RLG
TUG Member
- Joined
- Nov 18, 2006
- Messages
- 529
- Reaction score
- 4
- Location
- Hawaii
- Resorts Owned
- Marriot Abound Chairman (SMV; SDO; SBP; Lakeside Terrace, Willow Ridge). HGVC, Worldmark. RCI points
I own several units at SBP and was not happy about the big increase in maintenance this year from 965 to 1122 for a 2br. Now that I've read the flyer that accompanied the bill, I see some potential good news projected for next year.
Broadway plantation has been undergoing a 3 year renovation which is due to be completed mid-May 2012. They didn't have a special assessment to fund it like Vistana did, but significantly increased the reserve contribution instead. (In 2012, for example, the entire increase in maintenance was a increase in the reserve contribution, rather than an increase in the operating budget.)
This has resulted in reserves being an unusually large component of dues at SBP compared to other SVO resorts. In 2012, 35% of the dues will be going to reserves at SBP. That compares to 11% at WPV, 19% at SVV Bella, and 23% at WSJ.
Suppose SBP, after the renovation is complete, were to able to set reserve contributions at 20% of dues? That level of reserves would have required only 911 of dues this year instead of 1122.
It would be even better if management would finally do their job and manage not to have 20% of the operating costs consist of uncollected dues. Unfortunately, I don't think that's as likely as the renovation project finishing next year.
Broadway plantation has been undergoing a 3 year renovation which is due to be completed mid-May 2012. They didn't have a special assessment to fund it like Vistana did, but significantly increased the reserve contribution instead. (In 2012, for example, the entire increase in maintenance was a increase in the reserve contribution, rather than an increase in the operating budget.)
This has resulted in reserves being an unusually large component of dues at SBP compared to other SVO resorts. In 2012, 35% of the dues will be going to reserves at SBP. That compares to 11% at WPV, 19% at SVV Bella, and 23% at WSJ.
Suppose SBP, after the renovation is complete, were to able to set reserve contributions at 20% of dues? That level of reserves would have required only 911 of dues this year instead of 1122.
It would be even better if management would finally do their job and manage not to have 20% of the operating costs consist of uncollected dues. Unfortunately, I don't think that's as likely as the renovation project finishing next year.
I paid fees in advance to reserve weeks for next year.
