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[2009] Who has the lowest maintenance fees??

Discussion in 'Buying, Selling, Renting' started by nelson84, Jan 19, 2009.

  1. j1ceasar

    j1ceasar Guest

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    Location:
    SUNNY FLORIDA
    Esj Towers Fee's

    For TWO weeks we pay $ 575 studio - $672 as well as one bedroom ..

    Well maintained pool, rooms and lobby .

    Its in puerto rico next to ESJ Casino -- these are tower units and I think one of the reasons it's reasonable is that there are a sufficient amount of total owners as a ratio to management costs.

    Compare to some very small T.S. or newer facilities.

    Electricity is a main large budget item in P.R.

    We need to start a google spreadsheet for comparisons...

    In branson I own a week that costs $ 675 - way higher !!!
     
  2. ronparise

    ronparise TUG Member

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    I cant speak to your specific resort, but if these rentals are owned by the hoa or in control of the hoa (perhaps weeks owned by folks who stopped paying mf) then the rent money goes into the resorts budget....Your mf is more than it should be if 100% of the owners were paying mf, but less than it would be if they didnt rent this stuff

    For example I own at a resort where 17% of the weeks are not generating maintenance fees...This is shown as a big expense item in the budget....But there is another line on the budget called "other income" and this included the rental income that they bring in... These two lines...bad debt and other income are pretty much the same.....ie the rental dollars go to keeping mf at a reasonable level
     
  3. Mel

    Mel TUG Member

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    But you have to consider what those condo fees cover compared to your maintenance fees.
    Do those Condo fees include all property tax, or is that billed to the Condo owner?
    How about utilities? (heat, water, phone, cable...)
    How about a weekly cleaning? That runs about $50 here, probably more in NYC, particularly if you want it done on weekends.
    Your 5% for furniture and appliance updates equates to about $700 per year per unit. That's enough to cover a new set of linens and dishware, but will that replace the funiture and appliances as needed - or repair them when they break down? Yes, fees are high, but a large portion of what is covered by your maintenance fee that condo owners would pay on their own (or do without) relates to services, and you're paying a premium for some services to be performed on the weekends, and for others to be on-call and available as needed.
     
  4. FreeIn2010

    FreeIn2010 TUG Member

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    Agreed... I was thinking the same while reading thru this thread.
     
  5. Quadmaniac

    Quadmaniac TUG Member

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    I can guarantee you that this will never happen as you are looking at two different things. The "money" you pay for the unit goes to the developer for the "cost" of building it and profit (which is the lion's share). They're not reducing their profits to keep your MF's the same, not realistic. If they were going to create a MF fund, it would be tacked onto the already inflated price you are paying from the developer. They already have your money, so why would they care about what MF you pay each year ?

    Much of the time, the bulk of the MF's are the profit margin by the management company. Given each company is different and approach things differently but take Marriott Maui Ocean Club where their MF is $1900 for a 2 BR in the old towers. On a year basis, $100,000 MF per year per unit. How does a unit cost $100,000 or $8,000 per month to maintain ? That's a lot of maintenance even with a reserve fund.
     
  6. Kola

    Kola TUG Member

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    Two comments: a) the bottom line is not always 'the bottom line' from a different perspective. That fact that one can find heavily discounted weeks on offer from II or RCI as 'getaways' ( and I use them often for offseason vacations) does not mean that actual maintenance COSTs for these weeks are any lower. In fact, the prime season owners pay inflated M/T fees in order for the resort management to afford to pay the required ANNUAL maintenance and annual tax rates. Heating, power, cleaning costs, taxes, etc. cannot be cut in half in off-season.
    b) in most cases, particularly where large resorts are managed by the corporate developer or by his affiliated company, individual owners simply cannot and do not have any voice about how their resorts are managed. With thousands of individual owners in a given resort there is simply no practical way for a majority to be present at annual meetings and cast a vote on budgetary issues. Except for owners who happen to live close by, most owners would not even think of spending money to travel for an annual meeting.
     

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