Stormchaser wrote: ↑Apr 4th, '24, 08:51
KingsFourMan wrote: ↑Apr 4th, '24, 07:51
Stormy, would you say this article is accurate?
I've been close to 3 events in my life that have made the news, and every time I was blown away by the inaccuracies and/or sensationalism of the news articles. Yet, for some reason I read the rest of the news, with the exception of political news of course, like it's gospel.
More or less...
Yes, there is a bunch of work that needs to get done, but also included in the $50M is a bunch of work that is more wish list than requirement.
Part of the problem is the association hired a high-end real estate developer as the owners' representative to make sure the contractor is giving the association appropriate renovations and costs, instead of an engineering firm or construction management firm to control costs. Every whim is being addressed to get MG to compete with the new village. And instead of securing a 30- or 40-year loan or developing a long-term improvement program to mitigate costs for ownership, they're pushing repairs and costs to owners over a 6-year period as work gets completed. The majority of owners bought their places with a 30-year mortgage, but now they're being forced to pay 2, 3, 4 times what they bought their place for in 6 years. Almost feels like gentrification. MG was never a luxury resort, but apparently, it's aiming to be...
For example:
- The health club was fully renovated when it only really needed structural work on the roof and under the pool. They renovated all the locker rooms, the steam room, the saunas, the gym, and the spa rooms under the guise of an emergency repair. None of which needed to be done. $2 million. The roof above still leaks and has been causing damage to the new renovation... The new saunas aren't commercial rated and are broken. One hot tub is still yet to be built and there's a hole in the ground waiting.
- They fully renovated the tiny parking garage in building 3 to be code compliant with ventilation, fireproofing, etc., to allow cars to continue parking under the building. The association rents these spaces, but it's going to take 40 years to get a return. They should have closed the garage and rented basement storage space. $2 million.
- They are proposing major renovation of the restaurant, which operates 4 months a year. They can barely get a few thousand dollars measly rent (when the renters even pay), but again they have no problem spending millions to do so. 50 years before the returns show a profit. That's if they can keep a steady lease, which historically they haven't. The old deli space sits unused, with no interested parties. $2 million.
- One of the most expensive roof treatment systems, standing seam metal, was the choice for all roof repairs. Sure it'll last, but there were/are plenty of other sustainable solutions. $15 million.
- Door and window replacements and unit deck repairs that historically have been unit owner responsibility. I replaced my doors and windows 6 years ago. Now they'll be replaced again, for...posterity? The decks are concrete. Some could use a seal, but an overhaul? $4 million.
- Siding replacement including new insulation all around. The contractor suggested just refacing over the old EIFS with a vapor barrier. But no, lets do new insulation and rip out the EIFS. $8 million.
- All new hvac, electric, and fire protection equipment. $5 million.
- All new railings in stairways. $2 million.
- New ADA building entrances. $2 million.
- $1.2 million in architectural, engineering, and permitting fees.
- $1.5 million in construction management fees and office supplies.
- $1 million in construction insurance.
- $1.3 million in gc wages.
- Ski locker renovations, driveway renovations, all new exterior lighting.