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User Info Another Piece of the Housing ScrewJob; entered at 2023-01-23 10:11:18
Posts: 810
Registered: 2011-03-24 Washington, DC
My grandfather gave me some timeshares in FL about 30 years ago, which was actually a good thing. Our timeshare building is an old hotel that was converted to a timeshare. The building was built in the late 50's early 60's.

About 15 years ago the board of directors, who is elected by the owners, noticed the owners of the issues with the concrete patios, windows and doors. Our BOD got the bids and selected a contractor to do the work. Many of the owners, like other places in FL are older and on fixed incomes. There was a reserve fund that covered most of the cost. Just like the best laid plans of mice and men the amount put aside covered most but not all of the cost. Since there was going to areas shut down, they accelerated some of the repairs such as upgrading replacing the HVAC units, and ultimately saved money. We were hit with a special assessment. The BOD arranged to have financing in place to help the owners with the special assessment. It actually worked out well in the long run. I am sure there were owners who were upset, but the existing board members who were up for re-election were all re-elected in next election. The majority of the owners understood the issue.

My wife had a timeshare where the operations and budgets were controlled by a corporation instead of the owners. Her annual fees were more than double than those in FL. I did not see where they kept up that one better than the one FL.

Doing forensic work many of the failures I see are lack of proper maintenance. When budgets and funds get tight maintenance is the first to be cut, where it should be one of the last. Cudos for FL for pushing the issue. Equipment and buildings have a finite lifespan. That lifespan can be greatly extended if they are properly maintained.

2023-01-23 10:11:18