[2020] Crown Ridge special assessment

[102704]

I'm a long time owner at this resort and look forward to an early summer week there every year. I'm really torn about the special assessment (amount per week isn't included in the letter but I do mth quite well and this comes to over $ 500) and the not too implied threat of the consequences of rejection. Any reactions?

 

[elaine]

what has your normal annual fee been for what size unit? what is the reason for the SA? damage that ins didn't cover, routine replacement, or extraordinary items? replacement/maintenance/normal refurb should be accounted for in annual dues contribution to reserves and if it's for that, I'd be concerned. Or the annual fees were just too low and they had a reality check. I'd also look at last year's budget and see what defaults were.
OTOH, my former resort had to redo sewers because of new city ordinances. They also put in elevators (we had only stairs) at the same time. Those were both extraordinary items and the elevators were a significant upgrade. Our assessment was $400. I was fine with that. Since you've owned for years and, I'm guessing, never had a SA, I'd be inclined to pay it and keep enjoying. Or you can pay the fee and then try to give it away on TUG for free.

 

[WinniWoman]

I don’t see where you have a choice as an owner. Well- you could not pay it but then you will have collections after you. Usually when there are special assessments it means your HOA did not have enough in reserves for emergencies. Find out what it is for at least. They might also have some budget revamping to do in calculating maintenance fees going forward.

 

[102704]

This is a special assessment essentially to make up for a poor balance sheet due to years of high bad debt expense. The assessment is now out to owners for a vote before it is billed. It's roughly 50% of the annual maintenance fee. I don't have the exact numbers with me as I'm not where I have the last maintenance fee bill. I will definitely pay it if it is approved but I definitely see this as a hardship for many owners. I was curious to see opinions from other owners at this New Hampshire resort.

 

[missyrcrews]

The only special assessment I've paid at Cold Spring was for air conditioners. They split that up 1/2 and 1/2...our MF's are billed 1/2 in April and 1/2 in October. I sure do enjoy those a/c's during my July week. If it were me, I'd pay, and then ask questions galore to the board. I'd want to know how they are going to assure that you don't have to pay again in the near future. Good luck! We've stayed at Crown Ridge once several years ago. Nice place!

 

[amycurl]

If it is to cover bad debt, I would be *really* concerned. That sounds like the beginning of the timeshare death spiral...

 

[CKMason]

September 2022 According to https://newsmakeralert.com/TOWB-090822.html the 20 units at Crown Ridge were repurposed from timeshares to 20 whole ownership units. An average of $7388 was distributed per owner. The timeshare association was properly dissolved.

 

[paidemt]

I'm a long time owner at this resort and look forward to an early summer week there every year. I'm really torn about the special assessment (amount per week isn't included in the letter but I do mth quite well and this comes to over $ 500) and the not too implied threat of the consequences of rejection. Any reactions?