Cay Club Home Owner Association Issues
I want to touch on a couple of issues I see as being potential problems with the Home Owners Association also known as the Common Interest Community or CIC.
If you get out your CC&R’s, if you have them, and spend the time to read through them you will find that the Cay Club should have turned the Association over to the owners upon a certain percentage of sales. Well to the best of my knowledge 97-100% of the units have been sold and at this time there is not a board of owners in place to run the association.
Many of you have received bills for the fees from EBMC here in Vegas, I was told they have only been hired to collect the fees and have not been hired to handle the association management.
This may all seem a bit confusing and trust me it is!
But here is my concern, if the Cay Clubs are going to turn the property over to a new company to manage the nightly rentals, are they going to be around to make sure the association gets turned over to the owners? If not then the owners may have to go through a judicial proceeding to get everything set up the right way.
My recommendation for all owners would be to get involved with the association and get someone elected to the board so the owners have a voice in the decisions that are being made at the property.
November 20th, 2007 at 1:52 pm
All condo docs state that the developer must hand the governing board over to the owners after a targeted number of units have been sold.
November 20th, 2007 at 2:02 pm
After my review of the CC&R’s it looks like it should have been turned over after 75% of the units were sold, to the best of my knowledge it still has not been turned over.
December 8th, 2007 at 2:13 pm
We just held an election at my condo on the east coast after 75% of the units were sold.
I will admit it took 6 months of stalling by the developer but we homeowners kept on them and the election finally happened.
April 30th, 2008 at 8:01 am
Craig Holt, the current manager seems to be doing a good job of getting the units rented. I was there last weekend 4/24-26 and the place was very busy. So far I personally have had no trouble renting my place, as it is close to the clubhouse and the pool. However I still haven’t been paid for MARCH!!! and that’s the first month it was rented since I got it last August. Thus the return on investment has so far been nil. I just wonder how many of Dave Band’s 17 units get rented first.
July 21st, 2008 at 11:04 am
Can someone tell me if this is a safe investment for rental property? I read some blogs where its changed hands and in dire straits. Any NEW update on situation as of July 08