Maui Ocean Club – assessment coming?

[JimT]

It seems most of the assessment is related to items with a useful life of over 20 years. Wouldn't it be logical to find a way to spread the assessment over a similar timeframe? (i.e. maybe financing it over 20 years)

 

[NTP66]

I would hope if a refurbishment is in the future, the entire sofa will get replaced.

Hey, I’m trying to keep my expectations low over here…

 

[NTP66]

even worse,,,the new building owners pay more each year ($663) than the old building owners ($592) if you own a 2 bedroom. The 3 bedroom owners pay $796 for 2 years. Ouch, I own 4 weeks in the new towers.

Well yeah, why wouldn't the new new building owners pay more? It's not like this is an apples to apples comparison.

 

[eyedude]

Well yeah, why wouldn't the new new building owners pay more? It's not like this is an apples to apples comparison

Why should they pay more when the pipes being fixed do not involve the new towers?

 

[NTP66]

Why should they pay more when the pipes being fixed do not involve the new towers?

It was answered in the letter that was posted.

 

[GaryDouglas]

It seems most of the assessment is related to items with a useful life of over 20 years. Wouldn't it be logical to find a way to spread the assessment over a similar timeframe? (i.e. maybe financing it over 20 years)

My take on what they stated in the letter and other MOC meeting publications is that this plumbing issue was an unexpected item and was not included in their normal replacement planning, like with roof replacement and interior refreshes. I remember someplace where it was supposed to last the life of the building. So no funds were ever put aside for the work. We would have to go back in Mr. Peabody's Wayback machine to take care of that expense. And we can't borrow $28 Million and pay increasing amounts of interest on it for the next 20 years. We're stuck with paying for it now, biting the bullet and moving forward.
Not happy about it. One of my weeks is MOC2 so I'm not even getting anything out of that charge. Maybe someday something unexpected will happen to MOC2 and MOC1 will get to pay for it too. If we own long enough, it will eventually happen...

 

[WahooWah]

An owner told me today they received something in writing that detailed these assessments. Does anyone have a copy of this letter they can share?

 

[JIMinNC]

An owner told me today they received something in writing that detailed these assessments. Does anyone have a copy of this letter they can share?

Read the first page of this thread. Posts #5 and #9 to be specific.

 

[cowboy]

I wonder if these pipes were inspected at the time Marriott converted the hotel to timeshares. If so I wonder what the inspection revealed. If they were not inspected then Marriott should give a satisfactory reason for not doing so and if they cannot give a satisfactory reason then it seems to me that maybe they should bear the cost of repairs to something that might should have been done during the conversion.

 

[dioxide45]

I wonder if these pipes were inspected at the time Marriott converted the hotel to timeshares. If so I wonder what the inspection revealed. If they were not inspected then Marriott should give a satisfactory reason for not doing so and if they cannot give a satisfactory reason then it seems to me that maybe they should bear the cost of repairs to something that might should have been done during the conversion.

It has been over 20 years. If they inspected at the time and saw 20 more years of acceptable life on them and they were within code, I can see why they would not bother upgrading at that time with the plan to push that cost off on the HOA later. Just how it goes with these types of hotel conversion. At least at Aruba Ocean Club, Marriott did cover a fairly significant cost of the roof repair.

 

[BocaBoy]

I had thought for several years that the Maui Ocean Club's reserves were kind of light for even the forecasted expenses and I was concerned that there would likely be a significant special assessment in the future. That was a major reason we sold our units, the last one a year ago. Now we only own at Grand Chateau, whose finacials look stronger than any timeshare we have owned.