financials

Thanks James for your replies. That explains it all. We should have you and the rest of the current board to manage SPW a long time ago. It's like highway robberies with all of the previous boards. I was talking to one of my neighbors and she said one board wasted $80,000 on one building rehab. To have no reserve fund whatsoever after 27 years, ever since this complex was built is not only irresponsible, it's down right WRONG! You mean up until your board took over, we all paid over $200 per month, $2500 per year just to see grass mowing, pool cleaning and violation letters after violation letters? Take $2500 x 141 units = 350K per year or 3 millions/10 years, 7 millions/20 years and all we saw was one building rehab, a bench and a ramp and non-stop nit-picking? What a ridiculous bunch of idiots that ran this complex before this board. Sorry I had to vent, I happen to know some math unlike those idiots that's all.
Y'all have been here for 2 years and things are turning around already. Hope the future would look as bright. I don't think many other people just don't care what's going on around here, they just pay their fees and be done with it.

By Anna

Be sure to read all replies

FYI, I just realized some of the replies are hidden under whatever posts that you clicked ''reply to''. So if you click on the main topic, you won't see all of the replies unless you click on individual replies. Hope that's easy to understand. In orther words, if you see a total of 8 replies, be sure to read all 8 replies + the main topic (9 messages total)

By James

financials

Anna,
I understand and concur with you on your frustration over the reserve funding. You are correct, most of our 2 bedroom units are paying over $200 and a lot of money over a long time. Let's look at it this way: This amount would be used to pay for water, lawn care (mowing & sprinklers), termites, pool care, trash pick up & garbage disposal, hazard insurance and management & lawyer fees. So you see, it would come very close to $200+ per month if you live in a house. But for 141 units like this the maintenance costs would be sky high in 1, 10 or 20 years period. The benefits of living in a complex like SPW is that you don't have to worry about these bills. Plus if something happen to your roof and outside walls the reserve funds would take care of that. Just like we all put money together into a pool and use it when needed just like rehabs, someone's roof leak, foundation, potholes on driveway, etc. On the other hand, you trade that for deed restrictions, noises from your neighbors, and count this - bad Board of Directors. Again, I agree with you we should have a sizeable amount in our reserve fund by now. The bright side is, nothing bad had happened to put everyone in the hole and we still live in a decent and high valued complex, not a dump like somewhere else.

By James

financials

Thanks James for your detailed explanation. Now I understand a whole lot more about SPW Board and financial issues. I have been reading this forum for a while, I just want to join in to say Thanks for your services to SPW community. Thanks for allowing me more coordinator access. I saw that the number of hit barely into November went off the roof, meaning a lot of people read but not many participated in the discussion. Maybe they don't have much to say when things are going so well around here.
The only complaint I have is, Randall is sending out too many violation letters. I received 5 letters myself with threats of $75 fines, they have actually fined me even after I had corrected my violation. I think you need to have a word with Randall about them going crazy with violation letters. I have sent to your email address a separate explanation why I'm contesting my fines. Please help!
Thanks again James, keep up the good works, sorry to see to go but I sure hope this board would manage SPW forever.



By Andrew