Your Home Away From Home
  
    
Most Frequently Asked Questions

  • Is Peregrine going to re-build? .............The answer is YES - no matter what the timeshare re-sellers are telling you with their misinformation sales tactics.
  • How can we use our 2009-week? .............As all owners/RCI members can see, it will be impossible to stay at Peregrine during 2009.  For those that customarily come to Peregrine, they will lose the use of their 2009 week. The lost Peregrine week will have to be addressed at a later date, once repair costs and insurance proceeds are known.  Discussions are on-going with RCI to determine the effect of the Hurricane Ike shutdown of Peregrine with regards to the RCI members.
  • Do we still need to pay maintenance fees? .............Yes! Peregrine basic overhead costs and on-going expenses continue whether Peregrine is in operation or shutdown. Examples of on-going expenses: $51,000 paid Jan. 29, 2009 for real state taxes on your townhomes, $19,000 due before April 13, 2009 to renew flood insurance policy for 2009.  Also coming up is the renewal of the windstorm and hail policy, $26,000, as well as the general liability and fire policy, $30,000. Basic overhead costs and on-going expenses amount to approximately 39% of the weekly maintenance fees, with the remainder going to the Hurricane repair cost. Please be advised that you are the owners of Peregrine and your maintenance fees are necessary to keep it in operation.
  • Will our insurance cover the damages? .............Processing of insurance claims has been very slow along the gulf coast.  At present we still do not know how much Peregrine will receive in settlement dollars.  Compiling of damage repair cost is ongoing. Insurance coverage was not and is not available for damage to ground level items such as bulkhead walls, swimming pools, water wells, septic systems, pavement and fill dirt, etc., where Peregrine was hardest hit.  Whether we can cover all repairs with insurance settlement funds remains to be seen. 
  • Will there be an assessment? .............Still too early to tell.  The Board of Directors has made application for an SBA loan in case it is needed.  The loan application has been approved, but before the funds can be issued, a special assessment has to be passed by Peregrine owners.  In the event that the loan is accepted by the association, all insurance and assessment proceeds must be committed to SBA.
  • How would the loan benefit the association? .............If insurance claims continue to be delayed, reconstruction and repairs could be started at an earlier date resulting in an earlier reopening date.  Also if there is a short fall of funds from the insurance settlements, SBA loan funds could make up the difference.

  

Peregrine Resort - Your Home Away From Home
Peregrine Townhomes at San Luis Pass - Beachfront Property
PO Box 1507 - Angeton, Texas 77516, USA
Phone (979)-848-8899 / Fax (979)-848-8939