Monday, December 27, 2010

Info from the Office:
The 1st Quarter 2011 Owner Association dues statements have been sent out. They remain at $675. Owners will also receive a two page Condo newsletter. Some of the information from that ‘Nautilus News’ is as follows:

1)  Renters: Owners are asked to provide information on your tenants to the office. There is a new form for renters to fill out so that the Association knows who belongs on the property.
2)  The gate codes are changing. Owners and tenants must obtain gate cards and further information on that will be available in the near future.
3)  The NCC Maintenance is now being taken care of by Mr. Zach Whidden.
4)  Both Owner dues and tenant rental payments may be made online at: www.nautiluscove.com.   

Tuesday, December 21, 2010

DBPR Complaint Information:

See update at bottom of this post:

The Division of Florida Condominiums has received a reply from Nautilus Development Partners, LLLP:
“It was alleged that the Developer commingled Developer funds with Condominium funds.”

The reply said in part:
“The Respondent’s written response indicated that the Management Company had installed an electronic check scanner in the 2nd quarter of 2010 that produced a banking error caused by the scanning software. At that time money intended for the Nautilus Cove Condominium account was inadvertently deposited into the Nautilus Cove Development Partners account and vice versa. In addition, a review of the evidence provided by the Association revealed that the corrective action for this issue had already been taken by the Association performing a full audit of both accounts and transfers were made to the appropriate accounts. The deposit that was referenced in September of 2010 (4th quarter) by the complainant was actually put into the correct account number, but the name listed was that of the Developer. That has since been corrected by the Respondent.”*
The correspondence referenced is available in full at the direct link, the prior posts on the matter have been moved to this site:
http://nautiluscondopanamacitybeach.blogspot.com/

*Despite the assurances of Concord as above, our Association checks for quarterly dues are still being flagged for the Developers account, but it seems that the correct Assn account number is being used.   
See below for most recent example (account #'s redacted):

Monday, December 20, 2010

First group of Suspension letters were sent out and suspensions were imposed.

The first group of Suspension letters have gone out to Owners with past due amounts owed to the Association.  This is due to the BOD enforcing the recent changes made to the Florida Statutes, including the one on 7/1/10, the current wording of a relevant section of condo law is:

718.303 Obligations of owners and occupants; remedies.— (5) The association may suspend the unit owners voting rights if they are more than 90 days delinquent in paying any monetary amount due to the association.


Of the first group of letters, no owner had asked for a hearing on the suspension.  Owners must be 90 days in arrears before such a letter is sent, a second group of letters will go out shortly.

The amount of delinquency hit a record high of $112,415 ths month and while collection efforts had brought this down by about $8k this may well be a temporary improvement as it it time for the 1st Quarter dues statements to be sent out and additional delinquencies are almost certain.  

see below at Dec 8th post for details. 

Also keep in mind that those behind in payments to the Association and who are renting out their units 'may' find that the Association will require those renters to directly pay to the office those rental payments rather than paying the condo owner, this is also covered in the new Florida statutes.

=====================================================

 Usage Privileges Suspensions

1)  21 Owners have now had their usage privileges and voting rights suspended for being past the 90 limit on arrearages to the Association (see sample notification letter lower down in the blog). None of the suspended Owners had asked for a hearing to protest the suspension. 
Those 21 now suspended have lost the voting rights and also the use of:
  • Pool
  • Barbecues & Barbecue areas
  • Gym/Fitness Center
  • Conference Room
  • Clubhouse
2)  Good News/Bad News
Several past due owners have recently made payments, one of $3,800 and these Owners are now off the delinquency list.  Previously we had a delinquency of $112,415, recent collection efforts by the office have reduced that by $9,626 to a current delinquency of $102,789.  This is the 'Good News' part, the 'Bad News' is that the first quarter 2011 dues statements will go out in a few days and we might find that after the 10 day grace period, that we are again close to the old $112k high.  As mentioned previously the office is working on a set of new liens to be filed in January.

BOD to Suspend Use of Facilities and Voting Rights for Delinquent Owners

The below letter has gone out to Owners who owe money to the Condo. While amounts change almost daily, the amount past due is over $112,000, the highest we have ever had, and the condo can't be run on a deficit finance basis like the Federal Government, thus the rather harsh letter being sent out.
Considering the level of Delinquencies (43) we have only 68 Owners who are eligible to vote in or run for office at the 1/29/11 Annual General Meeting.  We have 37 condos that have Homeowners exemptions filed and of that number 16 are on the Delinquency list.

Generally speaking those who are at or past the 2nd missed Quarterly Dues payment are not going to be able to recover, probably they will end up in foreclosure.  I only know of one Owner who in effect 'came back' after having missed 2 Quarterly payments, hopefully this will change.


Since inception the condo has had 22 Foreclosures in total and liens have been filed against 31 units.  There was one bankruptcy which involved 2 units.

Additional liens are being prepared. Keep in mind that the filing of a lien by the condo is not a hostile action, it simply safeguards our claim on funds when the condo is eventually sold. No clear title can pass until a lien is satisfied. No condo has ever, or ever will, be foreclosed due to the condo filing a lien, it just states the claim to funds which must be paid before a clear title passes.

Here is the relevant part of the statute, keep in mind that if you are renting out your condo your tenants will be the ones banned from using the enumerated facilities.

(3) If a unit owner is delinquent for more than 90 days in paying a monetary obligation due to the association, the association may suspend the right of a unit owner or a unit’s occupant, licensee, or invitee to use common elements, common facilities, or any other association property until the monetary obligation is paid. This subsection does not apply to limited common elements intended to be used only by that unit, common elements that must be used to access the unit, utility services provided to the unit, parking spaces, or elevators.

(5) An association may also suspend the voting rights of a member due to nonpayment of any monetary obligation due to the association which is more than 90 days delinquent. The suspension ends upon full
payment of all obligations currently due or overdue the association.

It is also the BODs option to make your tenants pay your past due assessment. They notify the tenant that all rents in the future will be payable to the condo and not you. As far as I know this is not being done presently.
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BOD to Suspend Use of Facilities and Voting Rights for Delinquent Owners

The below letter has gone out to Owners who owe money to the Condo. While amounts change almost daily, the amount past due is over $112,000, the highest we have ever had, and the condo can't be run on a deficit finance basis like the Federal Government, thus the rather harsh letter being sent out.
Considering the level of Delinquencies (43) we have only 68 Owners who are eligible to vote in or run for office at the 1/29/11 Annual General Meeting.  We have 37 condos that have Homeowners exemptions filed and of that number 16 are on the Delinquency list.

Generally speaking those who are at or past the 2nd missed Quarterly Dues payment are not going to be able to recover, probably they will end up in foreclosure.  I only know of one Owner who in effect 'came back' after having missed 2 Quarterly payments, hopefully this will change.


Since inception the condo has had 22 Foreclosures in total and liens have been filed against 31 units.  There was one bankruptcy which involved 2 units.

Additional liens are being prepared. Keep in mind that the filing of a lien by the condo is not a hostile action, it simply safeguards our claim on funds when the condo is eventually sold. No clear title can pass until a lien is satisfied. No condo has ever, or ever will, be foreclosed due to the condo filing a lien, it just states the claim to funds which must be paid before a clear title passes.

Here is the relevant part of the statute, keep in mind that if you are renting out your condo your tenants will be the ones banned from using the enumerated facilities.

(3) If a unit owner is delinquent for more than 90 days in paying a monetary obligation due to the association, the association may suspend the right of a unit owner or a unit’s occupant, licensee, or invitee to use common elements, common facilities, or any other association property until the monetary obligation is paid. This subsection does not apply to limited common elements intended to be used only by that unit, common elements that must be used to access the unit, utility services provided to the unit, parking spaces, or elevators.

(5) An association may also suspend the voting rights of a member due to nonpayment of any monetary obligation due to the association which is more than 90 days delinquent. The suspension ends upon full
payment of all obligations currently due or overdue the association.

It is also the BODs option to make your tenants pay your past due assessment. They notify the tenant that all rents in the future will be payable to the condo and not you. As far as I know this is not being done presently.

Tuesday, December 7, 2010

Turnover Election Results 12/20/10
Jennifer Jones (#206), 16 votes
David Turner (#105), 5 votes
None of the above: 1

L. DiGiacomo (#616) is BOD President
ljdpcb@gmail.com
J. Jones, is BOD VP
jj9905@yahoo.com  
N. Knight, Secty/Treasurer
nknight@ndkconstsvcs.com
(the only remaining Developer appointed Director)

From the archives:  The only prior contested election in 2007 had 39 votes cast, Jennifer Jones won with 22, L. DiGiacomo 2nd with 11 and Rodney Smith had 6, the 2 other candidates had 0.  Ms. Jones served for about 5 months and resigned due to the lack of co-operation received from the 2 Developer Directors, L. DiGiacomo assumed the seat and the next 2 elections he was retained as no one ran against him.

Friday, December 3, 2010

New Balance Sheet is Available
If you are interested in knowing the state of our finances you can take a look at the October NCC Balance Sheet by direct click on link at:
http://nautiluscondosrules.blogspot.com/2010/01/ncc-balance-sheet-of-102510.html
It is placed further down this blog as it runs 4 pages and would take up to much room at the top of the site.