I sold my Seapointer week, but received an Annual Report from them today. It looks like there will be a R8000 special assessment per week. 129 US owners owning 158 weeks are a worry to them, as they had to write off R800,000 in unpaid MFs.
I don't understand this: If they are closing down the timeshare, why do they turn right around and offer to let you continue some sort of membership with an ongoing levy?
The SA feeding frenzy was well before my TUG days but I understand that many here bought for very low costs and with the added RCI membership thrown in, made out very well indeed. Good for them!
Maybe this is the time when they walk away and say "it was great while it lasted"...?
I have owned a Seapointer since 1999 and have been reselling south africa timeshare longer then that.. I have contacts in south africa who have told me through the grapevine that the land is worth a lot of money and they will be tearing down the seapointer and selling the land. I do not recommend paying them another dime I stopped paying them when they lost RCI affiliation 3 years ago. Unfortunately this is going to happen to many more of the First Resort timeshares because they have not been using the levies for upkeep of the resorts, Tenbury in Durban for example is the next to go, unless someone steps in quick and saves them all, the resorts that are still in good condition that First Resorts manage will be voted into Flexi Club which works well if you live in South Africa only. DO NOT join flexi club if you are in the USA it will not work well for you! if at all !!! South africa is still is a good buy but stay away from first resorts and the legacy group, a big bunch of crocks! Also First Resorts will only allow you to sell your timeshare to a person living in south africa, they started that bs about 2 years ago and that is when I knew they were up to something bad!
Sincerely,
Marc Thomas