Went to the owner's meeting this morning. Aside from the usual stuff (don't use the fire extinguisher for marital problems), the renovations on the hotel building and Ocean Suites will begin after the busy season 2014 and should be done by the end of the calendar year. Still working out the details, and be ready for an assessment. Pool needs to be done, but the rooms are a bigger priority. Nothing else much different from the last one we went to.

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Stu

Contact me to rent our 2BR condo at Oceania

Thanks Stu for the update

Any numbers given about the SA to come?


Pierre

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Pierre

No, no talk about $$ since nothing has been approved by anyone yet. I was told by someone that the roof assessment was like $300. Brian said they want to remove the tub in the bathroom and install showers and reconfigure the kitchen to have a full fridge instead of his and hers. He also said they don't have any blue prints for the property; that added $$ in my mind since you never know what you'll find....

Based on that, my wife and I are figuring each room could cost about $20,000 (including common areas); meaning the assessment might be in the $400 range.

This is just our opinion and not from the resort or anyone affiliated with them; don't want to start anything!

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Stu

Contact me to rent our 2BR condo at Oceania

Again thank you Stu

Last year I told my wife to expect a SA of about $750 per week.
Time will tell...

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Pierre

Received bill for Special Assessment fee for renovations, they are asking for $1,115.00 which is due 3/31/13. Can anyone tell me does this amount include our yearly maintenance fee of $664 or is this $1,115.00 a separate fee?

The SA fee is on top of the maintenance fee...

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Pierre

I was actually surprised that it wasn't bigger. Considering what they're doing, it's not all that bad. Maybe I just overestimated myself.

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Stu

Contact me to rent our 2BR condo at Oceania

Ask management how come owners weren't provided with detailed expenses of the renovation. After all, Parimal Trivedi calls owners
" partners" in his letter about the assessment.

There is also no explanation of where the money from the reserve fund went. I understand that approximately 25% of the maintenance fees are designated for reserve. Management was recently sent a request for this information by a group of over 100 owners and so far no response a week later.

What I don't understand is how some owners are so willing to just hand over their money without asking management to be accountable for the funds.

Roscoe, Ever received an answer from management on where the money went from the reserve fund?