Updated Surplus Numbers

Updated Surplus Numbers
Updated Surplus Numbers: Actual surplus 2018 per audit was $85,163.
Boards 2011-2018 implemented policies and procedures with specific goals:
stabilize owner fees, achieve maintenance objectives and achieve annual budget surpluses.
Any surplus was retained by the association.
The board elected in fall 2018 decided to increase owner fees, even in view of a large potential surplus

Average fees prior to 2019

Average fees prior to 2019
Average fees per owner prior to 2019:
RED indicates the consequences had boards continued the fee policies prior to 2010,
BLUE indicates actual fees. These moderated when better policies and financial controls were put in place by boards

Better budgeting could have resulted in lower fees

Better budgeting could have resulted in lower fees
Better budgeting could have resulted in lower fees:
RED line = actual fees enacted by boards,
BLUE line = alternate, fees, ultimately lower with same association income lower had
boards used better financial controls and focused on long term fee stability

Monday, May 18, 2026

Most Recent Unit Sale

View from the Balcony


Our former unit was sold, according to Zillow.  The price was $296,000.  This is an appreciation of 29% since December 2022.  The most recent owner did make some improvements to one of the bathrooms, replaced appliances, etc. 

Real estate taxes have increased about 60% in the last 8 years.  According to Zillow the HOA fees are $439 per month. That's an increase of 22% since December 2022. That's a sizeable fee increase, compared to what we (the board I was a member of) was able to achieve.

Fees and real estate taxes now total about $814 per month.  I projected these increases would occur and they are the financial reason we sold several years ago.  I had low confidence in the board's ability to both maintain the property and hold the line on fee increases.  The State of Illinois has been reducing revenue sharing to communities such as Wheaton.  As a consequence, these communities have no choice but to raise taxes.  Illinois is in a fiscal tailspin. 

We moved to a state that has seen an influx of New Yorkers, Californians and so on. They bring their bad ideas with them.


(c) 2026 N. Retzke


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