In a word, "no."

The other slate is floating a spreadsheet that appears to show six figure "losses" for unit owners over the past three years, without explaining the source or methodology used to obtain the numbers.

They appear to be basing their fuzzy math on promising a guaranteed return for a real estate investment. If their spreadsheet were part of a securities offering, this kind of analysis would be illegal without proper disclosure.

Here are some real, documented facts. The price per square foot that residential unit owners obtained in 2023, across all sales at 900 Biscayne, was $721 per square foot. That is higher than the price per square foot unit owners obtained at Marquis and Marina Blue (our closest comparable neighbors) in 2023, and a 34% increase from 2021.

The other slate is making an argument that uses incomplete math and unrealistic assumptions to claim our unit values should have increased by even more than 34% over this period. They are counting that fantasy unrealized value as a "loss", to make an argument that unit owners were somehow made  tens of thousands of dollars poorer by the last few Board of Directors.

In other words, in spite of the fact that unit values at 900 Biscayne are higher on a square foot basis than our comparable neighbors, improvement projects are underway, and the Board this year was able to limit the association fee to a lesser increase than the prior Board, the other slate wants you to believe we are facing a financial crisis.

In their world, where up is down, white is black, and right is left, the 34% increase in investment value over two years that the average unit owner has seen is somehow counted as a loss.

The fact the other slate says this with a straight face means that, in the best case scenario, they are fundamentally unserious and divorced from reality. In the worst case scenario, they are using information they know to be flawed to tell a false story, lying to you to get your vote.

Several capital improvements in our building common areas, including a revamp of the elevators and the hallways, are moving forward either this month or in the second quarter of 2024.

It is true that these projects remained in limbo through much of 2022 and 2023, when the chaotic Board of Directors that was ousted was unable to move forward and find consensus. But these projects have been moving forward under the current board. 

We are doing it the right way, instead of doing it wrong and having to re-do it twice or thrice over.

More importantly, the current board has been able to manage cash efficiently and find financial improvements that mean these projects are being paid for out of the reserves, without being an additional cost to owners.

Due to changes that prior Board of Directors chose to undertake, the commercial unit owners in the building have disproportionate voting power, some 20% of the total votes in spite of only having 3% of the square footage.

This means that, if residential unit owners don't vote, the commercial owners can impose their will on the rest of the condo unit owners. That seems to be what the other slate, which is being fully supported by these commercial owners, want. These are the same commercial owners who fully supported Sean Wolfington and Raul Segredo in the last election.

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