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Question on how to determine if property is HOA managed

Greatdeal

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I received a question on whether the timeshare I am selling:
Is this a developer owned timeshare or an owner HOA managed building?

The place is Coconut Bay Resort, Fort Lauderdale, Florida. I'm a timeshare owner, but don't understand the difference they are asking me. So I don't know how to reply to the interested party.

Thanks for any help.
 

ronparise

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Condo hoas and that includes timeshares, are controlled by the developer until a certain percentage of the units are sold. At that point control is turned over to the Hoa

So your buyer is asking whether or not the project is sold out(or nearly so) or if the developer is still involved and actively selling

Unfortunately the answer dosent answer the bigger question, and that is. Is the project managed by the developer, or a management company employed by the hoa or is it self managed

Who manages the timeshare is aparantly important to your buyer
 

theo

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I received a question on whether the timeshare I am selling:
Is this a developer owned timeshare or an owner HOA managed building?

The place is Coconut Bay Resort, Fort Lauderdale, Florida. I'm a timeshare owner, but don't understand the difference they are asking me. So I don't know how to reply to the interested party.

Thanks for any help.

I don't know anything whatsoever about this resort, but will offer a few generic observations and suggestions that may help:

1. Call the resort directly. Ask them very specifically if there are still any "developer sales" going on there, or if it's "sold out" with only "resales" available now. If the answer is "only resales", then you know that the developer is likely gone from the scene --- and you have part of your answer.

2. While you're on the phone, ask the name of the current management company (which is likely identified on your annual maintenance fee bill, but ask anyhow as such things can and do occasionally change). If this is a "sold out" resort (i.e., the developer is now out of the picture), there is most likely a third party management company hired by the owner-based HOA. It is highly unlikely, although not impossible, that the place is actually being managed by the HOA itself. If it is, this strongly suggests that developer "representatives" may be on the Board and the developer still peripherally involved in the property management. Identifying the management company, combined with the answer to item 1. above, will provide the information you need for your prospective buyer.

3. While on the phone, also inquire about current exchange company affiliation of the resort, if that's something that you don't already know. Potential buyers may very well ask and may very well care a lot whether it's affiliated with RCI, II or with both; exchange company affiliation is also something that can change.

You certainly don't want to offend or alienate your prospective buyer, but you could also volunteer the resort's phone number to the buyer, inviting them to obtain and / or confirm answers to their questions "right from the horses' mouth" if they prefer. In any case, good luck.
 
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Saintsfanfl

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The better and probably the question being asked is if the HOA is controlled by a developer, a management company, or the owners. It's usually the former. It's worth noting that even if the HOA is controlled by the owners it doesn't mean it is a good situation. Many owner controlled HOA's have failed miserably because owners would prefer not to raise their own annual fees and adequately fund reserves and also face the bad debt situation.
 
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