McCaffery Reserve Consulting will be conducting a new Reserve Study for Quail Run Association. Once available, it will be uploaded to the website for your review.
The Association is open for proposal for a new landscaping company for the 2024 season. Interested parties should contact the office at 303-368-8756 or email [email protected]
MASTER INSURANCE PREMIUM PRICES _ The 2023-2024 Master Insurance Premium is $637,230.30.
Last year the same policy was $344,542.56. Insurance costs for HOAs nation wide is skyrocketing: HOAs typically find this expense to be rising 20% to 50% in 2023 and attorneys and insurance brokers report this is not uncommon. Some HOAs are not being able to acquire a policy to cover community liability and losses. Colorado’s recent history of fires, hail damage and windstorms has taken a toll on homeowners and insurance companies and hence premium increases. Then there is the issue that with home appreciation in Colorado going up and up the amount of insurance required by the HOA increases and hence more upward pressure on premiums. Snow removal and landscaping: Those trucks, fertilizers, tree trimming services, gasoline to run those trucks, general repairs from weather issues and of course labor costs all will be absorbed by the HOA. Last year’s assessment is simply not enough to pay for these 2023 expenses and it is predicted that this inflation rate will continue in 2024.
Maintenance of community property: The clubhouse, pool, tennis court, other amenities must be maintained and of course the cost continues to go up. HOAs have maintenance responsibilities for painting , replacing trees, street maintenance, home roofs, cleaning the grounds, and general building repairs : these costs continue to rise rapidly and to continue, requires more HOA income. The HOAs budget proposal will reflect cost increases for 2023-2024.
The Board of Directors has adopted the proposed budget for the November 1, 2023 thru October 31,2024 fiscal year. Beginning on November 1, 2023 the Association will increase the monthly assessment by $ 72.00 to $440.00. The 2023-2024 budget adoption and proposal has been mailed to each homeowner to the address on file with the office. It is your responsibility to notify the office with any change to your mailing address, phone number or email.
The 2023-2024 Fiscal year will begin on November 1st and run until October 31st. The Board of Director proposed the budget for the next fiscal year, this notice of the budget changes has been mailed to all homeowners via first class mail. It is your responsibility to ensure that the office has your correct contact information. A copy of the mailing can be found in meeting announcements. Some of the most important decisions the Board of a homeowner association must make, are financial decisions. The Board of Directors considered the reserve study, insurance and operating costs for the coming year and are confident that the budget will address both.
The Association is open for proposal for a new landscaping company for the 2024 season.
FHA insures condominium single unit loans for up to 30-year terms to purchase or refinance a unit in an FHA-approved condominium project. Understanding the value of this insurance to unit owners , our application for certification has been submitted HUD. 2. For more information please visit HUD.gov.
FHA CONDO CERTIFICATION Notice of FHA Condominium Approval: QUAIL RUN, ID D008075 001 , the FHA condominium review of the Quail Run Association condominium project is APPROVED , the expiration date is 6/8/2024 .