Dear Fellow Members,

This is a general update on a number of Club related matters.


CURRENT FINANCIAL CONDITION

Your Board and Club Management continue to take a variety of fiscal measures to minimize the economic impact on the Club. Everyone should rest easy for the moment regarding the financial impact to our Club. While we will suffer significant cash losses for the foreseeable future, we are in a very strong financial condition. We have over $60 million of cash in the bank and no debt borrowings. As a result, we do not envision any special charges or assessments related to the Coronavirus. (We will however, have our normal annual repair and maintenance charge which will be reflected in your April statement.) We will discuss in detail, the economic impact on the Club’s finances and the likely short term and long term consequences caused by the virus during our Annual Meeting.

During the Annual Meeting, we will also provide the Membership with a detailed update on our major Capital Projects (Associate Parking Garage, Ocean Room building renovation, Golf Clubhouse renovation, Lagoon upgrades) and any impact on anticipated completion timing based on the Coronavirus situation.

NUMBER OF PEOPLE AT THE CLUB

Last week, there were an estimated 1,550 Members at the Club. More than 93% were Equity Members and their families. The remaining people were comprised of Social Members that also work daily in the community at our Medical Center, Banks and Real Estate offices as an example, along with a few Social Members who were already staying over in long-term rentals or as Designated Users of Equity. As you know, The Inn, Vacation Rental and Marina Rental program has been closed since March 22nd, per the Monroe County Emergency Management directive. The current Member population is less than 50% of the historical count during this same period over the past couple of years.

Thinking about putting your house on the market in March? There are many factors to consider when trying to time the market, but seasonal trends are certainly worth noting. Here are five tips for selling your home in March for a great deal — and fast.

1. Keep Your Area’s Weather Patterns In Mind

2. Use Seasonal Perks to Your Advantage

3. Consider the Competition

4. Vamp Up Your Property’s Curb Appeal

5. Consult with a Local Real Estate Agent

For the whole article, click here!

FEMA recently released the draft flood maps that have moved many property owners to a higher risk flood zone than what they were previously mapped in.  In Key West alone, over 2,000 properties may be moved from the X zone where flood insurance is not required by lenders into a Special Flood Hazard Area (SFHA) where insurance will be required.

Fortunately for these property owners there is the "Grandfathering Rule" option. According to FEMA's website, when flood map changes occur, the National Flood Insurance Program (NFIP) provides a lower-cost flood insurance rating option known as “grandfathering.” It is available for property owners who:

• Already have flood insurance policies in effect when the new flood maps become effective and then maintain continuous coverage; or
• Have built in compliance with the FIRM in effect at the time of construction.

Their website also says that timing is important because owners of most pre-FIRM buildings (built before the first flood map became effective) have only one chance to grandfather and lock in existing zone fore future rating. To read more about the Grandfathering Rule click here. 

To view the flood maps for your location, click here. 

Known for its great food, great service, and great location (who doesn’t love Buccaneer Island) the members of the Ocean Reef Club lost their favorite restaurant for a whopping 505 days after Hurricane Irma! (But who’s counting?) With a storm surge that engulfed the restaurant resulting in a total loss, post-hurricane recovery and rebuild included a complete gut and remodel of the beloved eating place.

  

Now, 505 days after Irma (again, who’s counting?), agents from our office were excited to attend the long awaited Ribbon Cutting Ceremony at the NEW Islander Restaurant of the Ocean Reef Club.

It was a beautiful happening where many gave words of gratitude including our Club Chair, Teresa Holmes, our new Club President, Serge Rivera, Member and PAC Chairman, Alan Goldstein, Monroe County Mayor, Sylvia Murphy, and Senior Vice President of Food, Beverage & Lodging Operations, Giovanni Melis.

Our favorite moment of the ribbon cutting, besides the actual cutting of the “ribbon” (a fishing net was used in theme), was when Giovanni ended his words with “Congratulations to you! This is YOUR restaurant!” The gathered crowed roared in applause and raised their champagne in a moment most won’t forget.

Now why do we think you should head over their now? Well:

1. You can’t beat the smell of a brand new restaurant.
And the décor? Breathtaking. The interior design of the restaurant seamlessly incorporates the relaxed feel of the islands with modern luxury. You'll want to get in there and sit in the cozy entrance lounge, just next to the new bar, and enjoy your favorite adult libation

2. The Sushi Bar.
Seriously. There is a sushi bar with the kindest sushi chefs in the biz behind the glass. When you sit at the bar, you may also enjoy the overhead mirror that allows you to view the entire sushi making process in real time.

3. This is YOUR restaurant.
To the members of the Ocean Reef Club: This is your club. Your support and love of this club is everything. Without you, none of this would exist. So get out there and enjoy YOUR restaurant.

    

We’re here to tell you that NEW is the new market trend! Nationwide, eager buyers are looking for newly built homes, says Dave Ramsey; recent real estate news suggests that the slow rate of new construction is contributing to the rising prices over the last few years. In fact, new home construction is projected to increase by 8% in 2019!

While the Ocean Reef real estate market typically sets its own trends, we seem to be following suit with the new construction bandwagon. New construction and recent renovations seem to be sold before the listing hits our MLS.

Take these recent pending beauties as examples: (Two of them didn’t even last a month!)

 
(Above: 17 Country Club and 23 Dilly Tree)

 
(Above: 7 South Harbor Drive and 50B Fairway Lakes)

As you know, hind sight is often 20-20 in real estate; especially at Ocean Reef. Buyers who are “new construction” homeowners are scoring the most desirable homes by acting quickly. 

Our recommendation is to act fast with an agent you trust; don’t suffer from “I'm Not the Buyer Remorse.” 

https://www.daveramsey.com/blog/real-estate-trends

https://realestate.usnews.com/real-estate/articles/what-to-expect-from-the-housing-market

Florida is known for sunshine, blue skies, and hot wives (referencing those funny air conditioning billboards- you know what I’m talking about). Us Floridians are used to 365 days of 80-degree weather with temps only fluctuating about 10 degrees depending on the time of day. However, this “winter” has been a wacky one with “cool fronts” coming through just about weekly! These cooler temps have us thinking about fireplaces, cozy sweaters, space heaters (Thank you 19^th Hole!).

If you have a fireplace in Florida, I’m sure you’ve actually felt compelled to use it this year so we are here to give you answers to your top 5 fireplace questions; from how do they work, to whether or not they are safe and how often you should clean them. Here Zillow does a beautiful job of breaking it all down. We also found this article for you with tips to help achieve maximum coziness in your home; who would have thought perfecting your hot toddy game was one of them!