South President Believes She is Responsible for High Property Values
Third in a Series from Desperate Board Members
Another letter automagically appears in homeowners' mailboxes from a lifetime board member desperately seeking to keep her seat.
Barbara A. Finnegan
2207 Vista Del Mar
San Mateo, CA 94404
May 10, 2008
Edgewater Isle South OA
C/O Pargett Associates
PO Box 871
Belmont, CA 94002
Dear South Homeowners,
In the upcoming Board of Directors election I request your support in my re-election. Why should you support my election? Because I have served on the board for 8 1/2 years with dedication and enthusiasm to ensure we have an outstanding community. Along with dedication also, bring history from past boards, financial and accounting guidance, and an MBA in Business from Golden Gate University.
As Treasurer, I provide guidance and experience in investing, budgeting, accounting and financial reviews. The two achievements of which I am most proud of are; this years fiances were beneficially impacted when the board successfully relined our earthquake insurance period to start May 01 to April 30 and this enabled the board to negotiate a 12 month Earthquake Policy for substantial savings in insurance costs for the 2008-2009 period, and the establishment of a Finance Committee of five homeowners who will advise the Board on financial issues.
I must state that last four years have truly been the most productive in that I and my fellow board members along with Nick Pargett were able to change the direction of Edgewater Isle South from being reactive to proactive in the areas of budgeting, maintenance and reserves. What has the change in direction accomplished? Our major investment has been protected and the value has been maintained if not increased. The community is seen a beautiful and desirable place to live. An example of our desirability is:
In recent months, Edgewater Isle North units for sale have taken weeks if not
months to sell. Many of these units are/were short sales which affects the values
of the units in the area. So when South owners planned on selling their units, there
were concerns that the neighboring comparables (short sales in the North) would
cause lower sale prices. Instead of causing a negative effect to everyone's surprise
Edgewater Isle South is seen as beautiful and desirable community to live in, and the
end result is that the South units are selling within days of going on the market for
$600-700K to the pleasure of the owners and the Board.
There is a frequently asked question, "why are Edgewater Isle North dues lower then South's?" The answer to the question is the North and South have basically the same cost elements in their budget but in the North the costs are spread over 214 owners vs South's 100 owners.
If re-elected, I will continue to work to make Edgewater Isle South an exemplary
community in which to live and invest.
Thanks for you support.
EDITORIAL COMMENT: No mention of real estate license this time?