As the former President of The Board, and a current owner, I can state unequivocally that the Association is being well run and properly funded. When the Developer defaulted, they left the Association with a very poorly constructed budget, and some deficits. Those issues were corrected through:
1.) Budget cuts to eliminate non-essential services (e.g., $1,200 a month for a security company).
2.) Adopting a very strict collections policy and finding an attorney with a proven record.
3.) Adding a bad debt line-item in the 2009 budget to cover non-paying owners.
4.) Asking owners to pay for some services individually (as opposed to bulk contracts) such as cable television and water.
5.) Continually monitoring the budget to for additional cost-saving opportunities.
The result is that all vendors have been paid in full, we can cover all projected expenses, and the community is being properly managed. Our HOAs are collected monthly and represent the true cost of operating the Association. That is, unlike many developer-operated properties, no one is subsidizing our dues.
The current Board is very active and is comprised of all full-time owners and Bank of America. Most owners are active and care about the property. I would caution you that the Board and property management company have strict rules in place to ensure the community remains well-maintained and secure. Strict rules are in place regarding tenants, guests, and collections, and I would recommend you read the governing documents and related resolutions to ensure that you are knowledgeable about the restrictions.
Lastly, I would encourage anyone interested in buying to both browse the community website at: http://www.reserveatnaples.org
as well as review our financials and budget. The community is seeing most of the delinquent owners being foreclosed on, and the foreclosed units being under-priced. As a result, the foreclosures are being resold quickly. If you live on property, you know the construction is superior to most other condominiums or townhomes, and that most owners and renters are either young professionals or retirees wanting to either downsize or have a second home.
I hope this is useful information.