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Fairway Terrace Special Assessment

massvacationer

TUG Review Crew: Veteran
TUG Member
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I received a letter saying that the Fairway Terrace POA is going to have a Special Assessment of $9.75 per One thousand points, with half due this year and half next year. This is one of the POAs at Ocean Ridge (Edisto SC)

This is pretty steep. For example: if you own 200K points, you will owe approximately $2,000 ($1,000 this year plus $1,000 next year)

The letter referred to some structural issues as well as complete unit remodels that are needed and a lack of reserves to handle the structural issues. It also mentioned water seepage.

I believe it said this particular section of the Ocean Ridge resort is 25+ years old.

So, this may be a good lesson regarding aging facilities, lack of enough reserves, and potential for damage from storms/water. Maybe even insurance issues.

So, I bought some points at this POA approx 8 years ago. At that time (2008) the maint fees were just above $4 per K. They increased to approx $8 per k for this year, and now there is also a SA. So, they increased much more than many other Wyndham resorts.

Just thought I'd share, as there must be some lessons that others and newbies can take or observe from this.
 

spackler

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Resorts Owned
Quarter House, Jean Lafitte House, Bali Hai
I'd be calling their Ovation department at that point.
 

RRedlich

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DVC Vero Beach
DVC Saratoga Springs
Wyndham Avenue Plaza
Wyndham La Bell Maison
Wyndham Bentley Brook
Wyndham Kingsgate
Charter Club, Marco Island
We received the same SA. We are now in the middle of the Ovation process. So far, it was an easy process.
 

Bigrob

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I received a letter saying that the Fairway Terrace POA is going to have a Special Assessment of $9.75 per One thousand points, with half due this year and half next year. This is one of the POAs at Ocean Ridge (Edisto SC)

So, this may be a good lesson regarding aging facilities, lack of enough reserves, and potential for damage from storms/water. Maybe even insurance issues.

The other lesson I think folks can take from this is that at certain resorts, there can be significant differences between the separate POAs at the same resort. Typically, the resellers on ebay neither know nor disclose which specific section/subsection or POA the timeshare is from; but owners at Fairfield Glade, Edisto Island, Shawnee, and several others have significantly different MF structures and exposure to SA's depending upon which specific POA they are in.
 

buddyjt812

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Apr 19, 2016
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special sOvation process

I got the same notice. Was is the Ovation process. Do we have any legal recourse? If we don't pay can they forclose on our unit
 
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