The short term KBV special assessment

[magmue]

It came in the mail yesterday, due April 1.

Our deed is a 1BR2BA, so "total special assessment" = $450.31. Ugh.

I went online to pay via credit card, and Wyndham tried to tell me my total was $460.31, even though their paper statement clearly says my previous balance is zero, and the amount is $450.31.

I suspect they are trying to slip an ARDA contribution past me, which I removed when I paid our annual MF. Nope. Changed the CC amount to what they are actually billing me this time around.

 

[bnoble]

It could also be that they are charging a convenience fee for the credit card payment. Some of my (non-Wyndham) fixed weeks do this.

 

[magmue]

I wondered about that, but there was no mention of a credit card surcharge online, and no mention of it on the payment slip that you can send via snail mail, with your credit card info, check or money order.

 

[bianchicycle]

The assessment for 1bdr2bth should have been half of that or this is an every year bill.

 

[magmue]

.... or this is an every year bill.

We own an annual deed, so yes.

 

[schreff]

It's the unfair games Wyndham and the BOD is playing. We know that there is a Wyndham plan which is not going to help us as owners. The BOD has not shared anything and has not acted on behalf of the owners by keeping us in the dark. When will the next special assessment occur? We all know that it will be soon from the posts of those who have stayed there recently. Owners are dropping like flies while Wyndham's control increases along with the frequency of special assessments and increases in maintenance fees.

 

[tango]

Getting ready to kiss our credit rating goodbye.

 

[rickandcindy23]

Special assessments happen. You have to decide if the weeks you own are worth the SA. I made the mistake of paying one on Blue Ridge Village, just to have a second one happen this year. About $2,000 in SA's and I am wondering if Bluegreen will continue the trend of SA's to make the resort nice enough for their sales' team. That is what I believe is happening.

 

[DeniseM]

Cindy, This is a more complicated situation - due to poor construction and poor maintenance the entire resort need a massive overhaul that will cost millions and millions of dollars, and result in a huge special assessment(s) for owners. This assessment is just the first step, and we don't even know if the resort is going to stay open, or if this is just a Wyndumb money grab.

 

[rickandcindy23]

It is a complex issue with KBV. I would be wary of paying a single payment, not knowing what the future holds. Once you have invested a large amount of money over several payments, you'll be wondering when it will end and after making a bunch of small payments, Wyndham will have so much of your hard-earned money.

This recent experience with my Bluegreen/ BRV's SA is somewhat relevant because I feel that Bluegreen/ Blue Ridge Village is "boiling us slowly," especially after paying one large SA of $1,200 and getting a second SA for $779. Bluegreen also stated that the entire resort is due for a major update, including rock retaining walls, new swimming pool, new clubhouse, etc. When will the special assessments end? Are they trying to push owners out or are they trying to keep us on the hook for more money each year because "we already paid so much." I am just sick over this ownership and feel I am in for too much to not pay the new SA.

Not only did we pay huge SA's but our fees went up over the last four years:

2021: $978, 2022: $1,127, 2023: $1,257, 2024: $1380

If Marriott did this, what KBV and BG are doing to owners of older resorts, there would be a lot more complaining on TUG.

 

[bnoble]

This assessment is about $650 per (annual) 2BR week. Not great, but from where I sit not a terribly big deal. And while the resort is still operating, it seems reasonable to get the two closed buildings re-opened. Given the pace of things--the trial for the whole owners' lawsuit is not scheduled until September of this year--it seems likely that the resort will probably continue operating through at least the end of this year, if not through 2025.

I know we all like to blast Wyndham (including calling them Wyndumb) but those two buildings clearly need repairs. This isn't a capricious assessment just to line their pockets.

If you think (as I do) that the upcoming AOAO vote will pass and the resort is terminated, paying $650 now seems like a reasonable wager on the liquidation value eventually being more than that. However, if you believe that vote will not pass, and you plan to abandon rather than pay the (much larger) assessment that happens as a result, then abandoning now makes sense

 

[DeniseM]

My disdain for Wyndham goes back a long time before this special assessment situation - I do not trust them at all - YMMV.

 

[rickandcindy23]

I really dislike Wyndham myself, for my own reasons, and I understand your frustration. Walking away might be your best option. It's not in my nature to do that. I don't walk away from anything, but had I known what I know today about never-ending SA's, I would definitely have walked away from BRV. Maybe walking away is the best option for KBV owners.

 

[CO skier]

Getting ready to kiss our credit rating goodbye.

TUG has it all!

[ 2022 ] Timeshare Default Credit Report/Collection Tracking

Two more data points

tugbbs.com

"Wyndham defaults w credit drops: 6 (5 loans, 1 MF) out of 11 (8 loans, 3 MF)"

Wyndham would not have the Social Security number of resale buyers unless they supplied it (Wyndham does not have my SS number.)

Even if there is a credit drop due to a MF default, 50 points seems to be typical from reading the rest of the thread.

 

[tango]

If you think (as I do) that the upcoming AOAO vote will pass and the resort is terminated, paying $650 now seems like a reasonable wager on the liquidation value eventually being more than that. However, if you believe that vote will not pass, and you plan to abandon rather than pay the (much larger) assessment that happens as a result, then abandoning now makes sense

Probably the best argument for not defaulting I've read yet. However I have no idea of what a liquidation value might be to a TS owner.

 

[bnoble]

It's probably a tear-down, and Kauai's government is not exactly hankering to have more resorts built on the island. So it's a bit of a gamble.