Quarter House Maintenance Fees - Up 7%

[chapjim]

Received statements a couple of days ago. This is by far the largest increase since I've owned there (2007).

2BR - from $626 to $670
1BRs - $540 to $578; and, $529 to $566 (two units with the same numbers)

Quarter House is not known for jacking up maintenance fees. To the contrary, maintenance fee levels were unchanged for several years.

 

[dioxide45]

They did have a fire, so I am sure some costs are associated with that as well as perhaps increased insurance costs.

 

[chapjim]

They did have a fire, so I am sure some costs are associated with that as well as perhaps increased insurance costs.

QH says insurance will cover fire and water damage. I take that as a broad generalization the point of which is that a special assessment is not in the cards.

QH self insures for weather-related events EXCEPT named storms. There have been a lot of named storms in 2020 so QH may have to cover some related repairs.

 

[dioxide45]

QH says insurance will cover fire and water damage. I take that as a broad generalization the point of which is that a special assessment is not in the cards.

QH self insures for weather-related events EXCEPT named storms. There have been a lot of named storms in 2020 so QH may have to cover some related repairs.

Even though insurance is covering the costs, chances are insurance premiums are going up because of it. The increase in named storms may also be a cause for increased premiums.

 

[chapjim]

Even though insurance is covering the costs, chances are insurance premiums are going up because of it. The increase in named storms may also be a cause for increased premiums.

Sure, no question about that. Increased insurance premiums would seem to be a necessity, given the magnitude of losses that are being covered.

 

[spackler]

QH self insures for weather-related events EXCEPT named storms.

I believe it's the opposite; they self-insure for named storms.

The 2021 budget for insurance is exactly the same as 2020 - $125,000. In fact, the overall expenses for 2021 is budgeted to be *less* than the 2020 budget.

It's the revenue side that took a massive hit - over $300,000 below expectations on non-maintenance fee income.

(I'm only looking at QH numbers, not QH1)

 

[dioxide45]

I believe it's the opposite; they self-insure for named storms.

The 2021 budget for insurance is exactly the same as 2020 - $125,000. In fact, the overall expenses for 2021 is budgeted to be *less* than the 2020 budget.

It's the revenue side that took a massive hit - over $300,000 below expectations on non-maintenance fee income.

(I'm only looking at QH numbers, not QH1)

Why would they not insure for a named storm? Do they have enough funds in reserve to rebuild if a hurricane or tropical storm wipes them out? I doubt it given the level of MFs over the years. I suspect their self insurance would be to just close down and sell the property?

As to revenue, that makes sense. Haven't they been closed for a period of time. I suspect they rent out HOA owned units as well as units that go unreserved. That is a loss of income that the owners have to cover when it isn't there.

 

[chapjim]

I believe it's the opposite; they self-insure for named storms.

The 2021 budget for insurance is exactly the same as 2020 - $125,000. In fact, the overall expenses for 2021 is budgeted to be *less* than the 2020 budget.

It's the revenue side that took a massive hit - over $300,000 below expectations on non-maintenance fee income.

(I'm only looking at QH numbers, not QH1)

Yes, you are correct. I have it backwards.

 

[chapjim]

Why would they not insure for a named storm? Do they have enough funds in reserve to rebuild if a hurricane or tropical storm wipes them out? I doubt it given the level of MFs over the years. I suspect their self insurance would be to just close down and sell the property?

As to revenue, that makes sense. Haven't they been closed for a period of time. I suspect they rent out HOA owned units as well as units that go unreserved. That is a loss of income that the owners have to cover when it isn't there.

QH has a fairly lively rental program of their own, as well as earning a commission on weeks that are placed in their rental program. Both basically zeroed out since mid-June.

 

[Sugarcubesea]

Received statements a couple of days ago. This is by far the largest increase since I've owned there (2007).

2BR - from $626 to $670
1BRs - $540 to $578; and, $529 to $566 (two units with the same numbers)

Quarter House is not known for jacking up maintenance fees. To the contrary, maintenance fee levels were unchanged for several years.

I just got my bill as well, this is one of the reasons I purchased QH, many years ago was because of the low & reasonable MF's, I was really shocked to see the 7% amount and I really hope that a bunch of owners don't bail and no pay to create bad debt...UGH

 

[chapjim]

I just got my bill as well, this is one of the reasons I purchased QH, many years ago was because of the low & reasonable MF's, I was really shocked to see the 7% amount and I really hope that a bunch of owners don't bail and no pay to create bad debt...UGH

I purchased because of the facility and the location. Low and stable maintenance fees were a bonus. I have a lot of trust and confidence in QH's management.

As a general proposition and once it reopens, QH can better handle matters if owners do punch out because of its own rental business. QH operates as a hotel using units/weeks that it owns.

 

[Sugarcubesea]

Received statements a couple of days ago. This is by far the largest increase since I've owned there (2007).

2BR - from $626 to $670
1BRs - $540 to $578; and, $529 to $566 (two units with the same numbers)

Quarter House is not known for jacking up maintenance fees. To the contrary, maintenance fee levels were unchanged for several years.

My 2 Bedroom Lockout was $723 for 2021. I had to call QH today because my check for MF’s never cleared.
Front Desk told me that the mail issue seems to be happening for a lot of folks

 

[klpca]

My 2 Bedroom Lockout was $723 for 2021. I had to call QH today because my check for MF’s never cleared.
Front Desk told me that the mail issue seems to be happening for a lot of folks

I just realized that I never received a bill!!

Hopefully between the fire and covid, things get back to normal.

 

[hcarman]

Wow - those are very reasonable maintenance fees but I can see why there is a concern. Maybe there was a deductible that everyone had to chip in for? Have heard of that happening on other properties.

 

[Sugarcubesea]

I just realized that I never received a bill!!

Hopefully between the fire and covid, things get back to normal.

I ended up just paying my MF’s via my CC over the phone with them yesterday and the front desk put on my account to shred my check if and when it comes in. Since the due date is 1/31, I didn’t want to pay a late fee.

I also followed up with Nina via email to ensure I’m not double paying.

It would be awesome post COVID if we had a TUG get together at QH one year.

 

[klpca]

I ended up just paying my MF’s via my CC over the phone with them yesterday and the front desk put on my account to shred my check if and when it comes in. Since the due date is 1/31, I didn’t want to pay a late fee.

I also followed up with Nina via email to ensure I’m not double paying.

It would be awesome post COVID if we had a TUG get together at QH one year.

I did get a bill but for some reason it had a credit balance (which I knew was wrong) so they were going to re-send it with the correct amount due. I paid everything else the day after Christmas but completely forgot about QH! I'm relieved to see that I have until the end of the month. And it would be fun to have a meetup!