2017 In Review Homeowner Annual Meeting March 22, 2018

Transcription

1 2017 In Review Homeowner Annual Meeting March 22, 2018

2 Annual Meeting Agenda I. Welcome new owners! II. Introduction of 2017 board of directors III. Proof of notice of annual meeting IV. Appoint volunteers to count ballots V in review VI. Building defect update VII. Thoughts on 2018 VIII.Election of directors IX. Adjourn

3 Board Mission Continue to create a safe and attractive community Enhance the sense and feeling of community Drive resale values for all our owners and by extension rental income for owner investors Maintain the high level of fiscal integrity championed by Richard Schulman

4 Summer House A Brief History Built as Greystone Loch Apartments in 2001 Went through Condo Conversion beginning in 2006 Real estate market crash in 2008 lowered values 50% 70% Developer hands property to owners effective April 1, 2012 First board of directors elected

5 Summer House A Brief History Construction defect litigation: Engage law firm(s) & notice of intent to file suit fall of 2013 Settlement negotiated late 2016, settled early 2017 Selection of architect / project manager completed: The Sherratt Company Peter Sherratt Selection of general contractor completed: Highsmith Construction Joe Highsmith

6 2017 In Review Financial Status All goals for 2017 were met Continuing improvements have contributed to the steady increase in values at Summer House Financial status at end of 2017 continues to be positive, with a positive variance at EOY Our reserve account was increased by 10.3% 2018 budget is complete, with no increase in base HOA fees

7 2017 In Review Some Accomplishments Replaced our failing compactor with an improved and more reliable model Replaced fountain lights in lagoon Power washed all buildings Replaced worn or broken pool furniture A full forensic audit was performed on Summer House Clubhouse interior was painted and carpet replaced Improved security at clubhouse, gate and pool, including additional cameras and recording capability Replaced defective windows in club house Added and replaced sod and shrubs as needed Concluded building defect lawsuit and awarded architect/project manager contract

8 A Few Charts & Some Data

9 Summer House HOA Dues vs. Peers Monthly HOA (2 Bdrm) Summer House $354 The Preserve $366 Brighton Bay $320 Broad Creek Landing $293 The Legends $217 Summerfield Court $405 Forest Cove $304 Matthew? Separate billing? $48/mon. x 36 No No No No Insurance $2,500 x 1 No No Insurance No No $1,800 x 1 Insurance Water & Sewer Included? Gated? Onsite Management Yes Yes Yes No Yes Yes Yes No No No No No No No No No Yes No No No No

10 Breakdown of Expenditures 2017 $932,500 General/Admin. 4% Maintenance 16% Capital Reserves 11% CDARS Reserve 11% Property Tax 1% Insurance 17% Utilities 15% Salaries 18% Mgmt Fees 4% Unspent/Rollover 3%

11 Maintenance $153,000 (16%) Cleaning 1% Controlled Access 8% Building Exterior 14% Fitness Center 3% HVAC 7% Landscaping 29% Life Safety 3% Painting < 1% Plumbing 14% Spa & Pool 7% Site 21% Exterminator 6% Improvements 7%

12 Utilities $147,500 (15%) Electric Common 20% Gas Common 4% Trash Removal 12% Water & Sewer 64%

13 Yikes! Some food for thought: ~ 10% of our entire annual expenditures goes for the cost of water & sewer!

14 Summer House Occupancy Ratios Owner occupied full time Owner occupied part time Investment property 46% 90 Units 28% 54 Units 26% 50 Units

15 Summer House Rental Management Other 18% 16 Units Rentals 82% 74 Units

16 Summer House Rental Trends $2,000 $1,500 3 Yr. Increase 1 Bdrm 43% 2 Bdrm 45% 3 Bdrm 38% $1,000 $500 $

17 Summer House Property Sales 1 st Qtr st Qtr Bdrm. 3 sales, $123k average, 73 DOM 2 Bdrm. 17 sales, $155k average, 64 DOM 3 Bdrm. 1 sale, $171,250, 73 DOM 1 st Qtr st Qtr Bdrm. 2 sales, $120k average, 16 DOM 2 Bdrm. 16 sales, $168k average, 28 DOM 3 Bdrm. 3 sales, $200k average, 12 DOM

18 Summer House Property Value Gains Estimated Resale % Gain SH 2 Bedroom vs. HHI Average July 2013 January 2018 SH 38% Gain HHI 14% Gain Data from Zillow

19 Lawsuit Settlement

20 Building Defect Lawsuit Update Lawsuit settlement received spring 2017 ~ $4.4M

21 Building Defect Lawsuit Update CDARS the Certificate of Deposit Account Registry Service Coastal States Bank is our Relationship Institution with the CDARS network. BNY Mellon provides issuance, custody, settlement, and recordkeeping services.

22 Building Defect Lawsuit Update

23 Building Defect Overview Peter Sherratt

24 Building Defect Remediation Update

25 Building Defect Remediation Update

26 Building Defect Remediation Update

27 Building Defect Remediation Update

28 Building Defect Remediation Update

29 Building Defect Remediation Update

30 2018 to Date & Beyond

31 2018 To Date January holiday party thank you to Marsha & Marcia for your hard work & thank you to Hargray for sponsoring! New grills purchased and installed New fireplace logs purchased and installed Pool drained and scrubbed, filter sand removed & replaced AED purchased & installed. Marsha completed training New fencing

32 2018 Today & Beyond Spa to be drained and resurfaced Sidewalks Summer bash Possible initiatives o Community garage sale & cook out o Enhance sense of community o A renewed focus on community safety (neighborhood watch?) Etc.

33 Information You Can Use SH Board Marsha Website Owner portal summerhouse2014

34 Meeting Adjourned!