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Frenchman's Cove MF's

Dave M

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2BR from $993.21 to $1,134.48 for 2009.

3BR from $1,135.58 to $1,295.57 for 2009.

About a 14% increase for both.
 

Dave M

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The median increase for all Marriott resorts since 2001 (about 300 increases) has been about 5.1%. Increases this year seem to average quite a bit higher.

Every resort is different. I don't know what the reasons are for the increase at FC.
 

jimf41

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Most of the increase seems to be from water and electricity that have doubled from 2008 t0 2009. When I bought from the developer I asked about the MF's. The sales rep said they were estimating them to " comparable to Aruba". If you've been following the thread about the two Marriott TS's in Aruba that statement about being comparable to Aruba could be reasonable at the Surf Club or very scary at the Ocean Club.

In any case it's not the MF's that I'm currently concerned about, it's the taxes. USVI bills the taxes to the owners directly. There is a huge problem with the USVI property tax system that is currently being argued in the court system. The result for owners is that nobody is collecting taxes right now, but you can rest assured that when it's all settled the owners will have to pay all the back taxes on the resort. This could be a substantial amount as the taxes go back to 2006 and nobody has paid them yet. The tax bill they sent out last year was for about $400 for 2006 and 2007 but the USVI tax office then immediately rescinded it due to the ongoing court dispute over how the taxes are collected and billed. The resort opened in February 2007 but we were billed not only for 2007 but for 2006 which got our attention. I don't kow how this is eventually going to shake out but I do believe that anyone who bought resale is going to be on the hook for the taxes due from the start as they haven't collected them from anyone yet.
 

Dave M

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A Marriott executive has accurately pointed out to me that inflationary pressures have adversely affected costs more in the Caribbean and in Hawaii than in the continental U.S. Thus, I have reworked my calculations for historical MF increase rates and split them into two categories.

For the Caribbean and Hawaii, the median Marriott MF increase since 2001 has been 7.0%, while for the continental U.S. the median increase has been about 4.5%
 

SpikeMauler

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"I don't know how this is eventually going to shake out but I do believe that anyone who bought resale is going to be on the hook for the taxes due from the start as they haven't collected them from anyone yet."


Jim, I'm closing on a Plat 2br resale at FC. How much back taxes are we talking about . Do you have a ball park estimate of how many years back I'll have to pay and about how much it's going to be?
__________________
 

jimf41

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Property is taxed at 60% of its fair market value in St Thomas. The tax is 1.25% of that value. Frenchman's Cove opened in 2007 but I guess it would depend on when the owner you bought from took title to the property. I believe the bill I got for 2006 was around $400. As I said the resort wasn't opened in 2006 but a lot of owners who bought pre-construction got bills anyway. Marriott might pick up the 2006 taxes and I think they will but from 2007 and on its going to fall on the owners. This is only my guess but on that plat week you would probably owe $900-$1200 for 2007 to the present. It all depends on when the original owners bought it.

Keep in mind that this is still being argued in the court system and I don't know anybody who really has good insight to the eventual outcome. Also, there were some owners who paid the tax bill sent out in 2007 before the tax assessor rescinded the bill. Your owner might be one of these and my already have paid some of the tax.

This site will be helpful to you.


http://ltg.gov.vi/
 
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