Jerry,
DON'T unleash your anger on Mike as he has done nothing but speak the truth!
YOU lost your rental due to the ineptness of Frank and Charlie.
Jerry, I looked up your units and they're OCEANFRONT while Mikes's are CITYSIDE, so how does his problems and post bear on your rentals?
When's the last time you visited The Ocean Manor and saw the problems first hand?
TRIP ADVISOR comments by guest's have set the tone on rental loss, NOT Mike.
Frank is $250,000.00 behind in Condo Maintenance, if that was me, you or Mike, we'd be foreclosed on already.
Frank and Charlie made a loan from The Israeli Discount Bank in Aventura for 2 million dollars and have reneged on payment, and now the bank will be placing a reciever in the building.
To whom do you want Mike to go to?
Rick the Cam who can't say a word to Frank and Charlie?
Ask Frank how he's going to pay out the 7 Million he owes
THE HARD MONEY LENDER whom he borrowed from at 18% when he can't come with $250,000.00?
So between The HARD MONEY LENDER and
The ISRAELI DISCOUNT BANK, who's going to be running The Ocean Manor.
I understand your frustration Jerry, BUT PLEASE SEE THE LIGHT before you blow up at the good guy.
And yes Jerry, I'm anonymous, as that's my choice.
Posted by Anonymous
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As I understand it, the loan from the Israeli Bank, was the Three Million Dollar Loan that the Board took to pay for the windows. The Board put the building up as collateral. At first we were making payments, then just interest, and now no payments for a couple of months. Frank claims that he is renegotiating the loan and not only will he lower the payment, but also the interest rate, and the principle. He further states that the Bank does not want to run the building. There is definatley talk of appointing a reciever. and to comment on the post above , Frank and Charlie are anything but inept.
ReplyDeletePlease enlighten me about what happens if the bank take receivership? Is there any chance that the rooms owned by the hotel could be sold off? Or does this become another burden to the individual owners, who don't have any control over what the "board" decides.
ReplyDeleteFrom what I heard it would lower the payment amount and increase the years from 5 years to 20 years! The main reason the loan is in default is because frank is behind on his window payments.What is going to happen in two years when everyone paid Ocean Manor all of the window payments,and there is still 15 years left on the loan?
ReplyDeletePART ONE
ReplyDeleteSince there is so much on the Open Letter to me, I decided to give my response point by point.
DON'T unleash your anger on Mike as he has done nothing but speak the truth!
(Mike spoke the truth as far as HIS apartments that are DIRECTLY ON TOP OF THE LOUNGE. He spoke as though this was a pervasive situation throughout the whole building which is not the case. This is NOT good publicity. Or is that lost on you.)
YOU lost your rental due to the ineptness of Frank and Charlie.
(I would LOVE to hear your logic on this one. How did I lose rent because of Charlie and Frank? They didn’t write that blog, Mike did.)
Jerry, I looked up your units and they're OCEANFRONT while Mikes's are CITYSIDE, so how does his problems and post bear on your rentals?
(Aside from validating my opening point, how does this statement prove your point??
You really don’t get it!! HE MADE IT SOUND AS THOUGH THERE WAS A DIN THROUGHOUT THE BUILDING!! Any renters not familiar with the building would be frightened away, AS WAS MINE!!)
When's the last time you visited The Ocean Manor and saw the problems first hand?
(I visit OM frequently. I would be more than happy to meet you in person and discuss this situation. I will be in town for a couple of weeks in November. The last time I was there was for 5 weeks in May – June. Prior to that, 3 weeks in January. Is this enough or should I continue?)
TRIP ADVISOR comments by guest's have set the tone on rental loss, NOT Mike.
(Again you prove my point. We have enough bad press without we (the owners) adding fuel to the fire. This could have been handled differently. Why does everyone fear Charlie and Frank. When I have a problem to discuss, I meet with them and discuss it. What would be the problem with others doing that instead of venting in this PUBLIC forum? I have NEVER had cause to feel threatened by them.)
Frank is $250,000.00 behind in Condo Maintenance, if that was me, you or Mike, we'd be foreclosed on already.
(This may be true, however what has this got to do with Mike posting a blog on noise …Again, let’s publicize internal stuff and scare away potential investors. This doesn’t make a whole lot of sense to me! I don’t even want to know your point posting this because it would give you a chance to post something again, in public, that everyone already knows.)
Frank and Charlie made a loan from The Israeli Discount Bank in Aventura for 2 million dollars and have reneged on payment, and now the bank will be placing a reciever in the building.
(Based the subsequent posts below your post, it seems you only have misinformation. And if the loan was for the windows, why aren’t you mad at the owners who refuse to put in the windows as they were supposed to do? These 10 people are making the building look like crap because of the unconformity of the look and also create a real hazard for the entire building. If we ever get a big storm as we did 4 years ago, those old windows will cave in and screw up the interior of the building. Then on top of that, they pursue these frivolous lawsuits that cost us (the owners) more association money to defend ourselves. Why aren’t you venting at them?)
PART TWO
ReplyDeleteTo whom do you want Mike to go to?
Rick the Cam who can't say a word to Frank and Charlie?
(I believe I answered this above)
Ask Frank how he's going to pay out the 7 Million he owes
THE HARD MONEY LENDER whom he borrowed from at 18% when he can't come with $250,000.00?
(Now we’re up to 7 million and 18%??? And again with the 250K)
So between The HARD MONEY LENDER and
The ISRAELI DISCOUNT BANK, who's going to be running The Ocean Manor.
(With your attitude I guess you should feel that anyone would be better than Frank.)
The point I was trying to get across (apparently without much success based on the reply I received) is that we can’t afford to keep posting stuff that puts this place in a bad light. Once it’s put out on the web it is accessible to the whole world.
What good did Mr./Ms. Anonymous’ post do? What did he/she bring out that is a solution to any problem? When I was in business I would tell my folks not to tell me about the problems (I probably new about them already) just tell me the solutions to the problems. Anyone have any solutions? Do any of you think you could be a better association leader than Charlie? Better yet, who wants the job? Has anyone tried speaking with Frank and Charlie? I have had a few problems on which I wanted resolution. We had a discussion (a pleasant discussion I might add) and believe it or not they actually SOLVED the problem!! Holy Mackerel, imagine that!!
Try it, it just may work.
And don’t tell me I’m naïve, I have more experience with this type of stuff than you can imagine.
Jerry Guiro
Dear Jerry, I checked the property appraiser's site to see when you purchased your units. I see the first unit was purchased in 2005 and the last 2 in 2009. There have been major issues with this building long before you bought your first property. The blog has also been in existence for quite a few years as well. I believe it was created out of frustration because of the problems in the building and absolutely no communication from the condo association. Although your concerns are well founded they do not address just how you would like the homeowners to communicate if not through the blog. We all have investments that we would like to see preserved too. The blog provides a tool to keep property owners adevised of what is going on in the building, both positive and negative. With all due respect, perhaps you should have done your homework before purchasing two more units.
ReplyDeleteSo now my business acumen is being questioned. Based on the fact that the real estate market was at one of the lowest points in many years, the fact the real estate outlook at the time had all signs of starting to move upward, the fact that I bought the 2 units at what I considered a very cheap price and the fact that this is super prime ocean front real estate in one of the hottest spots in Florida, I think I made just a fine investment decision. I am not in the habit of making bad investments. Would love to say I never made one but I have a pretty good batting average. If this one turns out to be a bad one, so be it. We’ll see what the long run holds since I didn’t buy here to sell quickly. Besides, I kind of enjoy this investment. But I would like to thank you for being so concerned about my investment.
ReplyDeleteHowever if you all don’t mind, I think I’ll let history judge the wisdom of my investment, not you.
BTW, the blog was started after I bought my first unit.
I think communication between owners is a fine idea. The problem I see is that quite a bit of information that I see on this blog I would classify more as nitpicking and backbiting rather than good information used to strengthen our investment.
I can see this is going to go on and on and on. My original point about posting garbage, which outsiders would look at as reason not to come here, has been lost. I think I’ve had enough.
Respectfully,
Jerry
Hey Jerry!!
ReplyDeleteGlad to see someone who is interested in the welfare of our building. I have been around as a dues paying member longer than anyone in the building. the truth of the matter is when I am trying to sleep, I am constantly awoken by rowdy patrons at the Tiki Bar. "THERE {is}WAS A DIN THROUGHOUT THE BUILDING!! "Any In the past, and in our condo Bye Laws plainly state that the Tiki Bar should not be operated after 11pm. I am on the ninth floor. Frank's management of the commercial operation is a "pervasive situation throughout the whole building", in my experience. In the past, when Darlene was running things for the Condo Association this was never a problem. The lounge downstairs was three deep at the bar with older, more genteel customers.
As to Frank and Charlie's, "ineptness" {which is anything but inept, already been pointed out by another anonymous dissatisfied association member} The decision to discharge our homeowners security from the elevator bank, and continuous hall patrol, would point to the obvious. The people who have lost rental income, may attribute it to the poor "TRIP ADVISOR comments by guest's" .We are supposed to be happy that Frank has security that he is paying for. They are some nice guys, but they have their hands full with Franks bar crowd. They are not looking into the high jinks that go on in the hallways at night.
I visit Ocean Manor quite a bit myself, last time I was down{other than for court appearances}was for Easter Break with my family. What a pity it happened to coincide with spring break. Talk about an eye-opener! I do not fear Charlie and Frank, however many of our older residents do.
Frank owes 250K, Carolyn Chin is over 350K, that is not "noise" . That is something that should be communicated to other association members. Again the "receiver" for the building is something that all members of the association should be made aware of. I would personally welcome that it would be refreshing to see our building run by our Bye Laws. I am One of the " 10 people are making the building look like crap". When I shopped my windows I found that I was being charged about 17 k more than I should have been. I too make many business decisions, not all of them correct but I decided not to lay down, and fight for my rights. I have been affected, the windows have not been properly sealed around my unit and I have been taking on water, I am not alone. When we " get a big storm as we did 4 years ago, those old windows will cave in and screw up the interior of the building", and yes there will be more law suits.
I do feel that "anyone would be better to run the building" than Frank and Charlie. I would welcome a receiver, whom would use an outside management company to run the day to day operations, keep honest certified books, and hopefully keep our building "ours".
I will be down the first week of November, I can usually be found in my cabana during the day, when I am not busy with lawyers. Stop by for a drink!
Donald J McLoughlin
Hi Donald.
ReplyDeleteI will be down late afternoon on Nov. 6. Would love to meet for a drink. Just name the time and place.
I don't know you but I know about you. Would love to hear your take on what is going on, in person. I don't necessarily ascribe to your agenda but you are entitled to your opinion. I would love to hear your reasoning without the encumbrances of writing on this blog.
All the Best,
Jerry
Jerry,
ReplyDeleteDo not act like you do not know what is going on.I am sure you would love to meet with Don to make sure he is fighting to protect your investment also.
I agree with Donnie's statement about welcoming a receivership. It might turn things around in a positive light and the owners would finally know where their money is actually being spent!
ReplyDeletere: property appraiser's site
ReplyDeleteId for 915,1105,910,214 ect., ect., ect. has pending payment since 2008. This OM building looks doomed.