDOMINIUM A
Tract: GARDENS PARCEL 5 CONDOMINIUM A
Status: Active


Beautiful home sweet home in Gilbert! Bedroom and 3/4 bathroom on first floor. Second floor is the main living area with access to balcony and an open concept kitchen. Kitchen is complete with granite counters, a plethora of cabinets, and white appliances. Two guest rooms and full bathroom also on second floor. Third floor resides the extra large master suite with sitting room and walk in closet. Full bathroom with single sink vanity. Balcony has plenty of room for lounging or entertaining. This home is sure to go quick, so come see it today!

Listed with Keller Williams Arizona Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$494,888 :: 1559 W SEA FOG Drive, Gilbert AZ, 85233

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4 beds, 3.5 baths
Home size: 2,211 sq ft
Lot Size: 7,840 sq ft
Added: 10/23/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5678032
Community: PARADISE COVE AT THE ISLANDS
Tract: PARADISE COVE AT THE ISLANDS
The price of this listing was last reduced on 11/14/2017 by 1%
Status: Active


Don't miss out on one of the last opportunities to own a home that is under 1 year old in the Islands! This 4 Bedroom 3.5 Bath home has more upgrades than the model. When you walk into this amazing open floor plan, you will love the view as you gaze through your multi slide door that completely opens to extend your indoor living space to the outdoors. The kitchen is a chef's dream with a Pro Kitchen that has a 48 inch duel fuel range with a grill plus 6 burners, pro refrigerator and freezer, stainless microwave with regular and convection cooking options, and a 48 inch stainless hood with heating lamps. This kitchen has the highest grade of white painted maple stacked cabinets, an upgraded furniture style island, under cabinet light rail, and gorgeous granite.

Listed with The Beshk Group, Inc.


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$453,500 :: 2479 S RACINE Lane, Gilbert AZ, 85295

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4 beds, 3 baths
Home size: 2,862 sq ft
Lot Size: 10,890 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691124
Community: CHAPARRAL ESTATES WEST
Tract: CHAPARRAL ESTATES WEST
Status: Active


Desirable Single level-split floor plan, 4 bedroom, 3 bath + den/office, and 3 car garage including private heated pool & spa. NEW freshly painted interior and wood like tile flooring throughout. Large kitchen with island with beautiful 42'' cabinets, NEW stainless steel appliances. Great room concept is an entertainers dream. Large master suite offers a huge walk-in closet, garden tub and double sinks. Backyard features are an extended concrete stamped patio, sparkling heated play pool & spa with rock water feature. Home also has a NEW Hot Water Heater. Prime location close to San Tan mall for shopping & restaurants with close access to the 202 freeway. MOVE IN READY !!

Listed with RE/MAX Solutions


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$259,000 :: 21518 S GREENFIELD Road, Gilbert AZ, 85298

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4 beds, 3 baths
Home size: 2,017 sq ft
Lot Size: 51,400 sq ft
Added: 08/16/17, Last Updated: 11/22/17
Property Type: Mobile/Manufactured
MLS Number: 5647596
Community: METES & BOUNDS
Tract: METES & BOUNDS
The price of this listing was last reduced on 11/15/2017 by 4%
Status: Active


GREAT LOCATION TO ACCESS HIGHWAY, SHOPPING AND SCHOOL. 1.19 ACRE HORSE PROPERTY IS COMPLETE WITH 3 STALLS & 2 PASTURES & LOTS OF FENCING. LOTS OF ROOM TO ROAM. PALM HARBOR HOME IN RURAL CHANDLER WITH VIEWS. SPACIOUS 4BRS/3 FULL BATH W/AN OFFICE. ENERGY EFFICIENT 2X6 CONST. BUYER TO VERIFY ALL FIGURES/MEASUREMENTS/INFO. DO NOT MISS THIS WONDERFUL DEAL WITH AS-IS sale.

Listed with Realty ONE Group


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!


$284,900 :: 654 N HORNE Street, Gilbert AZ, 85233

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3 beds, 2 baths
Home size: 1,702 sq ft
Lot Size: 5,662 sq ft
Added: 11/22/17, Last Updated: 11/22/17
Property Type: Single Family
MLS Number: 5691089
Community: SUMMER MEADOWS
Tract: SUMMER MEADOWS
Status: Active


GREAT MOVE IN READY 3 bed/2 bath single level on CONER GREEN BELT LOT! Bright & open w/ vaulted ceilings. Delightful kitchen w/ plenty of cabinet/counter space, new custom tile backsplash & island. Kitchen opens to large family room w/ sliding door to back patio. SPACIOUS MASTER w/ walk-in closet & master bath w/ dual sinks, soaking tub, separate glass shower & private toilet. Low maintenance backyard features covered patio, sparkling pool, perfectly placed landscaping w/ healthy shade trees & side yard w/ stepping stones to side gate. This home backs to the COMMUNITY GREENBELT where you can enjoy sprawling grass fields, walking/biking baths, children's playground & picnic ramadas. This home has been well maintained & will not last.

Listed with Rachael Richards Realty


Brought to you by Gordon Baker, Remax Alliance Group. Call me today at 480-326-8571, or visit my website at www.myhomeinaz.com/!