Proposed Increase to HOA Dues
January 2025
Dear Sherwood III Homeowners,
Most of us consider it a blessing and a privilege to live in Sherwood III where we have good neighbors, people who value quality of life and take pride in their property and homes. However, maintaining such an environment comes with a modest cost for all of us, namely, in our annual homeowners’ dues.
Consider:
1. Our Challenge
Maintenance costs have risen dramatically since our last HOA dues increase in 2008. Our current $275 annual dues would be $495 had we kept pace with inflation. Most of us would find it hard to live on the income we received in 2008.
2. What We’re Asking
Your Sherwood III HOA board is asking for your approval for an increase in annual dues to $400, a modest increase relative to the value of our homes since 2008. Example: my home on Lionheart Court is the smallest of our 74 homes, yet my appraisal for tax purposes is more than $460,000, an increase of $265,000 since we moved here in 2008. Some of your homes have increased in value to more than $600,000.
3. What Are the Plans for the Extra $125 per Year?
A. Meet our rising maintenance costs.
Everyone who attends the annual meeting in February receives a detailed copy of income and expenses. Our cost-cutting measures taken this year have included:
· Getting a new landscape contract, which is one of our biggest expenses, thus saving a few thousand dollars.
· Installing equipment that stops all sprinkler leaks except when sprinklers are running, thus saving perhaps thousands of gallons of water annually. We have been playing Whack-A-Mole, trying to stop our sprinkler system’s leaks.
· Installing stones, gravel and perennial plants at our two entrances on Morriss, requiring less water
· Using a volunteer HOA board. As you know, our board members are unpaid, saving us the considerable cost of using a management firm.
B. Establish a Capital Expense Account
This would be an account, separate from our checking account, to which we would add $5,000 annually for:
· Our Fence. We have just under a half mile of aging fence to maintain. On Morriss, we have 1150’ of fencing, 650’ commercial-grade iron and 600’ of wood. We were recently quoted $85,000 to replace all of it, less if we don’t use commercial-grade iron.
· Our Sprinkler System. Our system is nearly 30 years old and demands constant repairs and monitoring. Obviously, we have been in a “maintenance posture” for some time and would like to change this culture. (Recent bid to replace our sprinkler system was $30,000.)
Approval of the proposed increase will be one of a couple of items at our annual meeting on Tuesday, February 11, 2025, at Alforno’s Italian Restaurant, 6:30 p.m.
If you cannot attend, please use the enclosed proxy to exercise your vote. You may drop it off at any board member’s residence or mail to P.O. Box 271375, Flower Mound, TX 75027.
If you have questions or need more information prior to the meeting, please email us at sherwoodestates3@gmail.com.
Sincerely,
Charles F. Turner
President
For the Sherwood Estates III HOA Board
p.s. Your leadership team, i.e. the HOA Board, feels that homeowners would rather pay for major improvements incrementally and over time rather than large assessments when needed.
