Ford’s Colony homeowners are hoping to save $44,150 Per Year!
Two years ago the Ford’s Colony homeowners association began to consider other management companies for it’s $4.5 million management contract. In the 
past year it solicited proposals and narrowed the choice down to three companies: two from northern Virginia and Realtec. It was the first time in the 24-year history of Ford’s Colony that the association had considered an outside firm. The Ford’s Colony’s board of directors voted to continue its relationship with Realtec and contract with the management arm to manage the Fords Colony Homeowner Association for five more years.
One by-product of the negotiations was the realization that Realtec owned the maintenance yard, maintenance offices and the RV/ Boat Storage facility.
Over the past two months, The Ford’s Colony Homeowners Association finance committee has been making formal inquiries with numerous banks to explore financing the purchase of the Community Services Building and acreage.
After evaluating the offers a recommendation will be made to the Board of Directors to move forward with a purchase of facilities from Realtec.
The FCHOA is hoping to realize a savings of $44,000 annually from the purchase.
The savings will come from a variety of avenues. The first savings will come from the land/ property being designated “common use” by James City County, and as such, no real estate taxes are assessed. Over the 25-year period, this savings is estimated at $136,100 or $5,444 annually. Next comes the fact that Fords Colony Homeowners are currently paying approximately $10,000 annually to Realtec for boat and RV storage. These fees would then be paid to the FCHOA if the sale is consummated. Over a 25 year period, this income is expected to be about $262,815. Then there is the issue of the interest on a purchase loan. Over the course of the 25 years, the FCHOA would have federal and state tax savings of about $224,285 and $47,391 respectively.
The dollar savings is estimated at $275 per land owner over 25 years . The more impactful aspect of the purchase is the ability for the FCHOA to fix the costs of the facility into the future coupled with the ability for the FCHOA to be in control of its future.
The FCHOA will hold a special meeting for members on Sept 17th to discuss the proposal and options. Home and land owners can cast their votes online or on paper prior to or at the meeting.
Aerial View of Facilities in Fords Colony
Read more about Ford’s Colony Williamsburg here
 This post was authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of the historic triangle, and his expertise in the local real estate market. His websites, www.WilliamsburgsRealEstate.com and www.MrWilliamsburg.com, were created as a comprehensive resource about living in Williamsburg, with the hopes of selling a house now and again. You can reach him at 757.254.8136 or John@MrWilliamsburg.com. |
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