The Plaza Resort & Spa
I have wanted to attend a meeting at the Plaza Resort & Spa for years now, but it somehow did not happen until very recently. It was an annual meeting, and you can read about the election here.
Here I would like to pay attention to things happening in The Plaza Resort & Spa, changes that we soon would see in Plaza.
Plaza suffered a serious blow from hurricane Matthew in October 2016. 12 and 14th floor of the tower got a lot of water damage and were out of commission for several months. The front of the resort lost quite a lot, making the service elevator shaft naked. Just very recently the tower was completed.
I do not know whether it really were hurricanes, or it was a coincidence, but the resort did a serious concrete restoration job replacing Spaulding oceanfront balconies in the Tower.
After the election, Lex Hollender, the General Manager, made a presentation about the improvements to the Resort. The resort went beyond just restoring the property to the condition it was before the Hurricane Matthew. They are doing some upgrades, some changes, which sound like a good idea; improvements, that would enhance the attractiveness of the common areas.
While it was interesting and useful, it, actually, had little to do with Condo-Owners Association, as all this was done by the Lender, owning the commercial space and the operation of the resort and run through the Master Association, where owners, as far as I understand, are not represented.
A former Board Member noted it in his response to the Presentation, that he has never heard about all these changes.
While the meeting went smooth, I can’t say it was very amicable. There was some animosity in the air, some bickering, but the President navigated the meeting quite well. He sounded like an honest and sincere man, tried to answer every question, no matter of the tone, and his answers made sense.
I am in touch with many owners in the Plaza, and I know how upset so many owners are. I can understand why. However, listening to owners, I thought that too often the problem is because buyers get into buying without understanding the specifics of this property. I often have to explain the limitations spelled out in the Declaration of the Condominium. People call and become surprised when I tell them that these limitations have to be taken seriously. It is not doing what you want simply because you are the owner.
I normally do not read Declarations of Condominium of different condo-hotels, because there is too much legal stuff. But being an owner in Oceanside Inn, and having about 50 if hot more clients in Plaza, I have read the declaration of both of them.
I have to admit that the Declaration of Condominium is very detailed and is not oriented towards the owners of units. I am not surprised people get upset when they find the details out. But I talk to people, who have units there since 2005-2006 and they still do not know their rights and obligations.
We had an office in a condo-hotel resort (not Plaza) for 10 years, and I used to say that the key is knowing what you are getting in. And then you have fewer frustrated owners, as when they buy with full knowledge and understanding, then it is fine.
The problem is always when people have wrong expectations. And there is nobody in the buying process who could be making sure the Buyers get the right information. Do you seriously expect real estate agents knowing the details? And even if they know, how many of them would risk losing a sale by disclosing these details?
Well versed real estate professional for such situations is the key.
Of course, this is simply my opinion.