Very good news on the:biggrin: The UDI Oak Timbers RENOVATION Special Assessment

[brucecz]

Very good news on the The UDI Oak Timbers RENOVATION Special Assessment budget was announced in a posting by the UDI Oak Timbers board president Sheri Lundstrom on September 13, 2012 which are vastly lower compared to the projected Special Assessment budget amounts first posted on the Christmas Mountain Website back on back in April 2011. The UDI Oak Timbers approved Special Assessment budget came in at $2,485 which was less 49% of the first projected Special Assessment budget of $5,100 per ownership. The Oak Timbers UDI Oak Timbers Special Assessment budget will be $2,485 or $828 per year for 3 years with no interest . . A letter should be going to owners in the next few weeks. The billings will be sent out on about Nov 1, 2012 but the first payments will be not due until Jan 1, 2 013.. Renovation starts right after thanksgiving and goes into March.
__________________________________________________ __________________________________________________ __________________________________________________ _________________________________________
Fairly good news on the The UDI Cottage Special Assessment budget was a posting by Cottage board member Sheri Lundstrom
on September 13, 2012 which are vastly lower compared to the projected Special Assessment budget amounts first posted on the Christmas Mountain Website back on back in April 2011. The UDI Cottage approved Special Assessment budget came in at $3,093 for a UDI Cottage which was over 14 % less the first projected Special Assessment budget of $3,600 per ownership.

The UDI Cottage Special Assessment will be $3,093 for a UDI Cottage or $1,031 per year for 3 years with no interest. . A letter should be going to owners in the next few weeks. The billings will be sent out on about Nov 1, 2012 but the first payments will be not due until Jan 1, 2 013.. .
The reason for the difference. Defaults in the Cottage UDI inventory. Eventually we will get the default problem resolved as we move ownerships to new owners. Hopefully once this renovation is done it will be more appealing for more buyers. Renovation starts right after thanksgiving and goes into March.
__________________________________________________ __________________________________________________ __________________

As a personal observation IMHO Sheri Lundstrom did a great job and service for other owners spending lots of hours and hours since April 2011 when first elected on the Cottage board and helping to move ownerships to new owners and addressing other areas .

Bruce

[GrayFal]

Thanks for the update Bruce

[rapmarks]

Sheri did a great job. I believe however,there will be a lot more defaults on the cottage UDI ownerships.

[Ilovemykidsmore]

Good to hear.

[SOS8260456]

Sheri did a great job. I believe however,there will be a lot more defaults on the cottage UDI ownerships.

I agree and that is what makes me nervous. I also hope that this big of an assessment is a one time thing, that they have learned their lesson and will never let them get this bad again and that they make sure there is always enough in reserves to deal with this.

If someone knows, maybe someone can give a brief history lesson on how the cottages got so bad.

[rapmarks]

I agree that it may be good news to Timbers owners, but i don't see how it cn be construed as good news to the cottage owners, and it only includes inside work, not exterior.

[SOS8260456]

I agree that it may be good news to Timbers owners, but i don't see how it cn be construed as good news to the cottage owners, and it only includes inside work, not exterior.

If it is only the interior, then we are really just putting a bandage on it. I have to go back and look, I thought there was an estimated allowance in there for exterior work. I can just imagine what I could use $51,000 for on my 4 bedroom 3 story house interior.

I am not happy about it at all, but since I am a new owner who went into ownership knowing something like this was coming, I don't feel like I have the right to complain - much.

I thought Sherri had done a great job about getting all of the defaulted ownerships into new owner's hands, and now there is an allowance for defaults in the SA? Are these anticipated defaults or still actual defaults? I guess I should be asking this over on the CMV group, but I hate bombarding Sherri.

[rapmarks]

I think the interior work is 35000 or so per cottage, the rest is to allow for defaults and to make sure they have enough to cover everything.

[Thirsty]

Are the Special Assessment fees for just Timber and cottage UDI owners or all BG owners? If the SA is passed on to all BG owners I wonder what the SA fee will be. Also are there going to be any renovations done to townhouses, villas, and cabins?

[brucecz]

Are the Special Assessment fees for just Timber and cottage UDI owners or all BG owners? If the SA is passed on to all BG owners I wonder what the SA fee will be. Also are there going to be any renovations done to townhouses, villas, and cabins?

All CMV units are supposely to be renovated and if you own at CMV you should have a Special Assessment fee.

Bruce