We have a place in Portofino and yesterday their was a HOA meeting. Keep in mind the hoa is still run by the developer because it is fairly new and not turned over to the owners yet. anyway yesterday they lowered monthly 2009 hoa fees by 25% . Mine are going from $620 per month to $464 per month. I understand it is because of the more favorable exchange rate as we pay HOA in us$ also hurricane insurance is included in hoa and amounts to $225 of the $464, so not a bad deal
That is good news--especially with hurricane insurance included. I am sure it is because of the exchange rate--went from 10.50 to 13.00 or 13.50 so that helps.
If I were an owner at BVG I would ask for proof in writing that hurricane insurance for the interior and contents of each unit is covered in the maintenance payment. It would terrible to find out too late that the hurricane insurance is only for the common areas and the building itself. And before the developer hands over control I would also ask for proof in writing that the Zona Federal Maritima Tax (the Beach Tax) has been paid in full. An owner at BVG paid me to look into the Beach tax issue last year and at that time the developer had not made a single Beach Tax payment EVER. The Beach Tax carries HUGE penalties for late-payment, so it's critical that owners at BVG get the developer to pay the Beach Tax in full before he pulls out.
Good points, RG!! And on the insurance issue, even if there is insurance, there are a lot of kinds of insurance. Many resorts didn't find out until too late what the word "reimbursement" means in reference to repair of damages caused by Wilma!
RiverGirl Yes good points, there are huge issues with the builder and hoa at BVG residential. Portofino BVG does not have these same issues. I hired an attorney day 1 when I purchased my unit. This week she finally got paperwork back from government and has my deed registered and recorded. A lot of owners are having troubles getting title spreading false rumors about liens etc. None is true and again my deed is now recorded. Most owners went this alone and never bothered hiring an attorney until now when they ran into a brick wall. Now me I hired an attorney day 1 I decided to purchase because I thought it was ludicrous not to. In the past 2 months about 10 other owners hired the attorney I am using and all are now on their way of getting property registered. To me it was insane trying to go this journey alone especially if you were not down there. I did my DD on the insurance and she verified it. We are fully insured inside and out for our units, everything other then contents. The walls, floors etc inside are insured. The furniture and stuff is not, you need a separate policy which is not expensive only a couple hundred per year As far as beach tax good advice, my attorney is on top of it. I just paid my 2009 property tax with the 20% discount it was 7975 MXN But again do not confuse residential BVG (4 tower complex) with Portofino BVG, it is 2 separate complexes and 2 seperate HOA etc and run totally different. Ask any owner who owns in both and they will tell you there is a huge difference. There was a bunch of emails flying around about the rumors and getting titles, here is what one owner of both said
After having looked into the need for both 'Liability and Hurricane Insurance' on our HZ, on the POK-Ta-POK golf course property and having been involved with our timeshare's "Wilma claim", I'd be curious to know what the deductible on that Hurricane Insurance might be for the "inclusive price" that shows a reduction in the HOA fees, despite the US dollar to Pesos exchange rate(s), which BTW could change at any given moment and USUALLY is not used as a guaranteed amount without an expectation of possibly getting hammered next year... and if "their" calculations were OFF, BET on it... Granted, our property is NOT on the front beach (I had a Maine great-grandfather coast-guarder who stressed that none of us should ever buy on ANY front beach, ANYWHERE) but after Wilma, our timeshare which is on the lagoon side, did not have sufficient damage, $50K USD Deductible, to warrant a claim against their policy and therefore had to suck it up. No offense but it sounds as though BVG RESIDENCE and PORTOFINO BVG have the exact same DEVELOPER, so what makes the BIG difference between how the two places are so different? Just wondering because having been there, they both look like the same materials were used, both seem to be rusting in the same sea-front places and both seem to be losing the same panels of glass off the balconies, without hurricane winds, just normal front beach blows..... I'd also be interested in just what is included in your monthly HOA fees that are mentioned in your OP: "Mine are going from $620 per month to $464 per month." Since you brought it up, what is included in that $464/month fee? Are Utilities such as water, electric, gas, TV, Phone/Internet [you've indicated previously that you advocate magicjack so you must have some type of fairly reliable unshared Internet service (???)] included or is that $464/month just for "what goes wrong that they have to fix for you" like when a leak happens on the 13th Floor and it rots out the sheetrock in your underneath unit? I also am curious as to just what this may include, "I just paid my 2009 property tax with the 20% discount it was 7975 MXN".... As to what RiverGirl has mentioned... I'd be asking if you are being taxed that individually or is that via the Association? I'd certainly be asking if those "FEDERAL FRONT BEACH TAXES" were included in that tax bill or not... IMO, that's a lot of pesos for what's in the INTERIOR and your COMMON AREAS... ETA: Sorry for the typo in RED. I can't type for the devil. Happy Holidays to ALL.
