The EmeraldBay at Key Colony

We ask all residents to please pay close attention to your local News Station for updated information concerning Tropical Storm  Fay.               

Please make sure to bring in umbrellas and any items that may be blown away or become projectiles during bad weather. Residents leaving their units are asked to kindly close their shutters, in case of severe weather during hurricane season.  

By following these preventive measures, you will not only help protect your property but those of your neighbors.   

Thank you,  Management             

There will be a Board of Directors Meeting on Tuesday August 19, 2008 in the Parlor. In case of bad weather it will relocate to the library.

Unit Owners EmeraldBay Condominium Association 

Subject: Report from the Board of Directors 

Dear Unit Owners, 

As you know, the real estate industry in this country is undergoing a crisis, with Florida and California among the most affected. Many owners have not been able to keep up with their mortgage payments and many properties are being foreclosed by lenders. 

While we at The EmeraldBay have not been immune to this crisis, so far the unit owners who have fallen behind on their payments are few in number and there have been only two units foreclosed on. 

Nevertheless, we are facing some loss of revenue to our approved budget because when a unit gets foreclosed, the Association receives only the equivalent of six months of maintenance, or 1% of the value of the mortgage whichever is less, and usually this is less than the amount owed in unpaid maintenance. So far we have been able to absorb such losses by reducing our controllable expenses and we have therefore not had to resort to a Special Assessment to cover the short fall. 

The Board of Directors has the fiduciary responsibility to prudently manage the resources of the Association.  We want to assure you that we are doing our best, in conjunction with our Manager Ms. Susie Pennell, to manage this situation. We will continue to monitor developments and keep you informed. 

As we look for ways to protect the Association from possible future losses, we have determined in consultation with our attorneys that a change in the rental lease agreements used in our building is in our best interest.  

Therefore, effective immediately all rental leases for units in our building will require that both the owner and the renter sign an addendum whereby both agree that if the owner falls behind on maintenance or assessment payments, the renter will be required to make future rental payments to the Association instead of to the owner until the owners maintenance is brought current. This will provide legal authority for the Association to recover any maintenance due from rental monies, remitting to the owner any remaining balance. 

For the Board of Directors,  Nicolas Valls, President

Click here to see the designs and an artist’s rendition of the general appearance for the new trellis, walkway, canopy and social areas. 

All residents who plan to be absent during the hurricane season must prepare their apartment prior to their departure by:

It is the resident’s responsibility to close all their shutters! Close all your shutters before you leave for the summer. If you are unable to close your shutters residents must designate a responsible firm or individual to care for their apartment. The Emerald Bay staff will not be able to help individual units as their responsibility lies with securing the EmeraldBay building and grounds.

HURRICANE WARNING: Means a hurricane is expected to strike within 24 hours or less.

Welcome to The EmeraldBay blog. To leave us your thoughts, please click on Comments below each news items.