No news is no news.

Foreclosure. Next exit??

At the last meeting of the Tropicana Co-op Board, a startling revelation emerged.  It seemed that the Co-op might have trouble meeting its bills, especially the large mortgage payments.  It appeared that the income would not cover the cost. In addition, those who put the deal together did not calculate the tax obligation properly.    Curiously, very few people seemed to be concerned, even though their investments are at stake, and this also impacts homeowners who are not shareholders.

And what happened with the outside audit that took place recently?  What did they find?

These concerns motivated me to establish this blog in the hopes that a conversation could be had among the shareholders and homeowners, and that it might be a good way for the Co-op Board, who are our elected representatives, to communicate with their fellow shareholders.  It also seemed like an ideal way for information about Park maintenance to be provided by management to us.

I am baffled by the silence on the Tropicana Forum.  Maybe all of you are satisfied with reports that might be disseminated  in other ways.  I haven’t seen anything.   A blog is the only way of having a discussion, short of attending a meeting in Florida.

Paul

14 thoughts on “No news is no news.

  1. No NEWS is NOT good news – Of course this impacts homeowners who are not shareholders. Let’s face it – 470 units ———– 135 shareholders. 335 people feel a bit nervous, as rumors say that homeowners will have to pick up the slack.

    If meeting monthly bills is an issue, why should homeowners be responsible?? What amazes me is that the 135 people who invested do not ask for answers. Noticing 5,616 visits to the Blog since it’s inception, with no pertinent information regarding our community.

  2. My understanding is that the blog was to be a tool for communication between management, co-op shareholders, homeowners and renters. While in season, there was a F.M.O. article posted in the community center, stating that at times, when a co-op is formed, the co-op members often regard homeowners as second-class citizens. To me, it seems that this is the case.

    Editor’s note: Snowbird—you are correct that this blog was started as a vehicle for communication for all residents of Tropicana (That’s what it says on the top of the page under “Tropicana Forum”).

    It would help if the Co-op Board and Newby Management were to provide information and answer ALL questions. Neither entity has sent the Forum anything. Technically the Board answers only to the shareholders, and Newby answers to the Board, but it is in everybody’s interest that the Board deal with all residents’ concerns. Hopefully they will use the Forum as one way to clear the air.

    One thing they should do is get the management company to explain to everybody how the relationship between homeowners and shareholders is supposed to work, especially in terms of costs and rents. They should also discuss the mortgage issues that have everyone worried.

    Full disclosure: I am a shareholder, but my interest with the blog is to perform a public service by encouraging all parties to share information and opinions. I make no money with this blog. There will be no advertising. Paul

  3. Paul, we are all baffled by the sound of silence about the future of the park. Everyone— people buying a share or just a home owner, but everyone hoped that this would work out for Tropicana. We were behind it 100%. We thought how wonderful to get rid of the former owners and have peace and tranquility in our park.

    Well guess what? That never happened. Instead we have fear and confusion— a lot of unanswered questions about our futures here in the park. We have friends that own and friends that do not but we all have the same questions. We ask why they aren’t being addressed by anyone and my guess would be that there are no answers out there.

    No one knows what is going to happen, and yes, that SHOULD be a HUGE concern from all of us. We need to share thoughts, ideas and plans with each other, but as you can see from your blog, that is not going to happen. So sad. 🙂

  4. The large mortage payments are one thing, how about the looming baloon payment? That always concerned me.

  5. With issues that are pertinent to the co-op, isn’t it time for someone to come forward with some answers before IT IS TOO LATE!!! Help……..

  6. Watchman: How about your explaining what you mean by a “looming balloon payment?”

  7. I posted my comment at 7:35 a.m. on a Sunday morning and the blog had 5,616 visits. Now twenty-four hours later at 7:45 a.m. there are 5,683 visits which determines 67 times this blog was visited. What surprises me that of the 67 visits ———- only six opinions or concerns. WHAT ARE PEOPLE THINKING? ——– will problems just go away?

    Let’s work on solving issues and getting some answers.

  8. I am sure the board is very aware of our mortgage payment. Everyone bought a share and has money invested in the park that is on the board. I am sure they and Newby will make the park a great place to live and vacation in. It is only May. We have 7 month to generate money to pay our bills and mortgage We will make this work with a positive attitude.

  9. WHO IS MANAGING THE PARK?????

    I just received my credit card statement and noted the Tropicana water charges applied by AMS.There are notes explaining a one time fee of $3.84 to recover the Lee County utility rate increase over the previous 4 months and a $23.16 fee which was not charged to residents January 2011- -15 months ago!!!!!.

    Not only is this very poor business practice, but unlawfull in the state in which I reside. This represents uncollected revenue in excess of $12,000, much of which now will not be collected because of resales, turnovers and disputed payments. This is a huge amount of overlooked revenue for a park seemingly headed down a very financially bumpy road.

    As per earlier comments it appears homeowner rent increases are expected to subsidize the park operation which will not be possible with these types of over sites.

    I have retained no less than 25, almost daily, emails outlining share purchase changes, during the park purchase from 9/3/10– 12/30/10— not 1 since.

    I, along with many others, believe that without immediate changes to the business plan, we will be making our checks out to Equity Lifestyle Properties, who recently purchased 76 parks, as per March/April 2012 FMOnews in the not too distant future.

  10. Concerned: I am sorry, but I do not understand what you are talking about regarding uncollected revenues. Please try to explain it more clearly. Paul

  11. Blogfinger: Re Uncollected revenues? As per Tropicana Co-op letter dated December 29,2010, Tropicana Co-op has contracted with AMS to do water meter reading and billing for the park on their behalf effective January 2011. The $23.16 base charge for January 2011 was not charged to park residents until April 2012- 15 months later (residents were billed for the water).The park is responsible to Lee County for all water and sewer charges to the park,including the base charges. During that 15 month period many homes have been sold or have become property of the park. The base water charges on these homes will not be recovered, nor from those residents which may dispute the outdated charges applied to their credit card.

  12. No one has commented about Watchman’s Looming Balloon Payment and what that entails. If there are issues, should we not contact the Resident Purchase Team Florida Community Services Group who are a network of professionals. If I remember correctly Marty Pozgay who is the co-owner and president and Charity Cicardo, co.owner and vice president. Reading their information they began in 1987 and became the premier company to complete mobile home resident conversions. Their biographies are impecable and I would hope can assist us if we need answers. Of course who is asking the questions?????????.

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