Thank you for your patience. It was a very busy summer for the newly expanded Board of Trustees and we are
pleased to be able to deliver this update to you:
Management: You have probably all seen Chris Mullen and his familiar staff since the turnover to his company, Bayberry Management, in early August and hope you have welcomed them in their new roles. Many of you have asked why Bayberry is working on a short‐term contract. Although a Board subcommittee held meetings in July in anticipation of a future management change, the Board had to make a decision on very short notice to terminate the Pappas Properties contract. The intent of entering into a short‐term contract with Bayberry was to get them started immediately and to give both Bayberry and the Board adequate time to deal with the inevitable transitional issues.
It is our intent to avoid a complicated RFP process and enter into a longer‐term contract with Bayberry within 6 months, and discussions have already commenced.
Association Budget: Bayberry’s accountant has been diligently sorting through the Pappas Properties books with the goal of presenting, when completed, a meaningful financial picture of the association’s finances. Pappas Properties has been cooperative in handing over the books and records which we believe are now substantially in the Board’s possession. Overall, the Association’s financial health has vastly improved since December, 2011. With a significant injection of funds resulting from a settlement on the developer units back condo fees, we have well over a half million dollars in our reserves and are current on all of our accounts.
A review of the 2011 books by Friedman Suvalle & Salomon PC will be completed and distributed this month.
Sales and rentals: Both buildings are now WARRANTABLE. Re‐sales and sales of developer units taken over by the new owner of Macallen Properties, LLC in January are robust. Since this ownership transition, of the 48 remaining developer units 21 have been sold and an additional 9 are under agreement. As a result of these sales, the percentage of owner‐occupied units has significantly increased.
Collections: As noted at the last Association meeting, collections are being aggressively pursued. This action has yielded tangible results. Overdue accounts are being closed out weekly and legal action is being taken against owners who continue to be delinquent in their monthly payments to the Association and to Minol (CSP only). Overall, we have made significant progress and are not allowing delinquent accounts to slide as had been done in the past.
Management: You have probably all seen Chris Mullen and his familiar staff since the turnover to his company, Bayberry Management, in early August and hope you have welcomed them in their new roles. Many of you have asked why Bayberry is working on a short‐term contract. Although a Board subcommittee held meetings in July in anticipation of a future management change, the Board had to make a decision on very short notice to terminate the Pappas Properties contract. The intent of entering into a short‐term contract with Bayberry was to get them started immediately and to give both Bayberry and the Board adequate time to deal with the inevitable transitional issues.
It is our intent to avoid a complicated RFP process and enter into a longer‐term contract with Bayberry within 6 months, and discussions have already commenced.
Association Budget: Bayberry’s accountant has been diligently sorting through the Pappas Properties books with the goal of presenting, when completed, a meaningful financial picture of the association’s finances. Pappas Properties has been cooperative in handing over the books and records which we believe are now substantially in the Board’s possession. Overall, the Association’s financial health has vastly improved since December, 2011. With a significant injection of funds resulting from a settlement on the developer units back condo fees, we have well over a half million dollars in our reserves and are current on all of our accounts.
A review of the 2011 books by Friedman Suvalle & Salomon PC will be completed and distributed this month.
Sales and rentals: Both buildings are now WARRANTABLE. Re‐sales and sales of developer units taken over by the new owner of Macallen Properties, LLC in January are robust. Since this ownership transition, of the 48 remaining developer units 21 have been sold and an additional 9 are under agreement. As a result of these sales, the percentage of owner‐occupied units has significantly increased.
Collections: As noted at the last Association meeting, collections are being aggressively pursued. This action has yielded tangible results. Overdue accounts are being closed out weekly and legal action is being taken against owners who continue to be delinquent in their monthly payments to the Association and to Minol (CSP only). Overall, we have made significant progress and are not allowing delinquent accounts to slide as had been done in the past.
Condo Fees: Due to the improved finances of the Association, the Board does not
anticipate an unusual increase in condo fees. As previously noted, we are still in the
process of transitioning the books to the new accountant and plan to have a 2013
budget and any proposed condo fees increases available by the end of November.
We are also pursuing capital reserve studies on both buildings in order to develop a long‐ range budget and sound capital replacement plan. As soon as this information is available, we will promptly distribute it, either at the annual meeting or via email.
NOTE: Some of you may be receiving a notice with your October 1 statement from Bayberry of minor charges that should have been billed by Pappas Properties.
Maintenance & Improvements: With our new management team in place and stabilization in the association’s finances, you have hopefully noticed changes and repairs being made. At the September 6th Board meeting, we agreed upon many of Bayberry’s recommendations and soon you should be seeing improvements to the functionality of the CSP desk and security system, painting in hallways (especially where art has been removed), replacement of stained carpets, cleaning and re‐striping in the garage, increased maintenance of the terrace landscape, etc. You may not see repairs and maintenance on the mechanical systems, but it is being done.
Bayberry is also pursuing proposals for replacement and upgrades to the gym equipment and other possible projects which will enhance our common areas.
Proposals for artwork and furniture upgrades are also in progress.
Communications: The Board recognizes that communication (or lack thereof) between the Board, Management and the Community has been a sore spot. We’d like to put an end to that. You may already have noticed that Bayberry has been sending monthly updates and has sent out forms for each of you to fill out in order to ensure correct contact information is on file. We are moving towards installing BuildingLink software to manage many aspects of the Association’s business. We will send detailed information on this when we are ready to roll it out, but you can visit www.buildinglink.com for more information if you are curious. Bayberry and the Board feel this will streamline many aspects of life at the two buildings (as well as helping us go paperless) and we hope it exponentially improves the Board’s ability to communicate with you.
In the meantime, please address questions and comments (or complaints) to Chris Mullen at cmullen@bayberry‐management.com or to us.
It is important that maintenance issues and comments regarding Bayberry or Palladion staff always go to Chris. He keeps the Board informed!
We are also pursuing capital reserve studies on both buildings in order to develop a long‐ range budget and sound capital replacement plan. As soon as this information is available, we will promptly distribute it, either at the annual meeting or via email.
NOTE: Some of you may be receiving a notice with your October 1 statement from Bayberry of minor charges that should have been billed by Pappas Properties.
Maintenance & Improvements: With our new management team in place and stabilization in the association’s finances, you have hopefully noticed changes and repairs being made. At the September 6th Board meeting, we agreed upon many of Bayberry’s recommendations and soon you should be seeing improvements to the functionality of the CSP desk and security system, painting in hallways (especially where art has been removed), replacement of stained carpets, cleaning and re‐striping in the garage, increased maintenance of the terrace landscape, etc. You may not see repairs and maintenance on the mechanical systems, but it is being done.
Bayberry is also pursuing proposals for replacement and upgrades to the gym equipment and other possible projects which will enhance our common areas.
Proposals for artwork and furniture upgrades are also in progress.
Communications: The Board recognizes that communication (or lack thereof) between the Board, Management and the Community has been a sore spot. We’d like to put an end to that. You may already have noticed that Bayberry has been sending monthly updates and has sent out forms for each of you to fill out in order to ensure correct contact information is on file. We are moving towards installing BuildingLink software to manage many aspects of the Association’s business. We will send detailed information on this when we are ready to roll it out, but you can visit www.buildinglink.com for more information if you are curious. Bayberry and the Board feel this will streamline many aspects of life at the two buildings (as well as helping us go paperless) and we hope it exponentially improves the Board’s ability to communicate with you.
In the meantime, please address questions and comments (or complaints) to Chris Mullen at cmullen@bayberry‐management.com or to us.
It is important that maintenance issues and comments regarding Bayberry or Palladion staff always go to Chris. He keeps the Board informed!
Community Groups: Groups of 3‐5 volunteers are being formed (with Board approval)
to facilitate resident involvement in community improvements and activities.
Bayberry’s update mentioned an Art &Design Community Group which will be working
to select replacement art and furniture for common areas. Trustee Jen Ledet is working
on forming a Group focused on kid’s activities and issues. Please contact her if you are
interested in getting involved.
Annual Meeting and Trustee Elections: The Board will announce a meeting date as soon as we are confident we have the 2013 budget ready for presentation. In addition to the budget, we will have several important agenda items to discuss (including the possible addition of a mid‐year Association meeting) and welcome discussion on all issues. There is also an upcoming election as both Jen Ledet and Thomas Calus’s terms end on December 31, 2012.
We truly hope you find this this update useful in answering your questions. We understand the last year has been a difficult one for all of us living here in the Court Square Press and Macallan buildings and thus are extremely pleased to report the progress made in making our association a first class organization consistent with our expectations.
We have been working hard and, we like to think, efficiently, to right the ship and achieve this goal. As always, suggestions and comments (even criticisms) are very welcome.
Thank you for your patience.
Annual Meeting and Trustee Elections: The Board will announce a meeting date as soon as we are confident we have the 2013 budget ready for presentation. In addition to the budget, we will have several important agenda items to discuss (including the possible addition of a mid‐year Association meeting) and welcome discussion on all issues. There is also an upcoming election as both Jen Ledet and Thomas Calus’s terms end on December 31, 2012.
We truly hope you find this this update useful in answering your questions. We understand the last year has been a difficult one for all of us living here in the Court Square Press and Macallan buildings and thus are extremely pleased to report the progress made in making our association a first class organization consistent with our expectations.
We have been working hard and, we like to think, efficiently, to right the ship and achieve this goal. As always, suggestions and comments (even criticisms) are very welcome.
Thank you for your patience.
- The Trustees
Ken Bello kbello@belloblack.com
Thomas Calus tcalus@trocaderodevelopment.com
Jennifer Ledet jenniferledet@comcast.net
Samantha Fratus Samantha.fratus@gmail.com
Mike Maina mikemaina@mac.com
David Allen dallen@rfpadvisors.com
Tom Tavenner ttavenner@rfpadvisors.com
Ken Bello kbello@belloblack.com
Thomas Calus tcalus@trocaderodevelopment.com
Jennifer Ledet jenniferledet@comcast.net
Samantha Fratus Samantha.fratus@gmail.com
Mike Maina mikemaina@mac.com
David Allen dallen@rfpadvisors.com
Tom Tavenner ttavenner@rfpadvisors.com
