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New Board letter. Special Assessment estimate.

dioxide45

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Judging based only on lanai furniture, I'd say about half of the oceanfront buildings are whole-ownership condos. Not sure about the others. But yes, I suspect this will end up complicating things.
Perhaps it depends on how big the assessment is for those whole ownership condos? Is it $7,300 X 52? If so, some of them may be happy to bail too.
 

bianchicycle

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Perhaps it depends on how big the assessment is for those whole ownership condos? Is it $7,300 X 52? If so, some of them may be happy to bail too.
I often wondered how their fees were handled. The only have AOAO fees.
 

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What percent of the entire facility is owned as full condo ownerships and what percent is represented as timeshares?
I recalled seeing that data back a couple of years ago and went digging. I didn't find an exact count, but in an August 2019 thread on the BOD's plan to install 105 split A/C units, this was said by a TUG member: "By my count, there are 18 units each in buildings A, B, C, E, and F. 24 each in buildings D and G. And 12 in building H. That adds up to 150 in total. Take out those privately owned units, and 105 timeshare units sounds right."

So about 1/3 whole ownership condos and about 2/3 TS.
 

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Real estate ad for an oceanfront 1BR KBV condo for $399,000 with $30,000 price drop 3 weeks ago. "This unit cannot be rented or occupied at this time. Structural issues with the G building and extensive planned future remediation. Unit is being offer As-Is."
 

jacknsara

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Judging based only on lanai furniture, I'd say about half of the oceanfront buildings are whole-ownership condos. Not sure about the others. But yes, I suspect this will end up complicating things.
Aloha,
Per map attached to https://tugbbs.com/forums/threads/kbv-pahio-unit-map-with-check-in-day-of-week.308015/ there are a total of 42 ocean front units in Building F, G & H (excludes the 1B1B units in G & H – there are none in H). 20 of those 42 are in the IOA timeshare. Those 22 wholly owned ocean front units are 49% of all wholly owned units.
Jack
 

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Aloha,

Russell Ackoff ( https://en.wikipedia.org/wiki/Russell_L._Ackoff ) defined a “mess” as a complex system of interacting problems (paraphrasing). KBV’s situation is that type of mess.

Cost estimating for large multi-year projects has many sources of uncertainty. The following examples are not a complete list. When technology development is required (e.g. Polaris missile submarine and Apollo moon landing programs), cost estimates are all but worthless. When the technology is mature and the statement of work (SOW) is well defined (e.g. new building on an already permitted site with utilities installed, costs can be estimated with relatively high confidence. The SOW for KBV’s renovation has a substantial amount of uncertainty. The schedule availability and cost of contractors on Kauai has a substantial amount of uncertainty. Delays coupled with inflation creates cost estimate uncertainty. The technology to do KBV remediation work is probably mature and reliable. Funding sources (us owners & potential lenders) have substantial uncertainty. Common practice for handling budget uncertainties is to pad individual components (tasks / sub-projects) of the SOW. This frequently fails in execution because potential savings from positive cost deviations at the component level are often consumed at that component level and not passed back to the larger project to address significant cost overruns at other components.

Funding KBV’s remediation is complex and rife with uncertainty. The information shared to date does not address collection issues and seems to assume that all owners will pay their allocated share. What happens when some/many/most individual owners decided to just not pay?

Complicating all of the above is Wyndham’s history with both timeshare and whole unit owners. I have no data but suspect that trust and confidence are somewhere between slim and none.

In any event, the information presented within the most recent letter fails to address many issues. The presentation shared at a previous AOAO board meeting has not been posted yet as promised ( https://tugbbs.com/forums/threads/kbv-news-letter-the-resort-is-in-bad-shape.338006/post-2854880 ). We haven’t decided what we will do. Our willingness to participate in the costs hinges heavily on having confidence that there is a realistic plan that addresses all foreseeable contingencies as well as potential unforeseeable ones and a project manager that is capable of executing that plan within budgeted cost and schedule in the face of adverse developments. In the Project Management Institute’s ( https://www.pmi.org/ ) Body of Knowledge (BOK) unknown unknowns are a real project management challenge ( https://www.pmi.org/learning/library/characterizing-unknown-unknowns-6077 https://www.pmi.org/chapters/luxembourg/chapter-news/pm-fair-2020# https://www.pmi.org/learning/library/living-with-uncertainty-in-projects-10133 )

We’re travelling now and I’m not going to reread the governing documents until after we return home, but I believe that a special assessment above a certain percentage requires a vote of the owners. It’s not clear to me that enough independent owners will approve if Wyndham does not already possess a sufficient majority of the IOA on its own.

Jack
 

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On top of the above, I am having a hard time with paying the maintenance fees for 2023 when my timeshares are not available and will not be for at least, if not, a year. My building is "G". It may be a thought to dismiss this coming year's fees for Buildings F,G and H instead of owners refusing to pay them and then the assessment.
 

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There are currently 3 Kauai Beach Villas timeshares on eBay. Are the "lucky" winners of these auctions buying a "pig in a poke" and will have to pay the special assessment?



 

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Are the "lucky" winners of these auctions buying a "pig in a poke" and will have to pay the special assessment?
Presumably yes.

I reviewed the first listing in detail - the seller's username says they specialize in collectibles and car parts! The listing title says it is deeded, but the body of the listing goes on at length about how to use the Wyndham points, which suggests that the current owner converted. IIRC, the Wyndham conversion does not transfer on resale. And no mention anywhere about the structural issues and impending special assessment.
 

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If the special assessment for a one week unit that is part of the Time Share HOA is $7,300 per week, how much is the special assessment for the residential unit that is not part of the Time Share?
 

magmue

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I don't think anyone here knows.
 

jacknsara

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If the special assessment for a one week unit that is part of the Time Share HOA is $7,300 per week, how much is the special assessment for the residential unit that is not part of the Time Share?
Aloha,
The AOAO allocation of the special assessment depends on square feet of the unit. There are three slightly different sq ft sizes for the 2 bedroom units so there will be some variability among them.
The IOA (timeshare) averages the size of its 2 bedroom units since the vast majority of weeks are floating.
For whole unit owner, an approximate amount is $380K ($7,300*52=$379,600). That does not include the cost of a complete interior remodel.
Jack
 

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Whole owner units, do they pay to the same HOA? Are they asked to pay the same amount?
there are three associations at the site
one covers the 150 condos - that is the Association Of Apartment Owners AOAO
one covers the timeshare that includes 105 of the 150 condos - the Interval Owners Association IOA
the third includes the AOAO, the KBR hotel and the owner of the land (currently undeveloped) south of the hotel; the formal name escapes me at the moment and is not relevant to this thread
 

DaveNV

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Sold everything... !!!
Now what do I do???
Real estate ad for an oceanfront 1BR KBV condo for $399,000 with $30,000 price drop 3 weeks ago. "This unit cannot be rented or occupied at this time. Structural issues with the G building and extensive planned future remediation. Unit is being offer As-Is."

Ad says the sale is Contingent, so someone wants it. I wonder if they know about the remediation going on?

Dave
 

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@jacknsara

Are you saying that about 45 whole unit homeowners will have to come up with about $380,000 to pay the special assessment plus the regular maintenance to the condo/HOA plus their mortgage and plus their taxes
 
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jacknsara

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@jacknsara

Are you saying that about 45 whole unit homeowners will have to come up with about $380,000 to pay the special assessment plus the regular maintenance to the condo/HOA plus their mortgage and plus their taxes
each - yes
 

DeniseM

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The special assessment hasn't been declared yet - the letter is just discussing the situation and estimating the cost.
 
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