Unconfigured Ad Widget

Collapse

Unconfigured Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Wow. 14% increase in MF

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Wow. 14% increase in MF

    Received the bill yesterday. There is a 14% increase in MF at the Ridge on Sedona Golf Resort. It was an average of 4% in the past. Reasons are:

    1. Refurbishment of all 117 unts -3.5 millions. 1.2 millions will come from a new lease for the concierge desk (with Diamond?)

    2. Replacement of a new pool - 0.8 to 1 million. The current one has a structural problem and is beyond normal repair and maintenance.

    3. Increase in wage and anticipated inflationary increases.

    The fee for 2008 for my two bedroom, equivalent to 10,000 points, will be $730.92, plus club due $155.

    Question: are the fees reasonable, compared to trust fees, other Diamond properties and other TS properties of similar quality?

  • #2
    I own a 2 BR in Polynesian Isles. MF are around $600 - I can't remember exactly. New special assessment brought it to just over $800. Getting very, very expensive.

    Sue

    Comment


    • #3
      Reasonable or not, you are gonna pay it! They got cha !

      1-How long has that pool had a problem?
      2-Were you informed of the problem when it all first started?
      3-Did they seek your input on what to do about a defective pool?
      4- Was there owner input and talk about how much owners should spend.
      5- Were the owners aware of contract bid amounts on the project ?
      6- Was there talk of just not having a pool saving owners a ton of money.
      7- Was there even a look at wages or were raises just handed out because the board knew the owners would cover them?

      14% ? 10% increase over last year ? My oh MY ? $1,000 M/F fees a year are soon to be for everyone !!! ( Don't forget all the other extra fees )

      Send in your money !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:

      Comment


      • #4
        Originally posted by 1950bing View Post
        Reasonable or not, you are gonna pay it! They got cha !

        1-How long has that pool had a problem?
        2-Were you informed of the problem when it all first started?
        3-Did they seek your input on what to do about a defective pool?
        4- Was there owner input and talk about how much owners should spend.
        5- Were the owners aware of contract bid amounts on the project ?
        6- Was there talk of just not having a pool saving owners a ton of money.
        7- Was there even a look at wages or were raises just handed out because the board knew the owners would cover them?

        14% ? 10% increase over last year ? My oh MY ? $1,000 M/F fees a year are soon to be for everyone !!! ( Don't forget all the other extra fees )

        Send in your money !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!:
        You may be disappointed thus far I am very satisfied with Diamond/Sunterra, after 10 years.

        I posted to share/exchange information.

        I also own a two bedroom non mini TS in Myrtle Beach. The MF is $670. Though cheaper, Diamond's resorts are alot better in locations, quality and service.

        Comment


        • #5
          Originally posted by PeelBoy View Post
          You may be disappointed thus far I am very satisfied with Diamond/Sunterra, after 10 years.

          I posted to share/exchange information.

          I also own a two bedroom non mini TS in Myrtle Beach. The MF is $670. Though cheaper, Diamond's resorts are alot better in locations, quality and service.
          Most of us wonder why Bing wastes his time here.
          ... not enough time for all the timeshares ®

          Comment


          • #6
            This looks to be a tough year for fee increases with energy costs one force driving the amount up.

            Comment


            • #7
              You know, for a 2 BR condo for a full week, I still find it a bargain. We've only been timesharing about 2 1/2 years, but I think it's a great deal, particularly when my initial purchase price so little buying my timeshares.

              Sue

              Comment


              • #8
                Sunterra or Diamond Bent Creek Golf Village in Gatlinburg went up 20%.

                I hope this is not the sign of things to come from Diamond.

                Joe

                Comment


                • #9
                  Originally posted by Spence View Post
                  Most of us wonder why Bing wastes his time here.
                  Ditto Spence, I am please with Diamond Resorts.

                  Comment


                  • #10
                    We just came back from The Ridge at Sedona Golf. We stayed in Building # 13. The pool closest to this was closed due to a leak. I gather this is the one they're referring to. Anyway, I got the impression the pool has been closed for a long while now.

                    We're not picky people and don't fret over the small details. But.... there were a lot of "little" issues in our unit that made it look tired and worn out.

                    The Ridge at Sedona Golf is gorgeous on the outside, but you can tell the unit's interiors are suffering. I'm sorry to hear about the maintenance fee increase, but hopefully, this will help bring the resort back up to par.
                    *.¸¸.·´¨`» Trish «´¨`·.¸¸.*

                    Comment


                    • #11
                      Don't feel bad folks...

                      So far most of my MF have seen double digit % increases. Sedona Springs sent owners a copy of the audit to warn of a possible SA or major MF increase. My Sheraton managed resort in Cave Creek went up 14%. They at least break it down so we can see where the increases are going. It's spread out between raise in payroll for front office, housekeeping & engineering; adding of wireless; increased reserve fund; increased insurance; rise in property taxes. My California weeks have had the smallest increases but were already pretty high with healthy reserves. I'm worried about my Hawaii week since it seems low & the place needs some updating. I'd like to see an increase in reserves or we may get hit with a SA down the line.
                      The legitimate object of Government is to do for a community of people whatever they need to have done but cannot do at all or cannot do so well for themselves”- Lincoln

                      Comment


                      • #12
                        Originally posted by barndweller
                        So far most of my MF have seen double digit % increases. Sedona Springs sent owners a copy of the audit to warn of a possible SA or major MF increase. My Sheraton managed resort in Cave Creek went up 14%. They at least break it down so we can see where the increases are going. It's spread out between raise in payroll for front office, housekeeping & engineering; adding of wireless; increased reserve fund; increased insurance; rise in property taxes. My California weeks have had the smallest increases but were already pretty high with healthy reserves. I'm worried about my Hawaii week since it seems low & the place needs some updating. I'd like to see an increase in reserves or we may get hit with a SA down the line.
                        Our top resorts have healthy payments going into the reserves to maintain and update the resorts. The others have mininal cash going into reserves, show the most wear and tear and I anticipate will give us more ownership issues than the others.

                        Polo Towers recently went through a pretty large SA, a double digit increase in MF's yet they still are only putting around $40/two bedroom unit into reserves. I'm not happy that most of the owners got hit with the SA, I'm not happy with the double digit increase in MF's but, most of all I'm really not happy that so little money is still put into the reserves.

                        I am happy that the units will finally be brought back up to industry standards. Now if they'll only KEEP them at the level but, I don't see that happening if they collect so little to be held in reserves.
                        Our timeshare and other photo's at http://dougp26364.smugmug.com/

                        Comment


                        • #13
                          It appears that this resort did not properly budget their reserves for updates, repairs, and replacement. Did they ever have a professional reserve study? A special assessment for something other than a major disaster - hurricane, earthquake, flood, etc. is a sign of poor management, and since it is a chain resort raises questions about the managment of other resorts in the chain.

                          Several of the resorts I have owned at require a vote of the owners to set the m/f or to have a SA. This is the best protection for members. Budgets usually pass unanimously because they are very well thought through by the board before being proposed.

                          Also is the board at this resort real owners or are they management representatives? That can also be a problem. A board should consist of real owners if it is to really represent owners.

                          Comment


                          • #14
                            Originally posted by Carolinian
                            It appears that this resort did not properly budget their reserves for updates, repairs, and replacement. Did they ever have a professional reserve study? A special assessment for something other than a major disaster - hurricane, earthquake, flood, etc. is a sign of poor management, and since it is a chain resort raises questions about the managment of other resorts in the chain.

                            Several of the resorts I have owned at require a vote of the owners to set the m/f or to have a SA. This is the best protection for members. Budgets usually pass unanimously because they are very well thought through by the board before being proposed.

                            Also is the board at this resort real owners or are they management representatives? That can also be a problem. A board should consist of real owners if it is to really represent owners.
                            This is the problem I've had with DRI. The BOD/HOA is made up of company men who are owners, not owners who do not work for the company.

                            Polo Towers annual meeting is Dec. 6th. The notice and ballots were received by many of us on or about Nov. 30th with no chance to get our votes in before the deadline of Dec. 1st. Even worse, the ballots were returned to Troy Magdos, who is one of the candidates, has been the HOA/BOD president since we've been with them (1998) and Troy came up through the ranks working directly for DRI. In other words, he's a DRI company man and not a true owner representitive. Add this to the fact he is now the president of all DRI HOA's and you can see why I wasn't singing the praises of DRI when the announcement was made they were buying out Sunterra.

                            After talking directly with Mr. C I had high hopes that things would be changing. Unfortunately, I'm getting that very uneasy feeling they are not. Sunterra owners have been pretty well toasted over the years and if this sort of Mickey Mouse stuff continues at all the resorts then unrest is sure to follow.

                            I've heard a lot of thing I wanted to hear. I'm still hoping I'll see a lot of the things alluded to with all announcements and the slick new website. On the other hand what I presently have is a better way to exchange my Polo Towers ownership and, if I can get enough value from that ownership that way I'll probably be all right. After all, it seems to me that Polo Towers owners may have had more to gain with this buyout than Sunterra owners.

                            Time will tell if my original negativity or later optimism was correct. I have not been impressed with how Polo Towers was run over the last few years. This year the MF's went up over 10% but the reserves went down. Marrott and Hilton, true industry leaders, increased their reserves to offset future expenses.

                            There is one other thing that has me upset right at this moment. I was under the impression DRI was going to be an industry leader. I've found a few people that now state Mr. C has made comment that DRI resorts will be a solid upper 3 on a 1 to 5 scale. Maybe I missed something but industry learder and a middle of the road "upper 3" star resort doesn't quite sound the same. I certainly won't be pleased if I'm paying Marriott like fee's but getting less in quality and amenities.
                            Our timeshare and other photo's at http://dougp26364.smugmug.com/

                            Comment


                            • #15
                              Doug
                              I'm always stumped when I hear folks make comments about the higher quality at Marriotts et al when compared to Sunterra or even some better independent resorts. I have only stayed at 1 Marriott and 1 Hyatt and both were certainly very nice but not all that! My Sunterra resort stay included a daily paper, mid-week tidy service, a large supply of pool towels in the unit and great list of activities offered free or at nominal cost. The unit itself was large & very clean with a great kitchen and no maintainence issues at all. The Marriott was pretty shabby and had major maintainence issues. There was no free tidy service or newspaper. Pool towels were only available at the lobby. The Hyatt was really "pretty" from a decor perspective but so tiny it felt more like a hotel suite. We had the full 1 bedroom and adjoining studio. The studio mini kitchen was unusable for my mom since everything was stored in a very high cupboard and there was absolutely no counter space.We could hear every word the guy upstairs spoke. It was a good thing we were watching the same station on TV or it would have made it pretty difficult! We got no newspaper and there were really no activities (not something we really care about anyway.) Heck there wasn't even a wine bottle opener!

                              We've also been to a couple of stand alone timeshares that are way above the Marriott, Hyatt, Sheraton & Diamond resorts we have been to. And the MF at those aren't through the roof, either.

                              Anyway, I'm just not so sure that Marriott et al are a guarantee of top quality. Sometimes it's just all a front. The designer furnishings don't make up for thin walls & broken lamps & a dirty pool. And the little touches like a daily paper and mid-week tidy are things I like. To me it's a measure of a top quality experience and I have come to expect that.
                              The legitimate object of Government is to do for a community of people whatever they need to have done but cannot do at all or cannot do so well for themselves”- Lincoln

                              Comment

                              Working...
                              X