Lobby remodeling update – Portofino Yacht Club condo

Yesterday was election day at the Yacht Club at Portofino and 137 ballots were received so thank you for being so involved in the community.

The same board was elected which is good because they started all the major projects so we need continuity to make sure everything is well under control. Just as a reminder the president is Roger Van Dyke, the vice president is Mitchell Banchik, the treasurer is Gerald Rosen, the director is Michael Steines and the secretary is Jason Greene.

For those of you who are interested in the update of the lobby renovation of that Portofino Yacht Club well here is the news. The demolition is not going to get done before another 2 months because the board doesn’t want to do 2 different permits, one for demo and one for construction because we might end up waiting in between the two. The strategy is to get a permit for both and get quotes from contractors for both projects as well.

Three bidders have given the management office their quote but it’s an overall number so now they need to ask them to go into the details of the numbers and the timeline. The three bidders were all in the ballpark of the $900,000 which is what the board had budgeted. Once the bidder is selected we need to sign a contract and then the work can start. To be proactive the contract has already been drafted by our lawyers but it will probably be revised a few times.

The good news is that the floor tiles have arrived in Miami from Italy so we won’t have to wait for the material.

On another note, we just closed Portofino Yacht Club #2802 for the great price of $950,000. The unit was in original conditions. No new resident to welcome since the new owners were already owners of a 1 bed right next to their new purchase.

Also #1504 sold for $840,000. That one was totally upgraded.

This means that a total of 7 units were sold in 2019 at the Portofino Yacht Club. To give you an idea, in 2018, at this same time we had sold exactly the same number of units.