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The reserve study is a tool to preserve the integrity of a homeowners association. A detailed reserve study will assist the homeowner board in planning, maintaining and improving the common area assets under the responsibility of association. This is not a comprehensive look at reserve studies. Any detailed questions you have should be directed to a real estate attorney.  

The California Civil Code §5550(a) describes a reserve study as “a reasonably competent and diligent visual inspection of the accessible areas of the major components that the association is obligated to repair, replace, restore, or maintain.”  It is a report that details current & future anticipated expenses for the common area components of an association.

Components to be Studied

Every homeowners association will have components or systems which they are responsible to maintain.  Common area include pool facilities, painted surfaces, roofs, decks, heating & cooling units, elevators & stairs, parking lots, tennis or basketball courts, landscaping and other hardscape such as fences, gates, walkways and driveways.  A homeowners association must maintain all of the common areas of that association. Basically, the reserve study is a report card on the condition of the common areas.

The reserve study estimates how much remaining life there is in each of these components. It then gives an estimated cost for repair or replacement when each item will eventually wear out. The study will inform the HOA board how much money the association will need to set aside each year to pay for these expenses and create a funding plan for the board to accomplish this task.

Requirements for a Reserve Study

Not all states require that homeowners associations have reserve studies. In California,  all HOA boards regardless of size must perform an onsite reserve study at least once every 3 years. There is an exception to this rule for associations that have very few common area assets.

Annual Updates 

It is a requirement for the board of directors to review the study each year and make any adjustments necessary. The projections created in the 3 year study are subject to revision as unexpected repairs happen throughout the year.  The board must update the reserve study to reflect these expenses and fulfill the needs of the reserve fund.

Who is Responsible for the Reserve Study?

Your board of directors has the responsibility to hire a specialist to perform the reserve study. The board should not try to create their own study. Typically the board members would not have the skills to accurately estimate the cost for repairs/replacement of HOA components.  The board should hire a credentialed reserve specialists (RS) or other similar qualified professional.  They will have the knowledge and the tools necessary to calculate the useful life and values of every aspect of the common areas.

3 Parts of a Reserve Study

The Component List

First is the Component List as this defines the scope and schedule of all the anticipated upcoming reserve projects. This will be the basis for the analysis of the reserve fund. The study will include a price estimate for replacements of each component based on a best and worst case scenarios.  Included is an estimate of the useful remaining life span of each item, dividing that number into the replacement cost. The resulting number is the amount the board should reserve each year in the budget to pay for that component. The component list should include photos and comments of each item on the list.

Fund Strength

Second is an analysis of the current funding balance. This will determine if the association is on track to meet the needs of the membership.  The total cost of the component list will be used as a factor in the analysis.  The health of the fund balance will be given as a “percent funded” amount.  This is known as the Fund Strength.  Therefore, the Fund Strength will tell you if the association is meeting its reserve obligations. 

Reserve Funding Plan

Third is the Reserve Funding Plan.  This is a plan to offset the ongoing deterioration of HOA assets and provide for the ability to cover anticipated expenses.  Creating a stable budgeted reserve plan will maintain a healthy financial balance sheet for the association.  The plan will cover a multi-year schedule as a guide to insure the association stays on track to have a fully funded balance each year. 

The Cost of a Reserve Study

The cost will depend on the complexity of the association.  If all the association has a greenbelt and a monument sign at the entrance to the tract then it the cost of the study will be minimal.  But if you have multiple swimming pools, a recreation center, tennis courts and a golf course then the study will likely cost as much as $10,000-$20,000 or more. The reserve study is funded by monthly membership dues and this expense should be referenced in the annual budget.  

Maintaining a Healthy Reserve Fund

According to the Davis-Sterling laws, the reserve study is necessary to set up the reserve fund.  The purpose of a reserve fund is to repair, replace, restore, or maintain the major common area components.  The board decides how to fund the reserves base on the reserve study.  If the HOA has been saving for the replacement of items all along then the association is considered to be adequately funded.  Otherwise the association would be considered underfunded.  The consequences of being underfunded means the HOA will have to find alternative means of collecting the funds necessary for repairs when systems need attention. 

This could be done through an increase in the monthly membership dues.  Although depending on the percentage funded recommendation in the study this may take too long to catch up.  Many times a special assessment is required or a combination of increased monthly dues and a special assessment.  The special assessment is commonly spread out over a certain period of time and is in addition to the monthly dues. 

In the event that the association has a sudden issue with a major component (i.e. irrigation system needing replacement) the board may be required to create an emergency special assessment as a one time lump sum payment to be collected immediately from the homeowners.  Decisions like this are never easy for the board or popular with the homeowner members.  That’s why you always want a well funded reserve account in your HOA.  The funding plan is provided to the membership in the year-end budget.

Special Emergency Assessments

A few years ago our HOA required an immediate special assessment of $790 to pay for a repair required to our common area drainage system.  There was a government agency that was imposing a daily fine for not making the repairs.  The funds were not in the budget and each day the repair was not made the fines from the county were increasing.  This necessitated a one-time emergency special assessment payable by the homeowners within 30 days.  This was very unsettling to the homeowners and became a litigious event that continues to this day.   Although this case is a rare event it is not that uncommon for a homeowners association to be under funded.  

Is Your HOA Fully Funded?

A healthy HOA is one that has a low risk of special assessments.  The risk is determined by what percent the budget is funded.  Percent funded is the ratio, at a particular point of time (typically the beginning of the Fiscal Year) of the actual (or projected) Reserve Balance compared to the Fully Funded Balance, expressed as a percentage.  In simple terms, the Percent Funded is calculated by taking the amount in the reserve account and dividing it by what they should have (in the Reserve Study) to cover expenses and expresses this in the form of a percentage.  If there is $40,000 in the reserve account but the reserve study states that you need $100,000 to cover expenses, then the HOA is considered to be 40% funded.

Associations under 30% Funded have a high risk of special assessments and deferred maintenance.  At the other end of the spectrum, special assessments and deferred maintenance are rare at associations with reserves that are at least 70% funded.  In between 30% -70% represents a medium or average risk to an association.

Adjusting the Reserve Balance as Needed

The Percent Funded will change each year as the Fully Funded Balance and Reserve Balance fluctuate.  How much should the HOA be placing in reserves?  It depends. Typically between 25% and 40% of monthly membership dues should be put toward reserves in order to establish a healthy reserve fund. This may require a larger increase in dues upfront, or smaller increases each year until the desired balance is achieved.  The HOA board is tasked with this duty and must act in good faith and in the best interests of the members to avoid liability, maintain the common areas and keep property values from declining.

The Fully Funded balance is the goal for any association. Not meeting this objective does not mean the community is going to run out of money or end up with special assessments but it is the amount a community should strive for if the overall goal is a healthy homeowners association. 

I hope this has been helpful in understanding what a reserve study is and how it affects a HOA controlled property.

Curious as to what Supplemental Taxes are and how they are calculated? Check out this post – Supplemental Taxes

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This week we saw interest rates reach a 48 year low as the 30-year rate checked in at 3.34%. That’s the second lowest 30-year fixed rate in history! Ever since Freddie Mac began keeping track of rates back in in 1972 we have been at sub-4% levels only a handful of times. This week is one of those moments. Interest rates are at historical lows and yet more buyers aren’t taking advantage.

So far in February we’ve seen a strong buyer turnout and more than usual showings on our listings. The inventory of homes has not caught up with demand. Even if you haven’t found the home of your dreams be prepared to strike with a lender’s pre-approval in hand. If you are considering buyer or refinancing soon then now is the time to lock in these low rates. I read this quote today from an industry insider. Matthew Graham of Mortgage News Daily stated, “At no time in modern economic memory have mortgage rates been able to move significantly or aggressively lower than they are right now.” I couldn’t agree more.

The cause of the drop in mortgage rates appears to be a reaction to the multi-day tumble on Wall Street this week. That event is the result of the concern for an international trade slowdown. And the slowdown in trade is due to the concerns over the growing Wuhan coronavirus pandemic. That was a mouthful. Hey, I’m not a professional writer.

The takeaway for anyone is to grab these great rates while they are still available. Because they will go back up – my best guess at least. But even if they do back up a quarter or half percent you would still be getting a great rate!

“At no time in modern economic memory have mortgage rates been able to move significantly or aggressively lower than they are right now.”

Matthew Graham, COO, Mortgage News Daily

As for historical perspective – back in the early 1980’s interest rates hit 18%. Sellers had a difficult time selling their homes because of it. Many sellers resorted to taking back mortgages on their homes just so buyers could purchase. Wraparound mortgages were very popular, albeit not always per the original lender documents. But it was the only way to sell your home! I was a young Realtor at the time when rates finally started to come down and I remember the milestone points. When they hit 12%, because it was an easy 1% per month calculation. Then when rates fell into the 9’s we all thought that the real estate Gods has shined a golden light upon us to sell more houses. It worked too!

So when I see rates in the 3’s the only thoughts I have are why more buyers don’t step into the game. Prices, at least in our area, are in the $600,000’s for a starter home but with low rates it is doable with a little help. Let’s hope more buyers can take advantage of this terrific opportunity.

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A Tax on “Improvements”

In a county where we’ve dealt with more than our fair share of fires over the recent years we are now looking at a ballot initiative for a new parcel tax approved by the Los Angeles County Board of Supervisors.  This property tax increase would provide funding for more staffing and upgraded equipment for the Los Angeles County Fire Department.

Called the Los Angeles County Fire District, California, Measure FD Parcel Tax (March 2020) or “Measure FD” it would authorize the district to levy an annual parcel tax of $0.06 per square foot of structural improvements on all properties up to 100,000 square feet. The tax would exclude parking areas and vacant land.  There is also an exemption for seniors on a limited income.

Needed Funding

There is a need for the money all across the county. Some of the department’s fire engines and rescue vehicles are 20 years old and frequently break down, leaving firefighters and paramedics to devise a short-term solution or go out of service, officials said. More firefighters are also urgently needed, according Fire Chief, Daryl Osby. He claims that calls for emergency medical assistance have jumped by more than 50% in the last decade, while the number of paramedic units has increased by only 5%.

How Much of a Tax?

For a 2,500 square foot home the tax would amount to an extra $150.00 per year and it would be owed in addition to your current property taxes.  The amount can go up as much as 2% per year, compounding with no cap and no expiration built into the bill. Unless repealed at some point in the future the tax would be indefinite. The tax would apply to residents in the department’s coverage area of 2,300 square miles. In total, 59 cities and the county’s unincorporated areas including Agoura Hills & Westlake Village.

Improvements Defined

Improvements are defined as “structures under a roof” although the law does not specify what constitutes a structure.  A confusing point I see in the measure is that your garage is currently not considered living area (unless converted to such) and therefore not part of your taxable square footage.  But your garage has a roof.  A tool shed has a roof. It is a structure and could therefore be included in the tax calculation. At this point I don’t believe the county would have the man power or resources to recalculate the additional space on your property so they may just go with what is currently recorded at the county for your house.  It’s not spelled out in the bill.

Poorly Written

Although the new tax has the exemption for seniors on a limited income the measure does not clearly spell out the details of how it would implemented.  Measure FD leaves it up to the fire chief to develop procedures for the senior exemption and the appeals process which could be argued is a conflict of interest.  Also, the appeals process would be limited to mathematical errors in calculation of the tax or “significant discrepancies” over the square footage of the improvements.  The measure fails to define the limits of the “discrepancy”.

The proposed tax does not take into consideration the assessor values of homes in different areas of the county.  A house in an older, less expensive part of the county surely is not valued as high as a newer, larger structure in Bevely Hills.  This new tax would not differentiate areas and charge everyone the same – 6 cents per square foot.

Critics say that the tax would make it more expensive to buy or rent a home or a business.  I would agree.  As costs for landlords increases so does the rent.  The extra amount, even if $150.00 per year will get passed down to the tenants.  And with a growing homelessness issue facing Los Angeles this may not be a smart move at the present.  Aren’t we already overtaxed in this state?  Does the county really want to drive more people away?

What About the Increased Revenue?

The county of Los Angeles has seen an increase of revenue of more than 33% since 2015, largely due to increases in home values and the resulting rise in property taxes.  That means Billions of dollars more in revenue for the county.  These additional funds should be used for needed emergency services as requested by the fire department instead of taxing us even more.

This parcel tax proposal has too many flaws and was rushed through the process.  Although I am sympathetic to the needs or our county Fire Department, I am voting No on Measure FD on March 3rd.

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It appears that the terrific few weeks of lower rates & a moderately expanding economy were slightly shifted with the global issue of tariffs. But not by much it appears as mortgage rates remain steady for now.

However, the initial reaction we have witnessed reminds us that it only takes one little — or big — thing or event to upset the apple cart. Natural disasters, political events, international tensions, and more, have the ability to put a charge into the economy and the markets. Thus, the word tariff can be very ugly, or it can just be a gentle reminder. Only time will tell. 

Now, the issue of tariffs had been thrown around before as part of the many trade discussions which have taken place in the past few years. Sometimes the threat just turns out just to be part of negotiating tactics. Or, the tariffs implemented are not as extensive as threatened. In these cases, the markets have quieted down, and the economy has moved along its merry way. It has been about two weeks since the word was presented recently, and in this case the drama has continued mostly in the press. 

After all that rates moved lower for the third straight week, but showed signs of leveling off. For the week ending May 16, Freddie Mac announced that 30-year fixed rates fell to 4.07% from 4.10% the previous week. The average for 15-year loans decreased to 3.53% and the average for five-year ARMs moved up to 3.66%. A year ago, 30-year fixed rates averaged 4.21%, over 0.5% higher than today. Attributed to Sam Khater, Chief Economist, Freddie Mac — “Modestly weaker consumer spending and manufacturing data, along with continued jitters around trade policy, caused interest rates to decline throughout the yield curve. While signals from the financial markets are flashing caution signs, the real economy remains on solid ground with steady job growth and five-decade low unemployment rates, which will drive up home sales this summer.” 

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My nephew has a desire to work at Apple or Amazon.  He is studying artificial intelligence now and hopes to be one of the many that gets hired straight out of college.  He has high aspirations.  The company he chooses will influence where he is going to live, work & spend his leisure time.  Daunting, isn’t it?!  How he will afford the housing costs in order to live close by his work will be a consideration as well.   In many ways the tech giants on his short list will be influencing his life style, from shopping, schooling and housing. Big companies can have a major impact in the real estate values of a community when employing thousands of new people, increasing demand for housing and thus decreasing the affordability. We saw this happen in Thousand Oaks with the growth of Amgen over the past 25 years.

The decision by Amazon to split its second headquarters between Crystal City, Virginia, and Long Island City (LIC) in New York will have long lasting impacts on the real estate landscape in those cities.

The Washington D.C. and Northern Virginia areas handle 70% of the world’s internet traffic and the convenient transportation hubs will give easy access to downtown and the National Airport.  In increasing numbers, recent graduates and young tech employees are finding that living in busy urban environments afford them the lifestyle they desire.  They want access to transportation, the community, shopping and cultural events.  

Amazon’s move to Crystal City makes sense on a logistic level because it satisfies many of these needs.  Also, the Virginia metro area has the highest number of computer science graduates in the U.S., providing an abundant pool of young tech employees for the company.

The Challenge for Housing

Housing for the thousands of new employees there will create a challenge in the short term.  The tight housing stock cannot currently handle the growth.  The good new is that there are 4,000 units already planned for the near future within walking distance of the new Amazon campus and more development is expected.  

Demand for homes is high as Realtors have seen a spike of online buyer inquiries of over 200% in recent weeks, year-over-year.  Open house traffic is three and four times normal and multiple offers, although declining in most markets, is up as well. 

In New York City, Google is investing over $1 billion in capital improvements hoping to add over 7,000 new jobs to the area. Unfortunately, this growth is contributing to the already limited housing.

In LIC, where Amazon’s HQ2 plans on a potential 25,000 job expansion, there is already a spike in housing prices due to the demand.  Major high-rise developments across the street are reporting record buyer inquiries and some are already planning infrastructure improvements to accommodate the growth. Internet traffic for current home listings is up in Long Island City – an increase of 1,049 percent over last year at this time.

Between Google and Amazon, there are an anticipated 35,000 potential new jobs being added to the area.  Neighborhoods that are relatively affordable now will soon find that many residents will be priced out of the area.  The days of low and moderately priced rentals are a thing of the past.

Having a major new employer move into the area can have a dramatic affect on housing and decrease the ability to keep reasonably affordable housing costs sustainable.  In Seattle, home prices have increased dramatically in line with the growth of Amazon there.  Median home prices increased by 73 percent over the last 5 years, to approximately $739,000.

 Both Washington D.C. and New York City have already seen yearly price increases of 3.2 percent and 1.7 percent, respectively.  Single family rents have increased in both areas as well.  Will that change dramatically once the new facilities are filling their cubicles?  I would say so.

Apple is building a new massive campus in Austin with over a $1 billion investment for a new high tech facility that will be next to their existing campus.  They expect to accommodate the 5,000 new employees upon completion with up to 15,000 employees expected over time.  This will make Apple the largest single employer in the Austin area.  The company is planning more expansions across the country over the next few years.

There are new-home communities and apartments being built every day in Austin and it is expected that this fast growing area will be able to handle the housing demands.  No doubt it will change the look and feel of Austin forever.

While many in the younger workforce are flocking to the big cities for jobs this will put a strain on transportation, housing inventory and affordability.  The high occupancy rate of 98.2 percent in Long Island City does not bode well for the influx of new Amazon staffers planning their move to the area.  But there are presently 15,400 new units being built there.  An interesting statistic; LIC added the most new apartments of any U.S. city after the recession – 12,533 units total.  Could it be one of the reasons Amazon chose to locate there?  

So what’s in store for the budding Steve Jobs’ or Bill Gates’ of the future? Living in any of these growing areas is sure to cost more, and not just for the new tech employees.  The young entrepreneur must take into account these expenses before they pack their laptop and hop on the plane to the future. 

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It appears that increasing numbers of homebuyers are interesting in using VR technology when searching for their next home.  According to a new Coldwell Banker marketplace survey released this week there a several desirable gadgets that the buyers of today want and one of them is virtual reality home tours.  The survey was released prior to the kickoff of the Consumer Electronics Show (CES) 2018 show in Las Vegas.  CES is the leading trade show that features the newest gadgets, TV’s and leading technology inside & outside of our homes.  For a third straight year Coldwell Banker has sponsored a Smart Home Marketplace at CES.

Growing Numbers of Tech Buyers

The buzz appears to be mostly about the Virtual Reality home tours technology for homes and how a high number of survey respondents state that they want to use this technology.  The online Harris Poll of 3,000 adults asked how important certain technologies were in the home buying process. Not surprisingly 77% said that would like to see a Virtual Reality tour.  That’s a close second to the more common standard video tours at 84% of the respondents.  In fact 62% said that they would choose a Realtor that offers this virtual reality tour service over an agent that does not.

The Shiny New Gadget

But I question if a Virtual Reality tour will really be the most desired feature of home shoppers in the near future.  I get it – it’s the shiny new technological toy.  But will home buyers really start donning VR headsets to look through Realtor.com?  I’m not so sure.

Is There Enough Interest?

First, there has to be a large number of Realtors that will need to embrace this technology. Then they will have to learn how to use it.  I’m doubtful that they will do so on the scale necessary for the technology to have any real impact.   That’s not to say that agents can’t do it, rather the question is whether they will be motivated enough to invest their time and money.  The cost is not only in purchasing the equipment but learning how to create these custom tours.  Most will want to hire a professional VR photography company to do it for them.  Virtual reality home tours prices start at $350 and cost as much as $1,200 per house.  At the present, very few agents have adopted this technology now.  The fact is that less than one-quarter of all current listings have any kind of video now so it may take a while before Virtual Reality tours will become standard for the industry anytime soon?

Investing In The Virtual Reality Experience Costs Money

The entry-level for true VR technology is not cheap for the user.  Quality wired headsets will set you back $400.00 to $600.00 for the HTC Vive or Oculus Rift, respectively.  Then you’ll need to be tethered to a VR-ready PC with a high-end graphics card to run the software.  That’s an entry-level cost of about $800.00.  How many households currently have this kind of setup and how many of those families are searching for a home?  The alternative is to use the headset/smart phone option.  This setup requires a smart phone and a pair non-connected goggle that mimic the immersive reality experience.  You can start with a pair of Google Cardboard glasses ($15.00) which is literally a folding cardboard “headset” that you place your smartphone in but those are uncomfortable and lack the features of the more advances units.  You have many choices.  There are probably over 20 headsets on the market ranging from $9.00 – $120.00.  Anything around $40.00 will be more than adequate.

Try Before You Buy

For those not interested in buying the equipment before your start touring, you can still enjoy the experience of moving the viewfinder around a room with a 360 view on VR enhanced listing.  The technology will work on you smart phone, iPad or Desktop PC although the experience of ‘being inside the home’ won’t be as good.

Small Number of VR Tours

There are relatively few VR tours available today.  I will include a link (at the end of this article) to an agent website that uses VR Tours so you can see one for yourself.  Novices may find the technology a little cumbersome at best.  When I’ve shown this technology to friends without VR headsets they end up using their pointer buttons or mousepad to bounce off walls and walk into corners.  It wasn’t the experience that they were hoping for as it shouldn’t be without the right equipment.  In my opinion, for most new users that are older and not familiar with VR technology, they may find that the current home tour videos offer a better experience.  I guess it’s a generational thing.  Like most new technology, your kids will have to show you how to use it!

More Than Just for Virtual Reality Home Tours

Consumers also see more uses for VR technology in their current and future homes.  68% responded that they would love to use the technology for furniture placement and decorating ideas.  There are a few applications on the market currently that will let you digitally arrange all kinds of furniture in any space of your home or workplace.  Apps like Planner 5D https://planner5d.com/vr/ allow you to design an entire space using furniture from integrated name brand catalogues.  Change colors, styles and sizes of each piece.  You can even print & save your designs for making purchasing decisions. All it takes is a little imagination on your part.

Not Quite There Yet

Is it time to embrace the technology?  I believe the technology for home tours will not be very useful until it achieves greater acceptance by both Realtors and the public.  VR home tours take time and skill to create and the equipment can be expensive.  The public may find the novelty exciting but I don’t think they will spend a lot of time with the goggles on.  I may change my mind in a year or two but for now my bet is that the consumer would rather flip through high quality photos or click one button to be carried through the property with a beautiful video then to have to work the controls themselves.  I do want to give those agents credit that have taken the leap and are willing to try something new.  Things are changing so fast.

What do you think?  Please comment below.

Here are some VR enabled properties to look at http://www.teresa4homes.com

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I was talking with the son of a friend of mine this past week on the benefits of homeownership and I realized that many younger people just don’t realize all that can be gained from owning a home. With the mortgage meltdown of 2008 fresh in everyone’s mind I can’t help but wonder the effect it may have had on the children at the time and how their beliefs were shaped as they become adults. Many saw their parents struggle with foreclosure and short sales and it has shifted their beliefs on what it means to own a home.

Financial Benefits

The benefits of homeownership are many. For one, it’s an investment. Owning your own home can be your greatest long-term, rainy day nest egg for retirement.  History has shown that buying a home in Ventura County has provided long-term, financial security as appreciation in the values has steadily increased.  Markets can fluctuate but it is not uncommon to see my clients double and triple their investment within a short period. 

There are tax benefits to owning your own home including monthly mortgage deductions that will save you money on your taxes as well as a benefiting from a substantial Capital Gains tax relief when selling the home.  Over the long run you’ll have a sizable investment that can be used for retirement funds or passed down to the next generation.

Stability

Owning your home means that you won’t be subject to a landlord raising rents or deciding to kick you out of the house.  You can live there indefinitely.  Ownerships gives you the ability to modify the property, change the look and design of the home and make it personal to you.

You can establish your roots in the community and know what schools your children can attend without worries of being forced into an unplanned relocation to another area.  Being involved in your community activities is more meaningful when you have an ownership stake in the neighborhood.

Pride of Ownership

Over the years I have been very fortunate to help so many families purchase their homes here in Ventura County.  I see the pride my clients have when they show me the improvements and changes they’ve made to the property. There is nothing like the experience of creating an entirely new space in your home and to then show it all to your friends and family.  The sense of satisfaction can last for years.   Renting a home can never match the tremendous benefits of homeownership.

History Repeats Itself

A more predictable, stable and healthier quality of life can be had with owning a home.  The benefits can last for years.  History has proven that over the long run you will gain much more than just a roof over your head by taking the plunge into homeownership.  If you need assistance getting started in purchasing your first home be sure to reach out to me and we can work together to help you with the process.

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