Monarch at Sea Pines, Annual Mtg

[NKN]

We rec'd the annual meeting notice (Nov 3) in the mail today. Looks fairly straightforward.

*Elect two new board members.
*Amend 3 articles in the documents.
*If approved, the annual fee goes from $1202 to $1285.


NKN

 

[BocaBoy]

We rec'd the annual meeting notice (Nov 3) in the mail today. Looks fairly straightforward.

*Elect two new board members.
*Amend 3 articles in the documents.
*If approved, the annual fee goes from $1202 to $1285.


NKN

Another resort with a massive fee increase! 6.9% in an essentially zero inflation environment with energy prices way down from the prior year. I can't imagine why there needs to be any increase at all.

 

[AlmostRetired]

Another resort with a massive fee increase! 6.9% in an essentially zero inflation environment with energy prices way down from the prior year. I can't imagine why there needs to be any increase at all.

The reserve fund is about 40% of the dollar increase, property tax is about 12%,housekeeping is about 12%, front desk is about 12 % and management fee increase is about 9%. This accounts for 85% of the increase.

The board does a good job keeping the reserve fund at appropriate levels. A major window replacement is happening at some point. Not much can be done about property tax. Housekeeping.... most come from off island and I am guessing not paid well.

Gas and electric were down but they are such a small amount.

I am not a big fan of the continuous increases but other than the management fee, I am not sure what could be cut.

I do believe the value I get from the unit, far outweighs the MF.

 

[dioxide45]

The reserve fund is about 40% of the dollar increase, property tax is about 12%,housekeeping is about 12%, front desk is about 12 % and management fee increase is about 9%. This accounts for 85% of the increase.

The board does a good job keeping the reserve fund at appropriate levels. A major window replacement is happening at some point. Not much can be done about property tax. Housekeeping.... most come from off island and I am guessing not paid well.

Gas and electric were down but they are such a small amount.

I am not a big fan of the continuous increases but other than the management fee, I am not sure what could be cut.

I do believe the value I get from the unit, far outweighs the MF.

I think it is a legitimate question as to why housekeeping and front desk are up 12% in a low inflation environment? Why is it costing them more to run housekeeping and front desk next year vs this year? Wages in my industry certainly are not up and labor is probably the biggest driver of the housekeeping and front desk costs.

I just looked at our estimated budget for Harbour Lake, it is costing about $175 in housekeeping. That is $175 to clean a 2BR unit? That seems pretty steep. If someone is getting paid $12 a hour to clean a unit, then it is taking over 14 hours to clean it? I know there are a lot more costs involved in addition to labor, but cleaning supplies is not that much. I suppose there are housekeeping managers, but there would be probably one spread out among all the units at the property. They do clean other areas of the property I suppose.

 

[bogey21]

If approved, the annual fee goes from $1202 to $1285.

My last Marriott to go when I divested my 4 was my Monarch Crown Suite. The MF for the Crown Suite is 2x the regular MF. Based on the above that would make the new MF $2,570 or $367 per night. When I sold I had bad Seller's Remorse but rationalized selling because I got a great price. Looking at the new MF, I now think I made a good decision.

George

 

[pedro47]

The majority of all housekeeping staff that work on Hilton Head Island lived about 40-60 miles off the Island according to one contractor that I met this year at SurfWatch. Marriott paid their housekeeper staff more than the minimum wage on the Island according to this contractor.

 

[BocaBoy]

To me, all these comments about how expensive something is miss the point. For example, who cares how far away the housekeeping staff lives or whether they are paid more than the minimum wage? We are talking here about INCREASES in the cost levels from last year, not the absolute level, and the same factors also existed last year (and the years before that).

 

[BocaBoy]

Gas and electric were down but they are such a small amount.

I am not a big fan of the continuous increases but other than the management fee, I am not sure what could be cut.

I would be surprised if utility costs were a "small amount." At MOC they are second in size only to housekeeping, and they are a huge percentage of the budget at every condominium and apartment building I have knowledge of.

As for the second comment above, I am not even suggesting cuts, but rather questioning the size of the increases.

 

[AlmostRetired]

I would be surprised if utility costs were a "small amount." At MOC they are second in size only to housekeeping, and they are a huge percentage of the budget at every condominium and apartment building I have knowledge of.

As for the second comment above, I am not even suggesting cuts, but rather questioning the size of the increases.

The Utilities are 41.50 cents down 1.70 from last year. Gas is 4.03 down 1.49 from last year. I also own a non marriott 2 bedroom red week in Orlando. I am going to do a full comparison but quickly utilities is 59.25. The monarch housekeeping is 198. This includes laundry and room supplies. My Orlando unit is 117. Again I will do a full comparison when I get the chance because a total picture must be looked at including trade value .