News - September 2023

The Board of Directors hopes that everyone a happy and safe Summer! If you would like the Board to include items in the next Newsletter, please forward your suggestions by September 30.

Our Annual Meeting was held on April 4, 2023 at the Hendrick Hudson Library. We thank all those shareholders who attended and our attorney, Ken Gould, Esq., and our Accountant, Allison Siegel Sheer. However, since we did not have a quorum (i.e., a majority of shares represented), we were unable to conduct a successful meeting—one with legal validity.

Sign up for the weekly Town of Cortlandt Newsletter for local and county-wide upcoming news and events at:

https://lp.constantcontactpages.com/su/1UuJlzo

Update on Co-Op Enhancement Projects:

• Replacement of a large number of decks has been completed.
• Bank mandated work on electric outlets and switches is almost complete.
• Preventive heating and plumbing work as required.
• There are more projects being contemplated, to be done based on safety needs and fund availability.

Reminder: Hudson Woods Estates will levy fines of $100 for any gas or charcoal grills that are not removed from the property immediately.

Please send your cost savings measures and suggestions to our property management company's site representative:

Ian@sequoiaproperty.com

News - June 2022

 

The Board of Directors would like to wish everyone a happy and safe Summer! If you would like the Board to include items in the Fall Newsletter, please forward your suggestions by August 15.

Our Annual Meeting was held on April 26, 2022 at the Hendrick Hudson Library. We thank all those shareholders who attended and our attorney, Ken Gould, Esq., and our Accountant, Allison Siegel Sheer. However, since we did not have a quorum (i.e., a majority of shares represented), we were unable to conduct a successful meeting—one with legal validity.

Sign up for the weekly Town of Cortlandt Newsletter for local and county-wide upcoming news and events at:

https://lp.constantcontactpages.com/su/1UuJlzo

Update on Co-Op Enhancement Projects:

• Replacement of a large number of decks has begun
• Carpet cleaning in all hallways – starting Friday, June 10th
• Update to all parking lots
• Preventive heating and plumbing work as required
• There are more projects being contemplated, to be done based on safety needs and fund availability.

Reminder: Hudson Woods Estates will levy fines of $100 for any gas or charcoal grills that are not removed from the property immediately.

Please send your cost savings measures and suggestions to our property management company's site representative:

jonathan@sequoiaproperty.com

Good News - We have refinanced our property

 

As of April 29th, the co-op has successfully refinanced its property one year earlier than required by the original contract. The money gained from refinancing now allows to take on some of the more pressing projects that are long overdue.

More information will be available in the Hudson Woods Newsletter, which is being written now.

Special Public Meeting - March 2022

 

Due to the Covid-19 pandemic, we have had to delay our yearly public meetings for the safety of our shareholders.  Due to the pandemic and associated supply chain disruptions, our co-op, like many organizations has had to deal with a 6.5% national inflation rate.  

We have scheduled an online public meeting to discuss our recent maintenance increase:

Hudson Woods Estates

Special Online Public Shareholders Meeting
March 16, 2022 @ 6:00 pm

Discussion of Maintenance Increase

Join Zoom Meeting:

Link for special online meeting: HWE-Zoom

Meeting ID: 846 7672 2090
Passcode: 489024

We are looking forward to seeing you there.

Maintenance Increase - 2022

 

The Board of Directors and Sequoia Property Management understand the concerns of several shareholders regarding the 2022 maintenance increase. The 6.5% increase in maintenance fees was necessary to ensure the co-op will be able to meet its 2022 financial obligations. We hope this correspondence will help to explain the rationale and considerations that went into the decision.

Below is a small snapshot of the co-op expenses:

• The monthly mortgage payment for the property and the 5 buildings is currently $42,183 ($506,000 annually). Payments increase each year as the property taxes and insurance increase.
• The 2021 property taxes were $169,500 and are expected to increase by at least 5% this year
• The annual insurance coverage is $73,500 and is expected to increase 6% in 2022 as a result of industry wide claims primarily associated with the frequent natural disasters.
• The annual Con Edison electric expense for the common areas is approximately $40,000. The gas bill is approximately $46,000. Industry estimates are for a 10-15% increase in 2022 due to the oil markets and supply issues. 
• The private sewer plant that we are obligated to use, charges approximately $100,000 annually.
• The landscaping/snow removal contract for the property is $34,000 annually.

The regular maintenance expenses also include the property superintendent, exterminating services, plumbing & roof repairs and are currently at a yearly level of $185,000. Those expenses are also expected to increase due to the annual rate of inflation which is roughly 7%. 

Note, the increase does not include any capital improvements such as deck replacements or other needed improvements or emergency expenditures. The board is working with our current mortgage holder trying to secure funds for the deck replacement project. If the board is successful in this endeavor we will be replacing as many decks as possible this year. 

In consideration of the difficult economic times for many, the board is scheduling the increase close to the star reimbursement, to hopefully ease the hardship. The star reimbursement is in effect from March thru June 2022.  Below is an example of how the star rebates will help to offset the increase. 

Example for a 2-bedroom unit:

Shareholder monthly maintenance fee: $1021.76

2022 increase 6.5%= $66.41 monthly or $796.97 annually

Approximate star rebate of $1771, spread over 4 months is equal to a reduction of $442.75 a month. Using this example, the monthly maintenance fees would be reduced to $645.42 for those 4 months.

Please be assured that the Board has and will continue to work extremely hard to reduce costs, while maintaining financial stability. We believe that this increase will maintain and improve the value of your investment in this cooperative. We are always eager to hear any suggestions you may have to reduce costs. Please send those to Sequoia via email, in order that we may take them under consideration.

Thank you for your understanding and concerns.

Respectfully,

The Board of Directors and Sequoia Property Management 

Annual Public Meeting - 2022

 

Due to the Covid-19 pandemic, we had to postpone our yearly public meetings for the safety of our shareholders.  Now that public gatherings are allowed, we are able to announce that our next public meeting will take place:

Hudson Woods Estates

Annual Public Shareholders Meeting

April 26, 2022 @ 7:00 pm

Hendrick Hudson Free Library

185 Kings Ferry Rd, Montrose, New York,
(Floor 2)

An election will take place for the board of directors. 

We are looking forward to seeing you there.

Annual Meeting - 2021

 

Due to the Covid-19 pandemic, we have had to delay our yearly public meetings for the safety of our shareholders.  We are finally able to announce that our next public meeting will take place:

Hudson Woods Estates

Annual Public Shareholders Meeting

November 9, 2021 @ 7:00 pm

Hendrick Hudson Free Library

185 Kings Ferry Rd, Montrose, New York,
(Floor 2)

An election will take place for the board of directors. 

We are looking forward to seeing you there.