Canterbury Place Homeowners Association, Inc. Townhome Owners Meeting August 15, 2018

Transcription

1 Canterbury Place Homeowners Association, Inc Townhome Owners Meeting August 15,

2 Townhome Maintenance and Repair Covered under Declaration 5.1(c)ii - Exterior painting 5.1(c)iii - Pressure cleaning: sidewalks, roofs, exterior walls 5.1(c)iv - Repair/replace original installed boundary fences 5.1(c)v - Termite treatment, exterior walls & foundations The Association may elect, but shall have no obligation, to provide property insurance for all structures on all lots within the Community, or on all lots within any Service Area (Article 5.2) Association is responsible for repair/reconstruction only in the event of a casualty loss (insurable event) 2

3 Options for Maintaining/Replacing Townhome Roofs Option A Continue to maintain and replace Townhome roofs by taking affirmative action to amend or modify the Declaration Option B Take no action to amend or modify the Declaration, keeping roof maintenance and replacement the responsibility of each homeowner 3

4 Option A Amending or Modifying the Declaration Amend the Declaration Pros Permanent solution Cons Requires affirmative vote of 67% of total members in the Association (213 of 317) Designate Townhomes Service Area to provide Roof repair/replacement (7.11(b)) Pros Proposed by petition- 50% of the owners in the proposed service area (87 of 173) Requires approval of 67% of owners in the proposed service area (116 of 173) Cons May be unfunded by veto of annual budget by 75% of service area owners (130 of 173) 4

5 Option B Townhome Owners Individually Responsible Maintaining/Replacing Roofs Pros Owners solely responsible for their property Cons Requires agreement of all owners within a townhome building to simultaneously agree to replace and fund the entire cost of building roof replacement Owners unable to leverage community wide economies of scale Owners unable to leverage multi-year reserve funding program Limits ability of Community to enforce engineers/construction and building standards 5

6 2018 Budgeted Monthly Townhome Fees Cable TV & internet $ Landscaping & irrigation: Lot Common area Tree trimming Irrigation water 8.90 Insurance - Common area 6.18 Insurance - Townhome buildings Townhome repairs & maintenance Roof maintenance Termite treatment 3.71 Sidewalk pressure cleaning (TH) 1.45 Abacoa Master POA fees Common area utilities Clubhouse/pool/common area O&M Property management fees G&A/Legal/Accounting 5.50 Bad debt expense 2.05 Backflow testing 1.84 Reserves - Common Area 9.02 Reserves - Townhome Roof replacement Painting Fencing 1.93 Prior year surplus applied to 2018 (6.11) Approved Monthly Townhome Fees $

7 Roof Repairs Year to Date June 30, 2018 Count Total cost Flat tile Barrel tile 1 Broken tiles $ Dormers $ 12, Field tile/flashing repairs $ 6, Valley $ 19, Vent/stack $ 14, $ 52, Total cost - flat tile $ 46,527 Total cost - barrel tile $ 6,341 $ 52, Approved budget $ 40,000 7

8 Emerging Townhome Roofing Issues Estimated useful lives of concrete tile roof: years (2017 Reserve Study) Flat profile tile roofs experiencing significant maintenance issues at 5-10 years Recurring maintenance themes: Design (decorative dormers) Pitch (Slope and valleys) Installation Barrel tile roofs showing few maintenance issues 8

9 Reserve Analysis Updated in 2017 to Reflect Emerging Conditions 2017 Reserve Study assumptions: Replaced roofs on 8 homes November, 2017 January 2018 Annual replacement of flat profile tile roofs based on emerging issues over six years beginning 2018 Remaining flat profile tile roof replacement 8-10 year remaining life Barrel tile roof replacements year remaining life Exterior painting to continue on a 7 year estimated cycle scheduled

10 Estimated Roof Replacement Costs Count 2017 Reserve Study (a) 2017 Actual Costs 2018 Estimated Costs 84 Flat tile $ 24,287 $ 25,497 $ 31,000 Change 5% 22% 89 Barrel Tile $ 18, Average, all homes $ 21,301 (a) 2016 costs, assumes inflation of costs of 1.2% per year 10

11 2017 Townhome Roof Replacement Assumptions 173 total homes Number of Replacements - Reserve Study Gray - flat profile tile roof Rust - Barrel tile roof Assumes initial roof replacement all homes by

12 Annual Projected Roof Replacement Expenditures 2017 Reserve Study $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $ Assumes annual cost increases of 1.2% 12 Total replacement cycle costs in 2017 dollars of $4.16 million ($24,000 per owner)

13 Annual Monthly Townhome Projected Reserve Contributions $147 $148 $ $75 $86 $98 $109 $120 $132 $133 $135 $137 $138 $140 $142 $143 $145 $96 $ Assumes monthly funding required to meet projected expenditures in 2017 Reserve Study - Subject to periodic review and adjustment based on actual experience 13

14 Projected Townhome Funding Summary (2017 Reserve Study) Projected Townhome Reserve Contributions Total Per Owner Monthly Annual Monthly 2017 $ 156,000 $ 902 $ $ 179,500 $ 1,038 $ $ 203,000 $ 1,173 $ $ 226,500 $ 1,309 $ $ 250,000 $ 1,445 $ $ 273,500 $ 1,581 $ $ 276,800 $ 1,600 $ $ 280,100 $ 1,619 $ $ 283,500 $ 1,639 $ $ 286,900 $ 1,658 $ $ 290,300 $ 1,678 $ $ 293,800 $ 1,698 $ $ 297,300 $ 1,718 $ $ 300,900 $ 1,739 $ $ 304,500 $ 1,760 $ $ 308,200 $ 1,782 $ $ 311,900 $ 1,803 $ $ 200,000 $ 1,156 $ $ 202,400 $ 1,170 $ 97 14

15 Next Steps Outreach to townhome owners not attending tonight s meeting Survey? Additional meeting(s)? Update 2017 Reserve Study Volunteers? 15