According to the Denver Post, former Denver Broncos head coach Mike Shanahan is selling his home in Cherry Hills Village for $22 million. While the home is definitely stunning, the monthly assessments are listed at $8,814.00 a month – which adds up to more than $105,000.00 a year! It’s not clear what exactly the assessment covers, but the mansion does have a racquetball court, a golf simulator, a bowling alley and a pool. I don’t know about you, but I would love to see the annual budget for this Association.
As previously blogged by Molly Foley-Healy, in Colorado, Boards of Homeowner Associations are required to provide a summary of the proposed budget they have adopted to the homeowners in their Association and to notice a budget ratification meeting for consideration of the budget. If at the meeting a majority of all owners (or a larger percentage as specified in the declaration) do not vote to veto the budget, the budget is automatically deemed approved – regardless of whether quorum is present at the meeting.
So next time you think your assessments are too high or want to complain about an increase in your assessments, just think – you could be paying what many people pay to purchase a home in a years’ worth of assessments!