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Re: maintenance fees (by Henry S.):

Hi, I am a Harborside at Atlantis Phase 2 Owner. here's our issue(s)

Since 2004 our MF have risen from $1800 (I own a three bedroom lock off) to $3150. It is clear that the Directors of our Association are doing what is good for Starwood and Kerzner (developer). One director works for SW and the other works for Kerzner.

The collective management fees for Harborside II now exceed $3.2 million a year. The total HOA fees are close to $20 million a year...

As an example of the sheer audacity of these guys... the fees paid to Paradise Island Tourism Development Association at $52,475 are for a website owned by a third party marketing company. It does nothing except promote all Atlantis/Kerzner related properties and take reservations. Harborside is promoted among the other Atlantis properties, say 12% of the site. ...the company has no google ads (no costs), does not purchase any keywords.

So ...Who benefits by this gargantuan yearly fee?

All the uncollected HOA fees, which are about $1 million are charged back to us fractional owners. If a unit is foreclosed upon, when are they actually sold? No accounting...If sold, are some of the proceeds used to make the HOA whole again for that fractional share's unpaid fees ..I think NOT. No accounting for any of this.

Any inquiry as to the nature of the costs, if services are being bid out, or inquiries about what is actually delivered is met with stonewalling or deflections.

Am speaking with a few lawyers about a class action suit against the Association as they have breached their fiduciary duty to the fractional owners. I would say HR 1 could benefit by coming on board.

Any information or enlightenment you can share with us would be appreciated.

Feel free to call and discuss

Henry Siegel 323.680.5411