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Potential good news about Broadway Plantation maintenance.

RLG

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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.
 

cruzad3r

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so does this means 2013 MF will be lower or will increase upward of 10% plus as owners have seen from the past?
 

LisaRex

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One good thing about paying such high MFs at WKORV-N is that I'm confident that they won't ever need an SA for major repairs. We have a healthy reserve for updates.
 

rickandcindy23

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so does this means 2013 MF will be lower or will increase upward of 10% plus as owners have seen from the past?

I am currently at Disney's Old Key West resort, so I am currently wishful thinking. Just joking, mostly, but MF's don't seem to ever take a downturn with Starwood. The fees are outrageous: $1,400 for a 2 bed lockoff that is not even close to the beach. $1,100 for a 2 bed deluxe, which makes for an expensive exchange, if you are forced to use your weeks that way.

I hope my daughter can rent these weeks, so I don't have weeks left at the end of next year to deposit to II. I could stand fewer weeks in II for 2012.
 

RLG

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I was right.

Just as I predicted, SBP maintenance for 2013 is down a lot.

The new 2013 level of 925 for a 2br is about what I had projected. I don't have the detail yet, but assume its due to the completion of the renovation.

It would be nice if the resort could do a better job holding down the delinquencies. That would be another big maintenance reduction.
 

rickandcindy23

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Thanks RLG! Great news for us. I am thrilled. Starwood owes me money. :)I paid fees in advance to reserve weeks for next year.
 

hypnotiq

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Yup, I logged into MSC and saw my credit went from $1124 to $195 (for 2013).

That was a pleasant surprise. :D
 

cruzad3r

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just to be sure - no one that own SBP has received their MF bill for 2013 yet correct? I ask cuz i don't haven't receive mine and yet you guys already confirm MF is lower by logging in MSC.
 

heathpack

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Yay! My MF for a 1BR unit went down by $107, or 17%. Really happy!

H
 

Tradetimes

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Very Good News

my odd years : Sub-Total
Current Year Charges $ 205.03
Less Payments*** $ 249.04
Total Due $ -44.01

My annuel

Sub-Total
Current Year Charges $ 524.69
Less Payments*** $ 637.32
Total Due $ -112.63
 

cruzad3r

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My gold week was 1122.67 now 924.25 due 01/09/2013. I haven't receive the mail statement yet but this is what it shows in MSC.

Is it safe to assume this is what I see when Starwood sends me my statement?
 

scootr5

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My gold week was 1122.67 now 924.25 due 01/09/2013. I haven't receive the mail statement yet but this is what it shows in MSC.

Is it safe to assume this is what I see when Starwood sends me my statement?

Yes, it is.
 

gnipgnop

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Just received my MF bill today. Last year I paid one year in advance for a total of $1,122.67. This year I received a credit of $193.42). This is really good news. :clap:
 
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Ridewithme38

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This is great news! When i went to check MSC today to pay and book a room(Booked today and still was able to get Mid July 2013), i was confused by the number....Coming on here, i was kinda suprised not to see an obvious thread about it...

Bumping this thread out of happiness!
 
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