Tuesday, August 9, 2022

  FOR FULL ACCESS TO SITE CONTENTS - PLEASE REGISTER

URGENT!!!

HUGE INCREASE IN THE COST OF FIRE INSURANCE MAKES A SPECIAL ASSESSMENT NECESSARY

On March 17, 2022, the Board received proposals for the renewal of its fire and other insurance,
which renew on March 22, 2022, reflecting an unprecedented 162% increase in
premiums for fire insurance from $482,494 last year to $1,262,482.
Over the prior
ten years the annual increase has averaged 11%.

On March 20, 2022, the Board met in an Emergency Board Meeting to deal with the problem.
The Board approved the following Special Assessments:

185 Class I Owners--$4050 payable $450 per month starting April 2022 for nine months,
provided if paid in full by April 30, 2022, a 5% discount applies requiring a payment of $3848.

6 Class III Owners--$1500 payable $167 per month starting April 2022 for nine months,
provided if paid in full by April 30, 2022, a 5% discount applies requiring a payment of $1425.

Owners will be separately invoiced.

FULL EXPLANATION CAN BE FOUND HERE

MINUTES OF EMERGENCY BOARD MEETING CAN BE FOUND HERE

 

2021 AUDITED FINANCIAL STATEMENT HERE

BUDGET 2022 LETTER HERE

NEW PAGE--OWNER FORMS

FORMS TO BE SUBMITTED FOR MULTIPLE REASONS INCLUDING SHORT TERM RENTING, GUEST AUTHORIZATION AND MOORING REQUESTS ARE NOW AVAILABLE. SEE OWNERS FORMS TAB.

NEW PAGE--ARCHITECTURAL COMMITTEE

Matters involving the Committee

 

DO NOT FEED THE DEER. SUBJECT TO A FINE.

 

URGENT!  URGENT!! URGENT!!

CATALINA HAS THE HIGHEST WATER RATES IN CALIFORNIA.

184% OF THE AVERAGE OF OTHER SIMILAR WATER COMPANIES.

THE NOTICE EDISON SENT FALSELY REPRESENTS WHAT IS TRANSPIRING.

EDISON HAS TWO PLANS. PLAN A IS BASED ON TRANSFERRING $30,000,000 IN PAST COSTS TO ELECTRIC RATEPAYERS. THIS IS BEING FOUGHT BT
CAL ADVOCATES AND THE UTILITY REFORM NETWORK (TURN). IF THIS PLAN SUCCEEDS THE SERVICE CHARGE TO RESIDENTS WILL
INCREASE
141% BY YEAR 5 AND RATES BY 221%. WATER BILLS WILL BE OUTRAGEOUS.

IF THE TRANSFER TO ELECTRIC RATEPAYERS DOES NOT GO THRU, VERY UNCERTAIN, EDISON HAS PLAN B.  IT THIS PLAN SUCCEEDS THE
SERVICE CHARGE TO RESIDENTS WILL INCREASE
427% BY YEAR 5 AND RATES BY 600%. WATER BILLS WILL BE EYEPOPPING.

PLAN A IS HERE

PLAN B IS HERE

EXAMPLE OF A RESIDENTIAL CUSTOMER USING 2000 GALLONS A MONTH (65 GALLONS A DAY) HERE

HERE IS HOW THE ASSOCIATION’S WATER COSTS WILL INCREASE:

SCE PROPOSED RATE INCREASES

 

CURRENT

PLAN A

PLAN B

   

YEAR 1

YEAR 5

YEAR 1

YEAR 5

TOTAL

$65,100.89

$75,621.97

$146,924.61

$84,595.53

$323,840.75

% FROM CURRENT

 

116%

226%

130%

497%

YOU CAN ALSO GO TO cpuc.ca.gov/A2010018comments

ANYTIME AND PROTEST WHAT EDISON IS DOING.

___________________________________________________________________________________________________

 

CATALINA ISLAND WATER TUTORIAL HERE

FAQS RE WATER HERE

_________________________________

RESTATED AND REVISED RULES AND REGULATIONS EFFECTIVE 9/21/2019 HERE

SCEHEDULE OF FINES HERE

UNFORTUNATELY, THE MOST FREQUENT VIOLATORS ARE SHORT TERM RENTERS. THE SECOND MOST FREQUENT VIOLATORS ARE THE CHILDREN AND GUESTS OF OWNERS WHEN UNACCOMPANIED BY THE OWNERS. VIOLATIONS BY OWNERS THEMSELVES HAVE BEEN INFREQUENT. HOWEVER, OWNERS ARE RESPONSIBLE FOR ANYONE THEY CAUSE TO BE PRESENT AT HAMILTON COVE. IT IS PARTICULARLY UNFORTUNATE WHEN OWNERS ARE PRESENT AT HAMILTON COVE AND THEIR ENJOYMENT IS DIMINISHED BY OTHERS VIOLATING THE RULES.

NORRIS BISHTON, PRESIDENT

SUMMARY OF INSURANCE 2021-2022 HERE

LEARN ABOUT HAMILTON COVE HERE

2022 ANNUAL DISCLOSURES HERE

2020 RESERVE DISCLOSURE HERE

LARGE ITEM PICK UP HERE

DO NOT PLACE LARGE ITEMS NEAR OR IN THE TRASH BINS UNLESS YOU HAVE DONE THE FOLLOWING:

Each Unit or residence at Hamilton Cove is allowed three large item pick up calls per year. A maximum of two items may be included for each call.  Items included in this program are furniture, appliances, BBQ grills, bikes without the tires and e-waste products such as TV's, computers and printers.  To schedule a pick up an Owner should call Avalon Environmental Services at 310-510-0240.  Avalon Environmental Services will let the Owner know which day it will be picking up the item.  Pick up days are Tuesday, Wednesday and Thursday.  The item needs to be taken up to our maintenance building area and placed near the large trash bins.  On a piece of paper attached to the item the owner should write the date the item will be picked up and their unit or residence number.

                                      ___________________________________________________

FINANCING AND REFINANCING A UNIT

    Some Owners and prospective Owners have difficulty financing their Units.  The problem is that some lenders are concened that Hamilton Cove is a condotel.  Hamilton Cove is not a condotel and it does not meet the definition of a "condotel". The Association does not have a rental pool or a rental desk.  It does not participate in rentals in anyway.The second problem is that a few Units remain as subleases.   Lenders normally require an Owner/Sublessee seeking to refinance or a buyer of a subleased unit to purchase the fee.    

    With regard to subleases, the Association informs lenders as follows:

The Association owns the land where the project is located.  The Association has transferred a condominium interest in fee to most of the Owners. The remaining  few Owners are purchasing the fee interest in their condominiums over time by paying the Association $419.67 a month.  At any time they can pay the remaining balance of the purchase price and obtain the fee interest in their condominiums. These Owners currently have an undivided fee interest in the land where their unit is located and the Common Area. When an Owner purchasing his or her fee interest by monthly payments to the Association sells or refinances his or her condominium, the balance of the purchase price is paid, and the Association then transfers the fee interest in the condominium to the Owner.

    The Association continuously receives forms from prospective lenders which it has to fill out.  While many of the questions are similar, no two forms are the same. The Association will try to assist Owners or prospective Owners with their efforts to obtain a loan.  The best way to obtain assistance is through an e-mail to the Association describing the problem.

    AS UNITS ARE FINANCED OR REFINANCED THE ASSOCIATIONS ATTEMPTS TO LEARN THE IDENTITY OF THE LENDER AND LOAN BROKER, IF ANY.  CONTACT THE OFFICE IF YOU WANT THIS INFORMATION.

   __________________________________________________________ 


A NUMBER OF OWNERS PARTICIPATING IN THE MASTER LAND LOAN ARE EXERCISING THEIR OPTION TO PURCHASE THE FEE, TAKING ADVANTAGE OF LOW INTEREST RATES. INTEREST ON THE MLL IS 6.25%.


 FINANCIAL STATEMENTS

 

MONTHLY COMPILED FINANCIAL STATEMENTS AVAILABLE.
GO TO FINANCIAL STATEMENTS TAB.


TRANSFER FEES APPROVED 4/9/2022

   

    i)  Sale or transfer of a Unit by a Fee Owner–$500;

    ii) Refinancing by an Owner--$500;

    iii) Financing a Unit by a Purchaser to be paid by Purchaser–$500;

    iv) Payment of his or her pro rata share of the Master Land Loan by a Sublease Owner together with the acquisition of a fee interest in his or her unit–$750;

    v) Sale by a Sublease Owner involving purchase of the fee--$750

 

Email the Association