Dear Members of the Association:
I would like to start this article by expressing my appreciation towards all of the Board members, my colleagues, neighbors of Turnberry on the Green for all their efforts and dedication to our community. I would like to especially thank our administrative, maintenance and housekeeping team, who have really put their hearts and souls into their
daily work. In the tradition of “The Turning Point,” I would like to review all of the projects that have been completed, advise you about the pending projects and issues we are still facing, and reflect on my perspective regarding the future of our community. All the projects that were described in the previous newsletter have been completed.
The most expensive project was the waterproofing and painting of the building. Benjamin Moore stands behind their work and provides a 7-year warranty. The Board worked diligently on this project and I am so appreciative. This project cost the Association $183,000. You will be amazed to learn that the same type of project cost The Wilshire Condominium in North Miami Beach $1.57 million dollars, The Galleon on Galt Ocean Drive in Fort Lauderdale $3.6 million, and Hidden Bay in Aventura $670,000; all these buildings are comparatively the same size as our’s. It is the result of extensive research that we were able to achieve this enormous project at such a favorable price. Please be advised that all of the above condominiums have assessed their owners from $4,500 to $20,000 per unit. But we were able to accomplish this project without having to incur any special assessments.
As you all know, we have completely redesigned our lobby. The Board had unanimously approved the contemporary style used by Adriana Hoya. I feel that the addition of a classic grand piano, with its elegance and musicality, would create a beautiful ambiance to our already exquisite lobby.
We are in the process of replacing the common area A/C system, which has been in the planning for almost a year. Prior to commencing this project, the Board and experts in the field spent almost a year in tracking the expenditure trend of our power usage. The concept is based on the fact that the cost of electricity is increasing at an exorbitant rate. The two 120-ton units servicing the common areas will be replaced with two 80-ton units, providing an even higher efficiency. In addition, about 70% of the units have had a special valve installed in their A/C system. We expect the total cost of this project to be about $630,000. As a result, We expect our electric bill will be significantly reduced by approximately $145,000 a year. This means that the cost of the replacement will be paid by the savings within 4.5 years or sooner, meaning that it will cost the Association nothing. It is my pleasure to be able to inform you that this project, as well, will not incur any special assessments.
Currently, the Association is in the process of completing the installation of a new security system that will be located in the management office. We have also installed a fully automatic package tracking program. Security will be able to scan the packages and the computer will notify you. These two systems are state-of-the-art and have modernized our administrative and security network.
Regarding our delinquent units and foreclosures, it was decided that instead of paying attorneys to fight with delinquent owners, it would make financial sense to negotiate deals with the owners in order to rent their units and start collecting revenue from those units. This was all accomplished due to the diligent efforts of the Board. With careful spending, and the collection of maintenance fees together with renting delinquent units, the Association was able to earn more than $200,000 in revenue for the last 12 months. Thanks to our success we have been able to paint the building, replace the lobby furniture, install automatic garage security gates and lobby door and an automatic handicap door in the back of the building for our residents with disabilities; without having to incur a special assessment.
The Association has collected bids to replace the carpeting in the elevator lobby of each floor with marble that will match the flooring we have in the lobby. This project is estimated to be $200,000. There we will be no special assessment.
It is with great pleasure that I can inform you that on March 15, 2011, we renewed our flood insurance by pitting three brokerage firms against on another, which resulted in obtaining the best possible premium rate and coverage. Our budget allotted $484,000 for the renewal, but we managed to get it for $339,000, a savings of $145,000!!!
But, the most important aspect of my duties is to create a friendly environment for our community. We are so blessed to have a hardworking team who put their hearts into their work.
The newest addition to our team, Mirtha Michalsky, is our new bookkeeper. We welcome her and wish her the best.
What sets Turnberry on the Green Condominium apart from the other condo complexes in Aventura is its affordable luxury and location. We have a forward-thinking Board of Directors that operates according to a simple philosophy: Upgrade the community and keep maintenance low. We are proactive instead of reactive; we do not wait for things to go wrong and we make improvements in advance.
The proof we have of our success at maintaining a safe and secure community lies in the fact that in the past 12 months, 80% of our new residents are young families with children and four out of ten prospective buyers are already residents of the building; another testament to the positive direction we hare heading.
I would like to take this opportunity to inform you that, to our great delight, Turnberry on the Green is now Fannie Mae approved. To be approved by Fannie Mae according to the guidelines, which were adopted in January 2009, a condominium may not have more than a 15% delinquent rate. In 2008, our delinquency rate was 43%, whereby every second unit owner was not paying maintenance. We survived that ordeal without having to incur assessments.
As of today, the number of delinquencies has been reduced to 8%!!
We can now expect the value of our property to increase. As an experienced real estate broker, I can see this trend is already beginning; a one-bedroom unit sold for 205,000, a two-bedroom was sold for $370,000 and a three-bedroom sold for $407,000 in 2011.
The Association is reviewing many offers from prospective parties interested in opening a mini-market in our building. We are only interested in those who will be able to provide this service without the Association subsidizing them. I am positive that this will add a unique concept to our condo living.
The Association is planning to start the restoration and upgrading of the gym and its equipment, as well as the replacement of the monitors.
I believe that having two tennis courts on the roof of our garage can become a reality. Not only will this amenity increase our value, imagine the beautiful view the west and northwest residents will have.
Together with the Board, our Management team and our amazing residents, we can continue making Turnberry on the Green the best place to live.
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A MESSAGE FROM OUR PROPERTY MANAGER,
It is hard to believe, but hurricane season is upon us once again! Recently we distributed hurricane preparedness packets by email and left some hardcopies in the lobby, so please find the time to review it. It is predicted by meteorologists that this hurricane season may be very intensive, so we have to hope for the best and prepare for the worst.
I would like to update you regarding our finances and am happy to inform the owners that our financial situation is constantly improving and is in great shape. For the first time since 2009, our receivables are below $500,000. Our delinquent list went down from 4 pages and over 75 people to 2 pages and about 33 people. These results are due to the Board of Directors and Managements efforts and dedication. And I would especially like to thank the President of the Board, Gregory Arzumanov, for his constant support and commitment to improve the finances of the Association.
The first phase of the A/C project, the installation of the valves and variable frequency drives, is accomplished, and as a result, the consumption of kilowatt hours in the month of May went down about 15% ($2,500) compared to last year. The shipment of the new A/C units is scheduled for the second half of June, and hopefully by the end of June we will start the installation of the
equipment, which may take from 2-3 weeks. After the project is completed, we will be able to save about 30% of our existing average electric bill per year.
I would like to thank our building engineer, Igor Bond, for the great job he is doing by maintaining our building and equipment in prime condition.
On August 3, 2011 is the upcoming membership meeting, where we are hoping to amend our condominium documents in order to have flexibility to operate the building more efficiently. Please find the time to fill out the proxy and send it to the management office by mail, email or drop it in the box of the management office door. Please vote YES for both amendments.
Our management team is dedicated to serve you and to provide you with the best possible operations of the building in order for your community to be the best place to live.
The Management Office has an open-door policy, so you are always welcome to stop by. If you have any questions or recommendations, please contact us at 305-466-7767.
Your Manager,
Mike Mogulis, LCAM
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A MESSAGE FROM THE DIRECTOR,
To my Fellow Turnberrians,
Hurray for our new beautiful, contemporary and elegant lobby furniture. There is still much to be done to complete the look we are trying to achieve. Please note the new drapes. We have painted the back of the concierge wall to match the drapes. I am sure you notice the difference in our floral arrangements. Linda Goldman of Blake Roses Florists, 305-450-3431 can be contacted for centerpieces, etc.; she does all prices and very creative work. When you see me in the lobby or in the elevator, say HI! I listen!
Have a Great Spring!
STEPHANIE BOREN
A MESSAGE FROM THE SECRETARY,
Hello,
let me introduce myself. Some of you I know, some of you I have never met. As the new secretary of your Board of Directors, my main objective is to help maintain our community at its highest level and preserve the wonderful reputation we have in Aventura. I am from Brussels, Belgium. I am a former Air France ticketing agent and early childhood educator. I teach meditation and self-awareness online and privately. Working from home gives me the opportunity to concentrate on giving back to my community. Thank you for this opportunity.
LORETTA WAND
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