Update on YACHTSMAN Resort Myrtle Beach

A few years ago(2013) I posted that the Yachtsman had issued a Special Assessment to the owners at $1640 over 3 years, but they came back for $481 more last year making it a total of $2121. Today i recieved another Special Assesment at a tune of $1731 due by Aug 1 2015... Now my question is has anyone seen any mis managemnet like this at other Timeshare resorts? They do have a buy back program at $1900.. And if anyone is interested i will give my deed to them !!

Thanks
Fatboy




I have been a owner at the Yachtsman for 20+ years, paid the maintance fees ontime each of the years. Today i recieved a bill from the Yachtsman for $722 this year and $654 next year (+MF) and $264 (+MF) in 2015 and its being called a SPECIAL ASSESMENT. Now first its the sticker shock with the fees that got me thinking if this has been done at other timeshares and is it legal? I was wondering if anyone has delt with this in the past? After looking around its not a option to walk away and today they are not interested in taking it back...So if anyone has any ideas i would like to hear from you.

Fatboy said:

A few years ago(2013) I posted that the Yachtsman had issued a Special Assessment to the owners at $1640 over 3 years, but they came back for $481 more last year making it a total of $2121. Today i recieved another Special Assesment at a tune of $1731 due by Aug 1 2015...

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As I understand the situation, they first renovated the North Tower and found more concrete damage than anticipated. Next the South Tower was to be renovated and they budgeted based on their experience with the North Tower.

IMO, owners should put heat on the Board to use the annual maintenance fees to properly fund reserves so they don't need these special assessments. Perhaps Gold Crown Management should be fired since they have had the management contract since 1992 and presided over the deterioration of the resort.

A number of years ago I exchanged into the Yachtsman as I was considering buying a Week there. I didn't like what I saw and instead spent something around $1,000 to buy a Week right on the beach at Peppertree by the Sea in North Myrtle Beach. Worked out great for me. It just proves that renting or exchanging before buying is the way to go.

George

I have to say I'm saddened by this as it was the first ts I ever bought in the 80,s. I sold it when I got a assessment. It served me well but I hate they are still having sa. I thought gold crown mgt was in control way back then.

My mother owns a unit at the Yachtsman and listed me as the second owner. She can longer afford it and I'm going to end up grabbing a life preserver and jumping onto what looks to be a sinking ship due to mismanagement over many year. I would like to see a copy of their financial statements. Does anyone know how we might be able to get a copy of them? I can't help but think that the Yachtsman is in breach of contract for failing to properly, and in a timely fashion, maintain the property. She got the same letter I believe many people have gotten about basically paying them $1900 to walk away from the timeshare, however, I found a site that listed numerous complaints to the Better business bureau about the Yachtsman and it seems have in some instances allowed owners to simply deed back the unit to the Yachtsman but apparently that option is not given to everyone. If anyone is interested, the site these complaints are on is http://www.bbb.org/myrtle-beach/bus...-resort-in-myrtle-beach-sc-8000406/complaints . I just do not understand how charging all of the additional fees all the time and then not properly maintaining the property doesn't put the Yachtsman in breach of their end of the contract with the owners. What am I missing???

Thanks for the reply, I am still doing research on the internet and I have ran across the BBB deal and it does seem like they treat people different settlements. So I am still looking and debating the SA. I will keep you all updated.

Thanks Fats

Owner's Website

NavyMom said:

My mother owns a unit at the Yachtsman and listed me as the second owner... I would like to see a copy of their financial statements. Does anyone know how we might be able to get a copy of them?

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Since I'm not an owner, I don't know for sure, but I think it's likely that the past years' newsletters, budgets, meeting minutes, etc. are on the Yachtsman website behind the owners' firewall. Have them give you the owner Username and Password and go have a look. Good luck.

Maple_Leaf said:

Since I'm not an owner, I don't know for sure, but I think it's likely that the past years' newsletters, budgets, meeting minutes, etc. are on the Yachtsman website behind the owners' firewall. Have them give you the owner Username and Password and go have a look. Good luck.

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Thanks for the response, I have gotten on the website and looked at the numbers and trying to get a hold of someone to see what the future holds. After doing these upgrades it seem like the Yachtsman should be in good shape for the future. But one thing i noticed in the minutes that the ownership is very old, not many younger owners and that in 2024 that some of the deeds are to EXPIRE?? So the minutes says they are to start discussing this in 2016-2017??

So if anyone has ever heard of this practice at other resorts please stop by and post there stories.. Thanks Fats

Fatboy said:

But one thing i noticed in the minutes that the ownership is very old, not many younger owners and that in 2024 that some of the deeds are to EXPIRE?? So the minutes says they are to start discussing this in 2016-2017??

So if anyone has ever heard of this practice at other resorts please stop by and post there stories.. Thanks Fats

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You may want to ask someone at the Yachtsman if they are leasing the land the buildings are on. The land lease may be what is expiring in 2024.