Letter from the President:

December 1, 2010

 
 This has been a busy year for the Suites.  We have been able to maintain our assessments at the present level once again.  We have funded needed repairs and replacement projects from savings in operations this year but we cannot expect that to continue into the future.  The roof was replaced this year as well as various mechanical systems in addition to remodeling the "04" parlor suites.

The board of Directors has identified necessary maintenance and improvement projects and established a prioritized implementation plan for the coming years.  The Reserve Study has been adjusted to anticipate future capital expenditures although this is an older building that requires constant maintenance and priorities may change depending on circumstances.  The Board has authorized major remodeling to begin in 2011 with new carpet in the suites, new sleeper sofas, reupholster window seating and other needed repairs.  We're in the process of addressing badly needed remodeling of the manager's office, improving the employee area and creating new storage space.  In addition, the property management and accounting systems are being improved to provide greater capability and efficiency for the staff and owners alike.  Future projects will include painting and relighting the exterior of the building, installing a new lobby security system, carpeting the common areas (lobby, stairways, and hallways) and updating the kitchen cabinets.  Upcoming project dates will be posted on the website for your review. 

Our overall financial condition is very good and as you probably have noticed our occupancy is high.  Our assessment delinquencies are very low and when a unit does become available there is a read market.  As we have been told many times this is a unique property with interested and involved Owners.

I would like to recognize those who have significantly contributed to the success of our Suites this year:  Henry Potter, General Manager, who has done an extrodinary job managing the Suites and all the construction activity this year, his extremely competent and friendly staff, the Decorating Committee for their dedication and talents, Jeff Reichel, our Treasurer who has understood and managed our finances, and revised the Reserve Study and the other members of the Board who have unselfishly committed their time and efforts to the Suites.  And thanks of course, to all of you who care for and about our very special, San Francisco Suites on Nob Hill.

Happy Holidays,

Tom Weber
President, Board of Directors
San Francisco Suites on Nob Hill