SUMMER 2021 VOLUME 3, Issue 6
BOARD OF DIRECTORS President Myrna Calderon
Real estate revival results in 25% increase in apartment sales
Vice President Michelle Centeno
By Property Manager Sherene Chensue, Prestige Management
Secretary Rachel Miller-Bradshaw
B
Treasurer Blandon Casenave
Directors Karloff Commissiong, Esq. Thomas Culhane, Esq. Esteban Garcia Tiffany Hart John Howard
y any measure, 2020 was an extraordinary year and, against that challenging backdrop, Prestige Management Inc. hope that you and your families are staying healthy and safe. While we could never have predicted the nature or extent of the COVID-19 pandemic, Fordham Hill Owners Corp is on sound footing operationally and financially. There are times when numbers tell a story, and this is one of them. Management has observed a revival in the real estate market and this is validated with a 25% increase in apartment sales volume. The uptick in application submissions in most cases,
WHAT’S INSIDE Property Manager’s report
Page 1
Board President’s Address
Page 2
From the Desk of the Senior Property Manager
Page 7
Treasurer’s Update
Page 8
Construction Committee
Page 9
Security on the Oval
Page 10
Community Engagement
Page 16
have both social and investment significance. The current upward trajectory is a positive sign that Fordham Hill is returning to some form of normalcy and soaring to higher heights. Fordham Hill’s recent sales comparable average for one bedroom grew from an average of $163,300 in 2019, to a record number of $166,625.00 to close the fourth quarter of 2020. Fordham Hill also saw an upswing in 2 bedrooms values, whereas the average sales price reflected an all-time high of $252,000 in 2019 significantly increased to a historic high average of $265,545.00 in 2020. Overall, Fordham Hill’s real estate market is finally regaining its strength and heading towards recovery. We hope to continue see a flourishing real estate market in 2021 and beyond!
APARTMENT KITCHEN
FHOC COLLECTION
A
s we remain cognizant of our economic, social and financial situation, our availing measures have afforded us some breathing space in order for Fordham Hill to continue to strive, even when other businesses struggled. We are pleased to inform you that Prestige Management Inc. has successfully collected an average of 98% in maintenance payments during the fiscal year 2020. As a matter of fact I would like to take it one step further, and applaud all shareholders who have made it possible for the corporation to reach this historic feat, as we successfully collected 119% of maintenance charges from all nine buildings. This helped to reduce our account receivables quite significantly and increase or operation our cash flow.
This is great news, which demonstrates that the monthly payment reminders, in-house stipulations or payment agreements and other communicative methods are working. If you have an arrears do not ignore our notices. Please take the opportunity to call management Thomas Culhane, Esq. or send us an email at fordhamhillowners@gmail.com so that we can make arrangements to work at reducing your arrears over time. During 2020, the Board waived all late fees, which greatly helped shareholders and residents to recover during the most difficult time. We will continue our proactive approach, diligent measures, and in taking the necessary steps to insure the future financial solvency of FHOC community.
FORDHAM HILL OWNERS CORPORATION NEWSLETTER VOLUME 3, ISSUE 6 — PAGE 1
