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Old April 10, 2012, 06:20 PM   #1
pacodemountainside
 
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BBS Reg. Date: Jan 11, 08
Location: Aurora, Colorado
Posts: 2,797

Resorts: Wyndham VIP 315K, AVP Floating Week
Wyndham and Property Txes

If one looks at Annual Club Wyndham Plus Assessment Summary it is broken down into three components:

Operations

Reserves

Property Taxes

One can deduct property taxes paid on your behalf by Wyndham. The catch is the number they show is 2012 budget and you can only deduct what they actually paid in 2011 which you have to call resort to get. Like your mortgage payment, you do not deduct the escrow amount for taxes, the lender tells you what they actually paid.

In my case around $250 times 25% Federal and 5% state is $75 which will cover a nice dinner and bottle of wine with GF to celebrate gittin taxes done and filed on time!

You might also want to look at how much is going into reserve. Ball park should be about a buck or 20%. If a couple cents then you might want to call resort accounting and ask for a copy of replacement reserve analysis(what is it going to cost to replace worn out items like furnishings, roofs, parking lots, AC, boilers, computers, etc over next say 10 years).

If it shows a required balance of a million at 12/31/2011 and there is a million in an investment account then good to go. If a couple thousand a special assessment is guaranteed.

Basically all special assessments are is when inadequate reserves are de riguer(calculated by Developer) and inadequate insurance maintained. While Katrinas, floods, earth quakes, etc. cannot be precisely predicted they will happen. By having insurance with high deductibles and a reserve to self insure small losses things work fine.


Flood at Nashville comes to mind as I own there.
No special assessment

HOA fee is $5.10 /1,000 vs CWA $4.89, not a big difference!

Obviously if owners/Board decide to add expensive ammenity N/A!
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Last edited by pacodemountainside; April 10, 2012 at 06:28 PM.
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Old April 10, 2012, 06:50 PM   #2
rrlongwell
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Quote:
Originally Posted by pacodemountainside View Post
If one looks at Annual Club Wyndham Plus Assessment Summary it is broken down into three components:

Operations

Reserves

Property Taxes

One can deduct property taxes paid on your behalf by Wyndham. The catch is the number they show is 2012 budget and you can only deduct what they actually paid in 2011 which you have to call resort to get. Like your mortgage payment, you do not deduct the escrow amount for taxes, the lender tells you what they actually paid.

In my case around $250 times 25% Federal and 5% state is $75 which will cover a nice dinner and bottle of wine with GF to celebrate gittin taxes done and filed on time!

You might also want to look at how much is going into reserve. Ball park should be about a buck or 20%. If a couple cents then you might want to call resort accounting and ask for a copy of replacement reserve analysis(what is it going to cost to replace worn out items like furnishings, roofs, parking lots, AC, boilers, computers, etc over next say 10 years).

If it shows a required balance of a million at 12/31/2011 and there is a million in an investment account then good to go. If a couple thousand a special assessment is guaranteed.

Basically all special assessments are is when inadequate reserves are de riguer(calculated by Developer) and inadequate insurance maintained. While Katrinas, floods, earth quakes, etc. cannot be precisely predicted they will happen. By having insurance with high deductibles and a reserve to self insure small losses things work fine.


Flood at Nashville comes to mind as I own there.
No special assessment

HOA fee is $5.10 /1,000 vs CWA $4.89, not a big difference!

Obviously if owners/Board decide to add expensive ammenity N/A!
Not sure what you are suggesting. Are you suggesting that Wyndham Club Access may have accounts based on maintance fees that are not the average of those in their inventory. I have been to a number of Owners Updates that say the maintance fees for Club Wyndham Access is the average of the maintance fees charged by the underlying resorts. If there is a reserve and/or investment accounts or both that are based on the maintance fee, then reserves may be double counted (reserves are or should be part of the underlying resort fees). Even though not mentioned by the Wyndham sales/marketing staff, I would assume the overhead of of the Club Wyndham Access program would also be part of the maintance fees (i.e. Management fees, etc., if any).
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Old April 10, 2012, 07:35 PM   #3
pacodemountainside
 
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RR:

Sorry, but I think my post went over your head.

I am suggesting , IMO, property taxes included in HOA fees may be deducted on tax return! I am not claiming this is expert advice and if one has questions consult Tax Advisor!


When one buys a CWA membership an underlying resort deed must be deposited with them and they assume responsibilty for paying HOA fees which are billed to them rather than original deeded owner. CWA has no reserves, etc. They just pay what HOA bills.

Yes, they do cummulate all HOA fees and special assessments paid and spread over all their Trust owners. In addition they add $.05 for their overhead and bill members accordingly!

Their $4.89 "HOA" fee is obviously on high side IMO, below $4.00 is low. Obviously if one owns at at resort with say $6.00/1,000 MF and no reserves makes sense to jump in the pool. Conversly, if one owns at resort with MF under $4.00 and adequate reserves or very high ARP makes no sense to me.



I am also stating special assessments are not like death and taxes. With prudent financial management they will not be necessary!





Paco
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Old April 10, 2012, 08:08 PM   #4
rrlongwell
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Originally Posted by pacodemountainside View Post
RR:

Sorry, but I think my post went over your head.

I am suggesting , IMO, property taxes included in HOA fees may be deducted on tax return! I am not claiming this is expert advice and if one has questions consult Tax Advisor!


When one buys a CWA membership an underlying resort deed must be deposited with them and they assume responsibilty for paying HOA fees which are billed to them rather than original deeded owner. CWA has no reserves, etc. They just pay what HOA bills.

Yes, they do cummulate all HOA fees and special assessments paid and spread over all their Trust owners. In addition they add $.05 for their overhead and bill members accordingly!

Their $4.89 "HOA" fee is obviously on high side IMO, below $4.00 is low. Obviously if one owns at at resort with say $6.00/1,000 MF and no reserves makes sense to jump in the pool. Conversly, if one owns at resort with MF under $4.00 and adequate reserves or very high ARP makes no sense to me.



I am also stating special assessments are not like death and taxes. With prudent financial management they will not be necessary!





Paco
Thank you for the clarification. Since I am not a member of Club Wyndham Access, is the .05 cents you made reference to in addtion to the Club Wyndham Plus program fee or in lieu of it? I may be wrong, but I am assuming that since Club Wyndham Access owns the deeds and the deeds are primarily converted weeks or UDI deeds, they are paying the Club Wyndham Plus fee as part of their ownership of the deed and the fee you made reference to is in addition to that fee. Did I guess right? .05 per thousand points?

Last edited by rrlongwell; April 10, 2012 at 08:39 PM.
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Old April 10, 2012, 08:46 PM   #5
pacodemountainside
 
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Location: Aurora, Colorado
Posts: 2,797

Resorts: Wyndham VIP 315K, AVP Floating Week
The $.05 CWA fee is strictly for its operations. You can see their financials on Wyndham web site. It may seem low but keep in mind POA fee includes reservation system and some $20 million for our free RCI membership.

For 154K CWA I Pay $753.06 and $81.62 POA fee!

In about 2 years and some 25 tries , I have never been able to use although I have only tried booking red hot weeks, Mardi Gras, Daytona 500, Christmas at Disney, Cherry Blossom, CMA week in Nashville, Condent in Vegas, ski resort for Presidents Week, MB in July, etc.

But, then isn't what ARP is about??
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