Broadway Plantation Assessments

[Jeanne Sz Senior Member Find all posts View Profile Close Jeanne Sz]

I acquired a 2 BDRM Gold week ownership last year via resale.
2010 MFs of $881.65 were paid by the previous owner.
For 2011, the statement said the MFs are $724.11, and the 2011 Replacement Reserve is $241.17. The previous owner told me the assessment was for upgrades currently being done there.

Does anyone know when the assessment began and how many years it is for? After that will the assessment end and MF due drop back to the $724+ level?

Is there a thread somewhere on here to look these things up?

Thanks

[aliikai2 Super Moderator Find all posts View Profile Close aliikai2]

That isn't an assessment

They are just breaking down the annual fees,

$724.11 for the annual operation of the resort
$241.17 ( Replacement Reserves) for the long term replacement of items like furniture, rugs, appliances, etc.

The annual fee for an SBP 2 bedroom for 2011 was $965.28, and I would guess it will increase some for 2012 due to unpaid annual fees by defaulting owners.


fwiw,

Greg

I acquired a 2 BDRM Gold week ownership last year via resale.
2010 MFs of $881.65 were paid by the previous owner.
For 2011, the statement said the MFs are $724.11, and the 2011 Replacement Reserve is $241.17. The previous owner told me the assessment was for upgrades currently being done there.

Does anyone know when the assessment began and how many years it is for? After that will the assessment end and MF due drop back to the $724+ level?

Is there a thread somewhere on here to look these things up?

Thanks

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I own several 1BR "shotgun" units - a free standing (non-lock-off) unit.
2008 - $385
2009 - $400-ish
2010 - $500-ish - yes - a 25% increase apparently for bad debt.
2011 - $550

It just keeps going up, up, up.

There was no special assessment - this is just the history of MF increases - this happened across the board with Starwood.

[Jeanne Sz Senior Member Find all posts View Profile Close Jeanne Sz]

Thank, I guess. At least I got the first year free!

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

I own several 1BR "shotgun" units - a free standing (non-lock-off) unit.
2008 - $385
2009 - $400-ish
2010 - $500-ish - yes - a 25% increase apparently for bad debt.
2011 - $550

It just keeps going up, up, up.

There was no special assessment - this is just the history of MF increases - this happened across the board with Starwood.

This is why I love the MF records in our resort database and the lovely lady who does those updates.

[SallyHoover Senior Member Find all posts View Profile Close SallyHoover]

I am hoping that it will only last 2-3 years at the level it is now. I own an EOY at Plantation and the 2 bedroom non lock off was 965.30. A 2bedroom non lock off in the Palmetto was 674.63 of which 553.24 was operating assessment and $121.28 was reserve (vs 241 at Plantation).

Hopefully the MF will come down $120 or at the very least cease the double digit increases once the refurb is completed. Below is from the Fall Newletter.



-2011 budget
Your Board of Directors, Resort Team and Management Company collectively worked together to develop the 2011 budget for your Association. The overall 2011 budget reflects an increase of 9.5% from the prior year. The primary driver of the increase is the incremental reserve funding necessary to accomplish the $18 million unit refurbishment project that will occur over the next two years. The refurbishment includes most furnishings, draperies, and upgrades to Bose® stereo systems and flat panel televisions. Please visit the sales gallery during your next visit to view a model of the newly designed villa. Operating expenses remain consistent with the prior year’s budget; however, we were able to reduce expenses associated with bad debt and insurance. In addition, we returned a portion of the operating surplus as a credit within the 2011 budget to partially offset this year’s annual assessment.

[TomandRobin Senior Member Find all posts View Profile Close TomandRobin]

I own several 1BR "shotgun" units - a free standing (non-lock-off) unit.
2008 - $385
2009 - $400-ish
2010 - $500-ish - yes - a 25% increase apparently for bad debt.
2011 - $550

It just keeps going up, up, up.

There was no special assessment - this is just the history of MF increases - this happened across the board with Starwood.

Those "Bad Debt" mf increases were a real killer. I know Starwood had done better in the past year with dealing with the bad debt, but its still an issue.