Persimmon Creek Annual Meeting August 22, 2013 .
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Persimmon Creek Annual Meeting August 22, 2013 www.PersimmonCreekHOA.com
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Transcript of Persimmon Creek Annual Meeting August 22, 2013 .
Persimmon Creek
Annual Meeting
August 22, 2013
www.PersimmonCreekHOA.com
Your Board
Term Expires
Andrew Yonce President & CEO August 2013
Marlin McCoy Vice President August 2014
Jaclyn Carter Secretary Stepping down
John Stocker Treasurer August 2014
Nick Lay Member at large August 2013
Steve Reeves Member at large August 2014
Pete Dickinson Member at large August 2014
Derek Edwards Member at large August 2013
Jessica Stauffer Member at large August 2014
Kurt Colburn Chairman, Architectural Committee Stepping down
Derek Minker Member at large August 2014
Dan Hall Member at large August 2013
Sala Danboise Member at large August 2013
President’s Priorities 2012-2013
Maintaining a Balanced Budget Continuing the Downward Delinquency Trend Save one year of operating expense Playground Renovation Project
(Finished) Maintain Community Common Areas Continued Monitoring of the Blenheim Project
2012 -2013 Year in Review
Strong Financial Position Delinquencies are Down again 4rd year running
Playground Restoration – Finished Replace Gazebo roof - Finished
FY 2012-2013 Financial Report
Current Cash Position
Estimated Ending balance (8/31) $ 48,649.47
Will have reached our target to have one year of HOA expense the reserve by 2014 -- one year early!
Back Dues owed to the community was $8893.79 (as of 7/31/2012) Back Dues owed to the community is $5961.04 (as of 7/31/2013)A decrease of 33%
FY 2013-2014 Dues
Dues will remain at $239 for 2013-2014
Things to keep in mind:
• Dues notices will be mailed Sept 1st
• Dues are due Sept 30th
• All reasonable payment plans accepted, Contact Aspen
• Failure to pay will result in account being sent to collections
FY2013 - 2014 Budget
Dues for 2013-2014 will be $239 per home 2013/14 Budget
Income
06310 - Association Fees $ 45,410
Expense
07010 - Management Fees
12,160 07020 - Accounting & Audit Fees
400
07160 - Legal Fees 500
07280 – Insurance 2,200
07300 – Website 250
07320 - Office Expense 2,000
07410 – Community Expense 150
07990 - Bad Debt Expense 5,000
08910 – Electricity 5,000
09020 - Grounds Maintenance 7,300
09110 - Repair and Maintenance
500 09140 – Janitorial 2,700
09410 - Grounds Committee
633
End of Expense $ 38,793
09910 - Reserves - Saving Contribution $ 6,617.00
Renting Rule
Proposal to remove the following rule:
{As of July 1, 2009, all sales of homes must be for owner-occupied use only. Existing rental properties [owned by other than an owner-occupant prior to July 1, 2009] will be allowed to continue as rental properties. Beyond July 1, 2009, if a current rental property is sold, it will fall under the new restriction of owner-occupied use only.}
• We had 187 homes when the rule when into affect. Since then about 20 homes have sold. That’s167ish homes that still can rent.
• This rule does not prevent renters.
• The former President of the HOA that proposed this rule is now renting• The President at the time the rule passed he is now renting • Three other board members have rented out their homes in the last year
Renting Rule
The typical argument is that “Renters” are bad and “Homeowners” are good.
• This is a generalization that is based on little facts • Are some renters bad residents? Yes• Are renters good residents? In most cases, Yes• Are some homeowners bad residents? Yes• Are homeowners good residents? In most cases, Yes
• We currently have no landlords behind on HOA dues • We have had success in working out issues with landlords
Our Renting Rule…
• What does the renting rule do for us? It drives down property values for everyone.
• Foreclosure increases in likelihood for owners that move, have difficulty selling, and cannot rent
• Reduces the potential size of the market for our homes by ‘excluding’ potential buyers
• At present we know of at least 6 foreclosures
Renting Rule - Case Study
Case Study #173 Mule Deer
• They decided they wanted to move closer to their kids in Florida. • Put their house on the market for over a year• They had an offer on the house, accepted.• The offer was from a single Man, early in his career.• He found out about the rule while reading our website, Contacted the HOA to
see if it was possible to get a waiver in the future if needed. We had to state that that was not an option.
• He pulled his offer• The owners decided to rent because they found a house in Florida that they
wanted to buy. • They rented their house• The renters ended up being a problem to the community. • The HOA and fellow homeowners documented the events that took place.• The HOA provided all the documentation to the homeowner and respectfully
requested that the homeowner not give the renter an opportunity to renew the lease.
• The renters lease was not renewed, they moved out• Once the inspection was done the homeowner found there was 6k in damage
done to the home.
Renting Rule - Case Study
Case Study #2
• Owner purchased her house after the rule was put into place. • She cannot rent her home• She has lived in the community for the past 3 years• She recently got engaged to someone that lives in Baltimore. • They plan to move in together in his house down in Baltimore after the wedding. • Her options are as follows:
• Sell her house for less then what she owes• Foreclose
Renting Rule – What if Scenario
Scenario
Joe is being forced to relocate for work. (He is not allowed to rent his home.) He decided to rent his house anyway instead of foreclosing and ruining his credit. He rents to a great family with two small kids. The family is well liked in the community.
It is brought to the HOA’s attention that Joe is not allowed to rent his home after the renters have been in for 3 mo.
Does the community want to spend it’s HOA dues going fighting Joe in court to remove these renters?
YesThe renters get kicked out (what did they do wrong?)The HOA spent 10K or more on legal fees (per case)The owner forecloses on the townhomeHOA Dues have to go up to cover new cost of legal fees
No We have to treat all cases equalSo, We do not enforce the ruleWhat’s the point of the rule?
Renting Rule
So what are we really talking about?
• A rule that increases the possibility of foreclosure• A rule that has and will continue to turn away buyers from the
community. • A rule that will keep home values lower the other townhome
communities that do not have a similar rule.
Let’s give our community the best possible chance of increasing in value in the coming months and years by repealing this rule.
Renting Rule Vote
Proposal to remove the following rule:
{As of July 1, 2009, all sales of homes must be for owner-occupied use only. Existing rental properties [owned by other than an owner-occupant prior to July 1, 2009] will be allowed to continue as rental properties. Beyond July 1, 2009, if a current rental property is sold, it will fall under the new restriction of owner-occupied use only.}
Post meeting addition to the deck:
This proposal to remove the above mentioned rule was passed at the meeting with over 51% of the community voting to remove either in person at meeting or via proxy given to the HOA president.
No one at the meeting who heard the boards case voted to keep the rule in place.
Board of Directors Standing for
ElectionTerm Expires
Andrew Yonce President & CEO August 2013
Nick Lay Member at large August 2013
Derek Edwards Member at large August 2013
Dan Hall Member at large August 2013
Sala Danboise Member at large August 2013
Aspen Property Management
General Email: [email protected]
Brad Carrillo, President/Property Manager Email: [email protected]
James Kulesza, Property Manager Email: [email protected]
Website: http://www.aspenpropertymgmt.com
200 East Main StreetElkton, MD 21921 Phone: (410) 620-2598Fax: (443)303-8890
Aspen Management Report
Aspen visits the Community once a week To date we have opened 155 violations We have resolved 147 violations We are currently working on 8 violations
Typical Enforcement Procedure◦ Initial warning◦ Second Warning◦ Final Warning◦ Advise the Board to make a determination to send to
legal for enforcement or attempt to resolve with an alternative method.
Aspen Focus for 2013-2014
Manage 2013-2014 HOA Billing / Processing Collect on Pass Due AccountsManage Finances to the Board’s BudgetFocused Enforcement of the following:
◦ Homeowner Landscaping Maintenance◦ Exterior Home Maintenance◦ Trashcans Storage ◦ Parking
Other Tasks as Assigned
Important Information
Corron’s Trash Removal 410-287-4790◦ Preferred Community Trash Hauler ◦ Special Community Pricing, With No Fuel Surcharge◦ Ask for the Persimmon Creek pricing
Thank You for Attending
Questions?
