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Newsletter November 2025
Published: November 17, 2025
October Year-to-Date Results
• Year-to-date through October, the Downs HOA OPERATING account shows a net positive profit of $3.3K.
• Included in that gain is a $12.9K settlement check received in April related to the damage caused in the August 2024 traffic accident on Churchill Way in front of the Gate House.
• Looking at expenses:
- Legal Expenses continue to run significantly higher than historical levels. Year-to-date through October, legal expense was $135.6K, with $115.9K of that related to the Feldhendler matter. From 2021 through October 2025, the HOA net legal expenses for the Feldhendler matter total $403.9K. The HOA has recouped legal expenses associated with this matter in the past, and we expect to recoup a portion of them in the future.
- The Common Area, Landscape, and Irrigation Maintenance accounts are all favorable to budget through October.
• Turning to the HOA RESERVE account, $88.4K has been contributed to the fund so far this year. That includes the planned $40K year-to-date contribution from the operating account, as well as an additional $48.4K resulting from the sale of eight Downs homes. (As a reminder - the Transfer Fee amendment was passed by a wide margin in December 2024. As a result, the HOA receives a payment equal to one-year’s assessment, from the buyer, each time a Downs home sale takes place. Thus far in 2025, that’s amounted to $48.4K.)
• Due to the strong performance of the Reserve Account, year-to-date TOTAL HOA net income is $92.2K. That number will be reduced in December when the HOA incurs a significant expense of approximately $45K from dredging of the waterways along, and north of, Milford.
• Turning to the balance sheet, the HOA cash balance at the end of October was $564.9K. Total Equity was $400.7K, up $72.5K from this time last year.
Click here to download and read the DOWNS NEWSLETTER November 2025
The Downs of Hillcrest HOA
