Update 1.6.25-- Happy New Year, Sea Club V Owners!
Published January 8th, 2025
We hope you all enjoyed a wonderful holiday season. We realize it’s been a while since our last
update, but rest assured there’s been a lot going on behind the scenes. One of our primary
focuses has been wrapping up end-of-year responsibilities, including sending out the
Maintenance Fee statements.
We’ve received many questions from owners about potential refunds or splitting payments,
especially since some of you were unable to use your units this year. Here are some important
facts to keep in mind:
1. Insurance Claims Still in Progress:
We have not received any payout from our insurance company yet, as they are still
finalizing appraisals for four separate claims. These claims total an estimated $3 million
in damages and cleanup costs.
2. Funding the Rebuild:
Because we haven’t received insurance funds, we’ve had to start rebuilding using other
resources. Contractors require deposits and progress payments, so in order to begin
construction without delay, your Board voted to use our reserve funds. We had
approximately $750,000 in reserves—significantly less than needed to cover all expenses
upfront—and we are also relying on owners’ 2025 Maintenance Fee payments to keep
the project moving.
3. Avoiding a Special Assessment:
Some neighboring properties, like Siesta Sands, chose to issue special assessments (in
their case, $8,000 per owner) to cover hurricane damage costs. Your Board is committed
to avoiding a special assessment, but without prompt payment of 2025 Maintenance Fees
from all owners, we would have no choice.
Construction Progress & Next Steps
We know many of you are eager for details on our rebuild timeline, especially if you own units
in February, March, or April. We’re working diligently with our contractors, furniture and
appliance suppliers, and utility companies to coordinate a schedule.
Our goal is to reopen:
1. The upper units in the North and Main Buildings first, (units
301,302,303,201,202,203,204,205,206,207,208,209,210,211 & 212)
2. Then the lower units in the North Building, (units 101,102,103,104,105 & 106)
3. Followed by the lower units in the Main Building, (units 107,108,109,110 & 111)
4. And finally the South Building,
(units 112,113,114,115,116,117,118,119,120,121,122,213,214,215 & 216)
We hope to have clearer dates within the next 1–2 weeks. As soon as we have a firm schedule,
we’ll share it with you.
Thank You for Your Patience
Your understanding and cooperation during this challenging time have been invaluable. We’re
optimistic about the progress we’re making and look forward to welcoming everyone back to a
refreshed Sea Club V as soon as possible.
If you have any questions, please don’t hesitate to reach out. Wishing each of you a healthy and
happy start to the new year!
Warm regards,
The Board of Directors & Management
Sea Club V