Upcoming Amendment Vote on Management Decisions According to an independent consultant who reviewed the Castle Group contract, our building is overpaying nearly $2 million per year.The expert confirms that even with 50% self-management, the building could save millions of dollars every year.The consultant also notes that many existing Castle contracts can be stopped or renegotiated — creating up to an …
Upcoming Amendment Vote on Management Decisions
According to an independent consultant who reviewed the Castle Group contract, our building is overpaying nearly $2 million per year.
The expert confirms that even with 50% self-management, the building could save millions of dollars every year.
The consultant also notes that many existing Castle contracts can be stopped or renegotiated — creating up to an additional $2 million in savings, which should stay in our building.
The consultant’s conclusion: it is more beneficial for us to move to self-management and select a new professional team — financial experts, economists, and independent attorneys who will work in the owners’ best interest.
Dear Ocean Reserve Owners,
Today, the Board proposed an amendment to our governing documents.
They claim it “gives owners a voice,” but in reality, it locks in Castle Group management and limits the rights of owners.
Why is this amendment dangerous
1. The contract with Castle Group creates enormous annual expenses.
We pay:
• $70,000 management fee + yearly increase,
• almost $1,000,000 Castle payroll + 19% administrative surcharge,
• $595/month insurance per employee,
• commissions 0.25% / 1% / 2.5%,
• paid office services.
Total annual cost — $1.3M–$1.5M+, and with commissions — up to $2M.
The amendment makes it nearly impossible to change this management model.
2. Audit 2024 showed a critical financial situation.
• deficit: $1,547,909
• total debt: approx. $7.5M
• interest: $1.6M
• owners already paid $4,516,777, yet the loan balance did NOT decrease
• forecast for 2026–2027: owners will pay ≈$12.5M
• insurance payment $216,125 remains unexplained
Current numbers prove that expenses are out of control, and the Board is preparing a major increase of the maintenance fees.
Why this amendment appear
Our owners’ group introduced the Safe Self-Management initiative, and we will:
• terminate Castle Group’s involvement,
• transition to independent management,
• review every contract,
• negotiate transparent and economical agreements,
• lower the maintenance fees,
• repay the loan as fast as possible,
• save $1.5M–$2M per year for owners.
This is why the Board became afraid of our initiative and is now trying to block any change through this amendment.
What owners must do
A PROXY will be delivered soon. We must:
• protect our signatures,
• prevent manipulation,
• support our owners’ initiative,
• elect representatives who will act transparently and in the best interest of owners.
All documents are available on our website
On our website you will find:
• the contract with Castle Group,
• the audit,
• the last three years of budgets,
so you can personally verify every number mentioned here.
These are official documents — fully confirmed and transparent.
The link to the website is included in the description.
We will restore the financial stability of our building.
We will reduce expenses.
We will lower the maintenance fees.
And we will repay the loan faster.
Respectfully,
Ocean Reserve Owners’ Support & Integrity Group
Thank you for your attention and support.
Together, we will protect our building and our investments.
Please share your ideas and join our group — your participation truly matters
Please review our most recent communication
The November’s newsletter ==>> https://oceanreserveintegrity.org/nov-newsletter/
