2024 Hyatt Beach House MF's + Annual Meeting & Proxy

[Sugarcubesea]

Dear Hyatt Beach House Owners,

Just received a email note from Hyatt Beach House. I have attached it here as sometimes not all of us receive the email. ( it took me three years to successfully get on this mailing list ). I just wanted to ensure that everyone has this information and knows that they have to complete the proxy and return it by October 11, 2023 so that a quorum is achieved.

I obviously will be voting yes, to keep my MF's down, just wanted to get a discussion going and see everyones thoughts...

*Please note, the enclosed proposed budget depicts the FULLY FUNDED reserve choice*
“Should the Association approve the waiver of the Association’s full funding of the Association reserves for 2024?”

Accordingly, voting “YES” would approve your Reserve assessment at between $900 - $1,000/unit week and waive the full reserves funding. Your Board of Directors recommends a vote “YES” for waiver or reduction of the statutory reserve annual contribution for 2024. A “NO” vote would approve your Reserve assessment at the Full Funding level of $1,397.09 /unit week.

It is very important that every owner complete the proxy and return it as quickly as possible so that a quorum is achieved. If a quorum is not achieved, then the annual reserve assessment must be billed at the Fully Funded level or $1,397.09 /unit week (as shown in the enclosed proposed budget document)

One part that I thought was interesting was the following: ( I did not realize the developer still owned that many units )
Notes From 2022 Audit: During the year ended December 31, 2022, the amount of member assessments billed to Beach House Developer Partnership (the "Developer") was $255,397. As of December 31, 2022, no amounts were due from the Developer. As of December 31, 2022, the Developer owned 195 unit-weeks and 4 commercial units.

 

[AJCts411]

Yes, it's budget time again. Similar email for Sunset Harbor, and question of full or partial funding of reserves. Owner for 8 plus years and have seen the same waiver question every year. Only the amount has changed. I'm thinking there is a little less wiggle room this year due to the recent change in Florida law requiring full funding of "structural" budgets.

 

[Rdub79]

So around $1500 in 2022 and now around $2730 in 2024. A difference of $1230 or 82% in two years if my math is correct. I don’t own Hyatt but still makes me nervous to get my letters this year. I do have one florida property sunset cove in Marco island. It’s not ocean front so hopefully that will help me out a bit.

 

[AJCts411]

So around $1500 in 2022 and now around $2730 in 2024. A difference of $1230 or 82% in two years if my math is correct. I don’t own Hyatt but still makes me nervous to get my letters this year. I do have one florida property sunset cove in Marco island. It’s not ocean front so hopefully that will help me out a bit.

I'm not an accountant, but it reads aprox. a $700 increase if full funding ($1400) of the reserves is included as compared to 2023. I'd assume reserves will not be fully funded as in the the past. Not sure how that all totals out in the end, but I'd guess a 20% range increase Not one to defend MVW, in Key West if you look at the cost of electricity, insurance, labor, budgets items not within the control of Management then you get the correct picture that Key West has become very expensive to live in, as these services and utilities keep increasing.

 

[Sugarcubesea]

Yes, it's budget time again. Similar email for Sunset Harbor, and question of full or partial funding of reserves. Owner for 8 plus years and have seen the same waiver question every year. Only the amount has changed. I'm thinking there is a little less wiggle room this year due to the recent change in Florida law requiring full funding of "structural" budgets.

I wanted to post it because for the first few years of my ownership I did not receive these emails and I wanted to make sure everyone that owned here knew about it and could call in if they did not get an email...

 

[ScoopKona]

I'm not an accountant, but it reads aprox. a $700 increase if full funding ($1400) of the reserves is included as compared to 2023. I'd assume reserves will not be fully funded as in the the past. Not sure how that all totals out in the end, but I'd guess a 20% range increase Not one to defend MVW, in Key West if you look at the cost of electricity, insurance, labor, budgets items not within the control of Management then you get the correct picture that Key West has become very expensive to live in, as these services and utilities keep increasing.

There are really only two options:

1) I plan on keeping my Beach House week for a very long time -- fund it. Not only do I own there, one of my best friends is the guy who BUILT the place (and Windward). I know how much maintenance and renovations cost there. Why? Because he visits me in Hawaii every year and tells me all about it.

2) I'm selling soon and don't want this funded. Having lower maintenance fees makes selling more attractive. Kick the can down the road and let the new owners deal with "it's Florida real estate -- there are going to be issues."

 

[T-Dot-Traveller]

@ScoopKona - I would assume most people vote to pay less - just like they vote for lower taxes........
then when their car is swallowed by a pot hole they blame the government .........

 

[gggllm]

@ScoopKona - I would assume most people vote to pay less - just like they vote for lower taxes........
then when their car is swallowed by a pot hole they blame the government .........

Exactly. Because there is no guarantee your tax is going to fix the pothole. There is simply no trust between folks and HOA.

 

[AJCts411]

Exactly. Because there is no guarantee your tax is going to fix the pothole. There is simply no trust between folks and HOA.

Have not read an answer, the question has been raised about if the MVW management company has been able to apply the 13% fee (may vary between resorts) to the reserve funding? Anyone know the answer?

 

[ScoopKona]

@ScoopKona - I would assume most people vote to pay less - just like they vote for lower taxes........
then when their car is swallowed by a pot hole they blame the government .........

Same with that condo in Miami.

 

[pedro47]

Why are more and more timeshare owners have stops attending the Annual Meetings and have stops submitting their Proxy Ballot? IMHO.

 

[ScoopKona]

Why are more and more timeshare owners have stops attending the Annual Meetings and have stops submitting their Proxy Ballot? IMHO.

In my case because I only care about the place as a trader. I'm not making a trip to Key West to attend a meeting. Especially not right before Fantasy Fest kicks off. With what's been happening at Sunset Harbor, I don't have much confidence that Marriott is interested in listening to anything owners have to say. We're just a resource to be mined for "portfolio points."

We always vote to fund the resort, though -- because repairs cost more than maintenance. Everyone who moves to Florida learns this truth -- either by listening to a local, or the hard way.

 

[bdh]

Have not read an answer, the question has been raised about if the MVW management company has been able to apply the 13% fee (may vary between resorts) to the reserve funding? Anyone know the answer?

The management fee is not applied to the Reserve funding/expenditures/budget.