News Articles
Increased Assessment to Cobblefield Reserve Fund for New Buyers Who Close after 12/31/24
Posted on Oct 15th, 2024
As you know the community is now more than 30 years old and we need to continue to plan for continued upgrades to parts of our infrastructure, which are funded through the reserve fund. The Board has identified an additional source of revenue for the reserve fund that will benefit the future capital projects.
As some of may recall back in September, 2022 the Board researched how other communities in the area add to their funds and learned that in a number of communities an assessment is charged to the new owner of any home at the closing. Recent research indicated that the assessment of $5,000 that was being collected at Cobblefield for the past two years is much lower than other communities.
Therefore, at the September, 2024 board meeting, the board voted to increase the assessment to $7,500 to all buyers who close after December 31, 2024. This assessment will also apply if a home is sold privately or a title is transferred within a family. In all cases, the new owner is responsible for paying the $7,500 to the reserve fund through our managing agent at closing. All real estate agents are familiar with this type of buyer contribution in Westchester communities.
The board feels that since the new owners will derive the benefits of the future projects these funds will deliver, this is the best approach to raise additional capital.
Sincerely,
Cobblefield HOA
Board of Directors
As some of may recall back in September, 2022 the Board researched how other communities in the area add to their funds and learned that in a number of communities an assessment is charged to the new owner of any home at the closing. Recent research indicated that the assessment of $5,000 that was being collected at Cobblefield for the past two years is much lower than other communities.
Therefore, at the September, 2024 board meeting, the board voted to increase the assessment to $7,500 to all buyers who close after December 31, 2024. This assessment will also apply if a home is sold privately or a title is transferred within a family. In all cases, the new owner is responsible for paying the $7,500 to the reserve fund through our managing agent at closing. All real estate agents are familiar with this type of buyer contribution in Westchester communities.
The board feels that since the new owners will derive the benefits of the future projects these funds will deliver, this is the best approach to raise additional capital.
Sincerely,
Cobblefield HOA
Board of Directors
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