sd realtor,
yes, I mean Creekwood at River Run. Its the blue and white complex pass 805 on the way to Ikea.
sreeb,
Yes, according the management company, the condo just had some bigger expense in pass two years including external painting for buildings, new covering for car ports, re-surface pool and spa, replace 17 out of 18 boiler.
To give a full picture of the situation, here are some the stuff that have been disclose to me.
The loan has been approved, so i guess the complex was good enough for the lender to willing to lend the money. The complex has 65% owner occupancy rate. HOA doc show 14 out of 252 are late on their HOA fee. The price is acceptable now after Bank agree to give 2500 toward closing cost, it “only” took one week of negociation.
Here is the exact word in their percentage funded report:
“Based on the estimated total current replacement cost of $3,143,098 and estimated service lives and remaining useful lives for the individual reserve components, the annual reserve funding for the hoa is $248,224 and the fully funded reserve as of fiscal year end 31-Dec-2009 is $2,105,260. As of this date, the association has projected $507,398 to be in savings available for reserves. This will be a deficit of $1,597,862 under the fully funded reserve. Based on these numbers, the creekwood hoa will be 24% funded as of 31-Dec-2009”
I am simply not quite sure how to understand this report and not sure how other mission valley HOA are doing. They really should make this kind information public.
