As the close of the election year is approaching, we thought it would be helpful for homeowners to see a recap of the things that have been accomplished since September of 2022, and offer some insight into things we would like to see more progress on. We've achieved significant milestones, ousted the old board, and paved the way for a brighter future for our community. However, while celebrating our successes, we must also acknowledge the challenges that still lie ahead.
Removing the old board
One of the most significant achievements of the past year was the successful removal of the old condo board. This monumental step marked the beginning of a new era, one that promised transparency, accountability, and positive change. Under our new leadership, we launched multiple investigations into the practices of the previous board, ensuring that justice prevailed and wrongdoings were brought to light.
Restoring Relationships with Lisle & DuPage County
Our efforts extended beyond our community's borders, as we worked diligently to restore relationships with both the Village of Lisle and DuPage County. Through open communication and collaborative initiatives, we managed to mend strained ties and foster a spirit of cooperation that benefits us all. This not only enhanced our community's reputation but also created a more favorable environment for our property values to thrive. We are actively taking steps to annex back into the city of Lisle, which is in the best interest of the property and the homeowners.
Reopening of Clubhouse and Association Rebrand
A comprehensive rebranding of our property, accompanied by the launch of a modernized website, showcased our commitment to revitalization. The reopened Clubhouse, a vibrant hub of community activities, has been reopened and revitalized, providing a clean and inviting space for our residents to enjoy. This has been proven by the multiple community engagement events that have been held at the space, as well as our monthly board meetings.
Cutting Expenses
In a strategic move, we managed to significantly cut expenses, including garbage removal, leading to substantial cost savings. The decision to part ways with Eco Property Management proved to be financially prudent, resulting in an impressive amount of money saved. Our collaboration with Rex Cleaners not only saved us money but also raised the standards of cleanliness throughout the property. By parting ways with Lakeshore Recycling Systems and moving to Groot, we saved thousands each month on waste removal while simultaneously adding more bins.
Property Values & Financial Gains
The dedication of our condo board members has yielded remarkable financial gains. Home prices have experienced a nearly 11% increase since late 2022, a testament to the positive trajectory of our community's value. Our proactive approach to managing finances has also led to a remarkable achievement: from starting with a mere $300 in the bank, we have built our reserves to an impressive $50,000. This newfound financial stability sets the stage for future enhancements and improvements.
Fostering Community Spirit
Our commitment to fostering a sense of community was evident in the various committees that were established, providing residents with a platform to actively contribute and participate in shaping our shared environment. The success of community parties, such as the festive Christmas and Easter celebrations, underscored our dedication to creating meaningful connections among neighbors.
Acknowledging the Road Ahead
While we celebrate these remarkable accomplishments, it's crucial to acknowledge the road ahead and the challenges that still demand our attention. The laundry situation, October payment crediting, parking permits, major drainage issues, remaining balconies, and unpainted hallways represent a list of responsibilities that remain unfinished. We understand the significance of these matters and are committed to addressing them with the same determination that has driven our successes thus far.
A Collective Journey
In conclusion, the past year has been a transformative journey for our condo board and our community. The strides we have taken, the challenges we have tackled, and the unity we have fostered all stand as testaments to what can be achieved when a dedicated group of individuals comes together with a shared vision. As we move forward, we are fueled by the same passion and determination that ignited our journey, and we look forward to continuing to create positive change and a brighter future for all residents.
At-A-Glance
Raised home prices
By eliminating value-draining policies by the old board, we have opened the doors to prospective home buyers once again, sending our property values through the roof.
Conducted Reserve Study
We hired a reserve study specialist to assess the current state of our property and give us a long-term plan to keep our property up-to-date and safe.
Stopped Balcony fines
We stopped predatory fines for those who have not installed new balconies.
Cleaned out the clubhouse for public use
It was previously seized by the old management company as their office space.
Have not hired ourselves for any services
The previous board hired themselves as the Management company, Cleaning company, Fire Alarm Maintenance company, Surveillance System Installation company, Snow Removal company, and more.
Hired a professional Management Company
Previously, the old board treasurer created her own management company and hired herself, in direct violation of the association's policy on board members hiring themselves.
Hired a professional Pool Maintenance company
Previously it was maintained by an unlicensed team hired by the previous treasurer.
Hired a professional Snow Removal company
Previously it was maintained by a family member of the old board.
Adopted Smart Quickpay Laundry
Previously the quarters were inefficiently collected by hand by the old board.
Obtained $150,000 of our own Reserves
Previously was held hostage by the bank per the previous treasurer’s request.
Built $50,000 in reserves
Although this doesn't pale in comparison with what a property our size should have in reserves, it is a significant improvement from the $300 the previous board left us when we took over.
Hired a professional Fire Alarm Maintenance company
Hired a professional Cleaning Company
Previously maintained by the board treasurer.
Hired a professional Surveillance System Installation company
Previous installations were done by family members of the board treasurer.
Installed new camera system in the clubhouse
We have installed a new system to monitor cameras in the clubhouse and are working to regain access to the camera systems in the four-story buildings next.
Settled lawsuit with DRF construction
The previous board implicated us in a lawsuit that could have reached totals of over $200,000. Through mediation with the plaintiff directly, we got it down to $50,000 on a payment plan.
Settled lawsuit with Village of Lisle
The previous board refused to allow the Village of Lisle onto the property to inspect water meters, resulting in a lawsuit. We have restored our relationship with the village and have replaced the water meters, resulting in them dropping the lawsuit against us.
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