Elliston Place Quarters
Profile:
48 unit, 4 story condo near Vanderbilt
Amenities:
- Interior hallways
- Exterior stairwells
- Elevator
- Parking garage with security gate
The Challenge
Before Paragon took over management, there had been a fire and the insurance didn’t cover all of the repairs, forcing the community to take out a loan to pay for the repairs.
When Paragon took over management in late 2005, the association was having severe cash flow problems, resulting in numerous late payments. The water company had just forced the community to put up a $4,000 deposit to keep the water turned on. On top of ordinary bills their insurance bills were very high (because of the fire) and they still had a loan payment.
The Solution
It was obvious that the community could use our help. With a lot of hard work and persistence, we managed to keep all the community’s services in place without a special assessment or raising monthly fees in the short term, and put the association in a better financial position in the long term. We even managed to recover most of the deposit back from the water company.
We’ve put together some figures below showing the progress the community made over time.
%
Increased Savings
years
HOA ACCOUNT BALANCE UP 2564%
Monthly Cost Kept Low
When compared with annual inflation rates, monthly fees stayed under 1% increase per year, which is lowest in the industry,
Massive Debt Reduction
Debt reduced significantly to lower association risk.
| 1/31/2006 | 12/31/2008 | 12/31/2010 | 12/31/2015 | |
| Monthly Fee | $150.00 | $150.00 | $165.00 | $165.00 |
| Cash in Bank | $3,016 | $2,938 | $25,220 | $80,365 |
| Accounts Payable | 9,916 | 0 | 0 | 0 |
| Loan Balance | 13,359 | 0 | 0 | 0 |
| Water Deposit | 4,000 | 4,000 | 2,753 | 353 |