Huntington Pointe

HP2 Roof Update

There’s been a lot of conversation among HP residents since the projected cost of Phase 2’s re-roofing requirement was announced. The 60 or so people who attended our meeting on August 7 heard a lengthy explanation of the project, how we found ourselves in this predicament and what the Board is proposing we need to do.

In the past week, I have received emails and phone calls from many residents, concerned about the cost of the re-roofing and how it will affect them individually. People are worried about their ability to pay and about the timing of this expense since many are still paying the Clubhouse assessment. Many are overwhelmed by the increased cost of living at Huntington Pointe. These are valid concerns.
I’d like to address some of these apprehensions and invite all who are interested to attend the Phase 2 Board meeting on Thursday, August 17 at 10 AM. While only Phase 2 owners will be permitted to speak, everyone is welcome to listen.
There have been many newspaper articles circulating in recent days about how Boards of Directors get into trouble for a plethora of reasons. While interesting to read, these horror stories bear very little resemblance to what we are facing here at Huntington Pointe.
The Board of Directors is made up of your neighbors. We care about the present state and the future of our community. We take action honestly, openly and with the best interest of our owners at heart. Our financial dealings, contracts and other documents are available to all owners. Unfortunately, we can’t be all things to all people.
The timing of our roof replacements has been a major concern. Why does it need to be done now when we’re still reeling from the clubhouse assessment? Why not years ago when it might have been done cheaper? And why isn’t there money in our reserve account to pay for this work?
Why now? HP2 must have our Structural Integrity Study (SIS), a State-mandated inspection of our buildings as a direct result of the Surfside collapse, completed by February 1, 2024. Any deficiencies will need to be remedied immediately or we will face State penalties. Multiple roofing experts have cautioned the HP2 Board that our roofs are in dire jeopardy of failing these inspections and we should be prepared. In response, we have started planning the re-roofing project.
Additionally, insurance companies now require roofs to be less than fifteen years old or they may choose to cancel coverage. We certainly don’t want that to happen. In addition to being a bad idea to go uninsured, Florida Stature 718, which governs condo associations like ours, requires that we be fully insured.
Why not a few years ago? Back in 2018, our roofs were predicted to last another 5-10 years with proper maintenance, so we repaired them as best we could. The cost of replacement was not deemed necessary at the time, so we waited. Had we known that roofing costs would increase by more than 40% in five years, we might have acted differently, but nobody expected the rampant inflation of the 2020’s or the massive roofing needs on Florida’s west coast after Hurricane Ian.
Why no Reserve money? Payments into our reserve fund are dictated by the requirements set by our reserve study. It estimates the life expectancy of numerous facets of our buildings’ structure, including roofs, stucco and paint, elevators, fire safety equipment, walkway railings and many other items. The calculated cost is divided by the number of useful years and the prescribed amount is set aside into the reserve fund. While inflation is a factor in determining reserve contributions, the inflation rates of late were not, and could not have been predicted three years ago.
In years long gone by, Boards did not fund reserves properly, keeping owner fees artificially low. In the past few years, that mindset has changed In 2023, Phase 2 will contribute $300,000 to reserves, a slight increase from 2021 and 2022 contributions. From that fund, elevators and fire panels have recently been upgraded. Our sidewalks are repaired regularly, and buildings are painted every seven years. We are now using our reserve fund as it was designed to be used. Unfortunately, the enormous roof cost is beyond what was collected from owners in the past, so we need to find another way to pay for it.
The HP2 Board is in an unenviable position now. Our present situation is not where any of us wanted to be. We must properly fund our operating and reserve funds in an atmosphere where owners have “had enough !!!”. Costs are increasing and there is no funding source besides our owners. We try to mitigate expenses wherever possible while taking proper care of our aging buildings.
I would again like to invite any Huntington Pointe owner to attend our Phase 2 Zoom Board meeting on Thursday, August 17th at 10 AM. At that time we will discuss our roofing situation and disclose some new details that we have learned since our last meeting.
Looking forward to meeting with you then,

Wayne Goodman
Phase 2 President