Dear Falls at Vail Homeowner –

 

We hope you are enjoying the transition to cooler weather and looking forward to the winter season.  Your Falls board has several important updates to share.

 

Q4 Assessment

As you might recall, the Association assessed owners almost $5,000/unit back in March of 2023 to cover a large portion of our expensive 2023 master association insurance policy, which cost nearly $180k in total.  With our recent vote to move to individual unit insurance, we intend to cancel this master policy as of 11/1/2023.  The remaining unpaid master policy balance for each unit comes out to roughly $2,300/unit, so the Association must now assess all homeowners $2,300 for the remaining unpaid balance of insurance premiums.

 

In addition to higher insurance premiums, both increased legal fees (for declarations changes, etc) and continued inflationary trends across all goods and services have driven Association expenses beyond initially budgeted levels.  For these reasons, the Association must assess each owner an additional $700 per unit at this time to help replenish our reserves. 

 

In total, the Association must now assess each unit owner $3,000/unit, to be paid by 11/15/2023.  We appreciate your continued understanding of the higher expense levels necessary to keep your community and Association in premier standing, and you will soon be receiving a formal billing statement for this assessment.

 

Proof of Individual Unit Insurance

As a reminder under our newly adopted declarations, each unit owner is now required to (1) secure replacement value insurance on their own individual unit, (2) name the Association as an additional insured on such policy, and (3) provide the Association with proof of your new insurance status by emailing a copy of your Declarations Page to either of the following: acicero@altitude.law or eckpropertymanagement@gmail.com.  Please ensure that you have sufficiently completed all of these requirements, as the 9/30/2023 has already passed.

 

Annual Homeowners and Board Meetings

Our annual Homeowners and Board meetings will be held on Wednesday, December 27th, from 6:00pm to 7:00pm MST, at the Vail Public Library’s Community Room, located at 292 West Meadow Drive, Vail, CO 81657.  We will also be videoconferencing the meeting and will send conference call details as the date approaches.  Please mark your calendars and plan to join in the meeting.  The board would gladly welcome any additional volunteer board members, as additional help would be greatly appreciated.  Thank you for considering.

 

Falls at Vail Website

We are excited by the progress of an updated and improved Falls at Vail website, which will include important community information like governing documents, emergency contact information, parking rules, and other important items.  We hope to unveil the new site before year-end, but it may take until early 2023 to complete.

 

Annual Pre-Snowfall Services

The Association is currently scheduling many important seasonal services like gutter cleanouts, French drain cleanouts, chimney cleanouts, dryer vent cleanouts, heat tape inspections/repairs/installations, and window cleaning services.  Please note that these contractors will be working around the grounds over the next several weeks.

 

Maintenance Concerns

If you have any general maintenance concerns at all, especially regarding safety items like iceberg formation or deck/railing concerns, please immediately alert your Property Manager Laureen Eck at eckpropertymanagement@gmail.com, or any of the board members.