lake forest shores
Condo Living in the City of Lake Forest
Repiping Schedule
November 9, 2016
The scheduled dates for the repiping project are now available. A copy of the schedule has been posted to be downloaded by clicking the following link: Repiping Implementation Schedule. The company in charge of overseeing the project is, "Ross Construction Management", but you will most likely see a lot of "Repipe 1" vehicles within the neighborhood.
The goal is to replace the original copper piping with the more flexible, yet durable PLEX piping. In addition to getting new piping, every home will have their own shut-off and pressure regulators.
Moreover, the increased cost in HOA fees due to leak repairs should go away. Currently, the total cost of dealing with water intrusion matters due to leaky pipes was approx. $12,760 in 2012, but rapidly increased within the last couple years to $164.711 in 2015; therefore, one of the reasons for our HOA fees being at $385 per month.
In order to get this project started, the community needed to get a 58% approval and bank loan of $600,000. It didn't pass on the 1st attempt by the homeowners, but after being forced to pay a 20% increase and an additional special assessment in HOA fees for the next few months, the Board received the number of votes required to move forward with the project.
The total amount owed per unit is $7,011 which can be paid in full or over 10 years (120 months) @ $73.00 per month. Of course, an early payoff can be made, but on the full amount owed. This will save on the interest expense which can save a ton of money if paid prior to the 10 years.
Below is a link to the schedule:
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