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Latest News Articles:
Daily Business Review Video Interview
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Waterstone I Master Association's independent "ONE Waterstone" Town Hall Meeting This meeting was not an official South Dade Venture CDD (District)-sponsered event/presentation of the ONE Waterstone proposal and as such the District does not validate any of the statements, representations, or claims made during this independent public meeting. Although, some elected officials from the District were present at this meeting, they did not offer any information regarding the District's provided ONE Waterstone proposal. Therefore, any claims, views, opinions, representations, or statements made during this audio recording may not reflect the official information as provided by the District
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One Waterstone Article
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What is the ONE Waterstone proposal? How are Waterstone homeowners currently overpaying for their clubhouse maintenance? How can the ONE Waterstone proposal save homeowners money? What sort of changes should I expect if the CDD became responsible for the clubhouses? What is needed to make ONE Waterstone a reality? How can I help ONE Waterstone become a reality? Where can I get more information about ONE Waterstone? What is the ONE Waterstone proposal? ONE Waterstone is an innovative way to dramatically decrease the amount Waterstone homeowners pay for the maintenance of their clubhouses while actually adding a second clubhouse and bringing the Waterstone I and Waterstone II communities together. It is the simple idea that each Waterstone clubhouse (Waterstone Grand and Waterstone II Clubhouse) can be conveyed to the South Dade Venture CDD (Waterstone's CDD) at the minimal cost of closing. By doing so, ALL Waterstone homeowners will become the owners of both clubhouses, through the CDD, and the maintenance associated with these clubhouses will be collected via the annual tax bill instead of the monthly association dues. How are Waterstone homeowners currently overpaying for their clubhouse maintenance? Every Waterstone homeowner is currently required to pay monthly fees to maintain one of the two Waterstone clubhouses (Waterstone Grand or Waterstone II). However, did you know that these same homeowners are also covering the costs of those homeowners that are not paying their monthly fees? With our current financial climate, it is estimated that some Waterstone neighborhoods have a delinquency rate as high as 40% not paying their monthly association dues. In that case, it is up to the paying homeowners to cover these cost deficits. Additionally, there are other related costs associated with the collection and legal processing of these bad debts. In some cases, this means that Waterstone homeowners are overpaying by as much as $40 every month (or $480 a year) to cover these bad debts. (Back to Top) How can the ONE Waterstone proposal save homeowners money? There are two basic ways ONE Waterstone can save Waterstone homeowners money: 1. Eliminate Paying Others Bad Debt: If the CDD were to acquire both clubhouses, the clubhouse maintenance costs would be collected through the Homeowners' annual tax bill (CDD annual assessments) instead of the monthly Home Owners' Associations (HOA) monthly dues. Because of this method of collection, the CDD collects nearly 100% of its revenue from ALL of the Waterstone homeowners; even if the home is in foreclosure proceedings. Under the ONE Waterstone proposal, homeowners would no longer be paying clubhouse maintenance costs for those homes that are not paying (bad debt). This factor alone could result in a $10 to $40 monthly savings on your HOA dues! 2. Exclusive Cost-Saving Advantages: There are several cost-saving benefits that the CDD enjoys over the traditional HOA's, which further helps the CDD maintain both clubhouses for the current cost of just one! The CDD enjoys a tax-exempt status which reduces operation costs related to the purchase of goods and services. Because the CDD is a local form of government, it also enjoys "sovereign immunity", which dramatically reduces liability exposure and, therefore, annual insurance costs. This is an estimated annual savings of $40,000 -$50,000! What sort of changes should I expect if the CDD became responsible for the clubhouses? Waterstone residents should expect the same standards of excellence they have come to experience throughout all of the CD- maintained areas of Waterstone. The CDD would propose to merge the landscape and architectural themes adopted throughout Waterstone while maximizing the esthetics and appeal of both facilities. This new cohesive look is sure to add value to the community without any additional expense to its homeowners. All Waterstone residents will have the option of utilizing either facility. Additionally, community-sponsored events, meetings, and private party rentals will continue as usual. If approved by all parties involved, it is projected that Waterstone homeowners would be expected to pay $318 a year (or ($26.50 a month) for the maintenance of two clubhouses instead of paying their monthly HOA $30-50 a month for the maintenance costs and bad debt of one clubhouse. What is needed to make ONE Waterstone a reality? All that is needed to make ONE Waterstone a reality is for the Waterstone I Master Association and the Waterstone II Master Association's Board of Directors to approve the conveyance of their respective clubhouses to the South Dade Venture CDD. If this transfer of ownership can occur before June of 2011, the CDD and the 16 Waterstone neighborhood HOA's can coordinate the adjustment of their respective 2012 budgets in order to officially begin in January of 2012. How can I help ONE Waterstone become a reality? Contact your respective Master Association's Board or Directors via their management service and let them know that you are supportive of ONE Waterstone. Waterstone I Master Association Waterstone II Master Association Where can I get more information about ONE Waterstone? Look for further details and updates on this website or for questions, please contact a CDD Board Supervisor or CDD management member. With your support, we are optimistic that ONE Waterstone will be successful in reducing costs, providing more services, and bringing together one of South Florida's most progressive communities.
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