KBV, envisioning the future

[bnoble]

I thought that the assessment for a whole unit was like $540k.

It is. They are proposing to collect it in installments over three years.

I wonder if an oceanfront owner gets turned over to collections if they could fight it with the pictures of the condemned buildings that I posted

I doubt it, because (a) the point of the assessment is to repair and return the buildings to service and (b) there is a third oceanfront building that is open and bookable. Doesn't mean you can't try, though.

 

[DeniseM]

I'm actually referring to the next maintenance fee payment which will come first - I should have clarified.

 

[bnoble]

I still think you'd be on thin ice because of (b), but IANAL, etc. etc. etc.

 

[DeniseM]

Let's look at it another way: Statistically, with 2 buildings closed, there are not enough oceanfront weeks available to reserve for the number of oceanfront owners. So I think it would be worth a shot.

 

[bnoble]

You can try. I would not bother. Unfortunately, I have bigger fish to fry at the moment.

 

[tedtomkins]

I thought at the last BOD meeting, the financial people said that they have collected 80% of the waterfront unit special assessment. I believe this included Wyndham's portion. If we assume that Wyndham has 20%-unit ownership, then this means 40% of the owners paid. My assumption is that this will not change unless the management team or board "nudges" the remaining independent owners to pay up.

Jack ... what's current status on building G and H special assessment?

Are my assumptions correct?

 

[DeniseM]

Based on my personal tour of the OF units a few months ago - they have no intention of ever repairing these units. They have completely let the buildings go, and cut mature, beautiful landscaping off at the ground.

 

[jacknsara]

I thought at the last BOD meeting, the financial people said that they have collected 80% of the waterfront unit special assessment. I believe this included Wyndham's portion. If we assume that Wyndham has 20%-unit ownership, then this means 40% of the owners paid. My assumption is that this will not change unless the management team or board "nudges" the remaining independent owners to pay up.

Jack ... what's current status on building G and H special assessment?

Are my assumptions correct?

Aloha,
We were at the Shearwater during the last BOD meeting. I was a bit late setting up and my note taking suffered. I have no memory to back this up but my notes indicate that 89% (i.e. 40 out of 45 units) of whole owners in AOAO (not timeshare) have paid that initial special assessment. Since there are 150 units in the AOAO, the whole owners' percentage of uncollected is about 3.4% (~5/150). The rest would be IOA timeshare owners. My notes do include an 80% number but I didn't capture what it referred to. So, assuming it is the percentage collected and Wyndham has fully paid what it owes, then the 16.6% would be timeshare owners. This could included one or more multi-unit owners like MROP(?).
Jack