I am an owner of three weeks (2 bedroom unit) at the Point at Poipu. My regular maintenance fee per week is $1, 348. Special assessment fee per week is $5, 893. That's $7, 241 per week owned or, for me, $21, 724! There is no way in hell I am paying that or any portion of it. I do believe MANY owners will walk away, far more than the "10% default" rate than DRI is estimating and say they will cover. If it's greater than 10% then owners who stick around and pay may end up paying a lot more. No thank you.
I had posted the following on another section but will add it here as it's pertinent to the Special Assessment fee for Hawaii Collection owners, especially those of us at The Point at Poipu.
I am an owner of three weeks (2 bedroom unit) at the Point at Poipu. My regular maintenance fee per week is $1, 348. Special assessment fee per week is $5, 893. That's $7, 241 per week owned or, for me, $21, 724! I was given a 10 week notice of payment due, although it can be spread out over a few years. There is no way in hell I am paying that or any portion of it. The Special Assessment fee is to repair water damage to the resort, a total cost at this time of 65 million dollars or over $300, 000 per unit! The insurance carrier will not pay. I do believe MANY owners will walk away, far more than the "10% default" rate that DRI is estimating and say they will cover. If it's greater than 10% then owners who stick around and pay may end up paying a lot more. No thank you. I do feel DRI wants owners to give up their deeds so they can charge a lot more reselling them.
I encourage all Point at Poipu owners to join a large group fighting this at www.poipuowners.org. And all Kaanapali Beach Club owners should check out kbcowners.com. There is also information on Facebook at Point of Poipu Angry Owners. Other resorts of the Hawaii Collection are the Polo Towers Villas, Las Vegas, and the Sedona Summit Resort in Arizona. We all should band together. There is strength in numbers. We who have joined Poipuowners.org recently started a massive letter writing campaign to politicians, tourism officials, the Attorney General, and RICO in Hawaii. All owners at The Point at Poipu need to get involved with poipuowners.org. They have addresses and sample letters for ten different people of authority who can help. Poipuowners.org is currently in legal battles trying to get the list of all Poipu owners which DRI will not release even though they are obligated to under Hawaii law.
For anyone looking into whether or not to buy from Diamond Resorts International, don't do it. You could end up like owners on Kauai or in "The Hawaii Collection" or like those in Europe dealing with a similar situation (see www.drip.enjin.com).
