NCC Budget Comparison Cash Flow, Aug/Sept 2008

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Condominium Management Agreement

This CMA for Concord Management, Ltd, took effect July 1, 2008. It runs 9 pages and is almost identical to the CMAs which most of us got in our opening packet of paperwork. One CMA was effective April 12, 2006 with Nautilus Resort Realty, LLLP but was shortly replaced by a CMA which was effective Aug 16, 2006 with Coastal Property Services, Inc. Seagrove on the Beach was the management firm here after those mentioned and was replaced by Concord. All are pretty much boiler plate in that they read the same. The newer CMA has some minor changes and omissions. In general they are all the same document, just the names are changed.

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Old Concord Management Agreement

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Concord back again, Seagrove out again!

Are you confused yet?-

Concord Management* is 'back again', you may recall that they were here for 6 weeks, having replaced Seagrove, but were quickly ousted with the "Emergency" BOD meeting that no one will talk about, do you remember that one?

The meeting lasted 2 minutes and only 2 Directors voted and then by phone in the Seagrove office. Well, now Seagrove the-useless-management-company-on-the-beach, is out as of July 1, 2008 and Concord is back with a manager, Kay Dobbins. The reason for the abrupt change is not officially disclosed, but you can see my speculation later in this blog.

Also an appointed BOD member to replace Ms. Jones is named as Leonard J. DiGiacomo, owner of unit 616 for the last year. Email him at: ljdpcb@gmail.com

So is this a 'good' change or just more BS from a management company? Too soon to tell, in the 6 weeks of their last tenure I didn't notice anything get done, and in fact I don't think they had a F.T. CAM on the property. In any event, they probably would have to try real hard to be as crappy as Seagrove was, so perhaps it will be a positive change???

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* Concord Management, Ltd.
Headquarters: 1551 Sandspur Road Maitland, FL 32751
Website: www.concordrents.com
Industry: Real Estate - Revenue: $19.6 Million
Number of employees: 1350
Primary Business: Property Management
Concord Management, Ltd. is a national company they manage over 140 low end housing development communities. Concord is an owner-managed multi-family property management company. They operate in Florida, Georgia, Michigan, New York, Ohio, Texas, North Carolina, South Carolina, Illinois and Tennessee.
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Page 2

Dean Price Nautilus Development Group Affidavit

NCC Memo of April 12, 2008

NCC Articles of Incorporation

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Nautilus Cove Condo Assn Information