Capital Imprvement project

. I am for competitive bidding on request for proposal (RFP) from consultants/contractors . I am for appointing someone on the board that understand construction . I am against spending a lot of money to develop plans to be an “upscale condo resort” We are always going to be the cheap seats and there is nothing wrong with being the entry level investment. We do not need to chase a fantasy that we cannot afford or realize. When I tried to attend the board meeting on line( and failed ), I contacted our manger Joe at PMS to get updated on what happened at the meeting. After hearing his comments, it sounded like someone currently on the board is pushing this agenda hard for reasons that I do not totally understand. We have owned in Powderwood since 2005, it was our first purchase in the Park City market. We have since purchased properties in Crestview (2 Units) and in Lodges at Bear Hollow. At the risk of offending other owners, I feel it is important to do a reality check. We (Powderwood) are the low man on the pole. All of our competition is newer with vastly better amenities. Garages, secured building, heated underground parking, elevators, newer better amenities, and did I mentioned newer buildings? Joe mentioned to me an example of a property in Park City that has gone through an improvement process and has seen increased values. My response to this example was simply “location, location, location” the first rule of realty investment. We are not in a good location, we are not in Park City, we are buildings that are over 30 years old, poorly designed and constructed. Fortunately or unfortunately that is true for the majority of the complexes built with regard to construction. There competitive edge is that are much newer and designed better. We are probably not even up to standard for the current building codes. In addition to this we have 1 pool and hot tub for 12 buildings, the worse ratio of any of our competition and unfortunately hot tubs and pools in facilities that are well kept and new are a huge draw for nightly rentals. Our priority should be to fix the construction defects and maintenance issues that need to be addressed, and done in a manner that will not break the current owners. Anyone who thinks we can transform our buildings into a competitive complex that will increase hugely in value is not facing reality. Our increases in value will be due to us being pulled up by the surrounding values in Crestview, Bear Hollow, Canyon Creek, Red Stone Plaza area and others in our market. Our biggest increase may well come from being adjacent to the new Whole Foods Market being built. We should only be using requests for proposals (RFP) to control costs. Spending any money on trying to face lift, should only be done if it is a small incremental increase to repairs that have to be done. Sincerely David Mashaw and Mae Lon Ding Owners Powderwood 2 A

Showing 5 reactions

  • David Krancer
    commented 2016-05-07 08:34:13 -0600
    I think the timing of all of this is suspicious. Rushing into something now seems totally unwarranted to me. The way I invest in things is if I have the money I do it if I do not I don’t do it. the place is not falling apart. We can wait until the financial situation improves in my opinion as long as we try to cut some costs in other areas or raise the dues. Then reassess when we have a leg to stand on in five years.
  • David Krancer
    commented 2016-05-06 13:27:32 -0600
    I would like to be on this committee. When do they meet? We may want to wait a while though to start in anything until the reserves get built up. It does not see to be urgent.
  • David Krancer
    tagged this with good 2016-05-06 13:27:31 -0600
  • David Krancer
    commented 2016-05-05 19:33:41 -0600
    Electricians Roofers etc usually come out and do free estimates if you consider awarding them contracts. Maybe we can get a list together of soem contractors who can come out and take a look at some stuff. but to spend $100k seems a little too much that oculd go a long way to actually fixing some things. We need an assessment of how urgent any renovations really are.
  • David Mashaw
    published this page in Suggestions 2016-04-27 12:53:23 -0600