Recent Real Estate Roundtable deemed big success
The recent Real Estate Roundtable brought together local realtors and Village leaders to jointly address key issues relating to real estate and our community.
CEO Brad Hudson, Third Mutual President Rosemarie diLorenzo and board member Burt Baum; United Mutual President Juanita Skillman and board members Janey Dorrell, Cash Achrekar and Gary Morrison; Golden Rain Foundation board members Joan Milliman and Judith Troutman; and Village Management Services board member Mary Stone along with staff members Pamela Bashline, Kurt Wiemann and Francis Rangel were on hand for this information-sharing event.
The roundtable gave staff the opportunity to provide a host of information including financial qualifications for becoming a member of each mutual; income definitions and a breakdown of assets. An asset must be aged 180 days or more to meet qualifications. Prospective members must furnish a credit report from Experian, TransUnion or Equifax with a FICO score that is reviewed by the board. United Mutual showed an increase in resale value of 16.4 percent with a 30 percent reduced volume in sales due to the lack of availability. Third Mutual resale value increased by 13.4 percent and decreased by 20 percent in sales volume. The increased lifestyle fee from $2,500 to $5,000 will help maintain improvements and update technology in the community.
Other details shared during the roundtable included information about the standardized bathroom split, which is now available over the counter rather than obtaining a variance. Currently, 90 percent of the bathroom split alterations are standard. The website is updated with forms and plans under Resident Services. In addition, discussion centered on contractors’ qualifications included on a Third Mutual list. Contractors with three or more recommendations are added to the list and those with three or more offenses are removed. The list will be updated frequently and posted on the website. Resale contingencies must be fixed by the seller before escrow is completed and the new member takes possession of the manor. Vacant manor inspections will commence immediately until completed.
Compliance issues were also discussed, with the most prevalent being clutter, occupancy and construction. Compliance issues are often reported by neighbors or security and are anonymous. Compliance issues associated with contractors are permits and parking. It’s the member’s obligation to ensure his or her contractor complies with rules. For example, there was a recent issue with a contractor who left material debris and created a large clean-up effort for staff and $30,000 in costs to the member. Fortunately, Village security is equipped with new tablets, allowing expedited services to report incidents on the spot as well as obtain information on a resident including previous history of incidences.