Annual Meeting Minutes

Tuesday, December 21, 2010 – 3:00 p.m.

Ocean Reef, Unit #605
14415 Front Beach Road
Panama City Beach, FL 32413

Director, John Skinner called the meeting to order at 3:30 p.m.  It was determined that a quorum was not present. Board members present were John Skinner and Greg Martin. 

FINANCIAL:
The independent audit for Ocean Reef year 2009 was completed in April 2010. The HOA Fund Balance as of 12/31/2009 was $84,215. The reserves were $61,435. All bills paid and all owners current on HOA dues for 2009. As of December 2010, all bills paid and one owner delinquent on HOA dues. This will be verified by independent auditor and published in April 2011.

There are no short sales or foreclosures in Ocean Reef. Owners that would like a detailed copy of audit report and current budget may send an e-mail to John Skinner at condoman@cox.net.
The total budget for 2011 is $552,744. The HOA dues will remain at $284 dollars monthly for the third consecutive year.

MAINTENANCE:
Rainwater Runoff Drain - Following a lengthy discussion with many good ideas, Mr. Burns, a civil engineer (owner of Unit 1506), volunteered to work with the city to find a cost-effective solution to the rainwater runoff  drain from the north side of Ocean Reef. 
Indoor Heated Pool - After open discussion from owners, the following actions items were generated regarding the indoor heated pool: 
             A. The de-humidifier was malfunctioning, causing excessive moisture in the indoor pool area, including bathrooms. This issue has been resolved and the pool area and bathrooms will be cleaned and re-caulked as required. 
            B. The times when the pool will be heated are to be posted in the office on the 6^th floor.
Emergency Access to Units -  All owners please contact Rob Power, Head of Maintenance for Ocean Reef, at 850-588-8690  and provide either key or access code to be used in case of emergency.

SECURITY:
It was noted that a new security system was installed in November of 2010. Security signs have been posted and cameras are capturing visual data twenty-four hours a day.

OTHER BUSINESS:
Florida State law requires owners to obtain insurance coverage for inside of unit.

627.714 — Residential condominium unit owner coverage; loss assessment coverage required.—
(1) For policies issued or renewed on or after July 1, 2010, coverage under a unit owner’s residential property policy must include at least $2,000 in property loss assessment coverage for all assessments made as a result of the same direct loss to the property, regardless of the number of assessments, owned by all members of the association collectively if such loss is of the type of loss covered by the unit owner’s residential property insurance policy, to which a deductible of no more than $250 per direct property loss applies. If a deductible was or will be applied to other property loss sustained by the unit owner resulting from the same direct loss to the property, no deductible applies to the loss assessment coverage.

Owners are advised to consult their insurance provider for details of new HO-6 insurance changes.

ADJOURNMENT:
With no further business the meeting was adjourned at 4:30 p.m.

Respectfully Submitted: 
John Skinner
Board of Directors

Fortunately the beaches of Panama City Beach, Florida are still the “World’s Most Beautiful”. Our sands are as sugary-white, our waters as emerald green as ever.

Check out our new photo gallery for weekly pictures of our beaches. Better yet, come and join us. There’s never been a better time to stake your claim on the Emerald Coast.

Read the entire article here!

Aquatic Adventures, Activity & Visitors Center now provides beach service at Ocean Reef!

Aquatic Adventures offers one-stop shopping for your “Fun In The Sun” activities.

Services include:

• Electric Cars
• Bicycles
• Pontoon Boats
• Parasail
• Wave Runners
• Shell Island Trips
• Kayaks
• Various Dolphin Tours
• Banana Boats
• Day Fishing Trips
• Beach/Activity Photos

Aquatic Adventures also offers a FREE shuttle service.
Call (850) 235-8051 or book online at www.pcbeachadventures.com

The Dune Vegetation Project is an effort to restore the dunes along Panama City Beach.   The newly planted vegetation will actually help trap and secure windblown sand – thereby growing sand dunes without actual sand placement. While this project will not include any sand placement, the installation of dune vegetation will enhance the beach nourishment project by providing additional storm protection to Gulf-front property and other infrastructure along the Panama City Beaches.

Click below for more information on this effort.
Dune Vegetation Project Q&A (provided by VisitPanamaCityBeach.com)

1. Location – West-end, Panama City Beach, family destination, close to Pier Park and new international airport!
2. Price – Two bedrooms for only $259,900.
3. HOA - Dues are only $284 a month. This includes building insurance , flood insurance, building maintenance, cable, water, sewer, garbage and general accounting.
4. Assigned, Deeded Parking – Buy now and get assigned parking spot. Parking is underneath building, beachside.
5. Large Balconies –  280 square feet balconies. Dare to compare!
6. Brand New – Completed in April 2008 with the latest building codes and standards. Buy direct from developer and save resale costs.
7. Master Bedrooms – Faces the Gulf and opens to large balcony.
8. Amenities – Including: indoor heated pool, outdoor pool, steam room, sauna, fitness center, meeting room, and hot tub.
9. Rentals – Ocean Reef is a fantastic rental resort!
10. Limited Quantity Available – Supplies won’t last long! Act now to secure your piece of the Emerald Coast!

Ocean Reef is a gulf-front, 161 condominium development, offering: attractively priced, two and four bedroom units; large balconies; deeded parking within the building; affordable HOA dues; and relaxing, beach-level pools and jacuzzi.

For more information on Tropic Winds Condominiums visit us at www.OceanReefPCB.com
All investments carry risk. Read our disclaimer.

Annual Meeting Minutes

Monday, November 30, 2009 – 3:30 p.m.

Ocean Reef, Unit #605
14415 Front Beach Road
Panama City Beach, FL 32413

Director, John Skinner called the meeting to order at 3:30 p.m.  It was determined that a quorum was not present. Board members present were John Skinner and Greg Martin. 

HOA:
Developer is in control of the association until three months after 90 percent of units are sold. Approximately 48 more units need to be sold before developer transfers control of association to members. Please refer to details in the Ocean Reef Bylaws Section 3.7.

FINANCIAL:
At present, all bills have been paid and no major HOA costs are anticipated at this time. The year end financial audit will be performed by an independent auditor. The results will be published by March 31, 2010. At this time it will be determined if a credit is due owners.
HOA dues are anticipated to remain the same in 2010.  Any questions concerning HOA Dues call Peggy Roberts 423.710.1438.

MAINTENANCE:
All common areas (steam room, pools, hot tub) are presently in good working order. HOA has recently purchased a $6000.00 steam cleaner to clean all walkways.

SECURITY:
Off Season security will be from 4:00 p.m. to 12:00 a.m. 

OLD BUSINESS:
None.

NEW BUSINESS:
Scotty Deese has resigned his position as a Director on the HOA Board of Directors.  The developer appointed Greg Martin, unit 1401, as new Director. John Skinner and on behalf of the Association expressed appreciation for Scotty Deese’s service.

With no further business the meeting was adjourned at 3:42 p.m.

Respectfully Submitted: 
John Skinner
Board of Directors

O

Many have inquired about the success at Ocean Reef and why vacation home buyers and investors are flocking to our development.  The First and foremost reasons are the price, opportunity, and development stability that Ocean Reef has to offer.

The foundation of the “Ocean Reef Deal” is our developer.  The Ocean Reef development company has excelled at providing a well-maintained and perfectly sized development (161 units), quality construction, immaculate condominiums, spacious and enjoyable balconies, deeded parking under the building, ample amenities, and last but certainly not least, financial stability.  Ocean Reef is a healthy development and one of the few developments on our beach that boasts the following:

1.) Developer Owns Ocean Reef
2.) No Short Sales
3.) No Foreclosures
4.) No Assessments
5.) No Bankruptcies

Most important, Ocean Reef is one of Panama City Beach’s newest developments and benefits in having new, qualified, buyers that purchased in 2008, 2009, and 2010. The buyers are well qualified and purchased in today’s market where financing is very difficult for the average buyer. Local banks such as Regions Bank, Bay Bank, and Vision Bank are currently lending to qualified Ocean Reef buyers indicating that Ocean Reef is a bank-approved investment for their respective institutions.

The “Ocean Reef Deal” is often thought to be too good to be true, but it’s not!  It is the “Real Deal”.  Our prospects are astonished to learn that you can now buy a brand new, gulf-front, 2 bedroom, 2 bath, beach condo (in a stable development) in the mid $200,000’s!

In addition, the home owner association fees are at an affordable $284 per month! The recent, annual, 2008 financial report indicated that the Ocean Reef operating budget was under budget and that the monthly dues would not be increased. Simply put all bills were paid; all unit owners had paid all dues owed; and a more than adequate operating balance was in the bank. Indicators show that there may be a prorated refund of HOA dues to all members before year-end.

Another reason for Ocean Reef’s success is the location!  Ocean Reef Condominium is located, on Florida’s northwest panhandle, in beautiful west Panama City Beach, Florida, whose motto is “The World’s Most Beautiful Beaches”.  Our Emerald Coast includes sugary white beaches, emerald coastal waters, majestic sunsets, beautiful state parks, and a tropical environment that rivals any other across the globe and attracts millions of returning beach lovers each year.  As such, the Panama City Beach area is a top vacation destination.

Combine the location with a brand new international airport, due to open next year, and opportunity takes flight!  Panama City Beach will soon benefit from the new Northwest Florida - Beaches International Airport, the first international airport to be built in the U.S. since 9/11.  The airport, anticipated to open in May 2010, is expected to offer low-cost, direct flights from hubs across the U.S. and attract additional international vacationers and new condo owners from around the globe.  Our local community, business leaders, and government officials are gearing up for the anticipated economic and tourism gains that the airport can offer to our destination.

Our hidden treasure includes Panama City Beach multi-million dollar modernization, renovation, and commercial real estate investments.  Simon Property Group Inc., the largest public U.S. real estate company, has invested millions of dollars in Panama City Beach through the development of Pier Park.  Pier Park, located just over one mile from Ocean Reef,  boasts of over one hundred new retail stores, clothing stores, franchises, restaurants, and entertainment businesses and has additional acreage for expansion.  Many of the largest and most popular U.S. retailers have invested in our area and are realizing the opportunity that Panama City Beach has to offer for years to come.  In addition, Panama City Beach is undergoing a massive redevelopment effort.  The Panama City Beach Community Redevelopment Agency is currently modernizing the road ways and landscapes along Front Beach Rd. and adjacent access roads.  This multi-million dollar improvement will provide better mobility, walkways, bike paths, and public transportation through out our area in preparation for the vacation boom that’s anticipated to coincide with the opening of the new airport.

In summary, Ocean Reef Condominium is a hidden treasure in magnificent Panama City Beach, Fl. including beautiful, sandy, pristine, white beaches; perfect, emerald waters; romantic sunsets; and attracts millions of visitors each year. Today, luxurious new condominiums, an upcoming international airport, new shopping centers, and new entertainment venues are attracting real estate investors, condominium owners, and beach lovers from all across the U.S.

Attractive prices in Florida’s condominium market have created a unique opportunity to  gulf-front, vacation home property, located directly on the beach at unbelievable prices!  If you have ever desired to own a piece of paradise, now could be the time!  Don’t miss out on your opportunity to take advantage of affordable prices, low-interest rates, family fun, and our #1 investment opportunity!

For more information on Ocean Reef Condominiums visit us at www.OceanReefPCB.com
All investments carry risk. Read our disclaimer.

This year’s celebration, organized by the Krewe of Dominique Youx,  is a two-day event! The festivities start at 5 PM on Friday, February 5th, 2010 at Panama City Beach’s famous Pier Park! Attractions include, cajun food,  live bands, a classic car show, and float tours. The evenings festivities will be capped off with the always thrilling,  fireworks display from the pier over the gulf!

On Saturday, February 6th, radio personality “That Guy Kramer” will broadcast live during the children’s parade. At 2 PM, a SECOND Mardi Gras parade along Front Beach Road and through Pier Park.

The party keeps going until midnight with music, Cajun cuisine, costumes,  beads, and much more!

Stay tuned to the Ocean Reef Beach Blog for more information!

Ocean Reef is a gulf-front, 161 condominium development, offering: attractively priced, two and four bedroom units; large balconies; deeded parking within the building; affordable HOA dues; and relaxing, beach-level pools and jacuzzi.

For more information on Ocean Reef Condominiums visit us at www.OceanReefPCB.com

For additional information on the Krewe Of Dominique Youx and Mardi Gras At The Beach, visit them on the web at www.DominiqueYoux.com