Kiawah Island Digest August 2020 - Page 7

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