Results of Polo Towers assessment vote?

[cluemeister]

For all of you PT owners, do you know when the official results of the special assessment vote will be known?

If the assessment doesn't pass, has the board said what their "Plan B" is?

 

[dougp26364]

Voting is open until the end of the year. Plan B is probably another, even more expensive SA that they'll want another vote on.

I'll try to answer that question about room numbers you asked me this weekend. I hadn't forgot about it. We've just been a little busy and somewhat under the weather these last few days.

 

[Sharhu]

It looks like the plan "B" is to raise the maintenence fees every year for the next 4 years. We got a letter because they thought we hadn't voted yet, actually I had last week via the web site so guess these crossed in the mail. The letter said the board had already approved raising the annual fees if the SA didn't pass, I don't still have it but I believe it said something like raising it 15% of the furniture, maintaince portion of the MF each year for the next 4 or 5 years or something like that. They made it sound like plan "B" would end up costing more money and take longer to complete but it would be the only way to get the refurbishment that needs to be done completed. I imagine it would be more expensive in that once they start raising the fees they probably wouldn't come down even after the upgrades were completed and paid for.

 

[dougp26364]

They said the same thing last year. They may have a problem with that because I believe our contract says they can only raise the MF's 10% each year. I'd have to take a closer look.

In reality, the reserve fee (money set aside for upkeep) is less than 50% of what Hilton and Marriott put aside. PT's and VPT's only put $48 of our MF's aside for upkeep. Hilton and Marriott put aside a little over $100. Needless to say, Hilton and Marriott don't have the same problem as PT's.

On the other hand, our Hilton MF's for a two bedroom unit is around $660/year and the resort is much better maintained. I suppose the fact they don't have daily maid service or free valet (it's an additional $5/day) make up the difference.

Marriott is just the opposite. The yearly MF's for a 3 bedroom unit is around $1,200. Marriott has a reputation for very high management fee's and some of the highest MF's in the TS industry. However, they also have some of the nicest resorts in some of the best locations (and lot's of them) in the industry.

IMO, PT's HOA and management team have let the owners down throughout the years and are now having to ask us pay all at once for their neglect. The MF's should have been at least $50 per year higher since opening. Perhaps then there would be less need, or no need at all, for this SA to bring the resort back up to standards.

However they get it done, they need to do it or be replaced. I was not promised a resort that would be run into the ground until it became a dump.

 

[dougp26364]

Thinking a little more about this, why didn't they just give owners a CHOICE? How about something like, vote for the SA and MF's remain similar and the work gets done quicker OR, vote for the work to take longer and MF's to go up significantly for the next couple of years.

One way or the other, the work would get done. It would then be left up to the owners to choose how to pay for it.

 

[davesdog]

Thinking a little more about this, why didn't they just give owners a CHOICE? How about something like, vote for the SA and MF's remain similar and the work gets done quicker OR, vote for the work to take longer and MF's to go up significantly for the next couple of years.

One way or the other, the work would get done. It would then be left up to the owners to choose how to pay for it.

That's about what the person hired to shame you into voting yes told me. He said it didn't matter what the voting outcome, we would be paying it one way or the other. He also said once the Maint. fee was raised, he'd bet it would stay that high.

The attitude they used on my group did not make Polo many fans.

 

[ljane]

I have a suggestion before they make another assessment offer to update the resort. Why don't they get rid of the present HOA and management team that have created this problem and then put the special assessment throught again for vote.

A new change in leadership can do wonders for a resort that has not been properly maintained under an old management team. My question has always been "what makes us think things will be any differnet 5 years from now with the same management team?"

I also agree, we do not need to pay for daily maid service and free valet parking. This alone would be a big savings. If our maintaince fees keep going higher we will not be able to sell our units if the need ever arises. Fact we will not even be able to give them away.
Ljane

 

[dougp26364]

That's about what the person hired to shame you into voting yes told me. He said it didn't matter what the voting outcome, we would be paying it one way or the other. He also said once the Maint. fee was raised, he'd bet it would stay that high.

The attitude they used on my group did not make Polo many fans.

They tried this dog and poney show on us last year. Threatened to raise our MF's to pay for the upgrades. Well, guess what? Our MF's DID go up BUT, the reserve fee remained the same. IOW, while the MF's went up, not one cent more went towards the funds needed to renovate the units.

Maybe we need to be speaking with the owners over at JC. It's my understanding they ditched this management team years ago but not until after they lost their 5 star rating.

 

[Sharhu]

We have only owned at Jockey a couple years. Got hit with the SA the first year we owned. They have done a great job renovating the units, and the rest of the public areas. Not as plush as the Polo Villas I imagine but very nicely done and they did what they said they were going to do. We have even had a couple decreases in MF since then. Tricom has been great to deal with. They also seem to be doing a pretty good job looking out for Jockey Club, keeping an eye on what is going on with the Cosmopolitan being built next door, trying to lessen the negatives impacts as much as possible and trying to get as many positives as they can out of the situation.

 

[derb]

Jockey Club does it right

I agree with Sharhu, JC BOD and tri com have done a great job after the builders of Polo Towers, who also converted and ran the JC, ran JC into the ground before the current mgmt company resurrected it.

 

[cluemeister]

I called the owners' office today and asked if the current voting results were secret ballot, or if they could update me on the totals. I was told that the vote was running 50/50, but they were short of a quorum. I believe they have received a total of about 3000 votes (she might have said 5,000, my memory's failing), but they have over 15,000 owners.

They need 50% +1 of all owners voting (a little over 7,500) and 50% + 1 of that group (a little over 3,500) voting yes.

Sounds like they're going to have to decide to extend the voting deadline, or go to plan "B".

 

[clipper]

Maybe we need to be speaking with the owners over at JC. It's my understanding they ditched this management team years ago but not until after they lost their 5 star rating.

We strongly support the idea of changing the management company of Polo Towers too.

Mercedes

 

[Avery]

any update on this?

Any update on the Special Assessment at Polo Towers?

 

[cluemeister]

When I spoke with them

they indicated that they were planning to extend the voting deadline, as they were below the quorum. Of course, communication does not seem to be this board's strong point.

 

[cluemeister]

Website now says April

Polo Towers website says the voting deadline is now April 30th:


"WE NEED YOUR RESPONSE PRIOR TO APRIL 30, 2006.

If additional time is required to obtain sufficient votes for the approval of the Proposed 2006 Suites Renovation assessment, this deadline may be extended upon approval of the VOOA Board of Directors."


I agree with a previous poster who said they should do the renovation by unit or by floor. Get a majority of owners on a certain floor or a certain unit to vote yes, and start renovating those units.

As the renovations are being done, (and if they were done on time), other unit owners yet to support it would be much more willing to vote for the assessment.