Certificate of Resale DisclosureGrosvenor Heights HOA
151 Winsome Circle Bethesda, MD 20814
Property Address:
Current Owner:
Date: 151 Winsome Circle Bethesda, MD 20814
John Renehan, Jr.
September 17, 2025
NOTES TO SETTLEMENT OFFICER
To ensure that there are no delays in settlement of this unit, it is requested that you contact: Theoharis Management LLC at management@theoharis.com at least 48 hours in advance of settlement to ascertain the current balances of seller.
To ensure that proper credits and charges are applied to Buyer and Seller, it is imperative that:
1. A $200.00Set Up Fee made payable to Theoharis Management LLC must be collected from the Purchaser;
2. All Association fee payment checks should be made payable to the Grosvenor Heights HOA; and,
3. Settlement Documentation should be sent promptly after closing takes place to: Theoharis Management LLC. We cannot move in the Purchaser and establish the account until the Settlement Sheet is received in our office. Failure to provide the requested documentation will result in late charges being applied to the account, as well as a delay in establishing the account. Your assistance will help us to serve both parties with this transaction.
Pursuant to Section 11-135 of the Real Property Article of the Annotated Code of Maryland, as amended, the Association must provide the following information within twenty (20) days after receipt of a request by the unit owner.
The following information is furnished by the association and its management agent and is true and correct in accordance with their best knowledge and information. The association, management agent and their respective officers and employers shall assume no liability for any errors contained herein.
The community requires specific information from the Settlement Sheet to update its membership records.
Please send the requested documentation and any funds collected to: Theoharis Management LLC 2120 – 16th St, NW – Suite 205 Washington, DC 20009
Thank you in advance for your cooperation and assistance in these matters.
To: Whom It May Concern
From: John Theoharis Community Manager
Grosvenor
Heights Homeowners Association
Date: September 17, 2025
Re: 151 Winsome Circle Bethesda, MD 20814
A. The status of assessments with respect to the above-referenced property is as follows:
Fiscal Year- Jan 1 to Dec 31
1. Total Annual operating assessment: FY2025
2. Amount paid through September 30, 2025
3. Current Monthly- operating assessment:
B. The Association levies annual assessments, payable in equal monthly installments to pay common expenses. Special assessments may also be levied for the same purpose. The monthly installments (HOA fees) are due on the FIRST day of the month of each month.
C. The Association instruments do not create any rights of first refusal or other restraints on free alienability of any of the units.
D. The following, if any, is a list of all capital expenditures anticipated by the Association within the current fiscal year: None
As of July 31, 2025, the balance in the reserve for replacement funds (reserve account) is: $310,000.00.
E. Attached to this certificate is a copy of the balance sheet which is a current statement of financial condition.
F. The approved operating budget of the Association for the year January 1, 2025 through December 31, 2025 is enclosed.
G. There are no unsatisfied judgments against the Association, nor any pending suits in which the Association is a party except as follows: Normal collection suits from time to time.
H. The Association holds hazard, property damage and liability insurance policies covering the common elements as required by the Bylaws. Each unit owner must obtain their own insurance covering their property and improvements as well as insurance covering personal liability. You are urged to consult with your insurance agent.
You may obtain a certificate of insurance by contacting the insurance agent for Grosvenor Heights Homeowners Association:
Associated Insurance Management, Inc.
3140 West Ward Rd., Suite 105, Dunkirk, MD 20754
Attn: Betty Lusby 301-812-2081
I. The Association has no knowledge of whether improvements or alterations made to the unit, or any limited common elements assigned thereto are in violation of the Association instruments. No Physical/Visual Inspection has been made.
J. There is no leasehold estate affecting the Unit.
K. Attached to this certificate is a copy of the Bylaws and Rules and Regulations of the Association, including all amendments.
L. There are 132 townhomes and 10 single-family homes in the community.
M. According to the records of the Association and to the best of our knowledge, the above-referenced unit is as of the date hereof, owned in the name(s) of: John Renehan Jr.
The name and address of the President of the Association is:
Deborah Rogers
422 Barlow Place
Bethesda, MD 20814
A fee of $350.00 is currently charged for the preparation of a Certificate of Resale, payable in advance. PAID$350.00ASSeptember13,2025
These items of representation are made by Theoharis Management LLC to the best of our belief and knowledge and as sole agent for Grosvenor Heights Homeowners Association.
By: John Theoharis
Theoharis Management, LLC, Agent
Grosvenor Heights Homeowners Association
Date:
ATTACHMENT A
This statement is made by:
(Sellers Name)
pursuant to the provisions of the HOA Laws of the State of Maryland, Real Property Article S11B-106(b):
1. I/We am/are the owner(s) of: at: HOA Name
2. The selling unit owner has knowledge that the following alteration to the selling unit or to the limited common elements assigned to the selling unit violates a provision of the declaration, by-laws, or rules and regulations:
3. The selling unit owner has knowledge of the existence of the following violation of the health or building codes with respect to the selling unit or the limited common elements assigned to the selling unit:
I/We hereby acknowledge that I/we have received and read the information contained herein.
Signature of Seller(s):_________________________________________________
Date: _______________________
Signature of Purchaser(s):______________________________________________
Date:
inthe
DCAreaFORM
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Reliant Parking App
Use your computer or cell phone to download the app. To best serve our neighbors, we all need to follow the parking regulations.
Residents are not permitted to park in visitor parking spaces. Use the parking app registration to avoid towing.
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Reliant Parking System FAQ
How many permits does one address receive per month? 10 permits/month.You have a monthly limit that you are not able to exceed without management authorization. Management authorization may be obtained by emailing management at GrosvenorHeights@Theoharis.com. Management needs 48 hours notice during normal business hours to fulfill your requests (i.e., a request placed at 10 am on a Saturday may not be filled until 10am on Wednesday). If you happen to run out of passes before your account can be replenished please park in the Glasscock Parking lot (7PM- 7AM Mon-Friday 24/7 on the weekends), Fleming Ave, or Grosvenor Lane to avoid any issues.
I am having a party, how do I go about getting more parking passes for the guests of my party? Persons having a party with more than four(4) guests can request on 48 hours notice M-F passes for the party which will not count toward their monthly allotment of passes. If for some reason you do not request the party passes in time please use the passes on your account and/or park in the Glasscock Parking lot (7PM7AM Mon-Friday 24/7 on the weekends), Fleming Ave, or Grosvenor Lane to avoid any issues.
I have a housekeeper that comes to my house every week/month, do I need to give them a parking pass? You will need to send your housekeeper’s car make, model, color and license plate # to GrosvenorHeights@Theoharis.com . The vehicle will be placed on the Do Not Tow List.
I have a babysitter/aide that comes to my house every day, do I need to give them a parking pass? You will need to send your babysitter or aide’s car make, model, license plate #, and a picture of their registration to GrosvenorHeights@Theoharis.com . The vehicle will be placed on the Do Not Tow List.
Do housekeepers/babysitter/aide’s still need something on the dashboard even though it doesn’t count towards one of the 10 monthly passes?
No, as long as their car is registered with Theoharis Management.
I need a guest permit and the office is closed, how do I order one? Guest permits are available 24/7 within your account through the instant guest permit program. The currently monthly limit is 10 permitsYou have a monthly limit that you are not able to exceed without management authorization (see above). If after hours, please park off property to avoid any issues.
My car was towed. Who do I call?
GH has a contract with Henry’s Wrecker Towing Service to remove vehicles parked in violation. Please do not call management when your vehicle is towed. If your car is towed, please call Henry’s Wrecker Towing Service at 301-869-4800. Henry’s is open 24/7 and you may retrieve your vehicle 24/7 from their lot. The minimum fee to retrieve your car is $150 for the tow. Storage fees can accumulate after the initial period. These rates are set by the County.
I am out of guest permits for the month, and need additional, how do I get more?
Please reach out to GrosvenorHeights@Theoharis.com at least 48 hours (M-F during normal business hours) before the need for a guest permit. If you happen to run out of passes before your account can be replenished please have your guests park in the Glasscock Parking lot (7PM- 7AM Mon-Friday 24/7 on the weekends), Fleming Ave, or Grosvenor Lane to avoid any issues.
I have a roommate, how can they get an access code?
Please contact your property manager for an additional access code. Access codes will allow you to create another account with a different username and password. The access code does NOT change the permit limits as the limits are set to the unit.
We have two access codes, will each access code have the same amount of permits/guest permits?
Access codes will allow you to create another account with a different username and password. The access code does NOT change the permit limits, as the limits are set to the unit.
What if you are not able to give someone a piece of paper to put on their dashboard, but you put the information on the app?
Guest permits act as extra insurance against towing we recommend that a guest permit (or permit # written on a note) be displayed but our enforcement company can also refer to the app and the registered license plate on file. We are going to be diligent in trying not to tow persons because of a typo in entering the license plate number. The other way to help insure that we can be successful in not towing a vehicle because of a typo, is to enter all of the information about the vehicles. (For example: a silver Honda has a tag number of 123456 but the owner entered their guest plate number as 123457. If all we have is the plate number and there is no permit in the windshield, that vehicle will be towed. If we have the plate number entered incorrectly and the vehicle description, we will be attempting to cross check that list to avoid towing your guest.
What if I can’t print a permit out, and I want my guest to display a permit?
Your guest can write the permit number on a piece of paper and leave it on their dashboard so that it can easily be read.
What if I have someone staying for a few days, do we need a renewal for each day?
On the app, you are able to make a multi-day permit. You are not able to do this on the website. Each day will use one of your passes.
What if I only want a permit for a couple of hours?
Each pass is for 24 hours. An hourly pass is a feature that is currently not available, but may be a feature that is added in future software upgrades. Also, remember if your guest is here for multiple days (either continuously or intermittently) the pass will extend from today through 11:59pm the following day.
Do contractors/vendors with company name on car need a permit?
Contractors with labeled vehicles ARE considered visitors but do not need permits and will not count against anyone’s monthly pass allowance.
Does our guest need a permit when they park in the Glascock parking lot?
No. Use of Glascock is limited to holidays, weekends, and between 7 PM and 7 AM weekdays.
Does a handicap person need a permit if they have a handicap tag?
All visitors need parking permits, even if they have a handicap tag. Every home in GH has a handicap accessible garage entrance for owners/occupants/residents; there are no special requirements, according to Federal or County Fair Housing laws, for on street handicap parking for owners/occupants/residents.
If you have further questions on this, please contact Theoharis Management at GrosvenorHeights@Theoharis.com to discuss the matter.
THOMAS DOWNEY, LTD. CONSULTING ENGINEERS
December 8, 2023
Grosvenor Heights Homeowners Association Board of Directors
c/o Theoharis Management, LLC
Attention: Anastasia Theoharis, Community Manager
2120 16th Street NW, Suite 205
Washington, DC 20009
Via Email: anastasia@theoharis.com
Reference: Grosvenor Heights HOA Reserve Study
TDL File Number 23-153
Dear Board Members:
www.TDLengineers.com
Attached is our reserve study report. This reserve study is an engineering assessment of the property and contains projections of future projects and expenses needed to maintain the property in good condition for the reasonably foreseeable future. It was prepared in a collaborative process involving management, community members, and us. We provided the engineering assessment for components of the physical plant. Management and community members provided input for discretionary and cosmetic items.
Background Information
Grosvenor Heights is part of the original 35-acre Grosvenor’s Wild Acres site located off of Grosvenor Lane and Fleming Avenue in Bethesda, Maryland. Immediately to the south is I-495 and to the east is I-270. Both interstate highways are buffered from the residential properties with a recently deeded Forest Conservation Area and a Legacy Open Space. Fleming Park and the North Bethesda Trolley Trail are in the southwest and western boundaries respectively. The homeowners’ association is responsible for the maintenance and upkeep of the Forest Conservation Areas.
In 2015 to 2020, the Grosvenor property was developed with 142 elevator luxury townhouses by EYA, LLC and 10 new single-family homes by Sandy Springs Builders. One homeowners’ association represents all 152 homes. The 1920’s Wild Acres mansion, carriage house, and caretaker’s cottage, as well as a 1980’s Glascock Office Building, share the original grounds.
The following is an explanation of the general intent and purpose of a reserve study.
What a reserve study is not
Page 2
Grosvenor Heights Reserve Study
December 8, 2023
A reserve study is not a spending plan. Management and the Board should assess the condition of the property each year and make decisions based on current circumstances.
A reserve study is not a prescription for when equipment and other components should be replaced. The cost and life span estimates use averages derived from property management experience and construction cost data. Decisions on when to replace components should be made from assessments of their current condition, not the reserve schedule.
A reserve study is not the unique solution of the property’s future financial needs and obligations. The study represents an assessment of the property’s condition at a particular time, and a projection of future costs based on engineering and management judgments.
A reserve study is not a legally mandated plan to be followed without further discussion, judgments, and decisions. The plan should be reviewed annually and adjustments made as circumstances change. The engineer does not have the authority to dictate the community’s actions. The Board will consider the engineer’s recommendations and make appropriate decisions.
What a reserve study is
A reserve study is the engineer’s assessment of all major components of the physical plant that are likely to require repair, restoration, or replacement in the reasonably foreseeable future. The inventory includes estimated quantities of each component, estimated current dollar costs, and estimates of useful life and remaining useful life.
A reserve study is a rational basis for management and the Board to make decisions about annual budgets and future funding.
The report contains a financial analysis of possible methods of funding the projected future expenses. These are to be understood as examples only, not as mandated solutions. The Board has the responsibility and authority to decide funding.
What is included in reserves
Page 3
Grosvenor Heights Reserve Study
December 8, 2023
Items that are funded through the reserve budget include replacement of large equipment, large repair projects, and other significantly large costs that are not covered in the annual operating budget. Only common element items are included.
What is not included in reserves
Items that are owned and maintained by the homeowners, as defined in the Association documents, are not included. Routine maintenance items are not included. Items that are funded through the operating budget are not included.
Time period for the reserve study
With proper maintenance and replacement of components in a timely manner, the property can be maintained indefinitely. The time period under consideration and funding policy are important factors in determining reserve funding. In this study, we have included all items that may reasonably be expected to require major repairs, refurbishing, or replacement in the economic life of the property, commonly understood to be about 50 years. We show a cash flow and funding analysis for a 30-year period.
Funding analysis methods
In calculating funding requirements for reserves, we have considered the following factors:
Size and quantity
Expected service life
Current value
Current condition
Estimated remaining service life
Logistical factors that would affect the replacement cost
Design and project management costs that may be required for large projects
The possibility of phasing replacements over time
Cost inflation over time
We have performed the calculations using what is often called the “cash flow funding” method. In the attached spreadsheets, we have used the factors listed above to estimate the amounts and timing of the future costs associated with the reserve items. The estimated costs for each future year are added together to determine a total estimated expense for each year.
Page 4
Grosvenor Heights Reserve Study
December 8, 2023
The funding needed over time to accumulate sufficient resources for the projected expenses is calculated from the projected expenses. For future expenses, we have assumed an annual cost inflation rate of 2.5%. This is close to the long-term historical average of consumer price inflation.
The importance of ongoing maintenance
Our estimated service lives for the reserve items are based on data reported by the property management industry, our experience at similar properties, and our engineering judgment. Service life is significantly affected by the level of maintenance, the quality of the materials, and quality of the installation. Our estimates assume that generally accepted routine maintenance procedures will be followed, that the materials were of average quality, and that they were installed without latent defects.
Comments on funding reserves
There are many discretionary items in the reserve plan. We expect that the Board will modify the plan to meet the community’s circumstances, needs, and capabilities. As changes are made, management and the Board must keep long-term needs in mind. This will involve many difficult decisions including the following:
The quality of life the owners are willing to support. If the community wants the most modern, up-to-date, and well-kept property, the costs will be high. If it is acceptable to wait until components break to replace or repair them, the costs will be substantially lower but the quality of life and value of the property will be less. Most communities prefer to be somewhere in between these two extremes. The decisions about future funding and renovation projects will influence the future quality of life in the community.
The financial obligations the owners are willing and/or able to support. There will always be conflict between what it would cost to achieve a high level of quality in the property and the community's abilities to financially support this aspiration. Funding decisions will need to consider needs and wants, and find the right balance for the community.
Funding methods. An HOA can raise funds through assessments, special assessments, and loans. This reserve study does not mandate future funding methods. These decisions will be made by the Board, considering all of the considerations discussed above.
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Grosvenor Heights Reserve Study
December 8, 2023
Ongoing commitment to funding. As funds accumulate in anticipation of future replacement projects, the community may be inclined to reduce assessments or use the accumulated funds for other purposes. The community needs to keep in mind that reserve funds are for the projects designated in the reserve schedule. Using the funds for other purposes or reducing the assessments may create future funding shortfalls.
Please call if you have questions.
Sincerely,
Thomas Downey, Ltd.
Jillian F. Dlugos, P.E. Engineering Associate
Attachment
Grosvenor Heights Homeowners Association
Bethesda, Maryland
Reserve Study
December 8, 2023
Prepared by Thomas
Downey, Ltd.,
Consulting Engineers
11
Introduction
In accordance with our Agreement for Professional Services dated November 10, 2023, Thomas Downey, Ltd. was retained by the Grosvenor Heights Homeowners Association to prepare a reserve study for the property. The purpose of this analysis is to provide an engineering assessment in order to develop a repair/replacement cost budget and scope of work to maintain the property. This analysis is not intended to prescribe the Association's annual contribution to reserves or method of funding replacements. The primary focus of the analysis is to project reasonably foreseeable costs for replacements and repairs based on engineering considerations. The scope of services is limited to a review of available documents and visual observations of exposed surfaces. No physical testing was performed and no existing finishes were removed.
Portions of the structures are below grade, concealed by other construction, or inaccessible. In these areas, latent problems may exist that may not be identified.
We performed these services in a manner consistent with the level of skill and care ordinarily exercised by professional engineers practicing in this region under similar conditions. No other representation, warranty or guarantee is given.
Our opinions and recommendations are based on our engineering judgment. We will not be responsible for latent defects that may appear in the future or for differing opinions of others that may arise.
Items Not Included in the Investigation
The following items are not covered by the study:
▪ Items that are maintained or replaced by the homeowners
▪ Renovations that may be required by future changes in building codes or regulations governing the property
▪ Renovations due to a change in use of the property or to improve the design of a system
▪ Telephone, internet, and television systems
▪ Routine maintenance items
▪ An accessibility survey or design review
▪ An environmental assessment or testing for potential hazardous materials issues
Grosvenor Heights Homeowners Association
Bethesda, Maryland
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
General Comments on Engineering Cost Estimates
Engineering cost estimates for repairs and replacements on existing buildings are usually different from the actual construction costs. One reason is the complete details of the proposed work are not known when preliminary budget estimates are made. Also, industry experience is that bid prices for repair and restoration work vary widely, even when contractors are basing their pricing on detailed plans and specifications. It is not unusual for construction prices on a restoration project to vary by 100% from the low to high firm even with extensive information for bidding. Factors that influence a contractor’s bid for a repair or restoration project include the following:
▪ Anticipated seasonal weather changes. Project cost is often influenced by the time of year.
▪ The contractor’s current work load. The markup will usually be higher if the contractor is busy.
▪ Labor costs. Labor costs typically account for a higher percentage of the project cost on repair work than on new construction. Labor is considered by the contractors to be the highest risk and therefore it can be highly variable. Labor rates and productivity vary between contractors, therefore, different contractors may submit different bids for the same well-defined tasks.
▪ Project conditions. New construction occurs on a job site controlled by the contractor. Repairing an occupied building is influenced by many factors beyond the contractor’s control. Therefore, the contractor’s perception of the job conditions has a large effect on cost.
For these reasons, and others, engineering cost estimates should be used as guidelines.
General Comments Reserve Funding Calculations
Our methodology conforms to the recommended practices in "Best Practices: Reserve Studies/Management" published by the Community Associations Institute Research Foundation.
Abbreviations
LF - Linear feet
SF - Square feet
SY - Square yards
EA - Each
LS - Lump sum
AL - Periodic allowance
Unit - Residential unit
Grosvenor Heights Homeowners Association
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
Property Information Notes
Year built2020
Reserve study base year2023Based on calendar years
2024 budgeted assessment for reserves$45,996
Expected reserve fund balance as of 12/31/23 $184,000
Provided by management
Number of residential units152
Financial Assumptions
Average annual cost inflation rate2.5%
Average annual interest on invested reserve funds that is returned to reserves
Property description:
Grosvenor Heights is part of the original 35-acre Grosvenor’s Wild Acres site located off of Grosvenor Lane and Fleming Avenue in Bethesda, Maryland. Immediately to the south is I-495, and to the east is I-270. Both interstate highways are buffered from the residential properties with a recently deeded Forest Conservation Area and a Legacy Open Space. Fleming Park and the North Bethesda Trolley Trail are in the southwest and western boundaries respectively. We understand that the updated reserve report is to include the upkeep and maintenance of the Forest Conservation Areas.
In 2015 to 2020, the Grosvenor property was developed with 142 elevator luxury townhouses by EYA, LLC and 10 new single-family homes by Sandy Springs Builders. One homeowners' association represents all 152 homes. The 1920’s Wild Acres mansion, carriage house, and caretaker’s cottage, as well as a 1980’s Glascock Office Building, share the original grounds.
Grosvenor Heights Homeowners Association Reserve Study
December 8, 2023
Prepared
by
Thomas Downey, Ltd., Consulting Engineers
Executive Summary
This reserve study is an engineering assessment of the property and contains projections regarding anticipated future projects and expenses necessary to maintain the property in good condition. Included are the major components of the community’s property that are likely to require repair, restoration, or replacement during the next 30 years. Excluded are items covered in the annual operating budget and items that are not community property.
This study provides a rational basis for the Board of Directors to make decisions about annual budgets and future funding. The report contains a financial analysis of possible methods of funding the projected future expenses. These are to be understood as examples only, not as mandated solutions. Only the Board has the responsibility and authority to decide funding.
A reserve study is not a spending plan. The Board should assess the condition of the property each year and make spending decisions based on current circumstances. The Board will review the consulting engineer’s recommendations and make decisions accordingly. The consulting engineer has no authority to decide assessments or spending.
In calculating funding requirements for reserves, the following factors were considered:
• All common element components, their quantities, and expected service lives
• The current conditions, remaining service lives, and values of the components
• The impact of cost inflation over time
Reserve funding needs were calculated by estimating the cost and timing for repair, restoration, or replacement projects during the next 30 years. After accounting for cost inflation, assumed to be 2.5% annually, the total reserve expenses by year were estimated for the next 30 years.
Funding for these estimated expenses was calculated using the cash flow method by taking the current amount in reserves and the current annual assessment for reserves, and calculating the future assessments needed to pay for the future expenses.
The following is a summary of the projected reserve expenses and assessments for the next five years.
Year
The reserve study and this summary were prepared by Thomas Downey, Ltd. Consulting Engineers. The previous reserve study was done by Property Diagnostics, Inc. in 2020. $ 47,146
Total Projected Costs, Including Inflation
Estimated Amount in Reserves at the End of the Year
2023 $ 40,000 $ 189,996
2024 $ 54,469 $ 185,523
Comments
48,325
2025 $ 42,025 $ 194,606
At the current assessment level, and assuming that assessments for reserves are increased annually at the rate of inflation, funding shortfalls are expected to occur starting in 2040.
2026 $ 69,998 $ 177,060
49,533
50,771
2027 $ 45,992 $ 184,494
Adjustments should be made for future budgets to compensate for the projected shortfalls.
Details are in the full reserve study report. The estimates prepared by the reserve analyst are subject to review and revision by the Board.
Grosvenor Heights Homeowners Association
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
Auditor's Summary
The following is a summary of the components grouped by building system, estimated costs expressed as a percentage of the total component assessment calculation, and range of estimated service lives. The estimated costs were based upon the estimated cost to repair or replace the components at the date of this report. These costs are in current dollars and do not take into account the effects of inflation between the date of this report and the date that the components will require repair or replacement.
Breakdown of component assessments by building system:
Range of Estimated Useful Lives (Years)
1.00 3 - 60
for
2.005 - 50
Fences, Railings, and Walls
3.0010 - 40
4.0010 - 50
Grounds Miscellaneous
The estimated total of all reserve expenses, including adjustments in costs for annual inflation of 2.5%, for the next 30 years is:
$3,721,958
We recommend that assessments for reserves be increased each year by at least the rate of inflation. The reserve funding and projections should be reviewed annually by the Board and management. A full reserve study should be performed by an independent consultant at least every five years.
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
Projected Baseline Funding Cash Flow Analysis for 30-Year Study Period
At the current assessment level, and assuming that assessments for reserves are increased annually at the rate of inflation, funding shortfalls are expected to occur starting in 2040. Adjustments should be made for future budgets to compensate for the projected shortfalls.
These assessments are only one of many possible funding plans that would satisfy the baseline funding projections for the time period shown above.
Grosvenor Heights Homeowners Association
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
Chart of Projected Expenses and Assessments
Projected Expenses and Assessments
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
$-
2.5%Cost Inflation Rate 1.5%Interest on invested reserve funds, returned to reserves
Grosvenor Heights Homeowners Association
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers Property Components
2.00Fences, Railings, and Walls
2.01Split
4.00Miscellaneous 4.01Mailboxes
Grosvenor Heights Homeowners Association
Reserve Study
December 8, 2023
Prepared by Thomas Downey, Ltd., Consulting Engineers
Notes on Reserve Components
1.00Site
1.01Underground utility linesThis includes electric power cables, water lines, storm sewer pipes, sanitary sewer pipes, gas lines, and communications cables. This is an allowance for replacement of underground utility lines owned by the Association. These items are not visible for inspection and no concerns were reported to us.
1.02Asphalt paving mill and overlay
1.03Drive lane brick pavers
1.04Concrete curbs (20%)
1.05Concrete sidewalks (20%)
1.06Wood bridge walkway
1.07General asphalt repair allowance
1.08General concrete (curb & sidewalk) repair allowance
Excluded items
2.00Fences, Railings, and Walls
2.01Split rail fence
2.02White picket (PVC) fencing
2.03Metal railings
2.04Wood guardrail
2.05Stone, concrete, and masonry retaining walls repair allowance
2.06Laureate Way bridge stone walls
2.07Metal railing repairs and painting
3.00Grounds
3.01Landscaping
Mill off 2" of the surface asphalt, install a 2" hot mix asphalt overlay and restripe the parking stalls. This includes an allowance for some full-depth repairs. There is typical cracking and there are no significant deficiencies.
Replace the brick pavers at the traffic circle and at Laureate Way.
Replace 20% of the sidewalks every 20 years. The curbs are in serviceable condition. All of the curbs are not expected to be replaced during the study period.
Replace 20% of the sidewalks every 20 years. All of the sidewalks are not expected to be replaced during the study period.
Replace the wood bridge walkway off of Merriam Street.
Periodic allowance for miscellaneous asphalt repairs.
Periodic allowance for miscellaneous curb and sidewalk repairs.
Utilities and streets owned by the State, municipal authority, or utility company are not included. Complete replacement of the underground utilities is not included. Residential heating, cooling, and plumbing equipment is not included. Piping and wiring that serve only individual units are not included. Upgrades to the equipment are not included. Complete replacement of the mechanical, electrical, and plumbing systems is not included.
Replace the split rail fence at the southeast corner of Merriam Street.
Replace the white picket fencing along Fleming Avenue.
Replace the various metal railings and fences around the property.
Replace the wood guardrail along the west end of Merriam Street.
Periodic allowance to repair stone, concrete, and masonry retaining walls. Retaining walls are not expected to be fully replaced during the study period.
Replace the stone walls on either side of the Laureate Way bridge. This includes the replacement of the wall lights and the metal railing will likely be impacted by the replacement and should be considered for replacement at the same time.
Periodic allowance for metal railing and fence repairs and painting. Painting was last done in 2022 for $13,084.
Allowance for general landscaping work around the property.
3.02Forest Conservation Area managementAllowance to trim trees, remove dead trees, address fallen trees, etc. in the Forest Conservation Area. Approximately ~$20K was spent on this effort in 2022.
3.03Micro-bioretention pond
3.04Submerged gravel wetlands
Service the twelve micro-bioretention ponds. This scope includes fully removing and replacing the mulch and any dead plants, as well as filter fabric replacement, if needed. The Association currently has a ~$12K annual contract for normal, routine maintenance of the ponds.
Perform maintenance to the submerged gravel wetlands along the intersection of Winsome Circle and Merriam Street. This includes clearing debris and repairing erosion at inlet and outlet. It is assumed that this maintenance occurs every three years. It is assumed that maintenance after major storms or semi-annual maintenance is covered under the operating budget.
3.05Storm vault cleaning and filter replacementReplace the storm vault filters. Filter replacement frequency may change depending on weather conditions and usage. It is assumed that filters are to be replaced every three years.
3.06Bioretention area renovation/replacementAllowance to renovate/fully replace one of the bioretention areas every 10 years. One of the micro-bioretention ponds is anticipated to be replaced in 2024.
Excluded items
4.00Miscellaneous
4.01Mailboxes
4.02Benches
4.03Pole lights
4.04Landscape lights
4.05Bench staining
4.06Cedar siding staining
General Exclusions
Complete replacement of the stormwater management systems is not included. Normal monthly or annual maintenance of the stormwater systems is not included.
Replace the mailboxes.
Replace the site benches.
Replace the pole lights.
Replace the landscape and wall lights.
Periodic allowance to stain the benches.
Restain the cedar siding. This project is phased over three years and the last phase of the current round is scheduled to be completed in 2024. The last installment of the current phase is $38,140 in 2024.
Complete replacement of structural components is not included.
Upgrades in systems to comply with future building code changes that may occur are not included.
Routine maintenance and repairs that are in the operating budget are not included. Items that are owned and maintained by the homeowners are not included.
