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Highlights of 5/10/2017 San Diego Property Tax Timeshare Auction

rhonda

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Highlights from today's Timeshare sales through the San Diego Property Tax Auctions.

Overview:
  • Items Advertised: 1221
  • Items Canceled/Redeemed: 70
  • Active Items Sold: 219
  • Active Items receiving no bids: 932
Notable Winners:
  • Diamond Resorts Development: 87 items purchased at Riviera Oaks, Ramona
  • Grand Pacific Resorts: 27 items purchased
    • Carlsbad Inn, 19 items
    • Coronado Beach Club, 2 items
    • Southern Cali Beach Club, 6 items
  • Welk Resort Group: 67 items purchased
    • Four Seasons Club Aviara, 33 items
    • Lawrence Welk, 34 items

Unsold weeks by Resort: (Active items receiving no bids)
  • Aquamarine Villas, 4 items w/out bid
  • Blue Whale, 6 items
  • Carlsbad Inn, 61 items
  • Coronado Beach Club, 31 items
  • Four Seasons Club Aviara, 1 item
  • Gaslamp Plaza Suites, 209 items
  • Sand Pebbles, 180 items
  • San Diego Country Estates, 5 items
  • Southern Cali Beach Club, 6 items
  • Tamarack Inn, 37 items
  • Villa L'Auberge Resort, 3 items
  • Welk, all on Fairway Hill Circle: 6 items
  • Winners Circle: 383 items

There may be a few errors in there ... I did my best to match up property street address with Resort name.

Enjoy!
 

rhonda

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More trivia from today's sale:

Opening Bid Price
  • Lowest: $900; 290 items started at $900
  • Highest: $4200; the 1 unsold item at Four Seasons Club Aviara

Winning Bid Price
  • Lowest: $900; 37 items closed at $900
  • Highest: $5900; an item at Capri by the Sea
Most contested Auction Battles by bidding activity:
  • #3329 Capri by the Sea, 46 bids (including proxy bids)
  • #2380 Four Seasons Club Aviara, 9 bids (including proxy bids)
  • #2282 Carlsbad Inn, 9 bids (including proxy bids)
 
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bizaro86

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Interesting to see Welk buy that many units at Four Seasons Aviara. I wonder what they plan on doing with them. I would imagine existing owners would hesitate strongly to switch affiliation for four seasons to Welk...
 

rhonda

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Yep, I found Welk's sweep of Four Seasons Aviara interesting, too!

Should we be concerned for the health of Winner's Circle given the volume of unpaid weeks? I'm guessing that unpaid property taxes might also relate to unpaid timeshare dues? (While not 1:1 -- perhaps it is an indication of owners walking away from their interest?)
 

b2bailey

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Yep, I found Welk's sweep of Four Seasons Aviara interesting, too!

Should we be concerned for the health of Winner's Circle given the volume of unpaid weeks? I'm guessing that unpaid property taxes might also relate to unpaid timeshare dues? (While not 1:1 -- perhaps it is an indication of owners walking away from their interest?)

I had same thought about Gaslamp Plaza, where I am an owner. It takes more than a few years of unpaid taxes to hit this list, so I am thinking unpaid maintenance fees would be many more ownerships.
 

buzglyd

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I had same thought about Gaslamp Plaza, where I am an owner. It takes more than a few years of unpaid taxes to hit this list, so I am thinking unpaid maintenance fees would be many more ownerships.

The upside to the Gaslamp is that it is downtown and rents like crazy. That helps recover some of the lost dues.
 

GregGH

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Hi Rhonda

Interesting thread ...thanks for your work. Will you start a similar one for the July auction or will it tag onto this thread? Here is link for pdf on properties ... buy ..a lot ...
http://www.sdttc.com/content/dam/ttc/docs/Timeshare-2017-Reoffer.pdf

and SD Tax office new site ... https://sdttc.mytaxsale.com

Dumb question ... if you bid on a tax auction ... do you not also have to re-pay any outstanding MF owing on that property? And MF's will be much more than tax owing ...:)

I also would like to know what Welk does with 33 units at FSA?

Point of interest ... as an owner at FSA I have attended various board meetings over the years and they are very much tightening the collection and 'other action' taken on overdue owners ... they claim industry average is 8% and they are pushing for 3% ( was 3.5% prior to retaining Aspen as a collection agency ) ... delinquent accounts boost our MF's so it is in our best interests to have a handle of these costs.

Regards
Greg


 

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In looking at the July auction in Greg's post it appears there are a few possible Viking ship entities as the most recent assessee. Names such as Vacation Solutions, LLC, Timeshare Assistance and DSP Consulting Services stand out to me.
 

rhonda

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I had also downloaded the results in real-time ... but have been too busy in recent weeks to even look it over except for a quick spot check here and there. Sure, I'll hope to break it down (that is, match addresses to timeshare resort name) and update this thread. Thanks for the nudge! :)

I was closely tracking the May auction results as I was bidding on a parcel of undeveloped land. Watching the timeshare results was simply an add-on interest. For the real property (developed and undeveloped), the tax auction had some tricky wording regarding clean title and left it up to the bidder to sort through the details. It suggested, vaguely, that the transfer should be "mostly clean" but advised against building on the land for a full year in case prior lien holders surfaced after the sale. (Sorry, I didn't read the advice to timeshare bidders for the tax sale.)

Viking Ships? Oh, thanks @RX8. I didn't think of that and wondered why handful of names 'snatched up' multiple intervals.

As for Welk's interest, I've learned that Welk offers a "direct exchange" option to FSA to its highest tier of developer-purchased-point-buyers. I s'pose this is increasingly easier for Welk when they own and control a growing inventory at this popular location? What a great marketing idea: "We can guarantee exchanges into the elite FSA if you buy <a gazillion> points directly from us!" Sure, they can guarantee the exchange into their own weeks. Cool strategy! (Why didn't I think of that?!? ;-) )
 
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GregGH

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Hi to all

Glad to add a spark to this thread .... look at this link ...in case you miss it .... https://sdttc.mytaxsale.com/auction/15 it lists the winning bids ... so you can cross link the places with the winning bids ....since the SD tax office recently hanged the way they do things .... interesting that of over 900 listed less than 250 sold ..and many from the same property ... and what properties has NO bids ...hmm ... why do some places all get grabbed and others get totally ignored ???

Still love to have an answer ...does bidding for these give you absolute clear title ? or do you also have to clear up the back MF's ( which would make these a no deal what-so-ever ..?

A lot of 'peoples' names ( do they represent a company ?? )

Regards
GH
 

b2bailey

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Hi to all

Glad to add a spark to this thread .... look at this link ...in case you miss it .... https://sdttc.mytaxsale.com/auction/15 it lists the winning bids ... so you can cross link the places with the winning bids ....since the SD tax office recently hanged the way they do things .... interesting that of over 900 listed less than 250 sold ..and many from the same property ... and what properties has NO bids ...hmm ... why do some places all get grabbed and others get totally ignored ???

Still love to have an answer ...does bidding for these give you absolute clear title ? or do you also have to clear up the back MF's ( which would make these a no deal what-so-ever ..?

A lot of 'peoples' names ( do they represent a company ?? )

Regards
GH
 

b2bailey

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Still love to have an answer ...does bidding for these give you absolute clear title ? or do you also have to clear up the back MF's ( which would make these a no deal what-so-ever ..?


Regards
GH

A few years back my friend talked me into attending a seminar about this type of property.

I was shocked to learn that any mortgage on the property drops away. That's why mortgage companies have departments that follow unpaid taxes. But a few slip through.

My guess would be the unpaid maintenance fees go away.
 

Jan M.

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Unless the boards at those resorts failed to file liens the unpaid maintenance fees would be a lien on the property/deed and that transfers to the new owner.
 
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