This is the first edition of "The Fountain of Information",
the new un-official newsletter for The F. C. C. Assn.
THE LATEST POST-HURRICANE KATRINA INSURANCE RELATED NEWS -
One of my inside sources of information has revealed to me
that the NFIP (Nat'l. Flood Insurance Program) has offered
"OVER $400,000.00" to cover the "four foot down" flood
losses for the 22 downstairs units, the Rec. Room and
Laundry Room, in the back Courtyard only. This amount of
money was "supposed to be more than enough to repair
everyone's condo back to pre-Katrina condition.
This offer to the Board was made during the week of October
10, 2005 according to my source.
As many of you know, on October 20, 2005, Chet Hingle put
out a note on each first floor unit in the back courtyard
and the amount of money "he" offered to the unit owners only
adds up to $321,000.00 [(3 x 24,000) + (7 x 15,000) + (12 x
12,000) = $321,000.00]... far less than the "over
$400,000.00" that was offered by the NFIP Insurance Program.
Why were the owners low-balled by the Association or the
Manager and why was there a one week or more delay in this
release of CRITICAL NEED TO KNOW INFORMATION?
Unless someone is planning on remodeling the Rec. Room and
Laundry Room as palaces, I don't know where the missing
$80,000.00 (or MORE) is being re-allocated.
There are 22 units downstairs in the back courtyard. Three
are 3 BR's. Seven are 2 BR's. Twelve are 1 BR's. For
simplicity, lets assume that the offer was $450,000.00 since
I was told it was "over $400,000.00". Deduct $10,000.00 to
put up new paneling and drywall, etc. in the Rec Room and
Laundry Room and it still leaves $20,000.00 per unit, on
average.
On average, 3BR units are around 1,100 sq. ft. 2BR units
are around 900 sq. ft. and 1BR units are around 650 sq. ft.
Considering the fact that the 3 BR's have an extra bath
besides the extra bedroom, they are still only 200 sq. ft.
larger than a 2BR. 2BR units are only 250 sq. ft. larger
than a 1BR unit.
Using the estimated total of $450,000.00, each 3BR unit
could get $25,000.00 ($75,000.00), each 2BR unit could get
$20,000.00 ($140,000.00) and each 1BR unit could get
$17,000.00 ($204,000.00) for a total of $419,000.00 which
would still leave nearly $30,000.00 for the Rec Room,
Laundry and the hauling of trash. This amount is just for
the "Four Feet Down" portion of the insurance proceeds so
the downstairs people living in the north building would
still be entitled for the "Four Feet Up" portion of
insurance money from Scottsdale Insurance Company.
Someone on the Board needs to explain why the affected
owners were offered over $80,000.00 less than what was
offered to the Board and why this FULL DISCLOSURE was not
made to the owners.
I learned from another reliable source, that the Manager or
the Board was thinking about using the diverted flood
insurance settlement money as a fund to re-asphalt the
parking lot area. Maybe that is why "they" withheld over
$80,000.00 of flood insurance proceeds from the proper
recipients under the flood insurance policy. Now, I don't
have a problem if the owners vote on using some of their
money to re-asphalt the parking lot but I don't think the
Board or anyone else has the right to re-direct YOUR flood
insurance proceeds to another pet-peeve project of the Board
or Manager.
There was also the implication in the settlement letters
that some of your flood insurance proceeds would be withheld
to pay condo dues, common expenses, etc., but shouldn't
there be a separate claim with the windstorm coverage for
debris removal and various repairs to the common elements
caused by the hurricane which may not be flood related? The
condo dues are owed so I can understand the Assn. wanting
"their" money and the flood insurance settlement does
include the estimated expenses of hauling away the debris so
that is a reasonable deduction but the common elements
should be covered under a separate claim and should not come
out of the individual owners settlement which the NFIP
covers. Maybe if the Manager or Board would provide FULL
DISCLOSURE to the owners, all of the un-answered questions
about the flood insurance settlement would not be floating
around... pardon the pun!
NOW ONTO A LIGHTER NOTE -
As many of you already know, there is a "Help Your Neighbor
or Help Yourself" Disaster Relief event scheduled for
Sunday, October 30, 2005 at 9 a.m. until... in the back
Courtyard. It's like a Garage Sale except it's FREE and
it's for all F. C. C. residents only. Please donate some
more "good stuff" that you want to get rid of but that many
of the flood and storm victims may be able to use. Call me
if you need help transporting the "good stuff" to the back
courtyard or my apartment or temporary storage unit
downstairs. If there is a problem with rain or if the Board
decides to shut this event down, then you can still come to
my unit #94 or to the unit below mine, #69, where the
donations will be accepted or dispersed. Please see the
flyer attached to this email for more information.
This F. C. C. "neighborhood" event will also be a way to
meet and greet more of your neighbors and learn any of the
newest information directly from your neighbors and exchange
information about which contractors are charging lower
prices, etc.
CONDO OWNERS BILL OF RIGHTS -
I found a working "Bill of Rights" which was prepared for
use by Condo Associations and if you will read through the
"Bill of Rights", you will see that many of your rights are
being trampled on. It's up to you if you continue to allow
this to happen to you and "The Fountain of Information" is
here to help you get information out to your fellow condo
owners because there is strength in numbers.
One owner, tonight, was just asking me how to call for an
emergency homeowners meeting and frankly, without the condo
by-laws, I do not know. Normally, I would direct this
question to the Board who is elected to represent the owners
but I'm not sure if they want to have to answer any
questions right now.... considering the recent information
which has just been disclosed.
If you have any questions, send them to me and I will
publish your questions and try to answer as many as
possible, so that the Board, the Manager and all of your
neighbors will be able to learn from your question... or if
your question is directed towards the Board or the Manager,
then maybe they will answer it for all to see.
Don't forget to review the attachments to "The Fountain of
Information"... the un-official newsletter of the F. C. C.
and thank you for reading this first edition.
Lenny Vasbinder, Editor
"The Fountain of Information"
sponsored in part by:
http://www.NeighborhoodHomeServices.com
Hurricane Damage Cleanup, Sheetrock & Flooring Removal, etc.
http://lennyvasbinder.blogspot.com
504-621-1870 eFax - 413-318-0742
NHSNOLA@Gmail.com LNVTM1@Gmail.com
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