Dear Homeowners;

I would like to begin by thanking all of you for helping us achieve the following objectives:

  • Board of Education has approved the purchase of land behind building 12 from First Baptist.  With this sale we will finally receive the balance of $210,000.00 that is owed to the Hampton Club.  This amount can be used to replenish our reserve fund and bring us closer to our goal of $1 Million dollars.
  • Reduced two of the main drivers of our expenses. Insurance and Maintenance.
  • The City of New Brunswick spent $1,254,906.57 to install our gates and controllers, additional cameras, electrical upgrades and paving of Lot A and creating a new entrance to our community.
  • New Fire Alarm System installed in Building 7. Two buildings are now renovated and we plan to have the other 10 building on line by August 2015.
  • Upgraded our plumbing  system in building 6 and 10 due to wear and tear.
  • Our Club House has been completed and is fully functional.  We have received donations of equipment or funds  from many of our vendors including, Publicall Management Group, John Kwasnick,Bob Wiley, Willie Adams, Neutral Electric, Remm and the City of New Brunswick.
  • New Dumpsters have been ordered for the garbage area.  This will provide us with dumpsters that are easier to move and maintain.

During this economic environment we have faced some major challenges in operating the Hampton Club. Our collection policy had to be more aggressive due to the fact that many owners have fallen behind on paying their fees.  As of June 1, 2012 we have an outstanding receivable of $450,085.25.  In the same period in 2008 our balance was $145,000.  We have also faced an elimination of FHA financing status.  Over 90% of the sales at the Hampton Club over the years have been financed by HMFA. This has basically slowed down the sale of units at the Hampton Club.

With all of us working together, these challenges can be met and we can achieve our short term and long term goals.  Again thank you for all your assistance and let’s move forward together.

 

Diane Tarapata
President
Hampton Club Condo Association