We have focused on keeping the dues low for many years. In my opinion, this has led to the lack of adequate maintenance and infrastructure improvements. These, in turn, have contributed to an image of an aging neighborhood in decline. To test this theory, I gathered the sales data over the last eleven years (2010 – 2020) for several of the communities in our area and plotted them versus time.
The following data show correlation between the money available to spend and the observed price increase.
|Appraised Value Range1||Price/sq.ft. Increase from 2010 to 20202||Number of Homes||HOA Dues||Pools||Tennis Courts||Clubhouse + Common Areas3||Dues/Amenities4|
|Heathlake||260 – 560||16%||312||700||1||2||2||$43,680|
|Ashford (ACA)||210 – 650||55%||932||625||2||4||2||$72,813|
|Yorkshire||800 – 1300||78%||150||850||0||0||1||$127,500|
|Lakes of Parkway5||600 – 1200||14%||873||2600||1||2||2||$453,960|
|Village Place||350 – 900||48%||517||800||1||4||2||$59,086|
|South Briar||260 – 350||65%||803||675||1||4||2||$77,432|
|Briar Hills||240 – 370||59%||440||700||1||2||2||$61,600|
|Westchester||150 – 615||54%||486||784||1||1||2||$95,256|
|Nottingham6||440 – 770||65%||932||650||1||5||2||$75,725|
|Notes||1 Appraisal Value ranges were those reported by HAR and only provide an approximate range|
|2 Price/Sq.ft. increases are based on actual sales values per share foot for the year 2010 and 2020|
|3 In an attempt to quantify amenities in some way Common Areas that require landscaping were added to clubhouses|
|4 In order to get a rough approximation of the money available to care for the amenities, the HOA dues times the number of homes was divided by the sum of the amenities (Pools+Tennis Courts+ Clubhouse+Common Areas)|
|5 Lakes of Lakeside is a gated community with 24 hour security and is, therefore, not comparable to other communities in this table|
|6 Nottingham Forest also collects a substantial amount of money from $450/yr Tennis memberships that is not reflected in these numbers|
Heathlake has more amenities to maintain and collects less dues to do it. The last column shows a simplistic ratio of the dollars we collect to the number of amenities that must be maintained, and does not mean to imply that each amenity costs this much to care for.
This post was researched and written by the Heathlake board member John Trahan and edited / approved by the rest of the board (Sara Mammadova, Stephen Read, Per Voie, and Mary Puccini)