[UPDATE] FALL & WINTER: Heating, Snow Removal Policy, Insurance, 2024 HOA Fee Increase
Dear Residents,
As we approach the end of 2023, the Board of Managers would like to wish everyone a happy, healthy, and enjoyable holiday season! With cold weather now upon us and the potential or snowfall in the coming months, we would like to remind residents of a few policy points. We would also like to give an update on our condo insurance policy, and discuss HOA dues in 2024. Please take the time to read through this memo in its entirety.
Regarding Heating: This fall, the Board has worked with a number of residents to correct preexisting in-unit heating issues. These issues stemmed from either the thermostat or baseboard unit valves not functioning correctly, leading to units often becoming overheated. We would like residents to be as comfortable as possible throughout the year, and not need to run their AC or open windows in the winter to compensate for high temperatures. This inefficiency has been a contributing factor to our higher than expected fuel bills, and something that impacts HOA dues for all homeowners. If any residents believe their heat may not be functioning properly, please reach out to the Board. We are happy to work with you to correct any issues to the benefit of the entire community.
Regarding Snow Removal: The Board is currently price shopping snow removal contracts for this winter and hope to have a decision made ASAP. Cost of these contracts have continued to rise over the past few years. Please note that parking is not permitted in the corner spot in the front lot (in front of the sign), from December 1st to March 15th. This space should remain open to give the snow removal company a spot to push excess snow.
Additionally, per section 10 of our bylaws, residents are to keep their decks free of ice and snow. We understand circumstances may make this challenging at times, but would encourage everyone to do what they can to keep the decks clear. Our new decks are composite material and should hold up fairly well, but ice and snow can be destructive when melting and refreezing. Removing snow and ice when possible will help protect our collective investment. To this end, we would recommend using a broom to remove snow, and avoiding using metal shovels which might gouge the decking.
2024 HOA Fee Increase: Please take notice that the Board has voted to implement a 5% HOA Fee Increase effective January 1, 2024. This is not a decision that the Board makes lightly, and it comes only after months of discussion, extensive reviews of our financial statements as well as our budget projections, and an evaluation of the HOA fees of comparable properties. Our goal in implementing this fee increase is to ensure that we have the funds necessary to upkeep the property while also rebuilding our reserve funds to provide funding for unexpected repairs. Through this increase, we hope to stabilize our finances in a manner that limits the necessity of assessments in the coming years.
This 5% increase will result in an increase of approximately $20 - $35 per month per unit, depending on the unit’s square footage. The increase is necessary for a number of reasons, first and foremost being the rising costs of maintaining our property. For example, our insurance costs alone are increasing by $8,500 this year, as we were unable to successfully re-bid our insurance due to an open slip-and-fall lawsuit brought by a visitor to the property. Additionally, we have observed an increase in other reoccurring expenses, namely our winter heating bill as detailed in the Board’s October 2023 letter to residents addressing energy efficiency.
Over the past year, we have completed both capital improvements as well as necessary upkeep and repairs around the property, including but not limited to:
The revitalization of our courtyard, which included the addition of community garden beds, a stone patio and walkway, landscaping, lighting and a children’s playfort
Replacing the lamps at the entrance to our driveway
Restoring and painting the handrails around the walkways and stairs
Transplanting existing trees and adding plants to our landscaping
Repainting and numbering our parking spaces
Replacing a broken light in our front parking lot
Removing and restoring portions of our perimeter fence
Replacing broken wall sconces throughout the archways
Removing overgrowth from neighboring properties along our perimeter fences
Updating the signage in our parking lot and on the archways
Organizing and removing items from our community storage spaces
Repairs to portions of asphalt in the driveway
In an effort to save costs, almost all of this work was done by Board members on a voluntary basis and by our building Super. For any work that required hiring an outside contractor, the Board solicited multiple bids per project in order to ensure that we were receiving the best possible rate for the work. In addition to these measures, the Board has also worked to re-bid our existing contracts in order to ensure that we are receiving the best possible rates.
Despite these efforts, an increase will be necessary to break even on our projected 2024 expenses. This increase will be reflected in your January 2024 statements. The Board and CDT Management will continue to make every effort to operate the building in the most cost-efficient manner possible.