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Kauai Beach Villas update 10/11

linsj

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I'm finishing a second stay here this year (in F18) since a free week came with my purchase of a second week earlier this year. Attended the owners' meeting this morning. Here are the highlights:

Maintenance fees: Going up 7.75% next year. Bills will be sent around mid-November. The increase is due mainly to foreclosures and delinquencies plus a 21% hike in electricity cost.

Foreclosures: The association now owns 71 weeks from foreclosures. The primary plan for sales is to offer them to current owners for a few hundred dollars plus closing costs. Details haven't been finalized although they are not looking to make money, only get paying owners. Wilbert, the resort manager, had a sign-up sheet at the meeting; and several people were eager to put in their orders. In the meantime, they are renting delinquent units through several companies, including RCI endless vacations, resulting in $40,000 of extra income.

Wifi: I've had a good connection and high speeds all week, although some people reported at the meeting that they are having trouble with it.

Recycling: New recyling bins for bottles and cans are located outside on the left side of the clubhouse. Recycling baskets will be back in the units soon.

Contract with the hotel next door for use of the pools still hasn't been signed; but since we have the use, no one's concerned about this.

Board of directors: I didn't realize that all the board members are owners, which is a good situation

Interior renovations will start next year, doing a third of the units for the next three years. Wilbert is still working on logistics of where to start when. There won't be a model unit. We have $2.7 million in reserves for this project. As furniture is replaced, some of it will be put in units with worse furniture.

Midweek tidy: Starting next year, sheets won't be changed midweek to save money. This is how it used to be anyway.
 

DaveNV

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Thanks, linsj. So is Wilbert the best person to talk to about buying one of the foreclosures? If the right week was available, I may be interested in buying another one. Maybe a 2br this time...

Dave
 

stevestar

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