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THE WAVES in Ocean City,MD Maintence from $588 to $715 WOW

gumbow719

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WOW BIG increase for what?? This is not a Gold Crown Resort with lots of amenities!!!! As owners we need to figure out how to keep them from rising..AND they will. Letter enclosed with bill indicated Aging owner base on fixed income..Well sorry to hear that but why should the rest of be increased in our fees to make up for the delinquent accounts. They should rent them for a cheaper fee at least to pay the maintenance fees..and sell them to "income qualified" people.
Any other owners have any thoughts on this?
Bill in BelAir, Md
 

cerralee

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I was shocked at receiving my Bill also. One of the reasons they are not renting as many units could be the negative feedback they are getting from sites like trip advisor. The mangement company advertises that they are Senior week friendly and then makes it a point to toss out their renters very quickly, in fact they make a game of it. I had the man that does the tossing brag big time about it at my last visit there.
The management company is also non customer friendly. On one check in It was 4:50 and I knew the mangement company closed at 5:00. As we were stuck in traffic I called to let them know we would be there within a few minutes before or after 5:00. I think the girl left on purpose as we got there right at 5:00 and then I had to call the number left on the door and pay a $50 fee for late check in when she finally got back 45 minutes later.

As for the rentals the rental company pushes other companies units over the Waves. Perhaps they should change rental companies and do more advertising. A few years ago it was suggested that they try to sell off some of the off season units on the internet and I don't think it was pursued at all.

They are not holding the aging owners accountable for the units they own. At any other timeshare they would have to pay their way or be taken to court. The owners can always sell or try to sell their units if the maintenance is too much for them. I sold (gave away) an off-season week without a whole lot of trouble several years ago to get out from under the yearly mainteance fee.

I'm gettting frustrated too, maybe they could just sell the property and divy up the money amongst the remaining paying owners.
 

gumbow719

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Hi Cerralee Fees annoy me as well

Glad I finally found another owner. My wife and I are new to The Waves as we just bought it in August starting use yaer in 09. Yeah I was shocked but thanks for the info as we own other timeshares and they don't put up with delinquents...Massanutten Resort in Va, and Orange Lake in Florida
We also own the same week at OceanTime next door to The Waves. Their fees are only $370 , a far cry from $715 Thanks Bill
 

Emily

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The maintenance fees for the waves in 2008 were


small 2 bd $617.00
large 2 bd $637.00
3 bd $657.00

In addition, owners at the waves have paid a special assessment fee for the last few years of $93.29 per quarter. This replaced hard and soft goods.

The new increase is 12% which is a far cry from the WOW in your title.

As a new owner you did not pay towards the special assessment. The excess units were listed by a local timeshare/real estate dealer in OC on redweek until redweek started charging to list.

I agree the management company should be fired, they are sad story and a poor excuse for management of anything. I would gladly vote for the sale of the property, I think. I would really have to give it much thought. I trade my week through RCI and I'm very happy with my trades.
 
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gumbow719

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Did you get a 12% raise this year It is still a W O W

I disagree! In this economy 12% INCREASE I don't think so. I own Gold Crown Resorts that did not increase that much. I think as owners it is time to find a new Management company. Use the one OceanTime just switched to their maintenance fees went from $365 in 2008 to $370 for 2009 W O W
Bill
 

Emily

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Massanutten had a 30% increase in maintenance fees this year and they charge for many of their additional activities. Now that was a surprise especially for a resort that is fairly new and generates so much additional income.

I can't claim to know anything about OL, we don't exchange there.

As stated previously, I think the management company should be replaced because they are awful but not because 12% is outrageous. Whoever the management company is needs to deal with internal and external exchanges. They don't handle the rentals.

Seatime (same block, closer to beach) has even lower fees, the manager whom many dislike is onsite, and managed very effectively. From thier example, an older resort can be managed well and costs contained even in OC.
 
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PAJim

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Been a while -- glad I checked!

Hi everyone. I was a regular for many, many years but have gotten away from the trading scene and my daily visits to TUG. Now I only own 2 ocean city units at the Waves and Sea Time which we use/rent.

I'm not surprised by your comments or the fee increases. This was the first year in the last 8 that I didn't attended the annual HOA meeting due to a prior commitment but I do have a good framework for the internal workings of the resort.

I feel the HOA board does a good a job as they can with what they've been dealt. Here's the framework they have to work with: The resort was built by a corrupt developer who didn't finish what he started and left the resort in debt. Most of the off-season weeks were never sold and are still "owned" by the association. The owners at that time banded together took control of the resort requiring a substantial outlay of captial which was only recently repaid. The resort is in a highly seasonal location. Hence, only a quarter of the year (summer) is viable for renting or trading purposes.

References to the aging population are to the owners who did purchase from the original developer. They are defaulting on their maintenance payments and there is little the association can do about it. You see, in most cases, it would cost more to cease the property than its worth. Which brings up the seasonal nature of Ocean City.

There are really only 3 months of the year when most people will pay to travel to Ocean City. Historically, during that period, a premium will be paid for a week of accommodations (by the way, if accommodations aren't enough for you in OC, you're staying in the wrong location). The past few years have been very poor for rentals due to the economic situation (high gas prices). I even mention this because the HOA owns several full-time (52 week) units which it rents to bring in income towards the budget. Poor economy, fewer rentals, higher taxes, more defaults, all result in higher maintenance fees for those that remain.

No one will buy the off-season weeks. Off-season, there are so many units available in OC that consumers have a choice as to where they stay and how much they want to pay. In season, they choose either what they can afford or what's left. Would you buy a deeded (every year, forever) white or blue week given you could pick up the phone and rent a place on the beach for a few dollars more when ever you wanted one? Is so, you don't have to, the association will give you one. I guarantee it. Just give them a call. That's most of the problem.

I believe Ocean Time was fully sold by the developer and therefore had/have a larger owner base to keep fees from spiraling upward. Plus they don't have a pool to maintain, only paying a small fee for use of the Waves pool every year. The Waves is too small, only about 24 units. Ocean Time must have more units than that. And Sea Time has much smaller fixed costs because there are 4 times as many units, and due to their building configuration being high rises.

The special assessments were required due to the aging building and furnishings. Because of the issues left by the developer and the HOA having to get out from under what was left, there was no reserve fund and some repairs were postponed due to lack of funds. That is behind them as of a few years ago and the HOA is now addressing the building, inside and out. As an example, a large portion of the funds earmarked for exterior building resurfacing and roof coating was recently required to shore up the structure under the pool (not something Ocean Time or Sea Time EVER needs to be concerned with). That money will need to come from somewhere...you guessed it, another special assessment next year.

You can blame the rental agency if you want and you can bad-mouth the management company too, but they're not the reasons for the poor rentals or high fees. The fact is, the owner base is too small right now to support the resort and there doesn't seem to be any way to increase the numbers.

It may sound like I'm being argumentative but I'm really not. I'm a realist. All I'm trying to do is give some perspective about the situation that exists. I can tell you that the HOA will GLADLY accept ANY suggestions you have. They've probably heard it before but they will listen.
 

Emily

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Hi Jim - It is always good to see you post. Thank you for posting some of the history.

Since I live nearby, I very much agree with you assessment. I don't know much about the HOA, the annual meetings aren't held over here :) My experience with the management company has been miserable at best. But I know several other people that would say the same about their OC resorts and they are not all managed by the same management company. I think the seasonal nature of the area contributes to that problem as well.

With that said, the beach is the beach and there isn't much better in the summer.
 

gumbow719

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Thanks for assessment of The Waves

Jim, Thanks for explaining the history..I wonder where the fees will go from here.....Guess we'll know next year. I sent the management a letter in December requesting some info, typically no response.. Do they notify you when the annual meeting is? I wouldn't miss the next one!! If you find out Please post it..
Thanks,
Bill
 

shar

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Maybe if you sold the off season weeks for next to nothing and lowered the maintence fees based upon the season, you may find some takers.

Sell the winter weeks for $100 or maybe even a dollar and then change their maintenance fees to $150 or whatever you can get. Some money is better than no money to help take care of these weeks. Prime season would have your highest maintenance fees and shoulder season less (pink vs red) with white between the fee for blue and pink. Perhaps this will help you to move some weeks and collect more maintenance. If you have more money in the pot then you have more money to perform the maintence.

Shar
 

PAJim

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Maybe if you sold the off season weeks for next to nothing and lowered the maintence fees based upon the season, you may find some takers.Shar

I suggested that a few year ago. It's MD state law that equal ownership requires equal maintenance fees. And if they could give them away, they would do so. You could probably get almost any week November thru April, would you like one?
 
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