Minutes of the PBH HOA General members meeting Tuesday 29th April at the PBH Community center

Meeting was called to order at 7pm by HOA President Allen Saville, after a one hour social potluck.

Saville presented the agenda and called for approval of the minutes of the previous General Meeting (located on the PBH HOA web site). Approval was given by acclamation.

Saville presented the new member of the PBH HOA board Peter Gaal, elected to replace Jim Woodruff as treasurer who has resigned, Jim was thanked for his good work for the HOA.

Saville mentioned upcoming events in PBH, firstly the wild land restoration volunteer program on May 3 and May 22 to help eradicate noxious plants such as Myrtle Spurge. There is to be a thank you event after the May 3rd program. Secondly the BMF Fire Safety Sale May 3 and 4th

Saville then presented Mike Thomas P.E. of Boulder County DOT who detailed the upcoming projects on PBH Roads which are focused on repair of flood damage on the roads adjacent to at 1330 Timber, 792 Pine Brook Loop and 650 Bow Mtn. The work to include new retaining walls to be built with caisson structures for stability. Home owners to have some say in wall patterns. FEMA will cover much of the cost. A six month time estimate was given. Mike was also asked about restriping the newer surfaced section of Linden to allow for a bike lane, he replied that the road will be a little wider and so they will look into it but was not able to commit at this time.

Chief Benson was then introduced, he said that there is still some soil instability and that extra crews were being employed to keep an eye out on the problems. A grant was submitted to help with overall flood damage costs. The Chief also reinforced that the roads of PBH are not in good shape and should not be regarded as raceways.

Water Dept. head Bob deHaas then took the floor, he mentioned that a report on water quality was on the web site, and that there had been some calls about a tinge of color in the water, this were caused by an unbalance in the filter plant. It was not a health issue. He was still dealing with FEMA and the State on flood related damage issues.

The speaker of the evening Karen Bernardi was introduced by President Saville. Karen gave a very lively and excellent talk on the state of PBH and Boulder County Realty. Among the highlights;

-The advantages of PBH included, 1) No wells, PBH water, 2) The Fire dept. and hydrants, 3) Closeness to the City, 4) the Views and natural environment, 5) The fact that the roads are plowed, 6) The presence of covenants to control development, 7) Closeness of trails and wildlife.

-despite those advantages the average days to sell ( DTS) a PBH home was 204. This is much longer than the county (82) and even other suburban Mountain properties (153). Karen said that this was because the median price was much higher and this always made the DTS longer. That and the fact that Mtn. properties take longer to sell since the pool of buyers was smaller. .Those were the only reasons. The desirability of PBH was very high but as she reiterated the number of people who want to live in the Mtns. is much less than the County as a whole.

-In the last 7 months the median sales price (listed and sold) in PBH was $770K. The average was much higher (over $1M) due to a recent $4M sale. The Average price in the adjacent suburban mountain communities for the same 7 months was $505K, much less than PBH.

-Comparing the effects of the flood she presented data that showed that there was no significant effect of the flood in PBH with the median price prior to the flood being $655K. (Compared to $770 post flood)

-Karen said that in her opinion that is because people who wish to live in the Mountains are familiar with natural hazards and have already discounted them.

-When asked about which specific factors that make PBH homes desirable she mentioned, 1) condition, 2) location, in particular closeness in to the city, 3) view, 4) Lack of steep driveways, 5) Recent fire mitigation evidence (stumps by the way are not a problem)

-price per square foot was not a good analysis factor in PBH because of the variation on the above factors, but for the record the recent median was $220 /sq. foot and the recent average $295 /sq. foot

-Asked about the market for vacant lots in PBH she replied that that was a difficult issue, there was little current market for vacant lots.

In conclusion Karen said that the County market as a whole has just about recovered from the recession and that the PBH market reflected that same trend. She also cautioned that escalator clauses (offers that include the clause that say that they will match any other offer with an added escalator) were coming back with the recovery of the market and in her opinion these were of dubious legality and should be avoided.

The meeting ended at 8.10 with thanks to Karen Bernardi and the announcement that the next meeting is to be July 29th

Submitted by Dave Davies
PBH HOA member at large
5/3/2014