FAQ'S About Woodstream Falls HOA 

QUESTION.  Why are the Association Dues so high at Woodstream Falls?

ANSWER.     The Woodstream Falls HOA dues include all Gas, Electric, Sewer, Water, Basic Cable, Trash removal, and Exterior maintenance. The Homeowner is really only responsible for providing their own telephone service, interior maintenance and insurance. The association is currently working on ways to increase energy efficiency and reduce both the utility portion and the maintenance portion of the HOA FEE. We do not anticipate an increase in HOA fees in the future. Dispite substantial utility rate increases and numerous capital improvement projects HOA fees were not increased for 2007or 2008 or 2009

QUESTION.  Will association fees ever go down at Woodstream Falls ?

ANSWER.     Were looking forward to a graduated decrease in the future, but not in the near future. The need to replace some infrastructure items will continue to require that the association maintain adequate reserve balances. Currently savings being achieved through increased efficiency and cost control are being diverted to reserves to cover future infrastructure maintenance needs.

QUESTION.  I have heard that there is a large special assessment for heating system and roofing repairs due from the owners of these units. Is that true ?

ANSWER.   No, there is no current special assessment for major heating and roofing repairs. While some repairs are needed, the new Board is developing plans for addressing revitalization of Woodstream Falls without the large special assessments proposed by the previous board. HVAC Upgrades are ongoing.  Phase 1 of Roofing, Decks, and Balconies was completed August, 2008.

QUESTION.   I have heard that the Home Owners Association is in financial trouble.

ANSWER.    The HOA currently has adequate reserves and income to meet the needs of the community. The new Board  ( 2006)and Management Company (2009) have made many changes to improve operational efficiency, These changes will continue to have a positive impact on reserve balances and cash flow.

QUESTION.  Why does the complex seem to be in need of paint and other repairs ?

ANSWER.     Previous to 9/01/06, management oversight of regular maintenance items was not adequate. That is one of the reasons that a new board and a new on-site Management Company was established. A schedule to correct many of these neglected regular maintenance items over the next 48 months is available in the Management Office in the Woodstream Falls clubhouse.

QUESTION.  Current prices for condominiums at Woodstream Falls are among the lowest per square foot in the metro area. What are the prospects for the future value of my unit ?

ANSWER.      Recently housing prices have declined throughout the country. In the last 12 months we have seen property values slowly begin to increase at Woodstream Falls after hitting a bottom in 2006-2007. We look forward to this trend continuing as we continue to address the infrastructure and occupancy issues that initially caused the decline in value.

QUESTION. I understand that a new heating system will be installed and that will lower HOA fees this year.

ANSWER. There is no “quick fix” to immediately lower HOA fees. The plan is to convert the existing heating system over the next four years as a part of  the overall revitalization of the community.

Please review the copy of the Revitalization Plan.  Copies are also available at the Management Office or call 303-755-4226 for more information.