Our Community's Property Values

On November 1978 F&R Builders Inc turned over control of our community to the very first elected Board of Directors at Devon-Aire Villas #1 who were Ellenor Stacholy, Linda Beebe, Bertha Marder, Alan Ehrlich and Alan Markowitz. That board and every subsequent board since that time has had the principal responsibility of maintaining and improving upon the community in order to ensure that property values would appreciate over time. Homes in our community originally sold for $33,000 in 1977. Adjusted for inflation our modest homes would have cost us $130,000 in today's currency.  Instead we find that our homes are being listed for prices ranging from $275,000 to $299,000 depending on the home. 

There are many reasons why our home values are so high but one of the primary reasons is due to our community being a very desirable place to live. Nobody wants to buy a home where the homes look run down and the community grounds are neglected. Homes in our community have maintained their distinct character for more than 40 years and the homes are still in great shape. Homeowners have helped enhance their home's values by adding storm shutters, impact windows, new front door styles, extended driveways, stamped concrete driveways, wind rated roof shingles over time. The Board of Directors has continued to improve upon the property by adding elements such as lighting throughout the community, park benches, street curbing, dog waste stations, speed humps, etc.. The Board continues to ensure that landscaping and road maintenance continues to occur, but that doesn't mean that other projects won't occur in the community in the future such as more lighting and better security for our members. That of course means that the Board must maintain healthy reserves while at the same time ensuring the delinquency rate within the membership remains low to ensure that new buyers have the ability to qualify for and close on a mortgage. Mortgage lenders will often review how a Homeowners Association handles its affairs and finances before they offer a mortgage to new buyers. Having a well-managed community with a membership that does their part in maintaining their property and adhering to community standards helps maintain or increase home values which is very important when it comes to protecting a member's investment in a property. After more than 40 years of continued Association operations and membership involvement in the community, we don't expect much will change other than maybe home values will continue to appreciate as time goes on.