Comments that appear here have been submitted through the comment form on the previous web page. The opinions expressed are the personal opinions of owners. Contrary opinions are welcomed and will be posted.
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Nov 30, 2013: Gene H.
“All truth passes through three stages. First, it is ridiculed. Second, it is violently opposed. Third, it is accepted as being self evident”. Arthur Schopenhaur
We have observed this phenomena at 3000 over and over, 11 years ago when the lobby plan suggested completely redesigning its entrance, moving the exercise room, management office, and fitness rooms. 8 yrs ago when the front entrance paving project over the worn and hot black asphalt was a war. 7 years ago when the AIA side landscaping project introducing the ‘foreign to 3000 concept’ of automated irrigation, which including updated decorative parking lighting and updated street signage. 6 years ago for rear on-deck lighting, (and we then took home a consecutive year municipal best environmental lighting award for doing so). More recent party room upgrades. 5 year ago floor to ceiling window options for 01,02,05,06 units (where the battle was won in city hall, but the war was lost for the 3000 safety envelope as this is became a vountary option and we will likely pay for this when tiered insurance competition re-enters our marketplace). It should be noted the only 2 units with Floor to Ceiling windows installed sold in record time and at record premiums for these units. The investment not only offered the owners a far better enjoyment of their units, it offered them safety and a 4-5 fold ROI.
Though there are many 3000 projects that still demand and require prioritization by the association due to the lack of reserves in the association, the deck project is by far number 1 priority at this time as it has an exponentially rising costs relative to time and the escalating costs of delay are literally ticking as the garage concrete crumbling accelerates.
It is this owners personal opinion that the electrical busbars and electrical switching equipment, elevator mechanical systems and cabs, keyless access and video security systems, lobby flooring and building finish work should also be addressed ASAP. Unfortunately the South Deck is married to the North Deck for so many logistical concerns and overlaps, I personally recognize the entire deck should be prioritized as a single project when considering all the ramifications of the interrelationships.
Though the South deck may not be urgently imminent, it is high on the repair and replacement list and most of its elements have been on the priority list for the past 6 years when the pool was first addressed by this owner. The water quality was so poor at that time that ones eyes would burn even when wearing goggles, and your bathing suit would literally lose 4 shades of color during your swim from chlorine levels being far above and beyond even the extreme parameters found on the pool test kits. Those issue were finally resolved at that time, but far too many still remain. But, because of the North Deck project being mandatory at this time, it elevates the South Deck priority also to Number 1 as both portions of the same deck surface should be incorporated and staged as a single project at the same time because of the opportunity presented by the unfortunate Loss of Use and additional burdens that the Mandatory North Deck project will create and be imposed for 4-6 months on all owners at 3000. Equally as significant is the huge ROI that the South Deck brings to our property (and pocketbooks) for a relatively marginal investment. To miss this simple business fact, is to miss the entire boat.
The area east of the pool is unsightly and is a classic example of very poor use of space from a 44 year old design plan being retrofitted and patched over for far too long. This is extremely prime real estate, with multi-million dollar ocean views. It is valued oceanfront real estate, the true heart of 3000 and its value and enjoyment is currently being completely under utilized and under realized. Exposed plumbing and electrical conduits are visible everywhere are unsightly, potentially dangerous, and scream retrofit and reflect poorly on the property appeal. Not a single lounge chair at 3000 currently faces the Ocean due to the encumbrances of the pool house and our outdated design layout. The most highly valued architectural positioning is for owners and chairs to face the ocean whether enjoying the sun or shade. We have exactly the opposite now. The pool house located in the heart of the South deck area is a physical encumbrance and it is structurally failing and in significant disrepair. This house should be removed for structural and mechanical reasons alone, but in addition it offers substantial architectural and design benefit when it is gone and removes the horrible noise it perpetually broadcasts to the entire pool deck area 24/7. In fact, its removal is a huge and pivotal game changer. It is demanding tens of thousands just to repair it’s crumbling concrete roof and even if it was repaired, it would still be a huge encumbrance. In my opinion, it makes little sense to waste money this way. It is this owners personal opinion the South Deck is where our maximum ROI lives. It is this area which is the most visible and accessible outdoor space physically on our property. $7k per unit invested toward a modernized south deck is the surest and highest multiple ROI we can ever likely enjoy at 3000. I believe it could easily reap a 700% return by increasing our unit market values, $70k or more. The entire deck project could return $100K or more. In my opinion to defer or not include the South deck pool area in the upcoming deck project is the single biggest mistake 3000 will ever make, losing the best opportunity it has to add enormous value to the property at the most opportune time and at the lowest cost we will ever be presented with. We are now facing huge deferred maintenance expenses that must soon be funded through assessments due to zero reserves ever being collected from the owners in a 44 year old building. These repairs will likely add very little to our property values or unit market valuation. The litany of reserve deferred maintenance items, such as electrical upgrades, mechanical upgrades and concrete repairs are likely to offer minimal return on investment. How much more can realtors sell units for a higher premium against our neighboring unit peers because a new Electric Busbar has been installed, or because concrete repairs in the garage are complete, or because elevators are finally running properly or look more appealing? A larger modern pool with a neat inviting peaceful and well designed seating and lounging deck will contribute substantially to our property values. The current deck areas both north and south, financially hurt all owners by being in extreme disrepair whether or not you intend to sell your home, gift it to children, or sell it sometime in the future. The pool, it’s aging mechanical equipment and poorly located and designed pool equipment room, and all other south deck amenities have categorically seen far better days and have all been here for 20-44 years exposed to the elements and request, or more actually, demand replacement to enjoy a quality owner experience and realize owner ROI.
December 1, 2013: Mort R.
I concur with gene h's perspective that we need to upgrade our facilities the right way now. It no longer makes aesthetic or economic sense to patch and repair things when a complete overhaul is needed. Doing this the proper way will result both in making our homes more enjoyable and in enhancing our property values. Putting this off merely delays the inevitable reality that now is the time to act to do what is long over due. I would only like to add as a relatively new resident( 5 years) and as a practicing real estate attorney in the Chicago area that is in our association best interests to establish adequate reserves immediately. In Illinois it is law to have an adequate reserve as prior failures to have one resulted In depreciated properties and/or unsalable condos.Few if any banks will lend on properties in our building and more buyers will be hesitant to buy in a building where there will either be a substantial increase in the monthly assessment, the issuance of a special assessment or a combination of both. I bought here with that expectation but figured it still make sense given the relatively reasonable values back in 2008. As buyers and agents continue to be more sophisticated I feel we need to address the issues to bring this building to the first class condition it can and should be which will serve the dual purpose of making it more attractive and desirable to potential buyers. The repairs are improvements that are essential and will result in a building we can all enjoy even more than we do today.
December 1, 2013: Phil and Mary Beth M.
Thanks for all the hard work! The presentation is extremely thorough and well thought out. No question past boards have done an excellent job in getting the most out of each of our asset elements but the present board must now move from the "fix it" stage to the replace it stage. For some, it is Too bad that we had not been putting reserves in place all along to help 3000 better face the inevitability of replacing assets that could finally no longer be fixed economically---yet for most of us who voted to not have the association mange our money it is no surprise as they/we have managed our/their own affairs to address this inevitability.
Great job!
December 1, 2013: Gail M.
I completely support the simultaneous restoration of the north and south decks. The notion of separating the project into two is wasteful of both time and money.
December 2, 2013: Drew and Joyce A.
Gene, thank you for all of your work to present a thorough and easily understandable analysis of the major repair projects upon us at this time. As owners at 3000 since 2004,we have repeated voted to establish a " reserve for replacement" fund, and not once over these years have the owners voted to establish a reserve fund. Now the " free ride" is over for those who did not want to be financially prepared for the inevitable event of having to fund major repairs, all of which are predictable in a 44 year old beachfront property. We are 100% in favor of spending whatever dollars are necessary to repair and upgrade the North Deck and South Deck Pool Projects. As a real estate developer for the past 40 years, I am confident that whatever capital dollars we spend at this time will ultimately come back to each owner in increased value of the real estate of 3000. The sooner we commence construction of the these two projects, the sooner we can enjoy a safer and more beautiful facility. Again, thank you for all of your efforts.
December 15, 2013: Rashid
Gene, I think you have done an excellent job putting together a well thought out plan to address a problem that should have been dealt with 10 years ago. It is amazing to me that we even have to go to a vote to fund this project in its entirety (both North and South Deck included) knowing the dire situation we are in. It is incumbent of the Board to maintain this property at its highest level regardless of owner bias and every owner knows that this has been an issue for a very long time. I just hope the Board has the WILL to stop asking for permission and maintain this property the way it should have been this entire time. Keep up the good work!!!
May 2, 2014: Jim O.
Gene: Thanks again for all of your hard work. As a new owner who was in nearly every building on the strip, I can tell you without reservation that the condition of the deck and the lack of a reserve fund are the largest detractors from value at 3000 South. I've heard several owners say that many at 3000 South don't care about the value of their units. I don't think this changes the Board's fiduciary duty to remedy these problems in the most cost-efficient manner possible and to stop wasting money by kicking the can down the road. I believe that the return on investment created by the various projects is an important consideration in this process. Once we put these major projects behind us, the funding of reserves will be far more manageable and the condition, location and great people at 3000 South will take care of our investment.
May 3, 2014 Phil & Mary Beth
Please rework the site plan to accommodate as many concerns as possible voiced by those who use the pool on a regular basis. Just a few of the comments I have heard is to accommodate seating on the North and South side of the pool, include a private shower area as well as a barbeque area. RE NOTE: Thanks for suggestions, Seating to North End, Shower Pivacy and Grill Option had already been included in March Renderings.