Last edited 11/27/2002
Some time ago the property management company (Golf Coast Realty, Inc) for the Marsh Harbour Resort (Marsh Harbour Golf & Yacht Club Interval Ownership, Inc.) notified the Marsh Harbour Board of Directors of a potentially serious latent defect in the timeshare condominium buildings. The problem is in the synthetic stucco product which was originally applied to the buildings at the time of their construction. The synthetic stucco product captured moisture which was retained in the building walls causing rot to the stucco substrate and in some cases, structural features such as joists and studs.
In an effort to protect the Homeowners Association from solely funding extensive repairs, the The Board of Directors authorized the Homeowner's Association to join into a class action lawsuit against the collective manufacturers of the synthetic type stucco. In February, 2000 the Board of Directors agreed to a settlement before the lawsuit was to go to trial. In that settlement, the primary stucco manufacturer, Bonsal, paid out $103,634 to the Marsh Harbour Homeowners Association for the purpose of funding repairs to the buildings caused by the synthetic stucco product. This settlement represents the maximum amount which the Board of Directors could expect to receive from this action.
The total cost of repair is unknown. Detail estimates for the repairs to the buildings cannot be completed until each building is stripped of the exterior synthetic stucco siding. Then, upon inspection to the stucco substrate and building members, a more accurate estimate for repairs can be made.
The Board of Directors authorized the use of the settlement funds to investigate and estimate the cost of the total repair by using a test area of one of the buildings. The most suspected damaged area was chosen, the area consisting of all of the exterior of Unit #12, and the rear of Units #11, #15 & #16 which comprises an area of approximately one third of one building.
The Board of Directors reviewed the costs of the repair to the test site at the Annual Meeting on May 6, 2000 and decided to continue the repair to the Phase II building in the fall of 2000. Repairs during the summer prime season were not considered since reconstruction would interfere with our owner's and RCI exchange vacation plans.
The remainder of the Phase II building was completely redone in October, 2000. The building looks new again. The rear pool side of the Clubhouse also was repaired. The Phase I building will need to be repaired in the same fashion. We expect the repair of the exterior of the Phase I building by year-end, 2002.
The rear of the Phase I Building was repaired in October, 2002. The exterior stucco was removed in some places where damage was evident. The building was structurally repaired and new dining room windows were added where there had been sliding glass doors previously. The building is now in good shape, but further repairs to the front of the building will be required.