Friday, September 22, 2017

  WELCOME OWNERS TO THE ASSOCIATION WEB SITE. 

PLEASE REGISTER TO VIEW RESTRICTED PAGES.

NEWS YOU CAN USE 

7/01/2017 BOARD MEETING MINUTES HERE

2016 AUDITED FINANCIAL STATEMENT AVAILABLE. SEE BELOW

WATER RATIONING TO ENDED EFFECTIVE 3/7/2017 

THE ASSOCIATION IS INVESTIGATING CONTAMINATION IN ITS WATER AS A RESULT OF WATER RATIONING

 

SUMMARY OF INSURANCE 2017 HERE

LEARN ABOUT HAMILTON COVE HERE

2017 DISCLOSURE STATEMENT PART 1 HERE

2017 DISCLOSURE STATEMENT PART 2 HERE

2017 BUDGET CAN BE FOUND HERE.

2016 AUDITED FINANCIAL STATEMENT HERE

2016 MANAGEMENT LETTER HERE

LARGE ITEM PICK UP

DO NOT PLACE LARGE ITEMS NEAR OR IN THE TRASH BINS UNLESS YOU HAVE DONE THE FOLLOWING:

Each Unit or residence at Hamilton Cove is allowed three large item pick up calls per year. A maximum of two items may be included for each call.  Items included in this program are furniture, appliances, BBQ grills, bikes without the tires and e-waste products such as TV's, computers and printers.  To schedule a pick up an Owner should call Avalon Environmental Services at 310-510-0240.  Avalon Environmental Services will let the Owner know which day it will be picking up the item.  Pick up days are Tuesday, Wednesday and Thursday.  The item needs to be taken up to our maintenance building area and placed near the large trash bins.  On a piece of paper attached to the item the owner should write the date the item will be picked up and their unit or residence number.


HISTORY OF WATER AT HC THRU 12/31/15 HERE

 RULES AND REGULATIONS AS AMENDED JULY 19, 2015 CAN BE FOUND ON THE GOVERNING DOCUMENTS PAGE

                     ___________________________________________________

FINANCING AND REFINANCING A UNIT

    A number of Owners and prospective Owners are having difficulty refinancing their Units.  The problem is that Fannie Mae and Freddie Mac classify Hamilton Cove as a condotel.  The second problem is that 40 Units remain as subleases.  This number is down from 66 when the Association purchased the fee.  This is because lenders are requiring an Owner/Sublessee seeking to refinance or a buyer of a subleased unit to purchase the fee. 

    Hamilton Cove is not a condotel and it does not meet the definition of a "condotel". The Association does not have a rental pool or a rental desk.  It does not participate in rentals in anyway. 

    With regard to subleases, the Association informs lenders as follows:

The Association owns the land where the project is located.  The Association has transferred a condominium interest in fee to 145 Owners. The remaining 40 Owners are purchasing the fee interest in their condominiums over time by paying the Association $419.67 a month.  At any time they can pay the remaining balance of the purchase price and obtain the fee interest in their condominiums. The 40 Owners currently have an undivided fee interest in the land where their unit is located and the Common Area. When an Owner purchasing his or her fee interest by monthly payments to the Association sells or refinances his or her condominium, the balance of the purchase price is paid, and the Association then transfers the fee interest in the condominium to the Owner.

    The Association continuously receives forms from prospective lenders which it has to fill out.  While many of the questions are similar, no two forms are the same. The Association will try to assist Owners or prospective Owners with their efforts to obtain a loan.  The best way to obtain assistance is through an e-mail to the Association describing the problem.

    AS UNITS ARE FINANCED OR REFINANCED THE ASSOCIATIONS ATTEMPTS TO LEARN THE IDENTITY OF THE LENDER AND LOAN BROKER, IF ANY.  CONTACT THE OFFICE IF YOU WANT THIS INFORMATION.

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A NUMBER OF OWNERS PARTICIPATING IN THE MASTER LAND LOAN ARE EXERCISING THEIR OPTION TO PURCHASE THE FEE, TAKING ADVANTAGE OF LOW INTEREST RATES. INTEREST ON THE MLL IS 6.25%.


2016 BUDGET ON BUDGET PAGE.


 FINANCIAL STATEMENTS

2014 AUDITED FINANCIAL STATEMENT IS AVAILABLE. SEE FINANCIAL STATEMENT TAB.


MONTHLY COMPILED FINANCIAL STATEMENTS AVAILABLE.

GO TO FINANCIAL STATEMENTS TAB.



TRANSFER FEES APPROVED 2/27/10

i)  Sale or transfer of a Unit by a Fee Owner–$250;

ii) Sale by Assignment of a Unit by a Sublease Owner –$500;
iii) Refinancing by an Owner--$500;
iv) Financing a Unit by a Purchaser to be paid by Purchaser–$500;

v) Refinancing a Unit by a Sublease Owner–$500;

vi) Payment of his or her pro rata share of the Master Land Loan by a Sublease Owner together with the acquisition of a fee interest in his or her unit–$750;

vii) Sale by a Sublease Owner involving purchase of the fee--$750


 WATER USAGE

In 2007 the Association used 9,321,900 gallons of water, its peak usage.  In 2014 the Association used 2,698,800 gallons or 29% of the water used in 2007.  In addition, the Association used 15% less in 2014 than in 2013.        

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