2 thoughts on “Owners

  1. As many of you know, the Ormond Beach area was hit by Hurricane Matthew in early October causing billions of dollars of damage to businesses, homes and infrastructure. Initially it appeared that the Maverick was spared with damages, estimated to be very low. After further research and consultation, we hired a public adjuster to work with our insurance company for a more accurate and fairer evaluation on behalf of the Maverick. The damage is now in the millions of dollars and may exceed over $4 Million.
    When renovation began, the roof was the main priority along with the solar system, each of which had been compromised by the storm. After further exploration, it was determined that the top two floors had excessive moisture in the units and had to be closed for repairs, in addition to 14 other units (for a total of 60).
    On December 3, the rest of the units had tested positive for excessive moisture and we were ordered to close the resort with a projected reopening date of February 18. Delays in construction, partially caused by slow payment from the insurance company, forced us on January 30 to delay the opening to March 18. On February 23, we again had to delay the reopening to April 15 due to delays in payment and the complexities of the repairs because each unit is not identical to other units. Each repair needs to be a custom size.
    We wanted all owners to be aware because the damage from the hurricane and subsequent closures of the resort will have an impact on all owners, regardless of what week is owned. Some owners (over 2000) have not or will not be able to use their week, while we are closed and other owners will find that availability outside of their fixed unit week will be negatively impacted with regards to bonus weeks.
    While Florida statute does not provide for replacement of lost time due to a natural disaster, the Maverick Board of Directors along with the Management Team feels that the right thing to do is to provide something for our owners who have lost their week(s). While we cannot, unfortunately, offer monetary compensation, we are offering all affected owners another week at another time during the balance of 2017 and all of 2018. Some owners may be able to use their week next year in conjunction with a replacement week, subject to availability.
    The good news is that the Maverick will have a new roof, new solar system, new patio area, redesigned lobby and restaurant, and some added amenities. In addition, the units – while not having everything replaced – will look much fresher, newer and more modern. In addition, items that are replaced will have a positive impact on our reserve study as the useful lives of these items are reset to full value. That will concurrently have a positive impact on maintenance fees as the reserve contribution will be able to be less in coming years, thus helping to decrease the recently escalated maintenance fees.
    Once we re-open, we hope you’ll come and enjoy the new Maverick Resort. We look forward to seeing you then. Please check the website for updates on our progress.

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