Well I have good news for SPW residents. We have voted to reduce the maintenance fees across the board, meaning the same percentage applies to everyone. The reduction amount is substantial that's all I can say for now. You will receive a letter and new payment coupons from Randall before January 1, 2008.

We debated greatly before deciding. The main worry I said, is the low reserve funding we currently have, while the rehab is still going on. If we have a hurricane, a fire, or something either man-made or natural disaster that would double or triple our insurance premiums, then we could be in trouble.

We hope that nothing would happen while we slowly build up our reserve fund for saving as well as for repairs and at the same time maintain this percentage of fee reduction for SPW residents.

The main point is, we want to give back to the SPW community something they have long deserved. We didn'think we could achieve this task in such a short time but we did it and it's happening.

By James

Maintenance Fees

Very good news indeed. This would definitely help nowadays with sky-high prices of gasoline & electricity. I commend this board for doing all they can to help SPW residents. I can't wait to see my new payment coupons.

By Anna

Maintenance fees

James, the latest newsletter says y'all have voted to reduce maintenance fees by 23%. Would you explain 23% of what? Thanks a lot. This is good news to us all. Any amount helps!

By Anna

Maintenance fee reduction

That would be 23% of the total maintenance fees we receive each month. For example, we receive more or less $32,000 each month. Take 23% of this amount would be around $7360. Take this amount and divide by 141 units would be around $50 reduction across the board.
I really didn't want to go in details since this is not for sure as further calculations would have to be made. We have several units that are falling very far behind on their maintenance dues. We are referring them to our attorney for foreclosing actions as they are hurting us all.
Let's just wait until you receive your 2008 payment coupons (for homeowners)but for now please don't take my calculation for sure.

By James