ANSWER TO MR. LASZLO REGARDING OUR VOTE AND OUR PROPERTY VALUES

In response to Mr. Laszlo's letter of July 26th, I would like to opt for brevity as the members of this community have ostensibly been asked to read many letters coming from both sides of the issues of renovating vs. demolishing our clubhouse.  Suffice it to say that the buildings in which we all live are all likely 45 years old, and I have not yet heard any calls for the demolition of these structures.  Over time, major features such as rooves, air-conditioning systems, interior pipes and electrical work have all required renovations and repairs.

Accordingly, I have yet to hear one member of our community contemplate demolition of our residences, all approximately of the same vintage as the clubhouse.  Furthermore, if memory serves me, the F Building, where Mr. Laszlo resides, has undergone major renovations of its lobby on more than one occasion in recent years. Moreover, the F Building underwent a major restoration involving lead pipes in its interior walls, and the list goes on.  Did Mr. Laszlo or any others call for the demolition of their building?  The E Building had serious issues with rodent infestations which resulted in significant interior ramifications.   The same rationale can be made regarding other associations in YARCOBR such as the I Building's exterior resurfacing project, the D Building's roof and doors replacement and the new rooves installed on the Town Houses recently.  Subsequently, all of these choices to renovate concluded with positive outcomes and without considering an option to demolish.  The same would apply to our clubhouse.  

Essentially, when one considers the impact on property values, one must also consider the monetary outlay that will influence those property values.  With the future potential for rampant inflation and costs spiraling out of control, initial estimates to renovate or demolish will both likely go higher and higher, but everything is relative.  The cost of demolition is exponentially higher than renovating, and the question remains how long will such a significant expense take to result in an increase in one's property values, if ever?  In other words, the law of diminishing returns is likely applicable here.

Lastly, one does not have to look far to other communities in our proximity where major capital projects have had a negative effect on property values due to the enormous cost and loss of use associated with them.  Real estate professionals, if they are candid, would be happy to share their conclusions on this topic based on their experience where clubhouses were demolished and ultimately rebuilt.

Respectfully,

Michael Kaufman
Vice President and Club Director, Condominium Association G