DavidnRobin, ... "at WSJ - we were just given a special assessment for a refurbish of over $700 per year for three years (w/o Owner vote) - when just a few years ago this was turned down by Owners (due to lack of Owner participation in this vote) that was 1/3 of this amount (although this new assessment includes a roof). That is $700 per year over our existing MFs (that have also increased) per unit per week - that is ALOT of money for a refurbish and roof!"
First, anyone who owns at St. John and complains is not getting my sympathy. I've tried to trade in there, but there was never any vacancy because the owners won't go elsewhere.
Second, if you feel you can't rent out your unit for more than the increased MF at St. John, I'll take your reservation and make you even. lol!
Third, do you have any idea what the costs are for construction on a small island? They are outrageous because skilled workers have to be ferried in (thus being less efficient) and every piece of material must be barged in.
Before buying timeshares, I looked at purchasing at Haig Point and/or Melrose on Daufuskie Island just off Hilton Head. Nice places, but accessible only by boat. The existing homes were quite expensive. I was told that if I bought a vacant lot and built, the cost of construction would be 30% more than on the mainland. So I passed - privacy has its cost.
Finally, unless the roofs failed surprisingly early, you might have a good complaint with the HOA board about the need for a special assessment. It appears the yearly MF were way too low. As I have been saying in earlier posts, necessary expenses must be paid and, in the end, its just what pocket (operating or reserves or special assessment) and when. If the reserves aren't there, the bill must still be paid. Ergo, a special assessment becomes necessary. But, it's tough to impose one in this economy. Maybe deferring the work by defeating the earlier proposal for a special assessment increase wasn't so wise for the owners. ... eom