Anyone at/going to the bay club annual meeting

[Jason245]

I know it starts soon and was wondering if anyone was there/going to be there?

If so, I would be appreciative if you could share any tidbits you find out (if anything).

 

[Emi]

We attended the Bay Club Owners meeting yesterday. It was a big crowd of over 50 owners. Financials for the resort is healthy. Maintenance fee will increase approx 2%. Soft renovations will begin in August 2016 and will take 7 months. The mechanics of the elevators will be upgraded which is a big cost. It is fully funded by the reserve and no special assessment.

Owners do not have to pay the maintenance fee up front before making reservations as in the past. Trust owners will pay when billed since historically the receivable rate is in the high 90's.

 

[Jason245]

We attended the Bay Club Owners meeting yesterday. It was a big crowd of over 50 owners. Financials for the resort is healthy. Maintenance fee will increase approx 2%. Soft renovations will begin in August 2016 and will take 7 months. The mechanics of the elevators will be upgraded which is a big cost. It is fully funded by the reserve and no special assessment.

Owners do not have to pay the maintenance fee up front before making reservations as in the past. Trust owners will pay when billed since historically the receivable rate is in the high 90's.

Thanks for the update. It is good to know that the reserves are adequately funded and appropriate renovations and maintenance is being done..



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[frank808]

The reserves should be adequate. About 4 years ago there was a big special assesment because there was inadequate reserves. Hoping this is a sign that the association is making sure that the reserves are sufficient.

 

[Jason245]

The reserves should be adequate. About 4 years ago there was a big special assesment because there was inadequate reserves. Hoping this is a sign that the association is making sure that the reserves are sufficient.

What is the story behind that? Did hgvc drop the ball or something?

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[Jason245]

It looks like the audit report has been issued finally.

Interesting items I note:

1. The original developer has decreased their ownership from 350 intervals in 2013 to 119 as of the end of 2014. I am guessing that this property is in process of being fully sold by HGVC with the eventual elimination of the original developer involvement.

2. in 2013 the HGVC management fee was $940k, in 2014 the management fee was 956k (1.7% increase). Payroll has gone up from 3 Million to 3.25M (a almost 8% increase).

3. in 2013 HGVC owned 306 intervals in 2014 they owned 337... I am a little confused as to how they are increasing their ownership (other then picking them up on EBAY or starting to enforce the ROFR, unless they are temporarily taking ownership from the developer.

4. As of the end of 2014 the reserve balances were 3.3M for interior and 80k for Cap Improvements. Based on the reserve study, as of the end of 2014, the required reserves (I have taken the replacement cost / remaining life for this number) were 2.3M and 172k respectivly. Given this, it appears that the Reserves are over 100% funded (which means I highly doubt there is a SA comming any time soon).


Some interesting things are happening.....

 

[SmithOp]

What is the story behind that? Did hgvc drop the ball or something?

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As I recall the SA was in 2009, to bring the units up to HGVC spec, so it may have been when HGVC started managing or there was a contract update. Around 2008-2009 the economy tanked and with this SA there were a ton of Bay Club units being dumped on eBay, I picked up a 1br eoy for $299.

I'm wondering if the change in paying mf will allow the contracts to be added to an existing HGVC account now, when I owned there was a separate account because you had to pay mf before you could borrow points. Affiliates have separate accounts and rules but Bay Club has moved to into closer alignment with HGVC.

I remember when I first went there I met a few original owners that were not happy with HGVC taking over, they did not want to enroll and preferred trading in RCI. I suppose the balance has shifted now as the units have turned over to new owners because of the SA and shift to HGVC management.

There isnt ROFR at Bay Club.


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[Jason245]

As I recall the SA was in 2009, to bring the units up to HGVC spec, so it may have been when HGVC started managing or there was a contract update. Around 2008-2009 the economy tanked and with this SA there were a ton of Bay Club units being dumped on eBay, I picked up a 1br eoy for $299.

I'm wondering if the change in paying mf will allow the contracts to be added to an existing HGVC account now, when I owned there was a separate account because you had to pay mf before you could borrow points. Affiliates have separate accounts and rules but Bay Club has moved to into closer alignment with HGVC.

I remember when I first went there I met a few original owners that were not happy with HGVC taking over, they did not want to enroll and preferred trading in RCI. I suppose the balance has shifted now as the units have turned over to new owners because of the SA and shift to HGVC management.

There isnt ROFR at Bay Club.


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To the best of my knowledge, there is a ROFR at bay club, it just isn't ever executed (currently). This could change in the future.

Some EBAY adds now say that you have to enroll the unit into HGVC for new sales... if this is the case there are some significant changes that have been made and the "Affiliate" designation may have given way to full on HGVC... which is AWESOME (IMHO)

 

[SmithOp]

To the best of my knowledge, there is a ROFR at bay club, it just isn't ever executed (currently). This could change in the future.

Some EBAY adds now say that you have to enroll the unit into HGVC for new sales... if this is the case there are some significant changes that have been made and the "Affiliate" designation may have given way to full on HGVC... which is AWESOME (IMHO)

ROFR clause was added in 1999, if you happen to get a contract from an owner that bought pre-99 it wouldn't be in there, but as you say its not actively enforced.

This discussion has jogged my memory, I was staying at Bay Club in May 2008 and we took the sales presentation at Kohala. We didn't like the units, too small and cramped compared to BC. They talked me into buying Kingsland pre-construction because the units were going to be bigger. Then I started looking for BC units on the internet and discovered TUG and the resale market.


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[frank808]

All i know i remember about the special assessment was that there were many things that needed to be redone. At that time bay club was downgraded to silver crown by rci and stayed there for 2 years i believe. From what i remember units and grounds were not up to hgvc standards. Staying there in 2008 you could tell the units and grounds needed refreshing. There was a big amount of deferred maintenance. Nothing like leaking roofs or dangerous conditions. Just a little run down.
I still have 2 memberships with hgvc. One with my kohala units and another with my bay club units. I hope they eliminate the dual accounts. It is not that much hassle as every January i just call to consolidate the units to one account. Just one 5 minute call every year.

 

[mjack47]

My wife and I just returned from our first visit to the Bay Club. We are new owners. We own a 2 bedroom. We were very pleased with the condition and size of the unit . Upkeep of the unit as well as the grounds were great. Everthing was very clean and the staff friendly.

 

[dsmrp]

My wife and I just returned from our first visit to the Bay Club. We are new owners. We own a 2 bedroom. We were very pleased with the condition and size of the unit . Upkeep of the unit as well as the grounds were great. Everthing was very clean and the staff friendly.

Thanks for the update, glad to hear you had a good time and place looks good. We're new owners too, but not getting there till late next year

 

[Jason245]

My wife and I just returned from our first visit to the Bay Club. We are new owners. We own a 2 bedroom. We were very pleased with the condition and size of the unit . Upkeep of the unit as well as the grounds were great. Everthing was very clean and the staff friendly.

Don't forget to review the resort

http://www.tug2.com/BrowseResorts.aspx?search=bay+club+at+waikoloa


Not only do you help other TUGers, but you also get a review reward

 

[brp]

My wife and I just returned from our first visit to the Bay Club. We are new owners. We own a 2 bedroom. We were very pleased with the condition and size of the unit . Upkeep of the unit as well as the grounds were great. Everthing was very clean and the staff friendly.

We just returned from there on Monday. We own at Flamingo, but use some of our points at Bay Club. This is about our 4th trip and we simply love the place. We had some issues with the room (safe didn't work, not enough coffee, no pool towels) and all were rectified very quickly.

On one of the days, one of the managers (Glenn) was filling in at the Bay Club pool bar. We had our special cups and asked if he could do a margarita with a little bit of blue Curacao (a Blue Margarita that we had first encountered in Aruba). He did a great job with these.

Got back, got a survey and completed it. Got a thank you email from Glenn. I wrote back to thank him for being our bartender that day, and for the Blue Margaritas. He said that they're now going to offer that as a drink special

We go back in March...

Cheers.