Suggestions

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Let the HOA Board, property management and the rest of the Powderwood community know what you would like done around the property. Give us your ideas about how to improve things.

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Please give notice for work being done

Please give notice for work that is being done on buildings or inside units. Came home to a notice that painting is being done, and to remove all items from porch-- work 08/25-09/02. Well today is the 25th, can we be given a heads up?? Especially for people who do not live here full time, would be nice if they had time to arrange for these things. Same thing happened a few months ago with the fire sprinklers- we were told the night before that contractors would be entering our unit the next day, with or without our presence. PLEASE give notice.

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Capital Improvement Thoughts

Hello everyone - nice to meet you virtually at least. We purchased 18 months ago because Powderwood was affordable and we love the location. For us there is huge appeal to being on the lower end amongst caring homeowners. We are not wealthy nor investors - we just needed a place for our son to continue his ski training. We still have original cabinets, carpets, sloping floors, drafty sliders, etc.

I am in favor of necessary renovations to keep the property in good repair (siding / windows / decks / stairs and landings / front doors that actually fit their frames / carports / lighting).

Like everyone who responded via Email before we were pointed toward this web site suggestions page, I am not in favor of any upgrades that raise our status into resort territory.

That said, my concerns and opinions for any renovation:

a) Keep it reasonable, affordable, understandable, and necessary. If we have someone on the board with construction expertise who could be our "everyman / everywoman" reality checker with no agenda, that is beneficial.

b) Escrow / loan / pay-as-you-go This project involves over 200 units in 14(?) buildings. It could take years to complete all buildings. I do not want to pay into a pot "now" and wait 4 years until my building is up for renovation. This sounds snippy, but it's not meant to be. What I mean is - life happens. We could sell before our building gets attention, and I don't want to be out the money for a project that I did not benefit from. (We got burned by this exact scenario many years ago in a different association. We paid our portion of an important-but-not-critical project, then sold the property. We received no use benefit of the project, and we could not recoup our "investment" because of market conditions.)

You can't charge a buyer $15,000 more for the pre-reno unit as-is just because there is $15,000 tied up in the renovation pot, and "eventually" the unit will be renovated.

I'm jumping the gun, but I'd like a way to segregate any unit's funds that are paid in advance, so if we sell our unit before it is renovated, the new buyer is obligated to reimburse me for those funds. Ie., the new buyer has to "buy" my cash that's already been set aside for his/her future benefit.

c) Valuation - Renovation should boost the overall property values long-term, or at least keep them from declining. But it also means our condo fees will likely increase because we'll have newer stuff and want to take care of it, and the Powderwood insurance policy is also likely to increase. For renters, rates will go up. This is not necessarily a good thing because we now compete with other complexes.

Monthly CASH FLOW is real, whereas "equity" and "property value" are just market concepts that may or may not get realized. I am far more concerned with cash flow than valuation. The "Vail Effect" will continue to help the valuation of all of Park City, but does nothing for my cash flow.

Short-term (during construction) it could be a disaster due to the inconvenience of daily construction crews, parking issues, debris, noise. Not to mention anyone trying to buy or sell during this period (trust us... in 3 year's you'll love it :^)

c) Clubhouse - I'm generally not a fan. I know many people use the pool, but the clubhouse itself - in my opinion - has little perceived benefit. It is a good location for the on-site property manager, but in my 18 months and dozens of visits to the office, it is always vacant. I do not want to invest much in the beautification or up-scaling of common areas beyond necessary repairs and upkeep.

Chris Mega, 10-I

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From: Dave Mashaw

To:

Sent: Tuesday, April 26, 2016 12:47 AM

Subject: Powderwood Capital Improvement Plan I am completely in agreement with Mr Krancer on the following points . 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 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 constructions, there competitive edge is that are much newer designed better. We are probably not even up to standard for the current building codes. In addition to this we have 1 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. If our property management company does not agree with this, then we should replace them. 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

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Advice from a successful developer in Anchorage about the CPR (Complete Property Repair) bid.

David. The proposal is absurd. You either have moisture problems or you don't. Hiring someone to rip things up to check is a waste of time and money. Bid out to 3 top contractors to review the conditions and propose the solution. Then bring the bids and repair proposals to the board for review and action. You probably have several improperly flashed locations of roof or sidewall. Usually this will occur in specific (say North or South ) exposures where the ice builds up or melts/freezes regularly. This consulting, demolishing and guessing approach is common to engineers and other business consultants. In the real construction world you can identify and repair at 1/3 the price. Good Luck

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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

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Capital Improvement Response

Powderwood Homeowners Association is approximately 30 years old. Many items are at or about to exceed their useful life. In an effort to determine the problems at Powderwood we researched potential firms that deal with these types of issue’s. We solicited bids from the following firms:

CPR (Complete Property Repair)

Forensic Building Consultants

Park City Architect Bruce Taylor

Alliance Project Engineers

Owner LJ Corby Radon recommended Milazzo and Associates; I have contacted them about putting together a proposal for us. We have no preference on who does the work, if you know anyone that does this type of work that I could contact for an engineering proposal let me know. This process is in the initial stages, we have not hired an engineer to complete the process. Dennis McCoy with CPR made the presentation at the Annual Meeting, but by no means do we have to use him for the project. CPR’s proposal and Power Point presentation is on the website at Powderwood.net/documents.

We are at the infant stages of this project, we do not know any numbers other than the 2 proposals that we have received from engineers. I have done quite a few projects similar to this in my 24 years as a property manager. The ones that have problems are the ones that do not hire an engineer. Other properties that have not used an engineer look back now and wish that they had.  It does appear to me that an engineer is essential at Powderwood to ensure that all details are accounted for, that the requests for proposals from contractors are correctly done and that the correct materials are used. Once all of the engineering proposals have been compiled, they will be reviewed by the Powderwood Board of Directors. The Powderwood Board of Directors would encourage any homeowners that are interested to join a committee to evaluate the engineering proposals.  If you would like to join a committee to review the proposals please send an email to joeh@pmsystems.net. Once the engineering committee has reviewed the proposals they will make a recommendation to the Powderwood Board of Directors. Once that recommendation has been reviewed and approved by the Board of Directors it will go out to all the owners for a vote.  If the vote is approved by the owners and the engineer has completed his analysis we will have another meeting to go over options from the engineer and potential costs. It is very clear to me that no engineer will be approved without a vote of the homeowners.

Section 17D of the CC&R’s states:

Notwithstanding anything to the contrary herein contained, additions or capital improvements to the Project which cost no more than $3,000.00 may be authorized by the Management Committee alone. Additions or capital improvements the of which will exceed such amount must, prior to being constructed, be authorized by at least  a majority vote of the Percentage Interests at a meeting duly called and convened at which a quorum is present. Any addition or capital improvement which would materially alter the nature of the Project must, regardless of its cost and prior to being constructed, be authorized by a vote of unit ownership person or by proxy of not less than 67% of the Percentage Interest at a meeting of the Association, special or annual, duly called and convened at which quorum is present.

 

 

 

Some other questions we had from owners today:

  1. There was a concern that we did not vote for a new board of directors at the meeting.

        To conduct business at the meeting we needed to have 114 represented owners. We had 61 units represented either in person or by proxy at the meeting. As is customary at Powderwood we will be mailing a ballot to all owners to vote.

  2. Did we pay an engineer $50,000 to give us a report on what needs to be done?

         As stated above we have not nor will we pay an engineer until owners have voted on the appropriate engineer for the project. All owners will be able to review the contracts and make a decision for themselves.

  3. The cost could be as much as $5,000,000??

         No one knows the cost or if there will be an assessment.  Making a statement about how much this is going to cost at this point would just be conjecture. At this point no one knows.

  4. Was the Budget approved?

         No, the budget was not approved at the Annual Meeting. Many owners were concerned about a potential assessment and did not feel comfortable approving a budget of any kind.  Included in the ballot to elect board members will be a section to approve the budget. I recommend that the budget is approved without an assessment at this time. The budget and Annual Meeting Power Point can be found here. Powderwood.net/documents

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4/26/2016 Emails

First, Who HACKED the email accounts? And second do ANY of you LIVE here FULLTIME? Actually seeing what we deal with on a daily basis! This is a GREAT location! And I am PROUD to call it home! Linda

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Forensic Consulting Proposal

Can you repost the proposal for the forensic thing. I read it earlier. It said the cost would be $92,000. That seems like a lot considering we only have $139,000 a portion of which are prepaid dues.

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Financials & Minutes

clarify - Why are the most recent financials & minutes NOT posted?

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Web site financials & Minutes

In the web site documents section for financials the most recent are 2012 and for minutes the most recent are for 2014. Why are the most recent financial statements & minutes posted?

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Recycling

Why no recycling services? We have an abundance of trash bins, yet no recycling?

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2016 meeting

After being unable to call into the meeting there was no follow up. I emailed the property management company inquiring as to why no one was on the call in. I think the courtesy of a response the next day would be expected. No response, no follow up communications. Very disappointed in lack of communication.

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2016 Meeting

Is there any/When will there be a follow up or summary of the 2016 meeting? Are we electing new board members? Will we meet again to further discuss options before large sums of money are spent 'on our behalf'? I added some questions to a list that I was told would be addressed later because we were running out of time... Did that list disappear?

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Carports

I think that we should change the way the carports drain water. If we change the slope so that the snow and rain drains to the grass then we will not have to repair the asphalt as often. The upfront cost will be hight but it will save money in the long run since we will not have to repair the parking lot as often. 

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