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.
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.