Late in the spring of 2018, as I was finishing my ...

Late in the spring of 2018, as I was finishing my first term on the Board of Directors of Tiffany Condominium s, I was introduced to our new property manager, Mystre Van Horn by Mr. Stan Schreiber. Mr. Schreiber was a former co-owner of Beck and Company which he and Mr. Beck had recently sold to Paul Meisler, President of Pioneer Real Estate Inc. For the last 36 of its 50 years, this property had been maintained by a very conscientious and fiscally conservative board.
I was not on the board between May 2018 and May 2019, the first year of the Mystre Van Horn s service as property manager but I did observe the work of the board and property manager. During that first year, the board with initiatives from the property manager, Mystre Van Horn and Assistance from Mr. Meisler accomplish the following:
1. Solved a long-standing hot water recirculation problem in building C by employing a new plumbing/engineering firm not previously used by Tiffany.
2. Initiated a comprehensive study of replacement reserves which identified numerous items that had not been included in the previous reserve planning process and revised the replacement cost estimates for all items in the previous reserve budget with the result of identifying almost $200,000 in additional reserve funding needs.
3. Initiated an in-depth study of the most urgent and costly item in the replacement reserve budget, the flat roofs.
4. Invested more of the replacement reserves in higher yield certificates of deposit with the consequent increase in earnings for the Association.
5. Rebid Association insurance under a master policies approach with substantial savings as a result.
6. Employed an engineering consultant to more definitively identified the source of moisture vapor emissions in the building I concrete slab.
7. Employed legal counsel from a firm with great depth in Association property management.
8. Contracted with a Home Repairs Service to perform a wide range of repairs at lower cost and greater efficiency than always using trade focused specialists.
9. Improved communications with owners and tenants with a web-based portal.
As a result of these board initiatives under Mystre Van Horn s first year of leadership, the board was well-positioned to serve the Association during my current term on the board, May 2019 May 2021. Recent accomplishments include:
1. Insurance company resolution of a multiyear conflict over moisture vapor emissions in the slab building I.
2. Installation in 2020 of an energy saving roof coating with a 20-year life at a cost of $173,000 rather than a 2023 replacement of the roof with a 15-year life at a projected cost of $350,000, or about half the likely replacement cost.
3. Achieved total reserve funding of over 85% of full funding need in January 2021 which can be compared to less than 50% when the first reserve study was completed for 2019. This moves the Association from medium to high risk of requiring a special assessment to a low risk based on national standards.
4. Effectively managed risks associated with emergency City of Austin COVID regulations and an unprecedented winter storm.
5. By covering the roof reserve funding deficit through a onetime special assessment, operated without an increase in regular dues for three years.
During this term, I have found Mystre to be very engaged with and helpful to the Board. She has been responsive to the needs of the Board and the community.