Maintenance Fee Increases, are they capped?

[AEN]

I was wondering what was going to happen to the fees with the hurricanes, particularly to the Vero owners. I imagine they have insurance, but that just means the insurance rates will sky rocket.

 

[Maistre Gracey]

Originally posted by Beca
tjkraz....Did the POS REALLY state that there would be a 25% chance that the resort would be blown away over the life of the contract?!!

Beca, I thought the paperwork said there was a 25% chance the resort would be destroyed in the next 26 years (now 24 years).
I am looking at my documents to refresh my memory, and they actually say there is a 26% chance the property will be flooded over the life of a 30 year mortgage.
I'm not sure exactly what that means, as there are many degrees of "flooding".

Not quite as bad as I thought.

MG

 

[pumpkinboy]

Originally posted by Maistre Gracey
...there is a 26% chance the property will be flooded over the life of a 30 year mortgage...

Yep, that's why you don't see too many really old houses on barrier islands fronting right up on the Atlantic in the South. Barrier Islands, like those along the Indian River off VB (including Orchid Island where the resort is), as well as places like the Outer Banks in NC, are Hurricane prone.

There is a reason why the VB region is referred to as the Treasure Coast; hurricanes and other storms claimed a LOT of ships carrying loot back to Spain and other trading vessels along that stretch of coastline.

 

[Dean]

Originally posted by nickglover
I can tell you, if the dues go up any more than about 3%, or there is a special charge for VB, it will probably be enough to convince us to sell our membership. The VB dues are at the borderline of being too excessive right now, for what you receive in return.

VB dues have always been the highest and likely would have always been so even without the issues going on now. I'm afraid recent events are going to make it harder to sell VB. Likely more contracts for sale and less people willing to buy there. Both the future damage possibilities and high (and likely going higher) costs will be factors.