Happy New Year Waikiki Banyan Owners,
Every year our goal is to make the Banyan better than it was the year before. Other condominiums age, the Banyan improves. In 1988 when the owners took control of the building from Ward Air, their avowed purpose was to make the Banyan the ‘premier’ condominium in Waikiki. Turning the rapidly aging building into one which the owners could be proud of did not happen over night. Improving your building and your experience living here has been a deliberate process. Each year we planned one or two projects that both saved you money and upgraded the building. Simple things like switching from gas-heated water to heat pumps saved you (in 1990 dollars) over $10,000 a month. Putting an elastomeric coating on the roofs stopped the leaking and put to rest a long and expensive legal process. Hiring an administrative team dedicated to ‘cleaning house’ with regard to both finances and personnel was a first and last step that ensured that accounting systems were put in place and that our staff’s overall quality improved and each year got better at their jobs. Income from leases, parking, washers and dryers, and other sources stopped mysteriously draining away. Personnel who ‘leaned on their brooms’ were given opportunity to find work elsewhere. Each year Maintenance gained at least one new skill so we could take in-house projects that used to be farmed out. Projects that Maintenance never dreamed possible became run of the mill. Our Security staff went from ‘suspect’ to trusted. Security, slowly, surely, legally made the ‘bad guys’ go away. Their job performance will match up with any other building in Hawaii.
Slowly but surely the original owners’ vision has been achieved. The Waikiki Banyan is the premier condominium in Hawaii, bar none. And by carefully controlling expenses and demanding high performance from our staff we continue to have the lowest maintenance fees.
I bought into the Banyan in 2001 not knowing this history. I had stayed here on vacation and thought enough of the building to buy and live here. In conversation with long time owners I was told that life at the Banyan had not always been so rosy. After I moved in I was impressed with the continuing major improvements. I continue to be impressed.
We have big projects scheduled for 2010. We need to repair spalls and paint the building. Our roof needs recoating. One trash compactor has lived years beyond its projected life and must be replaced. These projects require experienced thoughtful oversight. I’m looking forward to being involved.
In spite of the economic downturn, for Waikiki Banyan owners 2009 was a pretty good year. Our income was over five million dollars and almost 98% of projected budget and our operating expenses were a little less than income and almost 10% below projections. We put off some major improvement items until 2010 and ended the year with over 2.5 million dollars in cash and reserves. Holding the line during the period of the most severe economic distress since the 1930s was no mean feat. We will continue our efforts.
Aloha
Dick Eide
c/o Administration Office
201 Ohua Ave., #306
Honolulu, HI 96815
