Scottsdale Pinnacle Owners Assn. Annual Meeting

[ada903]

Thank you for the brief, it is much appreciated!!

 

[grgs]

I'd like to add my thanks as well for the report. Glad to hear the delinquent owner situation is better.

Glorian

 

[LisaRex]

Thanks for the report. I'm confused. How can they claim that delinquent owner situation is better, when 30% of 2011 billings ($3MM of $10MM billed) are unpaid as of 8/31?

Note that they said NEW delinquent accounts were 5% in 2010 and 2.8% in 2011. It appears that this number is rolling. Otherwise, how to explain the 30% delinquency? I wonder what the track record is of an owner paying up after the 3rd quarter? They've got very little time left to use their villa this year, and next year, they'll owe whatever is past due + 2012.

 

[krj9999]

I took the message to mean that of all accounts, only 2.8% became newly delinquent in 2011, compared to 5% becoming newly delinquent in 2010. The total delinquent situation is still not real clear.

If there was $10 million billed, there is a significant amount of past due assessments in that amount. The approved budget for 2011 was only $8.08 million.

Thanks for the report. I'm confused. How can they claim that delinquent owner situation is better, when 30% of 2011 billings ($3MM of $10MM billed) are unpaid as of 8/31?

Note that they said NEW delinquent accounts were 5% in 2010 and 2.8% in 2011. It appears that this number is rolling. Otherwise, how to explain the 30% delinquency? I wonder what the track record is of an owner paying up after the 3rd quarter? They've got very little time left to use their villa this year, and next year, they'll owe whatever is past due + 2012.

 

[krj9999]

Was there any indication on the primary drivers for the probable MF increase?

2012 Maintenance Fees not known at this time. There will be an increase. First guess was $30, then guess was raised to possibly $65 (for 2BR).

 

[Quiet Pine]

Which Starwood employees from Orlando corporate were present, in person, at the annual meeting?

I didn't write down their names, but I'll be glad to email the audio file if you'd like to listen. It was toward the beginning of the meeting.

 

[Quiet Pine]

The total delinquent situation is still not real clear

I remember mention of a $130,000 deficit due to ongoing delinquencies. What I took away is that they are foreclosing and reselling, being proactive about clearing out delinquent accounts, and new delinquencies are substantially lower than 2009 and 2010. The original audio file might make the situation clearer to you, and I'm glad to email it. It's a WMV file.

 

[Quiet Pine]

Was there any indication on the primary drivers for the probable MF increase?

There were so many words flowing past me!
I seem to remember mention of increasing the reserves for the upcoming refurbishment. We toured one of the model villas. This past year, new kitchen appliances were added. In the future, there'll be new couches, dining tables, chairs. Whirlpool tubs in the smaller 1BRs will be changed because people have trouble climbing in/out of the current ones.

 

[jarta]

BTW, see these AZ & CA articles concerning post-foreclosure personal liability for old delinquent assessments:

http://www.avvo.com/legal-answers/hoa-fees-and-foreclosure-32845.html

http://www.facebook.com/note.php?note_id=104374597398

"WHAT HAPPENS TO THE LIEN AFTER FORECLOSURE?

The answer to this question depends on who is foreclosing on the lien. If the HOA is foreclosing on its lien, it will be limited to any monies recovered in the foreclosure proceeding, or it will obtain title to the property (subject to any senior encumbrances). If, on the other hand, a senior lien is the one foreclosing (i.e., the first deed of trust or other loan senior to the HOA lien), the HOA’s lien may be wiped out. This does not necessarily mean that the delinquent fees owed by the owner who is foreclosed upon cannot be recovered by the HOA. Instead, it means that the HOA no longer has a lien on the property for the delinquent assessment and other sums."

It's not that easy to disappear by just walking away. ... eom

 

[deemarket]

SDO HOA meeting 10/20/11

Quiet Pine -

Awesome job on the meeting summary! Would have attended since we live nearby but couldn't because we were in Oahu. We have owned since 2009 a 2BD ooy and exchanged to WKORV in 2009 and are waiting to catch our flight to Maui right now to go to WKORV again. Hope the fees don't go up too much. $65 - yuck

 

[krj9999]

2012 Maintenance Fees not known at this time. There will be an increase. First guess was $30, then guess was raised to possibly $65 (for 2BR).

Well I guess those initial estimates were a tad low.

Hopefully we'll get more clarity on reasons for the increase.

 

[VacationForever]

Well I guess those initial estimates were a tad low.

Hopefully we'll get more clarity on reasons for the increase.

Increase is not that much and I am pleased. I compare that with my vistana lakes where I am getting a $200 increase this coming year.