I have heard that the LTFC has discovered that one of our Big Canoe property owners has called some of the “similar communities” that charge a Capital Initiation Fee and that the LTFC listed in their 1st set of FAQs. That property owner has provided me with copies of his faxes.
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From the Smoke Signals FAQs:
Q. What other similar communities charge a Capital Initiation Fee?
A. The committee did research and surveyed other communities. Many charge a transfer fee, initiation fee or capital reserve fee. The list below is just a sampling of the communities we found with such a similar fee:
Coosawatee River –$3,000 Flat Fee
When the LTFC learned that their numbers were being checked, they did some more research and changed the above number in their 1st set of FAQs.
The Coosawatee River Fee is actually a $400 Fee, not a $3,000 Fee.
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Do you want another example?
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From the 1st set of LTFC FAQs:
Reynolds Plantation — $65,000 + $475/month for amenities
I’m currently looking at a fax of the “The Club at Reynolds Plantation Membership Summary.”
The $65,000 is actually an Initiation Deposit, which is fully refundable when a member resigns from the Club.
Under the Property Owners Association section, there is a $750 initial POA fee charged each time a property changes ownership.
In other words, the Reynolds Plantation Fee is actually a $750 Fee, not a $65,000 Fee.
I have faxes from the other so-called similar communities and they also show that other errors exist. I will publish more if the LTFC wants.
Would the LTFC please re-verify their numbers, publish those new numbers and provide the property owners with the addresses and phone numbers of all of these communities?
Thanks
5 users commented in " How factual are the LTFC’s CIF FAQs? "
Follow-up comment rss or Leave a TrackbackIf what is shown above by Pete Shead is true, then our POA Board or agents have done a poor job of selling this fee. To make an error of this magnitude pollutes the whole concept of a
capital fee a la Big Canoe.
Why is it necessary for any of us to have to
check every little statement from the POA as to
it’s veracity. Do complete staff work and this won’t be a problem in the future.
Haven’t heard from the LTFC or the POA board on the so-called “similar” communities, so let’s investigate one more.
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From the LTFC 1st set of FAQs:
Brays Island –1.5 percent of Purchase Price
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No, this is not true.
Brays Island has a 1.5 percent “Marketing” Transfer Contribution Fee. It is not a “Capital” Initiation Fee.
Brays Island does have an “annual” Capital Contribution; more on that later.
Let’s get to know Brays Island a little better.
Brays Island has only 325 home sites located on 5,500 acres.
The homes at Brays Island are priced at $1,000,000 to $6,500,000.
The Brays Island monthly dues are $1,535 monthly or $18,420 yearly (this fee includes golf, hunting or any of the amenities).
Brays Island does have an “annual” contribution to fund their long-range capital needs. This “year” that contribution is $3,300 per owner. Yes, you read it right; Brays Island has so few owners and so many facilities that they pay a Capital Fee of $3,300 “every” year.
The Big Canoe POA Board and the LTFC can only wish that Big Canoe and Brays Island were similar. Brays Island, with its $1,000,000 plus homes, is not similar to Big Canoe.
Want to see more? Visit the Brays Island link below:
http://www.braysisland.com/re_listings.php
It just keeps getting better:
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From the LTFC 1st set of FAQs:
Hampton Hall –$3,000 Flat Fee
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No, this is not true.
Hampton Hall has a one-time Capital Fund Contribution of only $732.
(There is a one-time Club Membership Fee of $3,000.)
Want to see more? Visit the Hampton Hall link below:
http://www.hamptonhallsc.com/
There are many more factual errors that I could post here; but I’m getting tired of doing so.
Therefore, the question is (putting it nicely): When do too many factual errors become intentional errors?
Again, would the LTFC please re-verify their numbers and publish the new corrected numbers? Would they also provide the property owners with the copies of each of the similar communities’ fees and other facts sheets.
Would the LTFC members please re-read Promise Number One of The Six Promises located at http://www.thesixpromises.blogspot.com/ ? This promise also applies to them.
Some of the so-called similar communities for your visiting pleasure:
Belfair
http://www.belfair1811.com/
Colleton River Plantation
http://www.colletonriver.com/
Long Cove Plantation
http://www.bluechiphiltonhead.com/long-cove-plantation.htm
Moss Creek
http://mosscreekonline.com/
The LTFC Chairman has been furnished with many instances of unacceptable errors in his FAQs and incorrect information in his Smoke Signals article, and he has been asked to correct those mistakes. A first step would be to publish an Internet Smoke Signals On-line set of corrections, and then to email the corrections to all of the property owners (as were the other erroneous information).
The Chairman has been furnished proof of his errors and he has done nothing to correct them as evidenced by the publications that continue to be distributed at the Big Canoe post office quoting the same erroneous data/information.
In my opinion this POA Board will stop at nothing in their attempt to have the proposed capital assessment approved. Unfortunately, the other CIF players seem to be of the same mindset.