Sales Information for Lakewood Cove
Lakewood Cove is the name for the 70 new townhomes being built between Tivoli Court and Lake Worth Rd at the Lake Worth gate.
According to the builder (Lennar), they will be selling in the $400’s.
Link to the Lennar brochure with pictures and floor plans:https://online.flippingbook.com/view/510441362/
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Some pictures of the construction as of Nov 2022
Oh, one more thing: what exactly were the Presidents of the Courts “ratifying” in the referenced “Agreement”?
Mrs. Columbo
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Sorry if my reporting was somewhat confusing but understand this was not a straight forward “Purchase & Sale”.
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I’ll try again.
Your sensation that something was misrepresented by the FCO is shared with other interested parties.
Should Lennar itself, or a future Lakeshore Condo/HOA, Fountains Member Associations at the time, or even possibly the “New Fountains Coalition” contest this agreement, it will be up to the FCO to respond.
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Back to the Transaction:
Lynx Zuckerman technically never completed the purchased the Property.
They had a Purchase & Sales Contract and only had a deposit on the property pending Concert Fountains Property LLC. obtaining the building permits, which never happened while Lynx Zuckerman was a party of the contract.
Lynx Zuckerman LLC. then assigned the P&S contract to Lennar for a cash payment and future payments on each DU hat they sold. This transaction was Reported by PB Post (Parcel C and Parcel D under contract to Lynx Zuckerman).
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A second, three (3) party Agreement, between Concert-Zuckerman-FCO is what ultimately has produced the revenue stream to the FCO. This agreement was also assignable by Lynx Zuckerman who Assigned it to Lennar as part of the cash payout future DU sales.
Lennar then assumed fulfilling the T&C of this agreement.
Neither the original Sales and Purchase Contract or the Side Agreement between Zuckerman (now Lennar), Concert, and the FCO required Lakeshore to become “Court 20 of the FCO. The number (“20”) was applied to Lakeshore by the FCO for issuance of the “Bar Codes” but apparently opportunistically misleading Fountains Residents and Associations that Lakeshore was bound by Agreements to become a member of the FCO.
Lastly, the FCO Associations and Additional Associations BOD’s must approve if “Ratification” was required by the other parties’ entering the agreement.
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The Fountains Reporter
Mrs. Columbo & Fountains Residents
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Here is what was reported by the Business Journal
This all happened following the permitting by PBC Commission.
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Portion of Fountains CC Changes Hands Twice in One Day
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By C&RB Staff | May 6, 2022
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Concert Fountains Properties sold the land for $9.27 million to Lynx Zuckerman at Palm Beach I LLC, then the land was sold for $13.44 million to Lennar Homes. In 2021, Concert sold 62.6 acres of the course for $2.66 million to Lynx Zuckerman, which immediately sold it to Lennar for $4.6 million.
Lennar Homes acquired part of the Fountains Country Club in Lake Worth, Fla., the South Florida Business Journal reported. The 96.6-acre golf course actually changed hands twice on the same day.
First, Concert Fountains Properties, sold the property for $9.27 million to Lynx Zuckerman at Palm Beach I LLC, the Business Journal reported. Then the land was sold for $13.44 million to Lennar Homes, part of Miami-based homebuilder Lennar Corp.
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The deal also gave Lynx Zuckerman the right to receive a contingent fee from every home Lennar sells on the property in the future, the Business Journal reported. The property last traded for $4 million in 2018.
C+RB reported in 2019 that approval was granted by county commissioners for development of 318 apartments on the 63-acre site that was used for nine holes of the northern golf course. The other nine holes of that course remained open, along with a separate 18-hole course.
This is the second purchase for Lennar at Fountain Country Club, the Business Journal reported. In 2021, Concert Fountains Properties sold 62.6 acres of the course for $2.66 million to Lynx Zuckerman, which immediately sold it to Lennar for $4.6 million.
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With home prices rapidly increasing in Palm Beach County, developers are willing to pay more for land, the Business Journal reported. There’s been a trend of golf course redevelopment across South Florida as more developers seek land to build homes on, since there is little vacant land left in the region.
Lennar has yet to reveal its development plans for the site, the Business Journal reported.
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The Fountains Reporter
Fountains Coalition and Concerned Residents
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Headline
Speak softly but carry a big stick.
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Reliable sources report the Fountains Coalitions Core Delegates are showing “Iron Clad” unity as well as unwavering commitment to the success of their mission. The word Capitulation reportedly has been removed from their vocabulary!
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Pondering recent FCO surrogates attempts, to lure the Coalition into a false sense of security, last Tuesday, the full Delegation spent hours meeting, off site, and “confirmed” their decision to part ways with the FCO.
Simply, the aggregate resources available to the Coalition are allowing them to negotiate on their own behalf, while at the same time concentrate on what is best for them.
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The Coalition has begun to value the benefits of “sticking together” and all the possibilities that are now (3) or soon (5) will be open to all (8) of them.
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Some say, January 1, 2025, cannot arrive fast enough.
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The Fountain Reporter
As budget season approaches for all associations in the Fountains, I think it would be helpful for residents to be aware that we still have the option to waive reserve collections for this year. The new law mandating mandatory reserve collections does not apply to the 2025 budget, provided it is approved this year.
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Currently, any budget adopted on or after January 1, 2025, must adhere to the Structural Integrity Reserve Study (SIRS) requirements for funding structural reserves. Generally, this will apply to the budgets voted on in 2025 for the 2026 fiscal year.
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Looking ahead, there is a chance that amendments may be passed in Tallahassee next year to address this issue for all associations, especially 55+ communities, given the significant burden it places on residents with fixed incomes. This concern has generated numerous complaints. Additionally, the law includes a provision that allows associations to forgo reserve collections if they can demonstrate the ability to secure a loan for repairs. This exemption could also apply to budgets in 2026.
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Considering that full reserve collection in line with the Structural Integrity Reserve Study (SIRS) could lead to an increase of approximately $200 or more for the average condo unit, on top of regular increases due to inflation, it may be in the best interest of the boards to waive reserve collections for this year and explore alternative options next year.
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Furthermore, it seems unfair to require current residents—many of whom have recently purchased their units—to be responsible for past, present, and future reserves. Many associations have not collected full reserves in prior years, if ever, and instead have relied on loans or special assessments to cover what should have been accrued previously. Now, with the requirement to collect reserves for future repairs, these new residents are asked to contribute to both past shortfalls and future reserves, which may not be needed for a long time and could potentially be funded through future loans instead, as it has been in the past.
I hope the board of Tivoli Court reads this. I may have to sell my home if the HOA keeps increasing,
Well Grace.. Something to think about..
Grace,
I’ve heard from a friend in Tivoli that many residents are extremely concerned about the impending fee increase and are worried that they may not be able to afford it.
Dear Fountains Reporter:
Your timely dispatches are appreciated.
Lots to unravel and surely all will be coming to light in the days and weeks ahead.
As the saying goes, “sunlight is the best disinfectant.”
Fountains Residents
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Update FCO Meeting, Monday October 28, 2024
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Following the reading (some non material changes) and acceptance of the October 1, 2024 Board meeting minutes, agenda Item 1, Item 2. Budget Amendment (2025) was brought to the floor.
Bernard Ciancanelli, FCO President, presented an overview of the twelve(12) page Budget Recap, specifically focusing on page eleven (11).
This page represented the 2025 Total Per Court Shared Expense- Security & Roads showing both member and non member per unit costs to be the same, i.e. $ 55.73.
The total budget was reduced to $ 1,181,709.01 in order to make this work. Income from Lake Shore and resignation of three FCO staff contributed to lowering the total.
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Following nearly an hour of frosty debate, some “loyal FCO members rejected the equal treatment”.
He remains perplexed that five more associations opted out and did not give the FCO another year to demonstrate improvements in 2025 after all the hard work they did engaging Brian Flores, LCAM (FCO Management LLC.).
Cathy Widdoes, President of Luxemburg admonished the associations who opted out and announced she would be voting against the equal application,” and did”, along with Roberta Monahan, President of San Remo.
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Ivan Menschel, President of Marseilles, denounced the Associations who opted out, doing so without any concern for FCO employees losing their jobs.
Brian Flores was quick to correct Ivan, stating that the employees were not being terminated but resigned.
Bernard Ciancanelli, unintentionally stated “they saw the writing on the wall”.
Brian Flores also stated , flatly, that the FCO would not provide any maintenance to Associations who opted out and will be moving to GRS, or any other company based on insurance issues. Paraphrasing, maintenance is their problem now.
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Bernard asked the Associations to set aside any biases and vote in favor of the budget.
Additional issues were raised should the costs to the FCO for Security & Road Maintenance be more than budgeted and who will pay for the shortfall.
They were told expenses would be closely monitored and adjustments made, members and non members will share equally in covering the additional cost.
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Brian Flores indicated that a written agreement (un-signed by any non member) provided for cost contribution adjustments.
(Steve has informed me no such agreement has been offered to the coalition to even consider) and should one contain an inflation clause it may not be accepted.
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The question was put to the floor about the Coalition not signing an agreement, and withholding payments going forward.
Ken Kures, President of Parisian Way, aggressively stated that the violating Associations Bar Codes would be deactivated immediately.
Ultimately a vote on the budget was taken and passed nine (9) “yes” and two (2) “no”.
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After discussion about funding, maintenance, warrantees, etc., a vote was taken on the purchase of Fountain entrance “Holiday Lighting “ which would be paid for over the next three years (the annual purchase cost equaled the annual lighting rental cost). Being satisfied, the BOD approved by a vote of fifteen (15) to one (1).
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Lastly, Ken Kures, raised the issue of Recreational Vehicles being allowed to park in the Plaza Courts parking lot in front of the FCO Office claiming this practice was a safety issue.
Stanley Schoenfeld, Plaza Court President , took exception to the inquiry which lead to a rather heated exchange reminiscent of past lack of decorum.
Bernard Ciancanelli, FCO President, called for a motion to end the meeting, so done and seconded, and approved unanimously.
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Should this update include any errors, including representations of individuals comments, they are unintentional, and ask that any corrections be likewise posted.
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Respectfully,
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Richard B. Ward, Fountains Resident Attendee
To those who didn’t attend the Versailles Court/Ridgewood Partners meeting Tuesday Night 11/12/24:
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IMHO this was the jist:
OK, us, (Ridgewood Partners) to build 349 2 story homes on Parcel E. We will give you 60+-ft from your property line to the new homes back property line OR ELSE We will build 199 homes 10 feet from your back property line.
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There were also a lot of “I’m not sures”, “I don’t know yet”, “it hasn’t been decided yet”, “I can’t promise”, and a lot of giggles, ha-has etc.
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There is also the discussion of the roads that Concert owns and will be responsible for. The roads are not our problem. Concert owns them and MUST maintain them.
Versailles Now Stands Alone
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A seemingly dejected Scott Harris sat uncharacteristically quiet, at the FCO BOD meeting Wednesday afternoon while failing to report the results of his meeting on Tuesday night, November 12th, 2024 as accurately reported by eBrehne, so need to report again.
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President Scott Harris has done a disservice to his Association as well as the Fountains Community by attempting to negotiate favorable deal alone, when as President of the FCO, being able to muster any resident support in attending PBC Public Hearings on residential development that failed miserably.
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Yet before his very eyes Coalition 932 was born out of common interests and has displayed that it has become an effective unified force that is now recognized by the FCO, Concert/Ridgewood and FS POA (Atriums, Milan 1, Milan 2 being members).
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Is additional residential development of the Fountains a common interest to all residents of the Fountains?
Absolutely yes!!
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Impacts on Security, Traffic, Population alone are of significant common interest.
It has been reported that coalition 932 can now generate signed petitions with over two (2) thousand resident signatures at a moment’s notice.
They seem motivated.
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Should Scott Harris and others reach out to the Coalition 932 on common interests? Only they can answer that question.
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Have a Happy and Healthy Thanksgiving!
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The Fountains Reporter
Fountains Residents
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It has been reported that faced with a strong unified Coalition 932 leadership, the FCO stands susceptible to litigation in order to subverting their ability to cause any further irreversible damage to the Community.
Talks are currently underway for solidifying a “Legal Defense Fund”.
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Paraphrasing the source, following years of mismanagement and unsound Board actions, within four years FCO Inc. has managed to lose around 53% of its contracted business, further divide the Community, expose the remaining membership to costly time-consuming litigation, contract with non-members, and continue negotiations to acquire CGP/FCC property assets containing huge liabilities.
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More to follow.
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The Fountains Reporter
Fountains Residents
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It has been reported by reliable sources that Gefion, 18 Residential Units of the 932 Coalition, yesterday, once again recognized its value by rejecting the FCO’ attempt to have them return to the fold by a “one time” offer to eliminate the $ 100k reinstatement penalty.
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You may recall the $100k penalty was used by the FCO as a deterrent for any association considering opting out of the property management agreements three years ago.
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Gefion is also remaining contracted with GRS Community Management and appreciating (although it has its own individual contract) the benefits of associated with GRS “Portfolio” pricing.
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This reporter understands that the leadership of the 932 is pleased to see that Gefion rejected the “Carrot” and reaffirmed the value unity.
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The Fountains Reporter
Fountains Residents
FCO CAM STANDS FIRM
Apparently the FCO supports FCO Management LLC, in its position of not providing “maintenance services to any of the eight (8) associations who have opted out of property Management agreements, after being solicited to do so.
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Paraphrasing Brian Flores, you are on our own!
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Is this just another bad decision by leadership or Flores flexing his mussels?
On the flip side Flores has been directed to pursue property management of Lake Shore next year following them meeting the criteria for establishing HOA/CONDO Associations and hiring their own Property Management Company.
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Are you as confused as I am?
Rejecting low hanging fruit “maintenance business revenue “in your own back yard, because they have opted out of your PM agreement is baffling. Whose business decision was this?
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However, let’s compete against numerous professional Management Companies next year for business, convince Lake Shore getting a Board Seat on the FCO Inc. has real value while providing a plausible explanation why eight Associations numbering 932 units walked away from your not-for-profit company over the last three years.
Good Luck!
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Let’s do it again expecting a different result!
The FCO is depending on an indispensable source they created, (Contracting with FCO Management LLC.) for remaining viable .
Unlike other Community Management Companies who have backup resources to step in to the CAM role at a moment’s notice, the FCO remains exposed.
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Another good business decision?
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More to follow.
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The Fountains Reporter
Thank you, Fountains Reporter… I’ve missed your field reporting, welcome back!
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A couple of thoughts:
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I am not a lawyer but the way I see it, the Coalition courts have a valid management agreement with the FCO which expires 12/31/2024 – if FCO/Flores does not want to honor that agreement, they may in breach of contract.
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Part of our monthly HOA dues include Maintenance Services as budgeted for 2024. If FCO/Flores wants to breach the contract, they may be obligated to prorate those fees and refund the Coalition courts.
Rumor has it that Brian has “unofficially” informed the maintenance workers that if they are seen working for any of the departed courts on their own personal time they will face dismissal.
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This can’t be legal, of course not. But the seed has been planted and these poor guys are now afraid that making a few extra bucks on the side, on their days off, will cost them their job with the FCO. Yet another sad day in pulling our community further apart.
Mrs Columbo & Mrs. Jones
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Pursuing breach of contract against the FCO has been avoided because in essence you were litigating against yourself. You were paying for attorneys as an association and paying FCO attorneys from their budget that you funded. Win and pay a settlement to yourself.
This conundrum has always been the shield that protected the FCO from any real accountability.
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This reporter has been advised by reliable sources that the rumor about the FCO CAM threatening maintenance staff of loss of employment if they perform work on their own time for any association member whose association has opted out of the FCO PM is factual.
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The Fountains Reporter
Thanks for the clarification, Fountains Reporter … your enlightening response is greatly appreciated.
Is Coalition 932 Legitimatized by FS POA Relationship?
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This Fountains Reporter has interviewed reliable sources supportive of the FS POA.
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Here are the questions and answers from (“burner”) phone call interviews from discussion notes.
Should this report incorrectly reflect statements, please use this blog platform to clarify.
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Reporter: Are Participators in the 932 Coalition also members of the FS POA?
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Respondent: Yes. The Atriums, Milan 1 and Milan 2.
These Associations represent 22% of the membership.
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Reporter: This being the case, how does the FS POA foresee dealing with the newly formed coalition?
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Respondent: My understanding is that the FS POA, not by design but by a “Direct Relationship” and Tenants of its “Master Declaration”, is now an interested party in the initiatives being undertaken by Coalition 932. These initiatives appear to have implications for the entire Fountains Community including the FS POA. So, the POA is taking them very seriously.
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Reporter: Does the POA really assess the coalition as a credible entity?
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Respondent: From what has been reported and the results they have accomplished so far, makes them credible.
The fact that they are unified and have managed to enter into beneficial portfolio Community Management Agreements with GRS shows a willingness to set aside personal interests for the good of the coalition.
Being an informal entity, they have tremendous flexibility and latitude in approaching any number of issues.
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Informal as they may be, they unquestionably represent what could be considered a “Class” with standing.
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Reporter: The POA now being an interested party in the 932 Coalition, albeit 110 units, how does the POA envision interacting with them?
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Respondent: First I understand that the coalition recognizes the benefits of being associated with a not-for-profit corporate entity being the FS POA. This is a two-way street.
Second, I understand cooperative efforts will be addressed on a case by case basis.
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The FS POA recognizes that although the Atriums, Milan No.1 and Milan No 2 will no longer contract for Property Management with the FCO, the 110 resident owners, nevertheless, remain members of the FS POA family and are afforded all the rights and privileges as its other members. So where and when appropriate, the FS POA will be bound to extend a helping hand to them, which the POA acknowledges may directly benefit the other constituents of the 932 Coalition.
I also understand that should the other five associations representing 822 units seek a more formal relationship with the POA, it would be viewed favorably.
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Reporter: The FS POA includes seven other associations representing 398 of its members. How will the POA attempt to keep a fair balance in representing the best interests of everyone?
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Respondent: Recognize that seven “loyal” associations (398 units) remaining in the FCO will control all votes, some now, and all after January 1, 2025, even though the four other “North” remaining “loyal associations number 437 units. So it would be foolish to dismiss their potential role in addressing future FS POA initiatives and as in the past the FS POA desire to work cooperatively remains consistent.
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Potentially FCO votes may have negative impacts on the other 110 resident members of the POA. The FS POA Master Declaration requires it to protect their interests.
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Understand that the FCO is an independent PM company with an independent BOD, on which the POA does not have voting privileges.
Hypothetically speaking, at a point where a conflict should arise, the FS POA will cross that bridge.
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Phone Interviews are adjourned pending future 932 coalition and Association meetings.
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The Fountains Reporter
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More to follow
Fountains Community
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“Hope Springs Eternal”
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The FS POA 2024 Gate Committee, before proceeding with any further initiatives to regentrify the Jog Road Gate, identified the need to complete a traffic study and in doing so approached the FCO BOD, who in turn tasked them to commission a study.
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The FS POA Gate Committee consisted of Richard “Dick” Heyman, Chair, Anthony Rongione, and Richard Ward.
The FCO Traffic Study Committee appointed by Bernard Caincanelli, FCO President, reflected the composition of the FS POA Gate Committee.
The FS POA prepared a Request for Proposal “RFP” and solicited Traffic Study Engineering Firms.
Simmons and White Inc., Professional Engineering, responding proposal, was approved by the FCO, including $ 12,500.00 funding.
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The Committee met numerous times on site, with Simmons and Whites engineering staff and their subcontractors.
Besides providing Palm Beach County Sheriffs Jog Road Traffic Study, property surveys, site plans, utility plans, etc., an additional entrance lane concept drawing by Anthony Rongione was made available to the firm.
The completed Traffic Study was presented to the FCO BOD at their Wednesday November 13, 2024, meeting by Dick Heyman. The members present were given copies to share with their Boards, and requested any questions after review of the study be directed to him, at the earliest convenience.
A thankless job. It appears so, as no recognition from the FCO leadership was forthcoming for the many volunteer hours spent on this project.
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FCO Leadership recognizes their own contributions to the Community, even praise being lavished on the contracted LCAM for performing his duties and responsibilities during this transition period.
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Be that as it may!
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Completion of the traffic Study positions the FS POA Gate Committee, to proceed with next steps, requiring Architectural Building Plans and Specifications, Site Civil Engineering, Landscape Architecture, Construction Management, General Contracting, Professional Land Surveyor, and Contract Administration.
All requiring Scopes of Service and RFP process.
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The study also supports adding an additional resident entry lane requiring road surface expansion.
This portion of the project may provide the opportunity to bundle resurfacing of Fountains Circle and Fountains Drive South at one time saving time and money.
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This reporter recognizes and praises the FS POA teams service to the Fountains Community and moving this long-awaited project forward.
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I also understand that a copy of the study is available at the FCO Administration office.
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The Fountains Reporter
Happy Anniversary Fountains Residents Blog
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2024 marked the ten (10) year anniversary of the establishment of the Blog, by a group of concerned citizens.
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This platform created a means for the community to interact and communicate with each other where the FCO, intentionally or not, failed.
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The Blog’s commitment remains steadfast and once again during a critical period of the Community’s transition, residents need to make informed decisions.
Excerpts from the November 6, 2021 Blog Post
Why this blog”:
Serve as a forum to discuss issues of interest to the community.
Serve as a forum to discuss ways to improve the Fountains for the future.
Serve as a forum through which we can discuss our differences openly and respectfully.
Serve as a place where residents can inform the community about real, emerging, and potential issues that may affect us.
Serve as a place for residents to keep the community informed about upcoming local events.
Serve as a place for residents to notify the community about items of interest to other residents, e.g., new neighbors, the passing of relatives and neighbors, etc.
Serve as a place where residents can ask neighbors for advice or assistance on any issue, e.g., name of a contractor, borrow a tool, help with a project, etc.
Serve as a place to communicate any other issue, topic, request, or offer related to the community.
The need for open and readily accessible civil dialogue and information is always useful to the Fountains Residents
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This platform is acknowledged as being priceless to the Health and Welfare of the Fountains Community.
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A simple thank you, seems insufficient for the time and treasure you have spent in sustaining the Fountains Residents Blog.
Subsequently, our readership and contributions are the best we can offer in return.
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Wishing you a Happy and Healthy Holiday season!
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The Fountains Reporter
Thank you for acknowledging the 10-year contribution of the blog in providing a platform for timely news and a place for the resident’s perspective on current events.
After many years of the same-old same-old, things are now changing fast and the blog will continue to present the latest information to our readership as our contributors continue to inform us and owners continue to send in their comments.
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Everyone have a happy holiday season!
2025 Loyal FCO Member Associations and Fountains Residents
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FCO Management LLC. LCAM Brian Flores Replicates GRS Community Management Business Model.
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At the Wednesday November 13th, FCO BOD meeting, Brian Flores expounded on the savings and efficiencies he will be introducing during the next year’s restructuring.
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He specifically noted his previous, I believe 8 (eight) years, of employment with GRS and without saying so, implied that experience will help him replicate cost savings measures they regularly employ, even using the same financial institution.
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Wonderful news! Why try to reinvent the wheel?
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Apparently, Coalition 932 assessment of GRS aligns with Flores and further justifies their decisions to contract with GRS for their Community Management.
GRS professes we provide “Great Reliable Service Since 1989”.
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One of the reasons GRS can make the claim of reliability is the ratio of LCAM’s to units managed.
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The Fountains Citizens Committee that investigated “Professional Property Management” discovered that for approximately every 450 units, an LCAM is assigned.
Compare this to the original number of Fountains units, one thousand seven hundred and sixty-seven (1767), managed by the FCO. Four (4) CAMS would have been required.
I recall the FCO had one CAM, along with being the same person fulfilling three other roles, Executive Director, Controller, and Registered Agent for all Associations.
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Currently FCO Management LLC. under contract, is providing a single LCAM and Executive Director for the FCO One thousand two hundred and ninety-nine (1299) units, until midnight December 31st, 2024.
How, you may ask, is a single person able to accomplish this while at the same time undertaking reinventing the FCO? Reasonable question!
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In 2025 the FCO will be providing PM for 835 units (8 Associations) which by industry standards requires nearly two LCAMS.
Furthermore, changes in Florida statutes for 2025 place even more emphasis on CAMS supporting Association Boards.
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Apparently the FCO leadership is gambling that Brian Flores, although being spread extremely thin, is capable of filling his role as ED and CAM, engaging coalition 932, dealing with the FCC, pursuing Lake Shore’ CONDO/HOA Association by mid 2025 as new business, phasing out five more associations by December 31st 2024, while launching the FCO into 21st century operations.
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Being an old poker player, seems like placing all our chips on the table, on a single bet.
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Happy Holidays and glad to be back!
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Wiseman
Thanks for doing the math on how professional property management should work and how many LCAM’s there should be. I’m also given to understand that PM services include “walking the court” to assess maintenance needed on the common areas, whether urgent or routine, whereas the FCO does not do this.
Wiseman. & Fountains Residents
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Welcome Back!!
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Your insights have been missed.
Now, “your points” are well taken.
These points would lead you to believe that the lack of CAM support and real property management over such an extended period contributed to more extensive repairs and replacements, that the Associations are now facing.
How about Original Equipment Manufacturers “OEM” maintenance schedules, Regular scheduled inspections, spot checks, service contract administration, etc.
Ignored was “pay for maintenance now, or pay way more later for emergency repairs or replacements.”
A perfect example today is an Associations large and unanticipated Capital improvement Assessments that are into unit owner collections for non payment.
Couple this with the resale market value of those units plummeting.
This is a product of years of negligent of Property Management.
I am aware of an owner being forced to rent out a unit, move to another location, because they are unable to sell the property. Not even a reverse mortgage works with equity diminished. How sad, after years of payments and trusting others!
The BOD being ill informed about the condition of the common property and correction steps that need to be taken, by LCAM’s, has taken its toll on Associations throughout the Fountains Community.
Association Bankruptcies’ are imminent, but can still be avoided with minimal financial pain, by seeking competent professional community management for guidance.
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Best Wishes for a Safe and Happy Holiday Season
The Fountains Reporter
Plagiarism, the Sincerest form of Flattery
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The next meeting of coalition 932 delegation representatives, will be on December 3, 2024, and will certainly be made easier in the decision-making process.
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Coalition 932 and FS POA no longer have to speculate on the intention of the FCO to use Associations Reserve Funds for future G&A Operations.
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Building Community
By The Numbers
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“$1 million + In Reserves”
HELPING COMMUNITIES
BE PREPARED BEFORE
DISASTER STRIKES
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It has been reported that FCO MANAGEMENT LLC. “Brian Flores” as having plagiarized his previous employers, GRS’ marketing materials, while “presenting” to the remaining 11 FCO Association members.
Question: What is the need for a presentation to the 11 Associations now, when the deal has already been sealed?
Why the need for the FCO Logo being prominently displayed on the presentation?
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Was this presentation submitted to the FCO BOD for approval?
Oh! These are measurable and deliverable commitments the FCO must now meet.
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It appears that the 932 Coalition and FS POA can say their suspicions were well founded and their years of reserve contributions will be reallocated, should this presentation represent the FCO Boards position.
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In 2025, the FCO/FCO Management LLC, will use the Associations Assessed Reserve Funds as a “Piggy Bank” for G&A operations.
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The Flores/FCO presentation does lack some significant material details.
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• How long has FCO Management LLC. provided these services to Communities impacting four key areas, Financial Management, Association Management, Board Communications, and Homeowner Engagement as listed in the presentation?
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• What backup do you have for providing a single CAM should an unanticipated event create a LCAM vacancy, serving 835 Homes?
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• How does an Associations BOD choosing to be a part of a team of highly qualified and dedicated people who are passionate about community association living, help them directly?
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• When will the latest technology, best tools and proactive management services, become available?
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The Presentation could be described as a wish list for the 11 remaining Associations.
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The controlling FCO Seven “South Associations” finally know what Flores intends in 2025, after already committing to the FCO PM Agreement last August. Better late than never!
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Should this update report include any errors or misrepresentations, they are unintentional and request that corrections be likewise posted on the Fountains Residents Network by those interested parties.
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Happy Holidays!
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The Fountains Reporter
This Guest Opinion appeared in the Palm Beach Post a couple of days ago. The landscape is changing and everyone should pay attention.
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“New Florida Condo Rules Force Owner Decisions”
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Your Turn
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Joseph Hernandez | Guest columnist
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The deadline for associations to receive their completed structural reserve studies is Dec. 31. Across the state, condo owners and their associations are going to soon be waking up to the reality that their financial situation is more tenuous than previously believed. The condo market in Florida is set to shift dramatically and condo owners need to act quickly to ensure the tides don’t turn too far against them.
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Changes to the condominium laws have been looming over Florida’s condo market for several years. In 2022, the Florida legislature enacted changes to the Condo Act that would require all structures above three stories to have structural reserve studies done, and, starting in January 2026, associations shall be required to hold the capital needed for any repairs or maintenance required.
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These reserves aren’t chump change; we’re talking about multimillion-dollar repairs – and that’s because the money needs to cover repairs that need to be made immediately plus repairs that are required within the next 10 years.
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The associations can raise funds for repairs, by either passing special assessments or by increasing the monthly maintenance fees, either of which will be costly to the unit owners. Many condos will experience both at the same time.
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It’s a recipe for financial disaster that’s going to impact more vulnerable families first. People on fixed incomes and middle class families – a group that makes up a large percentage of Florida’s condo owners – are going to find themselves with assessments that they can’t afford. Moreover, for many older projects the increasing cost to repair and maintain are not justified by the market value of the units, which for many projects are decreasing.
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Florida condo owners, hear this bluntly: the window to sell has probably closed. Existing condo sales are down significantly when compared to last year and the median price of a condo over 30 years old has decreased.
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Even if buyers were looking for condos with sky-high COA fees (which they’re not), banks are going to be hard-pressed to consider lending on a building with such upside down economics as some of these units face. More sellers are coming to the market but buyers simply aren’t interested.
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Many condo unit owners have been able to get out by doing a bulk sale of their units to a developer. This makes sense because the land under an existing building is typically very valuable because it can be developed into a much more expensive project.
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Some savvy condo associations were already anticipating this likelihood months ago; 2023 was a banner year for condo owners selling to developers. Bulk condo unit acquisitions, though difficult to pull off, are likely going to be well worth it for the condo owners that can get it done. Because of the value of the underlying land, in many cases, developers can actually offer unit owners significantly more than the market price of the unit. It’s time condo owners stop seeing themselves as property owners, and start seeing themselves for what they are: landowners.
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Increasingly, however, 100% alignment of a building’s owners – or as close to it as is required by the condo’s original termination provision – is going to be necessary for condo owners looking to get a deal done.
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With sellers in a tight spot and developers hardly better off, the Florida real estate market is teetering on the edge. The promise of a brighter tomorrow still exists – but it may take a few months or even years for the legislature to fully enact the needed Condo Act reforms.
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Condo owners need to be smart with how they bring their properties to market. Buildings need to be putting together leadership committees with trusted neighbors who are keyed-in to the concerns and desires of the community. This leadership committee needs to prioritize transparent communication; conversations they’re having with lawyers and potential buyers need to be communicated effectively and honestly to fellow owners.
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It’s do or die time for condo owners, who need to come together to stave off financial collapse. For many condo owners, united you stand and divided you fall – and the time to stand is now.
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— Joseph Hernandez is a real estate partner at Miami-based Bilzin Sumberg.”
Value of the “FRNB” to The Fountains Community
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The powers that be, in the Fountains of Palm Beach County, have always relied on their closed personal network to control the flow of selective information throughout the community.
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Ten years ago, the Fountains Residents Network Blog was born and introduced into the Community a new platform for all residents to express concerns, opinions, and share “talk on the street”.
The Platform allows Postings, E-mail Address required, and only after “Administrative Moderation” will the post be added for public consumption.
Moderation by Administration may include a request for clarification or supporting references prior to publication.
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The powers that be have perused a campaign to cast a negative stigma on both the contributors and the platform itself.
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Fortunately, and unbeknownst to the detractors, the FRNB has thrived and become a point of information for residents throughout the year.
Even Snow Birds wanting to stay in touch with the goings-on in the community during periods of absences,the blog is here for them.
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Does the Blog Administration need encouragement to sustain operations?
Gladly no!
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The network has maintained an active data base and can boast, during the month of November, 2024, the platform had 28,152 hits.
Statistically, over the last few months daily hits have even reached 1,542. This is fulfilling encouragement!
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Individuals are contributing and sharing more than ever before.
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Now more than ever the Blog will play a crucial role in keeping the community up to date.
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Have a Safe and Happy Holiday Season
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The Fountains Reporter
Forging Ahead
December 7, 2024
Each year, thousands gather on the shores of Pearl Harbor to remember the events of December 7, 1941, reflecting on the lasting impact of that “Day of Infamy” and honoring the members of the Greatest Generation for their sacrifice, courage, and indomitable perseverance. The 83rd anniversary of Pearl Harbor invites us to focus on the theme of “Forging Ahead,” emphasizing not only the historical significance but also the vital role of the younger generation in preserving and honoring this legacy.
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The attack on Pearl Harbor marked a pivotal moment in history, awakening America to a new reality of hardship and the specter of protracted war. The American people, both on the battlefields and the home front, rose to this challenge with resilience and determination. The adversity faced by those who served not only forged stronger individuals but also united the nation with a collective resolve. This anniversary is a tribute to their unyielding spirit and the powerful sense of duty that propelled them to face and overcome insurmountable odds.
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As we commemorate this day, we must also look to the future and the role of the younger generation in carrying forward the legacy of the Greatest Generation. It is essential for today’s youth to understand and appreciate the sacrifices made during World War II, particularly in the Pacific theater, which began with the attack on Pearl Harbor. By doing so, they can draw inspiration from the courage and determination of those who came before them, understanding that the pursuit of peace requires the same resolute spirit that was needed to fight and win the war.
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The annual Pearl Harbor Remembrance ceremony serves not only as a moment of reflection and gratitude but also as a call to action for the younger generation. It is a reminder to build on the solid foundation left by the Greatest Generation, adapting to new challenges with the same fortitude and commitment. As we honor the past, we forge ahead, ensuring that the lessons of history continue to guide us in creating a future that upholds the values of courage, resilience, and peace.
A contributor to the blog sent in this link of interest.
It links to a CNBC article on the effect of mandatory condo inspections which have resulted from the Surfside collapse in Miami.
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Surfside Collapse Fallout
Thank you, subscriber!!!
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In an effort to keep the news flowing, this Reporter has been remiss in ensuring that readers understand all the entities that I have continually referred to by their acronyms.
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The leadership of the Fountains Condominium Operations, Inc. “FCO”, have most recently carried out a campaign to intentionally deceived Fountains Residents by identifying Lake Shore development as number 20, making it appear they are a member.
Also, essential to meet their Florida Statutory requirement to have a Licensed Community Association Manager, (“LCAM”) colluded with a potential candidate to create another entity, even using the same Principal Address, that by the untrained eye would appear to be owned and operated by the “FCO”.
This maneuver is typical of the efforts of the “FCO” leadership to avoid transparency and lure the residents into a false sense of security.
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The residents, feeling secure, have over time abdicated their personal responsibility and control over the “FCO” Property Management Company that has, without restriction, overstepped its intended purpose as stated in their Articles of Incorporation.
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Future postings will focus on the period from 2011, when the “FCO” ten (10) year Master Property Management Agreement was introduced and changes in its Declaration that provided the basis for an Executive Director to become indispensable, and for them to secede their oversight responsibilities.
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Acronym Clarifications
“FCO Management LLC.” –
Florida Limited Liability Company
FCO MANAGEMENT LLC
Filing Information
Document NumberL24000215783
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FEI/EIN Number NONE
Date Filed 05/08/2024
Effective Date 05/08/2024
State FL
Status ACTIVE
Principal Address ( “FCO” Offices)?
4615 FOUNTAINS DRIVE
B
GREENACRES, FL 33467
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Mailing Address
2876 N BIGHT
WEST PALM BCH, FL, FL 33411 UN
Registered Agent Name & Address
B FLORES INVESTMENTS LLC
2876 N BIGHT
WEST PALM BCH, FL, FL 33411
Authorized Person(s) Detail
Name & Address
Title MGR
FLORES, BRIAN
2876 N BIGHT
WEST PALM BCH, FL, FL 33411 UN
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Annual Reports
No Annual Reports Filed
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“FCO”- Fountains Condominium Operations, Inc.
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FOUNTAINS CONDOMINIUM OPERATIONS, INC.
Filing Information
Document Number731853
FEI/EIN Number59-1570954
Date Filed02/10/1975
State FL
Status ACTIVE
Last Event AMENDMENT
Event Date Filed10/24/2011
Event Effective Date NONE
Principal Address
4615 FOUNTAINS DR
STE B
LAKE WORTH, FL 33467
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Changed: 01/16/2009
Mailing Address
4615 FOUNTAINS DR
STE B
LAKE WORTH, FL 33467
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Changed: 01/16/2009
Registered Agent Name & Address
FCO Management LLC (Flores Company)
4615 FOUNTAINS DR
SUITE B
LAKE WORTH, FL 33467
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Name Changed: 06/21/2024
Address Changed: 01/12/2006
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Officer/Director Detail
Name & Address
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Title President, Director
Ciancanelli, Bernard
5760 Fountains Drive South
LAKE WORTH, FL 33467
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Title Director, VP
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Harris, Scott
4702 Fountains Drive South
Apt. 101
Lake Worth, FL 33467
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Title Director, Secretary
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Widdoes, Mary
4547 Luxemburg Court
Lake Worth, FL 33467
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Title Director, Treasurer
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Gardner, Alan
5257 Fountains Drive South
Apt. 204
Lake Worth, FL 33467
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“FSPOA”-
FOUNTAINS SOUTH PROPERTY OWNERS ASSOCIATION, INC.
Filing Information
Document Number 768023
FEI/EIN Number 59-2340750
Date Filed
04/19/1983
State FL
Status ACTIVE
Principal Address
4615 FOUNTAINS DR
STE B
LAKE WORTH, FL 33467
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Changed: 02/01/2005
Mailing Address
4615 FOUNTAINS DR
STE B
LAKE WORTH, FL 33467
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Changed: 02/01/2005
Registered Agent Name & Address
CORMAN, LARRY, ESQ.
C/O GREENSPOON MARDER LLP
2255 GLADES ROAD, SUITE 400-E
BOCA RATON, FL 33431
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Name Changed: 06/21/2022
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Address Changed: 06/21/2022
Officer/Director Detail
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Name & Address
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Title D, Treasurer
McBeth, Nancy
6764 Palermo Way
LAKE WORTH, FL 33467
Title Director, President
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Heyman, Richard
5713 Fountains Drive South
LAKE WORTH, FL 33467
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Title Director, VP
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Ward, Richard
5479 FOUNTAINS DRIVE SO.
LAKE WORTH, FL 33467
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Title Director
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Jordan, Steve
6717 Palermo Way
LAKE WORTH, FL 33467
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Title Director
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Witterman, Bruce
5301 Fountains Drive South
603
Lake Worth, FL 33467
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Happy Holidays!
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The Fountains Reporter
Did the FCO Leadership Missed the Mark Again?
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It has been reported that Brian Flores, Fountains Condominium Operations Inc. (” FCO”) a Florida Licensed Community Association Manager “LCAM”, publicly admits plagiarizing GRS Community Management Marketing Materials during the December 11, 2024, “FCO” Board of Directors (“BOD”) Meeting, while the “BOD” sits idly by.
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Flores proudly displays his CMAC affiliation Logo and FCO Corporate Logos along with his titles, and contact information on his correspondence:
Brian Flores
Executive Director, LCAM | CMCA
Fountains Condominium Operations, Inc.
4615 Fountains Drive, Suite B
Lake Worth, FL 33467
(561)964-3600 Ext 111
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Flores comes to the Fountains as a result of a contract between our “FCO, Inc.” not for profit and “FCO Management, LLC. for profit, formed May 8th 2024, owned by Flores. Does this contract include duties and responsibilities of an Executive Director which was never approved by the “FCO” BOD? The contract has not been made available to Fountains Resident at large to review.
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Understanding the gravity of engaging a single LCAM as well as an Executive Director in a contract, you would expect that an ethics and moral clause would be included in an annual $110,000.00-dollar agreement.
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Regardless of unknown contractual terms and conditions, certain Florida Administrative Code “Ethical” Requirements, prevail.
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In Florida, a Community Association Manager (CAM) is ethically required to: comply with all relevant state laws and regulations, act in the best interests of the community association, maintain financial transparency, disclose conflicts of interest, uphold confidentiality, provide professional competence, and refrain from engaging in any practices that could be considered fraudulent or misleading, all as outlined in the Florida Administrative Code, specifically Rule 61-20.503, which governs the Standards of Professional Conduct for CAMs.
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It has also been reported that Flores has failed to recognize that he remains bound to fulfill his ethical requirements to Tivoli, Atriums, Milan 1, Milan 2, and Esedra, Associations who are not officially opted out of “FCO” “PM” Agreements until midnight, December 31st, 2024. But to the contrary, has hindered a seamless transition befitting their status.
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It has been suggested that the Fountains Community demand from “FCO” Leadership that the contract with “FCO Management LLC.”, now knowing that the LCAM has committed, as a minimum, ethical violations of Florida Administrative Code, they take all necessary actions to terminate the contract and shield the Community and themselves from potential litigation.
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The Fountains Reporter
What does 2025 Hold for the Fountains?
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Undeniably, 2024 has been a tumultuous year for the Fountains Condominium Operations, Inc. (” FCO”)
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The reasons are numerous, but some more than others have had devastating impacts on their ability to sustain operations, while reinventing themselves as a Property Management Company going forward.
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• Failing to recognize growing dissatisfaction with their service performance!
• Demonstrating the historically arrogant approach to customer relations
• Inability to timely craft a New 2024 Property Management Agreement.
• Loss of admired legacy hourly administrative staff
• Erroneously injecting themselves into negotiations with property developers, i.e. Concert Golf Partners and Ridgewood R.E. Partners.
• Supporting Selective Association Members while abandoning others.
• Collapsing service operations to 835 units.
• Allowing dominate Associations personalities to set direction and policy.
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The list could go on, but in as much as the water has passed over the dam, nothing more need be said.
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However, “FCO” actions or lack thereof in 2024 will have far reaching consequences in 2025.
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• No formal written Agreement with nonmember Associations funding Road maintenance and Security
• Coalition 932 being isolated from joint talks on development of Parcel E
• Identifying Reserve Funds in a proposal as being available for operations
• Closing a blind eye to “FOC Management LLC” practices. For an ex-employee of “GRS Community Inc.” to shoplift marketing materials for self-enrichment is beyond the pale!
Then to use the materials and insert the Logo of, (in this case) a competing business, “FCO, Inc” is intolerable
(Copyright 2024 GRS Community Management. All Rights Reserved.)
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The Plagiarized Corporate Intellectual Property also appears with Fountains Condominium Operations, Inc. logo.
GRS Community Management, has spent hundreds of thousands of dollars and thousands of hours of staff time to develop their copyrighted market materials that are recognized in the industry, as their brand.
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Interested parties are joining together, of which the majority have committed to funding an escrow account “The Empowerment Fund”, to aid in their initiatives.
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Preparations are also underway that will limit the ability of the Fountains Condominium Operations, Inc. to syphon off Association Assessed Reserve monies for operations.
Court ordered injunctions will be among tools employed in the process.
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Best wishes for a Happy and Healthy New Year
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The Fountains Reporter
Need a title here
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The Oakmont Board of Directors sent the following two letters expressing their dissatisfaction with the FSPOA to Oakmont residents.
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From: Info
Subject: Oakmont Letters from your President
Date: January 17, 2025 at 4:57:10 PM EST
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To Oakmont Residents,
Attached are important letters from Bernard Ciancanelli, President, Oakmont Board of Directors.
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Oakmont Dissatisfaction with FSPOA
.https://www.fountainsnetwork.com/wp-content/uploads/2025/01/Oakmont-Dissatisfaction-with-FSPOA.pdf
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Oakmont Petition and Condemnation of FSPOA
.https://www.fountainsnetwork.com/wp-content/uploads/2025/01/Condemnation-of-FSPOA.pdf
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The condemnation format of the second link has been sent to the 7 FSPOA Association Presidents for them to replicate the initiative.
Mail Donations to :
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GRS Community Management, Inc.
3900 Wood Lake Boulevard, suite 309
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Lake Worth Fl. 33463
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Mark on your check For: 932 EMPOWERMENT FUN
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Should this update report contain errors, omissions or misrepresentation, they are unintentional and request that corrections be likewise posted on the Fountains Residents Network by those interested parties.
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The Fountains Reporter