CCHE liquidation?-- Cape Cod Holiday Estates Timeshare Mashpee, MA

[TUGBrian]

what was in the letter?

 

[cavspoo]

what was

 

[cavspoo]

The letter listed options for owners. Surrender deeds or pay 2024 maintenance f

 

[cavspoo]

Fees which are more than twice 2023 fees despite resort being closed.

 

[newbie88jo]

It looks like option 1 is the best, but what are the fees for the200,000 points and how many places does that cover? I got 80,000 RCI points for my red week that covered about 3 non-red weeks and needed to pay $250 to $300 for each week. Some had extra resort fee of up to $175 on top of the conversion. Web meeting today at 5 pm Eastern time.

 

[cavspoo]

It looks like option 1 is the best, but what are the fees for the200,000 points and how many places does that cover? I got 80,000 RCI points for my red week that covered about 3 non-red weeks and needed to pay $250 to $300 for each week. Some had extra resort fee of up to $175 on top of the conversion. Web meeting today at 5 pm Eastern time.

Not really familiar with point systems but the offer o 200,000 points is a bonus for surrendering a deed, paid for by CCHE
(Likely from the maintenance paid by owners!)
As a point of information, the buyer - Charles River Realty Group LLC - is a buyers' agent so the real buyer (New Seabury?) Is not disclosed. Mmmm???
I believe the property is being undervalued to expedite the sale and pay less to owners. The offer is $10,250,000. The assessed value for real estate tax purposes is more than $14million.

 

[Carolinian]

Check the state laws there. Most timeshare laws are based on uniform acts, but some states have modifications. Generally, any tmeshare owner can inspect and copy the financial records. You need to get someone who lives closeby to do that, and let an accountant look them over. During a period preceding the annual HOA meeting, you are generally also allowed to inspect and copy the membership list with addresses, which would allow members to organize for their own benefit.

 

[cavspoo]

Check the state laws there. Most timeshare laws are based on uniform acts, but some states have modifications. Generally, any tmeshare owner can inspect and copy the financial records. You need to get someone who lives closeby to do that, and let an accountant look them over. During a period preceding the annual HOA meeting, you are generally also allowed to inspect and copy the membership list with addresses, which would allow members to organize for their own benefit.

Thank you for that information.

 

[newbie88jo]

I did not like that only one appraisal was obtained and used. If the county as the value at 14 million, some thing is fishy. The management company / Trust hold most of the cards.
I was surprised that do few were upto date on the yearly fees.
I am not in MA, so have no idea of how hot or not RE is in Mashpee. How much would an appraisal cost? It looks like high fees for closing of timeshare cost.

 

[newbie88jo]

Zillow has the cottages at about 20% more than the assessed value but Zillow can be way off.

 

[newbie88jo]

does the board and management company have a responsiblity to work in the best interest of its members? Are they allowed to get money from the buyers or other agents that are unavailable to other members?

 

[cavspoo]

does the board and management company have a responsiblity to work in the best interest of its members? Are they allowed to get money from the buyers or other agents that are unavailable to other members?

The board and management company are considered to be fiduciaries, having the responsibilty to act in the best interest of those they serve. You might have noticed how often the person who led the webinar said they had the best interest of the owners in mind through this yermination process, but that to me is questionable. I am assuming the mansgement company will get substantial money in fees during the termination. And there will likely be retention bonuses for people like the resort manager. The board members are volunteers but there might be some financial benefit - or maybe they just want to get out of this mess. The bigger payoff will probably come when the property is resold to the hidden buyer. I believe these people are conspiring to devalue the property for the profit at resale, cheating deeded owners in the process.
I no longer live in Massachusetts.

 

[newbie88jo]

I like option #1 will pass. New timeshare for 2 years from Jan 2024 agreement were sent off. It looks okay to me but I am not a lawyer and would like other option on the agreement.
What say Tug bbs CCHE members or soon to be ex-CCHE?

 

[newbie88jo]

I picked option #1 and got a FedEx from Discover by Capital Vacations(r) contract. Has others gotten that contract?
200,000 points to be used by 1/2026 with a program value of $2495.00 Don't know if the $ is taken from the liquidation of CCHE but expensive and if income taxes need to be paid on it.
Any traps in getting stuck for a forever maintained fee?

 

[gravityrules]

Don't think 200,000 'CV points' gets you that much, 1 high season week can take more than that.

 

[newbie88jo]

it seems the CV resorts are not that highly rated. I would put as cash value ( booking for a week on the open market at $1500 or less.