Dear Mariner House Interval Owners,
I am writing to provide you with an update regarding the interval giveback program that the Board of Directors temporarily adopted and quickly cancelled. The original intent of this policy was to provide owners in good standing a way to dispose of their intervals without defaulting on fees. The initial policy was to cap Mariner House Condominium Association-owned intervals at 10% of the total number of intervals (144). At the time the policy was adopted, the Association owned nine (9) intervals.
One issue leading to the quick cancellation of the policy, besides the fact that it was met with negativity by the owners at the annual meeting, is that four (4) intervals have been sent to the Association’s attorney to begin the foreclosure process. Once these are finalized, the Association will own thirteen (13) intervals.
The Association’s annual budget covers the costs of maintaining the property and the associated 144 intervals. Therefore, the other 135 owners are bearing the cost of the association-owned intervals. Additionally, Mariner House would potentially have to deal with
a large number of aging owners looking upon this program as a respite, thus foisting more expense upon existing owners.
Therefore, after receiving negative comments from the MHA general membership and after a careful review of Mariner House’s current and future financial context, it has become clear that the experimental buy-back program is not in the best interests of the membership, or of the financial viability of the property itself.
Mariner House has seen a decrease in sales over the past several years. Additionally, it is believed that the current Covid-19 pandemic will further retard any future purchases in the short term. However, the Board will continue to work assiduously to actually reduce the number of MHA-held units, rather than to increase them in any way, including through buy-back from owners.
In closing, the Board apologizes for any inconvenience, but feels such a program puts the Mariner House in a difficult and unsustainable position.
Mariner House Board of Directors