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Special Assessments

Discussion in 'All Other Timeshare Systems' started by SteelerGal, Sep 6, 2019.

  1. SteelerGal

    SteelerGal TUG Member

    Joined:
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    Messages:
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    Trophy Points:
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    Location:
    90740
    Resorts Owned:
    WDW, WKV, SDO, HPP, HH, Bay Club
    Our Independent is putting for a Special Assessment to refurb and to correct unfunding. I am for the assessment because it will help in the long run.
    My question is when have owners decided against an assessment and how did it affect the resort long term?
     
  2. RNCollins

    RNCollins TUG Lifetime Member

    Joined:
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    Location:
    Hudson Valley, NY
    Resorts Owned:
    Tradewinds, Divi, Quarter House
    We just had a special assessment at one of my resorts. I didn’t realize that owners could decide against assessments.
     
  3. DrQ

    DrQ TUG Member

    Joined:
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    Location:
    DFW
    Resorts Owned:
    HICV, Westgate (second cousin, twice removed)
    At our independent, it was written in the bylaws that a majority of owners could vote down a special assessment within 30 days of it being enacted.
     
  4. SteelerGal

    SteelerGal TUG Member

    Joined:
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    Resorts Owned:
    WDW, WKV, SDO, HPP, HH, Bay Club
    Our bylaws require it to be approved by Board then owners vote.
     
  5. geist1223

    geist1223 Guest

    Joined:
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    Location:
    Salem Oregon
    Resorts Owned:
    Worldmark 89,000
    Seaside Oregon Residence Club
    Diamond Resorts Intermnational Hawaiian Collection 50,000
    Royal Solaris San Jose del Cavo
    From what I have seen Special Assessments occur primarily for one of two reasons:

    1. The HOA BOD kept the MF's artificially low. Then there is a need for a major refurbishment but there is not enough money set aside.
    2. A major weather event occurs and the HOA BOD had insufficient insurance.
     

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