Ocean Club Villas II- Ocean City, Md. ??

[Ducky84]

Newbie question here..please be patient...I've been a long time lurker trying to absorb alot of info....We would like to purchase a resale here and have been scanning alot of sites for average prices and maint. fees...after finding a suitable week for us...I found out the unit had fire damage...but the resort assured me that all repairs will be done by April 2007. My question....I believe most Ocean city resorts are older with special assement fees attached....Does anybody know if any are coming up to cover the fire damaged units?? I also called defender resorts to ask the same question...but they didn't return my call. ...Any opinions of this resort and info fees would be greatly helpful.....Thanks.

 

[Emily]

My guess would be that insurance would cover the fire unless some unknown (to me) variable caused the fire that would fall within exclusions of the policy. Or if the damage exceeded the insurance settlement.

Ocean City properties have assessments for a few years (2-3) and then they stop. Overall if you purchase the week that you want for a great price, the assessment should only help improve your use and will be temporary.

The Waves has an assessment that will be done this year. They bill the first quarter with the maintenance fees and the remaining 3 quarters when they occur so its spread out. I believe the other resorts in OC also do this.

Make sure you get a good week for a good price and you should do alright. Anything between Oct & April should be very cheap. Weeks in July are the most expensive.

Good Luck
Emily

 

[akfoss]

Ducky 84,

I own one of the units in the burned building and I am buying another one. I just put a week 33 up for sale that is in that building too. See the classifieds for my ad.

The whole building (8 units - 2 stories) was completely gutted and redone. Everything inside will be completely new, including furniture, kitchen and bath fixtures and walls/paint. I am expecting that this will be just like moving into a brand new building.

COVII had a $40 special assessment in 2006 to pay for all upgrades in the new building. The fire insurance and the person that originally caused the fire paid for most of the repair, but since they upgraded and redid everything inside the building, there was a small special assessment. I do not expect another assessment.

The MF for 2007 was $450 if paid by Jan. 1. The MF has gone up about $20 each year since 2000, primarily to pay increased electricity and tax rates. The resort management has provided complete information since the fire. Plus they provide a full budget each year.

I love the resort, and highly recommend it for others.