• Owners recently received a budget package with information reflecting two different 2009 budget versions that the condominium association board was considering at their October 27 board meeting.  Owners were asked to provide their feedback to Brian Schomacker prior to the meeting. There were a few owners who needed clarification on the issue of how this allocation change between the condominium association and the rental program affected SunStream. Some thought that the expense allocation was going to SunStream directly. This is NOT the case.
   

• Approximately $106,000 worth of expenses are being paid by the rental program, when in fact these expenses really belong to the condominium association. What this means is that the condominium association expenses will increase by $106,000 in 2009, and the expenses of the rental program will be reduced by approximately $106,000 in 2009. There is a minimal benefit to those owners that participate in the onsite rental program, but no direct benefit to SunStream.
   

• Here are the results of the October 27 board meeting to approve the 2009 condominium association budget:

1. The board approved a motion to recommend to the owners to increase the funding of reserves from 40% of full funding to 50% of full funding.  Their intent is to increase this percentage year by year until the association is at full funding.

2. The board approved the 2009 budget.  This budget contains the complete implementation of the revised allocations between the condominium association and the onsite rental program. Owners should have already received their 2009 budget and annual meeting package, which was mailed on November 4th.

3. The board approved a motion to write off the accounts receivable on foreclosed unit 503 in the amount of $22,523.65.  There is a remaining credit balance from the 2006 concrete project, so there will be no assessment to the owners.

4. Dean Bagnola was appointed by the board to replace Doug Blair’s vacant seat.

5. The board accepted member Jim Groenewald’s resignation.

6. There will not be an election for officers of the condominium association this year.  The terms for owners Alice Bell and Don Fluegel expire this year, and both are the only two running for office.

• Rental Program Financial Results for the third quarter of 2008:

1. Net distributions through the third quarter 2008 are up 12.3% over the same period last year.

2. SunStream’s management fee income from Pointe Estero is up 8.3% for the same period.

3. Average daily rate was up by 9.3%, while occupancy was down 2%.

4. As of November 1, there are 57 units in the onsite rental program.

• Projections and Pacing –

1. With the state of the economy, we are cautiously optimistic on the fourth quarter rental projections. October finished $7,000 behind last year as travelers tightened up on their travel plans, however November is pacing $9,000 ahead of last year. December 2008 and January 2009 are also pacing ahead of last year, however we know that economic woes could cause these projections to change on a daily basis. With fuel prices declining, we are seeing more reservation activity.

• The housekeeping and maintenance departments have completed 46 unit deep cleans, with 11 more to be completed by year end.
   

• Mystery Shopper Score – SunStream arranges for an independent mystery shopper to stay at Pointe Estero twice per year to let us know how the staff is performing. The company that performs this shopper service measures over 17 critical areas including front desk, curb appeal, public areas, individual rooms within the unit, ongoing guest contact, management, etc. In August, the staff received the results of their mystery shopper and achieved a score of 99.45%, which is the highest score they have ever achieved! All critical areas received a score of 100% except for registration (97%) and check-out (96%). Any owner who wishes to review any of the mystery shopper reports may do so by contacting General Manager, Brian Schomacker. Congratulations to the Pointe Estero onsite team!

General Manager’s Notes

I hope this newsletter finds you well.  Fall is in the air at Pointe Estero.  It is a welcoming relief to have the cooler fall temperatures along with a noticeable drop in the humidity.

The American Sandsculpting Championship took place on the beach over the November 7 weekend.  World class sand artists created amazing pieces in front of the Holiday Inn and the Outrigger resort. I noticed many owners were in-house to enjoy the festivities.

Preparations are being made for our 2008 Annual Meeting.  If you are in town, please join me at our owner’s cocktail party which is held on Thursday, December 4th.  You will find us at the poolside gazebo at 6pm.The annual meeting will be held on December 5th at 1pm.  It will take place in the GullWing Resort’s 8th floor conference room.  After the Annual Meeting, the Board will convene for an Organizational Meeting.

With Thanksgiving, Christmas and New Years right around the corner please give us adequate notice if you intend on using you unit during these busy periods.

As always, please contact me here at the property if I can be of service.  My number is 239-765-1155, ext 7005, or you can reach me by email at BrianS@Sunstream.com.