# Shenandoah Crossing foreclosures - bluegreen taking action!



## TUGBrian (Mar 28, 2016)

http://www.richmond.com/business/local/article_c2ac4a49-fe19-53a4-877f-c7624fb38514.html

interesting...although not suprising if all of these were indeed in default.


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## Ty1on (Mar 28, 2016)

"“It looks like they (Bluegreen) sell each home site for a separate week out of each year, which would allow them to sell 52 shares,” said Andrew Little, an investment banker at John B. Levy & Co. in Richmond.
Little said he was not sure what else he could say, since the notice is difficult to decipher, “except that it looks like a deal to stay away from as a potential real estate investor.”"

This made me chuckle.  Let's find an investor banker who knows nothing about TS and ask him.


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## TUGBrian (Mar 28, 2016)

indeed...a truly useful source for the article!


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## TUGBrian (Mar 31, 2016)

if there was any better example of how out of touch developers are with the resale market....

http://www.richmond.com/business/local/article_fe757c95-6ce0-57e6-bec2-f2ef1488b33d.html




> The minimum bids for hundreds of timeshare properties — many owned by people in the Richmond area — were mostly for more than $10,000 apiece. Many exceeded $20,000.


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## csxjohn (Mar 31, 2016)

TUGBrian said:


> if there was any better example of how out of touch developers are with the resale market....
> 
> http://www.richmond.com/business/local/article_fe757c95-6ce0-57e6-bec2-f2ef1488b33d.html




BG does not own everything in that resort and so far there is no real evidence that this has anything to do with BG.  

BG just got in trouble for not following the foreclosure laws in Fla since with BG we don't really buy deeds but buy an interest in a vaca club.


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## TUGBrian (Mar 31, 2016)

its a BG owned/managed timeshare is it not?

least thats what I was led to believe?


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## csxjohn (Mar 31, 2016)

TUGBrian said:


> its a BG owned/managed timeshare is it not?
> 
> least thats what I was led to believe?



It is BG managed but one of the fellows over on FB who has an in, has posted that these particular units are not BG owned.

When BG forecloses my understanding is they put them right back up for sale for tens or thousands of dollars, and don't  put them up for public auction.


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## TUGBrian (Mar 31, 2016)

interesting indeed!  

although its still utterly ridiculous to think anyone familiar with the resale market would pay more than $1 for an interval at a BG resort when so many are available for free!


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## CubaTravelExpert (Apr 15, 2016)

*Is my reservation for SC safe?*

I rented BG points from someone who has a yurt for me there within the next two weeks. Actually payment is due to them from me tonight. (They made the reservation last week).

They too are headed down at the end of June. 

I assume the bankruptcy has nothing to do with impacting my visit or the other folks? Is this correct? Or is there a concern I am missing?


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## csxjohn (Apr 19, 2016)

CubaTravelExpert said:


> I rented BG points from someone who has a yurt for me there within the next two weeks. Actually payment is due to them from me tonight. (They made the reservation last week).
> 
> They too are headed down at the end of June.
> 
> I assume the bankruptcy has nothing to do with impacting my visit or the other folks? Is this correct? Or is there a concern I am missing?



You have nothing to worry about concerning these foreclosures.


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## GrayFal (Apr 19, 2016)

csxjohn said:


> You have nothing to worry about concerning these foreclosures.



Agree


Enjoy your Yurt stay.  Looking forward to hearing about it.


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