Vote no to a Deconversion!

Homeowner Community Notice — Treehouse in the Woods

Vote NO to Protect Our Homes & Community

An open letter to all homeowners before the deconversion vote

Dear Homeowners,

A proposal is circulating for the full deconversion of our community — a forced sale of every unit to a developer. Before anyone feels pressured to decide, it is essential that facts — not fear or misleading narratives — guide our vote.

1 The Litigation Does Not Justify Deconversion

Some have suggested that the current lawsuit — related to a personal injury incident — makes it “impossible to sell” or that “banks won’t lend,” leaving deconversion as the only solution. This is not accurate.

• ◼The lawsuit is a single-incident personal injury case, fully covered by insurance. It does not involve structural defects, financial insolvency, or any issue that compromises our property’s safety or viability.
• ◼HOAs nationwide face similar lawsuits regularly, and lenders continue to provide financing. Any concerns can be addressed with standard documentation.
• ◼A temporary legal matter should not justify dissolving our condominium, forfeiting our ownership, or selling to a developer at a discount.

Deconversion is permanent and irreversible. The lawsuit is temporary and manageable.

2 The Financial Reality: This Offer Is Not the “Premium” It Appears to Be

Developers often frame bulk purchases as “once-in-a-lifetime cash outs,” but the reality is different:

• ◼They buy at a discount and profit from your loss — converting our units to rentals and earning millions in long-term revenue and appreciation.
• ◼Owners receive far less than promised after brokerage fees, legal fees, closing costs, and management company payments.
• ◼Owners with mortgages may receive very little after paying off their loans.
• ◼Replacement homes in our area cost significantly more than the payout, especially at today’s interest rates.

For mortgaged owners, this is effectively a displacement, not a windfall. For owners without mortgages, a one-time payout ends your opportunity for long-term appreciation.

3 The Personal Impact: This Is a Forced Move — Not a Choice

A YES Vote Means…

• ✗Losing your home and community
• ✗Losing control over your timeline
• ✗Relocating whether you want to or not

A NO Vote Preserves…

• ✓Your right to sell when you choose
• ✓Your ability to benefit from appreciation
• ✓Your stability, family, and neighbors

A deconversion doesn’t just sell property — it dismantles a community. Your home is where memories are made, routines are built, and neighbors become friends.

4 The “Building Is Falling Apart” Argument Is Designed to Pressure You

Claims that the property requires major repairs and that we “have no choice but to sell” are fear-based messaging. We have always managed repairs responsibly, and if needed, a special assessment is a one-time cost that preserves our ownership. We can also explore:

• ◼Better financial management and budget restructuring
• ◼Updated reserve studies
• ◼Hiring new contractors or electing a more responsive Board

We have options. Deconversion is the only one we cannot undo.

5 The Risks of Deconversion Are Often Overlooked

Even with a YES vote, the deal may collapse during due diligence, financing, legal challenges, appraisals, or market shifts. This process can take 12–18 months, during which:

• ◼You cannot sell your unit
• ◼The property remains in limbo and buyers avoid the building
• ◼Market conditions may change, making the offer less attractive

The uncertainty harms homeowners — not the developer.

6 The Better Option: Keep Our Homes and Our Freedom

A NO vote preserves your right to sell when you choose, your ability to benefit from property appreciation, and your control over your financial future, community, and stability.

We can always address financial issues, change management, or elect new leadership. But we can never undo a deconversion.

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Your Vote Is Final and Permanent

A YES vote means giving up our building, autonomy, community, and future appreciation — forever.

You can always sell your individual unit later. You can never get the building or the community back.

VOTE NO

to protect our homes, our investments, and our community.

If you have decided to vote NO, or would like more information to make an informed decision, please reply with your name and address.

Thank you for taking the time to consider what’s at stake.