savings of $18,500 from paying off the loan two
months earlier. After hearing all the details,
KICA’s board voted unanimously to refinance as
recommended by the committee.
2. As a part of KICA’s 10% COVID-19 reduction, a
hiring freeze was put into place. However, one
thing that wasn’t anticipated at the time was
a severe personnel shortage in the Security
Department. At the time of the board meeting,
the department had nine unstaffed positions
that, due to the hiring freeze, it was not able to
fill. The Finance Committee recommended that
the board relax the hiring freeze for the Security
Department, with the understanding that the
total budget impact through the end of the
year would be not more than $50,000. The
board voted unanimously to lift the freeze for
that department.
UPCOMING FINANCIAL ITEMS
While discussing the hiring freeze in place for
the association, Dave detailed some additional
information requested by the Finance Committee
for a meeting in the latter half of August. This
information will include a high confidence forecast
for the full year in regards to expenses and revenue.
Additionally, KICA staff will provide a prioritized
list of areas money could be spent in the most
beneficial way if the board were to lift some of
the COVID-19 spending restrictions. These two
pieces of information will help the committee
make a recommendation on how the association
should move forward. When the finance committee
meeting is scheduled, a notification will be included
in KICA’s weekly email newsletters. As always, all
community members are welcome to attend these
meetings.
Other upcoming budget items to look forward to
are fall road repairs and the completion of the
Eagle Point 2 bridge repairs. Water management
projects are underway, including the Pond 30 outfall
structure and dredging of the Trumpet Creeper
inlet. Accepted bids for both projects came in under
budget and should be complete in 2020. Engineering
is underway for the remaining projects, which will
be completed by 2022.
To see Dave’s treasurer’s report in its entirety, visit
kica.us/livestream and view the July 13 Board of
Directors meeting.
Kiawah Real Estate Trends:
Second Quarter 2020
Property Type
Homes
$1 million and below
$1 - 2.5 million
$2.5 million and above
Lots
$1 million and below
$1 - 2 million
$2 million and above
Cottages/Villas
1 bedroom
2 bedroom
3 bedroom
4 bedroom
#
13
28
3
13
0
1
5
7
8
0
Sales Price - Second Quarter 2020 Sales Price - Second Quarter 2019 Annual Change
High
985,000
2,490,000
6,100,000
747,500
0
2,475,000
327,500
716,000
1,250,000
0
Low
455,000
1,000,000
2,870,000
94,050
0
2,475,000
215,000
323,000
515,000
0
Average
793,038
1,527,379
4,290,000
302,658
0
2,475,000
276,980
475,500
725,625
0
Note: This report is a summary of all sales transactions on Kiawah Island from all sources. This information was compiled by Kiawah Island Real Estate for the exclusive non-commercial
use of Kiawah Island Digest. While it is believed to be accurate, a lag in reporting recent sales closings may occur due to the nature of obtaining this data from multiple sources.
#
15
30
4
15
2
0
13
10
10
3
High
950,000
2,474,000
5,660,000
535,000
1,025,000
0
440,000
775,000
1,670,000
1,820,000
Low
500,000
1,050,000
2,500,000
15,000
1,000,000
0
248,000
325,000
435,000
875,000
Average
742,333
1,621,521
4,027,500
309,033
1,012,500
0
301,769
445,334
712,500
1,498,333
# Price
-13% 7%
-7% -6%
-25% 7%
-13% -2%
-100% N/A
-62% -8%
-30% 7%
-20% 2%
-100% N/A
KIAWAH ISLAND DIGEST | 7