All Hyatt Florida owner's soon to equal what Hyatt Maui owners are paying annually in maintenance fee's

[Tenga]

Due to a catastrophic event in Florida in 2021, the Florida legislature, in May 2022 passed Senate Bill 4-D to ensure condominium buildings are completing Building Structural Inspections, as well as a new Structural Integrity Reserve Study. One key element of this new law no longer allows for the waiver of full funding for structural items at the resort.

I'm seeing repair reports coming in the million's that BOD are now telling owners to get ready to open your wallet and fork out $500 to $700++ additional increases yearly to cover the repairs being found in the inspections..... Letters are being sent out by the Boards and Management Company. Have you received your letter ???

 

[Tucsonadventurer]

May be time to sell and buy Maui

 

[ScoopKona]

I'll probably just sell and walk away from timeshares. I can get airbnbs for the same price per night that I'm paying now -- with zero commitment.

 

[Tenga]

Not just HVC, but every time share in the state of Florida that is 3 floors or higher is effected! As word gets out to the general public I see TS sales in the state a hard sell!

Florida ain't Hawaii! This new law unless it gets repealed is the ice-berg that sank the Titanic!!!

 

[rickandcindy23]

You're making it sound very scary. You own Hyatt, FL, and they are going to increase the fees to make sure the buildings don't collapse, right?

Fortunately, we don't own anything in FL, but I can see this being a concern for other resorts on and near beaches.

 

[simpsontruckdriver]

The law should stay, it should not be repealed. When GOP-turned-Independent-turned-Democrat Governor Crist was in office, he repealed a similar law, which required yearly Condo HOA inspections. After the repeal, frequent inspections were no longer required, which could have prevented the tragedy outside Miami (by warning residents the building was unsafe and to move out before tragedy strikes). Not to mention, Florida politicians who "looked the other way" as insurance rates tripled to highest in the country.

The best thing you can do is to get rid of your Florida-based timeshares. Maybe then, once they see a huge glut of unsold/unoccupied suites, they may absorb the Special Assessments so people will return.

TS

 

[boraxo]

Ho hum. You buy in Florida, you know hurricanes have been hitting the coast (and especially the Keys) for centuries. If you don't maintain and protect buildings to current standards, the next storm will take them out. What did you expect?

We own in Tahoe. Last years the storms were so huge that some homes needed major repairs when roofs collapsed. There are risks everywhere (well maybe not Sedona?)

I don't see a huge glut coming. If owners walk away from them HRC will simply convert to points and resell them and rake in $$$. (As an aside I never really understood the appeal of the keys unless you want to party for a week.)

 

[AJCts411]

I wonder what these doomsday fee scenarios are base on? Fully funding has been waved but that does not mean zero is in the reserves. Not fully funding non structural items...what percent is this of the total reseveves like floors decks pools furniture etc. At hsh the roof needs replacing...identified in the report but already planned. Then the full funding is amortized over the life of the new roof...full funding for a hurricane event is covered by insurance minus deductible not part of the requirement I believe. Also consider the one time top up of a reserve...then by what I e seen waived and best estimate for structural reserve items possibly a smaller increase like 100 to 200. Point is doubt the sky if falling. And fyi rack rates for 2 bedroom townhome rental ... over 600 a nite. Hotel 500 plus.

 

[Bwolf]

I own a Florida timeshare that is two stories. So, exempt. But, IMHO, insurance rates going sky high as a result of ALL the natural disasters occurring across the country will drive maintenance fees sky high. From 2022 to 2023, ours more than doubled (despite limits on wind insurance increases) and we hear that insurance rates may not settle down until 2025 (and that is debatable).

 

[ScoopKona]

I don't see a huge glut coming. If owners walk away from them HRC will simply convert to points and resell them and rake in $$$. (As an aside I never really understood the appeal of the keys unless you want to party for a week.)

Well, you'll see mine for sale. (It's quite a nice one. Best unit at the Beach House during a fun time to be in Key West.) The reason? Math. The increased fees push what I pay per night over what I pay for AirBnB. I'm using more AirBnB and less timeshare these days, anyway. It's been nearly 25 years. That's a good run.

 

[Tucsonadventurer]

We are debating selling. If it's just a few years increase it may be worth waiting it out. We bought our 1880 pt unit for $5500 but points were raised to 2200. All our other Hyatts are 2,000 pts so this helps with exchanges. We have owned for 8 yrs. and never stayed there but have had amazing exchanges.

 

[SteveinHNL]

We are debating selling. If it's just a few years increase it may be worth waiting it out. We bought our 1880 pt unit for $5500 but points were raised to 2200. All our other Hyatts are 2,000 pts so this helps with exchanges. We have owned for 8 yrs. and never stayed there but have had amazing exchanges.

Wow how nice is that, your gold week got bumped to platinum!! I feel so luck that I sold our WP last year and purchased PP to replace it.

 

[Mongoose]

I'll probably just sell and walk away from timeshares. I can get airbnbs for the same price per night that I'm paying now -- with zero commitment.

I was leaning towards buying something more in Hawaii, however my job generates hotel points and I just booked 5 nights at the Waldorf-Astoria Maui and three nights at Embassy Suites Waikiki. As a Diamond, the 5th night is free. The cash Hilton Honors discount rate was $5,967 for 5 nights. I got it for 440,000 points that didn't cost me anything. I think I'm holding off on any new purchases for now.

 

[ivywag]

Due to a catastrophic event in Florida in 2021, the Florida legislature, in May 2022 passed Senate Bill 4-D to ensure condominium buildings are completing Building Structural Inspections, as well as a new Structural Integrity Reserve Study. One key element of this new law no longer allows for the waiver of full funding for structural items at the resort.

I'm seeing repair reports coming in the million's that BOD are now telling owners to get ready to open your wallet and fork out $500 to $700++ additional increases yearly to cover the repairs being found in the inspections..... Letters are being sent out by the Boards and Management Company. Have you received your letter ???

Due to a catastrophic event in Florida in 2021, the Florida legislature, in May 2022 passed Senate Bill 4-D to ensure condominium buildings are completing Building Structural Inspections, as well as a new Structural Integrity Reserve Study. One key element of this new law no longer allows for the waiver of full funding for structural items at the resort.

I'm seeing repair reports coming in the million's that BOD are now telling owners to get ready to open your wallet and fork out $500 to $700++ additional increases yearly to cover the repairs being found in the inspections..... Letters are being sent out by the Boards and Management Company. Have you received your letter ???

Yes, received the letter from Sunset Harbor. The needed structural repairs there are nearly completed and the only other needed repair is the roof which was planned before this legislation. I’m hoping that the BOD had planned well and that the current reserves will cover these items, BUT we’re probably going to need to replenish the reserves!

 

[ivywag]

Wow how nice is that, your gold week got bumped to platinum!! I feel so luck that I sold our WP last year and purchased PP to replace it.

PP will get the increases also since their maintenance fees are based upon the average of all resorts.

 

[SteveinHNL]

PP will get the increases also since their maintenance fees are based upon the average of all resorts.

I've never heard that before. To what extent are HRC MFs influenced by the costs of running the other resorts elsewhere?

 

[GTLINZ]

I've never heard that before. To what extent are HRC MFs influenced by the costs of running the other resorts elsewhere?

HRC (deeded) resort MFs are not affected by other resorts. Since HPP (points only) are a trust and ownership is spread across all included resorts, their MFs will be.

 

[dioxide45]

I've never heard that before. To what extent are HRC MFs influenced by the costs of running the other resorts elsewhere?

THe trust owns individual deeds at each resort and each resort bills the maintenance fees for each deed. So the trust is responsible for the maintenance fees of the deeds it owns.

 

[mjm1]

I've never heard that before. To what extent are HRC MFs influenced by the costs of running the other resorts elsewhere?

PP will get the increases also since their maintenance fees are based upon the average of all resorts.

@SteveHNL, do you own Pinon Pointe or the Portfolio Program? I thought you own the former and Ivywang is referring to the later.

Best regards.

Mike

 

[SteveinHNL]

@SteveHNL, do you own Pinon Pointe or the Portfolio Program? I thought you own the former and Ivywang is referring to the later.

Best regards.

Mike

Got it, yes I am deeded at PP. I see now how the Portfolio owners would be affected by MFs everywhere. Thanks so much for that clarification.