KBV: The Truth Please

[jacknsara]

<snip> . . . Now, to the question of Special Assessment for the owners who have been left in the dark. I believe a good first step is to have at least 3 unbiased appraisals of the property done if not done thus far. What the property is now worth and a pro forma of what it would be worth after is important for any decision making. . . . <end snip>

Aloha,
As part of my campaign for the board of KBV in 2018, I wrote a long document that I sent to all owners with available emails and posted in TUG. It occurred to me that one of the details I addressed was the value of wholly owned units.
From top of page 10 of attachment “Goodstein_KBV_BOD_2018” embedded in post 101 https://tugbbs.com/forums/threads/pahio-kauai-beach-villas-board-election.240675/post-2124393
“While KBV owners who sell their timeshares net negligible to negative dollars, sales of the non-timeshare condos still net real money. As of 3/20/18, there are two active listings. Wholly owned two bed two bath E11 is listed for sale at $309K and one bed one bath D19 is listed for $269K. Per Zillow, these asking prices are in line with but a bit higher than recent sales.”

Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 105 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $37M. Even if the $37M above is doubled to $74M, $56M >> 50% of $74M.

Inference: if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

- - - - - -

While searching for the material above, I came across this statement in a post I made ( https://tugbbs.com/forums/threads/kauai-beach-villas-letter-from-board-member.254729/post-1996108 ): . . . This leads back to the goal and promise of my candidacy: to get an owners’ online community or communication network started.

I am sad about developments at KBV but I apparently achieved at least one of my campaign promises in my brief one year stint as a board member.

Jack

 

[CO skier]

Inference: if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

And likely the death knell for KBV.

No one can pin that on Wyndham.

 

[schreff]

Aloha,
As part of my campaign for the board of KBV in 2018, I wrote a long document that I sent to all owners with available emails and posted in TUG. It occurred to me that one of the details I addressed was the value of wholly owned units.
From top of page 10 of attachment “Goodstein_KBV_BOD_2018” embedded in post 101 https://tugbbs.com/forums/threads/pahio-kauai-beach-villas-board-election.240675/post-2124393
“While KBV owners who sell their timeshares net negligible to negative dollars, sales of the non-timeshare condos still net real money. As of 3/20/18, there are two active listings. Wholly owned two bed two bath E11 is listed for sale at $309K and one bed one bath D19 is listed for $269K. Per Zillow, these asking prices are in line with but a bit higher than recent sales.”

Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 105 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $37M. Even if the $37M above is doubled to $74M, $56M >> 50% of $74M.

Inference: if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

- - - - - -

While searching for the material above, I came across this statement in a post I made ( https://tugbbs.com/forums/threads/kauai-beach-villas-letter-from-board-member.254729/post-1996108 ): . . . This leads back to the goal and promise of my candidacy: to get an owners’ online community or communication network started.

I am sad about developments at KBV but I apparently achieved at least one of my campaign promises in my brief one year stint as a board member.

Jack

Bad news but very professionally written by you, thanks. It is apparent that many owners will never be able to afford a special assessment materially higher than the one already projected. This adds to the bad news and thus turns into more bad debt. Perhaps it also tells us why the bank will only loan $ 10M.

I still need answers to my questions and materials asked for from the Wyndham resort manager, Wyndham itself and the present Board. I have received nothing. The audited financial statements along with management notes will give owners more information so they can analyze necessary for decision making. I paid my maintenance fee this year while being in the dark about the future of the resort.

It is incumbent upon Wyndham as both owners and MANAGERS of the resort to release this information the meet the lower standards of fiduciary responsibility. They have failed. If I receive it I will make it available to all so that we gather as much information here as possible.

 

[schreff]

And likely the death knell for KBV.

No one can pin that on Wyndham.

You don't own here. You have contributed nothing positive to this thread. It fact, it seems that you are elated that KBV is likely not to survive. This is shameful. Then you lie by saying " NO ONE CAN PIN THAT ON WYNDHAM " without knowing the facts???????????

If Wyndham has failed in their capacity in many areas like management, prudent inspection of the building upon purchase and now being transparent to not only their owners but also the owners that they are managing the resort for, how is this NOT THEIR RESPONSIBILITY?

The mystery remains as to why Biased Wyndies (those who blindly post misinformation, are somehow associated with and/or own Wyndham properties that are without the woes of KBV, and those who post here for gain either monetary or pychological pleasure by defending Wyndham. Perhaps you can elaborate?

 

[bnoble]

And likely the death knell for KBV.

Honestly? That's what I'm hoping for. It was a good run, and we enjoyed staying here, but all good things must come to an end. If a renovation/repair is going to cost low-five-figures per week, I'd rather spend that money on a Marriott.

 

[jacknsara]

Aloha,
As part of my campaign for the board of KBV in 2018, I wrote a long document that I sent to all owners with available emails and posted in TUG. It occurred to me that one of the details I addressed was the value of wholly owned units.
From top of page 10 of attachment “Goodstein_KBV_BOD_2018” embedded in post 101 https://tugbbs.com/forums/threads/pahio-kauai-beach-villas-board-election.240675/post-2124393
“While KBV owners who sell their timeshares net negligible to negative dollars, sales of the non-timeshare condos still net real money. As of 3/20/18, there are two active listings. Wholly owned two bed two bath E11 is listed for sale at $309K and one bed one bath D19 is listed for $269K. Per Zillow, these asking prices are in line with but a bit higher than recent sales.”

Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 105 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $37M. Even if the $37M above is doubled to $74M, $56M >> 50% of $74M.

Inference: if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

- - - - - -

While searching for the material above, I came across this statement in a post I made ( https://tugbbs.com/forums/threads/kauai-beach-villas-letter-from-board-member.254729/post-1996108 ): . . . This leads back to the goal and promise of my candidacy: to get an owners’ online community or communication network started.

I am sad about developments at KBV but I apparently achieved at least one of my campaign promises in my brief one year stint as a board member.

Jack

Oops – I made the same calculation error as magmue made in post 13

There are 150 units in the complex of which only 105 are in the timeshare.

The paragraphs below incorporate the corrections.

Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 150 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $53M. Even if the $53M above is doubled to $106M, $56M > 50% of $106M. Admittedly, there is enough uncertainty in this extrapolation that there is a slim possibility that an appraisal of the buildings might come back higher than $112M (=2*$56M).

Inference: Even if the $53M above is doubled to $106M, if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

 

[CO skier]

Then you lie by saying " NO ONE CAN PIN THAT ON WYNDHAM " without knowing the facts???????????

The "THAT" refers to the new Kauai law (which has nothing to do with Wyndham). If the new law applies to the rebuild of KBV, it will mean curtains for KBV due to the KBV owners reaching the conclusion concisely expressed in post #80.

 

[schreff]

Y

The "THAT" refers to the new Kauai law (which has nothing to do with Wyndham). If the new law applies to the rebuild of KBV, it will mean curtains for KBV due to the KBV owners reaching the conclusion concisely expressed in post #80.

Your cover-up attempt was laughable but could have been done better by my 3 year old great grandson. Funny that you spend so much time researching and butting in when you don't own at KBV.

 

[schreff]

Oops – I made the same calculation error as magmue made in post 13

There are 150 units in the complex of which only 105 are in the timeshare.

The paragraphs below incorporate the corrections.

Neither of these units were ocean front, but the majority of units in KBV are not ocean front. If E11’s value is rounded up to $350K and multiplied by all 150 units (overvaluing all 1B1B and 1B2B units), the 2018 value of the resort would be somewhere in the vicinity of $53M. Even if the $53M above is doubled to $106M, $56M > 50% of $106M. Admittedly, there is enough uncertainty in this extrapolation that there is a slim possibility that an appraisal of the buildings might come back higher than $112M (=2*$56M).

Inference: Even if the $53M above is doubled to $106M, if Kauai’s new law referenced in https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 “ . . . the impact of a newly passed regulations in Kauai that “requires the lowest floor of any new dwellings in the Sea Level Rise Constraint District be raised 2 feet above the highest sea level rise flood elevation as projected by a scientific model. . . . . also apply to significant rebuilds of existing structures, where the total cost equals or exceeds 50 percent of the market value of the building” per article in The Garden Isle 10/6/22” is applicable, then the $56M is a significant underestimate.

Thanks, very informative. Anyone familiar with banking knows there must be a valid fiscal reason why the bank would only lend about 10% of the total first projected amount of repair. I am sure the bank required an appraisal and the question is why Wyndham - the once owner, manager and controller of the BOARD did not share this with the owners. I'm still awaiting KBV audited financial statements requested from the manager, president of Board, and Wyndham.

The die is cast and the end is most likely in the best interest of all of KBV owners. Who knows what other $MM surprises might found in the future.

 

[magmue]

Wyndham - the once owner, manager and controller of the BOARD

If I understand the history correctly, Wyndham was not "the" owner historically. When Wyndham bought out David Walter, the Pahio developer in 2006, I believe they bought any unsold (and perhaps delinquent?) units/weeks along with the management & marketing rights for KBV along with 5 other Kauai Pahio resorts. There seems to be some disagreement as to whether Wyndham intended to keep selling KBV weeks as opposed to adding them to their rental/exchange inventory, but by 2017 when Wyndham temporarily lost the management contract per BOD vote, it was estimated that they owned about 20% of the timeshare weeks. In 2019, Wyndham regained the management contract after some last-minute annual meeting surprises that led to a more Wyndham friendly BOD. Up at least until spring 2022, Wyndham was accepting KBV deedbacks through their Ovations program whether they had sold the week originally or not. It's safe to assume they have acquired more weeks via foreclosures. I don't know if anyone outside of Wyndham and the KBV board know what Wyndham's ownership percentage is currently. They are past and current managers - from 2006-2017, and ongoing since 2019. And the board stopped accepting "open primary" type board member nominations after 2019.

 

[bnoble]

It's safe to assume they have acquired more weeks via foreclosures.

They have, and that was one of the reasons why I was at least neutral on the move back to Wyndham from GPX, if not somewhat supportive. As I understood it, the Board's plan for non-performing owned weeks during the GPX days was to rent them and use the proceeds to offset the bad debt incurred by those weeks. Wyndham's plan was to aggressively foreclose and cycle the inventory back into Club Wyndham Access (their trust product) making those weeks whole.

As the Board kerfuffle was unfolding, the foreclosure plan seemed like a good idea to me. I've always been concerned that the resort is difficult to market. It is in neither of the two "postcard" areas of the island (Princeville/Hanalei, Poipu/Koloa). It also isn't quite in the main drag of either of the eastern shore spots of Wailea/Kapa'a or Lihue. There is no name brand draw to either the resort or the co-located hotel, and recently the hotel has been looking a little bit long in the tooth. The location has significant advantages, but you almost need to experience them to see why. I'm not sure how many people just happen across it when they are looking for somewhere to stay on Kauai. We never would have even had the resort on our radar as a place to own, except that we ended up staying there one year and fell in love with the oceanfront buildings.

Then, when the pandemic hit, favoring foreclosure over rental seemed like an even better idea. That also changed the minds of a few of the pro-GPX folks, who saw the same thing. And, as I think on it now, it's arguably better to have those weeks in the hands of someone with financial skin in the game as we make the decision of what to do next.

 

[jacknsara]

They have, and that was one of the reasons why I was at least neutral on the move back to Wyndham from GPX, if not somewhat supportive. As I understood it, the Board's plan for non-performing owned weeks during the GPX days was to rent them and use the proceeds to offset the bad debt incurred by those weeks. Wyndham's plan was to aggressively foreclose and cycle the inventory back into Club Wyndham Access (their trust product) making those weeks whole.

As the Board kerfuffle was unfolding, the foreclosure plan seemed like a good idea to me. I've always been concerned that the resort is difficult to market. It is in neither of the two "postcard" areas of the island (Princeville/Hanalei, Poipu/Koloa). It also isn't quite in the main drag of either of the eastern shore spots of Wailea/Kapa'a or Lihue. There is no name brand draw to either the resort or the co-located hotel, and recently the hotel has been looking a little bit long in the tooth. The location has significant advantages, but you almost need to experience them to see why. I'm not sure how many people just happen across it when they are looking for somewhere to stay on Kauai. We never would have even had the resort on our radar as a place to own, except that we ended up staying there one year and fell in love with the oceanfront buildings.

Then, when the pandemic hit, favoring foreclosure over rental seemed like an even better idea. That also changed the minds of a few of the pro-GPX folks, who saw the same thing. And, as I think on it now, it's arguably better to have those weeks in the hands of someone with financial skin in the game as we make the decision of what to do next.

I documented my concurrence with this position on 3/24/2020 in the post at this link: https://tugbbs.com/forums/threads/statement-from-your-board-of-directors.298082/post-2416069

 

[CO skier]

I documented my concurrence with this position on 3/24/2020 in the post at this link: https://tugbbs.com/forums/threads/statement-from-your-board-of-directors.298082/post-2416069

Other than normal elections, further challenges including legal actions will not only be a waste of money, it will distract BOD and management attention from far more important and urgent matters.

That is the Truth now in the current situation as much as it was in the context of 2020.

 

[schreff]

I documented my concurrence with this position on 3/24/2020 in the post at this link: https://tugbbs.com/forums/threads/statement-from-your-board-of-directors.298082/post-2416069

Agree but why, in your opinion, has and is Wyndham been and being evasive and not communicating with owners? When did management know about future funding problems not including the new " bomb " concerning the original construction syndrome.

Also, why has the present BOD and Wyndham not responded to questions and the release of audited financial statements and notes? They have essentially been keeping owners in the dark and I'm sure some of these documents are legally required to be shared with owners'.

 

[jacknsara]

Agree but why, in your opinion, has and is Wyndham been and being evasive and not communicating with owners? When did management know about future funding problems not including the new " bomb " concerning the original construction syndrome.

Also, why has the present BOD and Wyndham not responded to questions and the release of audited financial statements and notes? They have essentially been keeping owners in the dark and I'm sure some of these documents are legally required to be shared with owners'.

Aloha,

I have not communicated with any board member for a long time other than during Q&A after IOA and AOAO board meetings in mid October 2022 ( https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 ). Much of the following is me guessing.

Everyone currently on the IOA (timeshare) board was elected primarily by Wyndham’s voting power. At least one of them owns (or used to own) many KBV weeks. The IOA (and AOAO) president (Larry Warner) is very aware of his fiduciary duty to all owners which includes the majority owner Wyndham. The situation is such a mess that the Wyndham company’s (actually Travel & Leisure TNL) interest may be at odds with both the AOAO and IOA’s interest. Given there is a lawsuit by whole AOAO unit owners against TNL and AOAO board members as individuals, my guess is that all the lawyers involved are advising all board members to limit the release of information to versions which all the AOAO, IOA and TNL lawyers have reviewed and approved. If correct, then it appears that the lawyers cannot agree to release anything.

At the AOAO meeting in October, we were promised that the powerpoint charts shown would be shared with all owners. The scope of the financial impact was shared in those charts and subsequent report via email to all owners in November. Due to my working career experience, I figured that an updated version would be released after answers to material questions were incorporated. I am disappointed that it has not been shared.

FWIW, I grabbed some screen images during that October presentation and saved them in a powerpoint. I just looked at it. Regarding the 50% of market value, I found the following sentence: “The value of the property is based on Tax Assessment records.”

Jack

 

[schreff]

Aloha,

I have not communicated with any board member for a long time other than during Q&A after IOA and AOAO board meetings in mid October 2022 ( https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 ). Much of the following is me guessing.

Everyone currently on the IOA (timeshare) board was elected primarily by Wyndham’s voting power. At least one of them owns (or used to own) many KBV weeks. The IOA (and AOAO) president (Larry Warner) is very aware of his fiduciary duty to all owners which includes the majority owner Wyndham. The situation is such a mess that the Wyndham company’s (actually Travel & Leisure TNL) interest may be at odds with both the AOAO and IOA’s interest. Given there is a lawsuit by whole AOAO unit owners against TNL and AOAO board members as individuals, my guess is that all the lawyers involved are advising all board members to limit the release of information to versions which all the AOAO, IOA and TNL lawyers have reviewed and approved. If correct, then it appears that the lawyers cannot agree to release anything.

At the AOAO meeting in October, we were promised that the powerpoint charts shown would be shared with all owners. The scope of the financial impact was shared in those charts and subsequent report via email to all owners in November. Due to my working career experience, I figured that an updated version would be released after answers to material questions were incorporated. I am disappointed that it has not been shared.

FWIW, I grabbed some screen images during that October presentation and saved them in a powerpoint. I just looked at it. Regarding the 50% of market value, I found the following sentence: “The value of the property is based on Tax Assessment records.”

Jack

Thanks very much for the information. Even though all the attorneys asked that no information be released to the owner's this does not eliminate the fiduciary responsibilities of the BOD. Without knowing more, it does look like the possible conflicts of Wyndham as managers, controllers of the BOD, and sellers are legally problematic.

Your last sentence is interesting, " The value of the property is based on Tax Assessment records " is interesting because assessment records are usual invalid indicators of true value and dependent on when the last assessment was made. Most banks require certified commercial appraisals based on sales comparison, income capitalization, cost approach, and more to calculate loan-to-value ratios.

 

[CO skier]

Without knowing more, it does look like the possible conflicts of Wyndham as managers, controllers of the BOD, and sellers are legally problematic.

Without knowing more, this is nothing different from "vertical integration" -- a common practice in many industries.

 

[CO skier]

At the AOAO meeting in October, we were promised that the powerpoint charts shown would be shared with all owners. The scope of the financial impact was shared in those charts and subsequent report via email to all owners in November.

What exactly were KBV owners put on notice in the November email? An estimate of the pending special assessment? Odd that shrefk and other KBV "owners" do not have knowledge of that notice.

 

[schreff]

What exactly were KBV owners put on notice in the November email? An estimate of the pending special assessment? Odd that shrefk and other KBV "owners" do not have knowledge of that notice.

CO SKIER, who to the best of my knowledge is not an KBV owner talks about Vertical integration .....ha ha ha, more like vertical disintegration when Wyndham controls everything and will not share with the owners legally required information like what's going on with our resort, audited financial statements, and other material information for owners to base their decisions on. It is common legal knowledge that VERTICAL INTEGRATION OFTEN SPAWNS CONFLICTS OF INTEREST..................................... Co has not done his legal homework only harassing me by calling me SHREFK(yes childish on his/her part I know).

Coo are you again doing nothing more thant sticking your nose in other folks' Wyndham troubles by disrupting a thread of no interest to you? Are you an owner, having vested interest in this thread and why TUG moderators let you consistently do this is beyond me. NO and if you were serious about contributing anything except pro Wyndham propaganda you would know the proposed Special Assessment information was posted and easy to find but of course you modus operandi is to harass not help.

The fact is you have been attempting to blindly support everything Wyndham has negatively done, is doing and will do to their owners. Why are you here? Do you own at KBV? Tell the folks why you harass dissatisfied Wyndham owners with problems? What do you have to gain from Wyndham " you can't ski in Kauai "?

 

[M & D]

Hello,
I received a shock when I called the place of business where we purchased our timeshare back in 2006 to put our KBV timeshare up for sale, and was told it was un-sellable due to an assessment. This is the first I have heard of this. We use the Wyndham points for other places and have not been to Hawaii for several years. I am totally scared of this assessment as we are retired and on a fixed income. It sounds like the assessment is for more than the timeshares have been selling for. I updated my mailing address back in 2021 after having a terrible time trying to get it updated through Wyndham. We do receive the proxy vote information, but I knew nothing of what's been talked about here. I have been trying to reach someone involved in the HOA so I can find out what is happening and haven't found anyway to reach someone. Our timeshare is in building F. I do not want to file bankruptcy. We have had excellent credit all our lives as we were taught to live within our means. I am really looking for some help and advice on what is happening and what to do. I was told there are newsletters sent out, but we do not receive newsletter and something as serious like this matter seems like it should be addressed by letters to all individual owners. When I spoke to the real-estate company, they suggested I contact the HOA. Can anyone tell me how to contact them, please.

 

[DeniseM]

M & D - At this point, an official notice of an assessment has NOT been issued. I suggest that you go back to the beginning of this thread and read through it. That's all we know, at this point.

 

[jacknsara]

Aloha M & D and welcome to TUG. There are a few threads about the situation within this sub forum beyond this one.
FWIW we are at KBV right now. I’ll post something once I get the laptop setup.
Jack

 

[jacknsara]

Thanks, very informative. Anyone familiar with banking knows there must be a valid fiscal reason why the bank would only lend about 10% of the total first projected amount of repair. I am sure the bank required an appraisal and the question is why Wyndham - the once owner, manager and controller of the BOARD did not share this with the owners. I'm still awaiting KBV audited financial statements requested from the manager, president of Board, and Wyndham.

The die is cast and the end is most likely in the best interest of all of KBV owners. Who knows what other $MM surprises might found in the future.

Aloha,
While the weather has been rainy, blustery with occasional downpours, we remain able to use the lanai so I haven't taken the time to report. Today I receive the audit report and confirmed that it has been posted on the owners website as I requested.
The 2021 audit report is now posted at https://kauaibeachvillasresort.com/owners-community/communications/
The password was included in paperwork with the 2023 MFs.
There are a few people occupying wholly owned units in buildings G and H. Don't know any more about it than that.
The original soffits of F, G & H have been removed and are lined with what appears to be thick plastic sheets held up by furring strips. Strong winds make them thump loudly. Not sure how we would react if we were on third floor instead of second.
More when we're trapped inside or when we get home in a few weeks.
Jack

 

[schreff]

Still have not heard anything from KBV. The HOA Board has not responded to many emails, the Wyndham resort manager has not responded and neither has Wyndham direct.

Has anyone heard anything about KBV. We paid our maintenance fees this year not knowing about the status of the special assessment just to keep our credit immaculate. This is unfair and perhaps a blatant violation of fiduciary responsibilities by not only the current management and HOA Board but also by Wyndham itself.

 

[Neelhon]

Still have not heard anything from KBV. The HOA Board has not responded to many emails, the Wyndham resort manager has not responded and neither has Wyndham direct.

Has anyone heard anything about KBV. We paid our maintenance fees this year not knowing about the status of the special assessment just to keep our credit immaculate. This is unfair and perhaps a blatant violation of fiduciary responsibilities by not only the current management and HOA Board but also by Wyndham itself.

What is the cost of the special assessment? And will there by multiple special assessments? Is there a possibility they will just demolish the building and start over?