# Was that a Reef Resort Cayman sold for $51.00?



## pharmlivin (Jan 13, 2009)

EBAY wow...week 22... nice week down there...if I'm believin' what I'm seein'


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## caribbeansun (Jan 14, 2009)

Yup, but it appears to be only a 1BR unit -  link to eBay listing


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## Dustijam (Jan 14, 2009)

*Ebay Reef*

That was a very screwy ad.  First he said he had 2 weeks, then corrected the ad to 1 week.  

Then he said it was a "full villa with lock-off", with MF's of $567 which is the MF of a studio not the 2Bdrm.

Sounds like he is in shock after paying "23,000 cash" in 2000.


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## Caladezi (Jan 14, 2009)

I believe that the Reef has a ROFR option which will most likely be used here.


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## ralphd (Jan 14, 2009)

Tom will offer $51.01 and buy it?????? Don't know how much they charge to transfer title.

There are several Morritt's units that are not attracting any bids starting at $0.49. 

'     http://realestate.shop.ebay.com/ite...=&_trksid=m270.l1313&_odkw=the+reef&_osacat=0   '


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## caribbeansun (Jan 15, 2009)

I don't believe there is a ROFR in the Reef contracts.



Caladezi said:


> I believe that the Reef has a ROFR option which will most likely be used here.


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## caribbean (Jan 15, 2009)

In fact there was a Morritt's Grand 1BR on eBay the other week starting at $1 with no reserve and it didn't even get a bid.


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## Dustijam (Jan 15, 2009)

*ROFR*



caribbeansun said:


> I don't believe there is a ROFR in the Reef contracts.



According to the sales manager at the Reef they do have a ROFR.  That was one of the first questions I asked when I did the tour last week.

Both the Morritts and the Reef look like they are half empty (both last week and this week.)  

Castaways' Cove looks nearly vacant.  Few lights on at night and beach is empty during the day.  Only the beach in front of the Reef timeshare portion has any activity.  

Funny, the sales pitch at the Morritts is "Don't believe those ads on Ebay...as my mother said, 'If it looks too good to be true it probably is'."  Wow, talk about wishful thinking!


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## TomCayman (Jan 15, 2009)

We put a ROFR in the sales contracts several years ago, and this one falls under that category... though surely very odd for it to slip through the radar of the "arbitrageurs" on EBay at that price.

Re "drive by" thoughts on occupancy from Dustijam... things are always a little quiet in the middle of January, though suffice to say things are better than "half empty" here... and occupancy is spread pretty evenly down our beach.. but with only 166 bedrooms on 1600 feet of beach, it never seems crowded... heck, even at New Year, when we were pretty much sold out, we had guests asking us why it seemed so quiet


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## gmarine (Jan 15, 2009)

TomCayman said:


> We put a ROFR in the sales contracts several years ago, and this one falls under that category... though surely very odd for it to slip through the radar of the "arbitrageurs" on EBay at that price.
> 
> Re "drive by" thoughts on occupancy from Dustijam... things are always a little quiet in the middle of January, though suffice to say things are better than "half empty" here... and occupancy is spread pretty evenly down our beach.. but with only 166 bedrooms on 1600 feet of beach, it never seems crowded... heck, even at New Year, when we were pretty much sold out, we had guests asking us why it seemed so quiet



Hey Tom, after you take it with ROFR I'll give you double the price you paid.


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## Dustijam (Jan 15, 2009)

*Drive By*



TomCayman said:


> Re "drive by" thoughts on occupancy from Dustijam... things are always a little quiet in the middle of January..)



No doubt the 1st two weeks of Jan are slower throughout the Carib, Tom, that is why it is a preferred time for me, but I have walked your beach several times a day for going on 2 weeks - no way the Castaways is at 50%.

Poppie and the crew even raked the beach round the beach chairs yesterday and there is nary a foot print in the sand of the Castaways section.  

The Reef section I would agree with you, and that is what I said in my first post.   

You have a beautiful resort.  Now if the Government could figure out how to keep the beaches clean on either side of the Reef and the Morritts...looks like a trash dump on either side.  Plastic never deteriorates, so walking past the resorts just becomes depressing.  Just glad it is not like the old days at the Jersey shore where syringes were washing up all the time.  

Great job of keeping your resort area clean..although I told Poppi the management should invest in a rake for the pay loader you have.  But then he was worried about his job!


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## TomCayman (Jan 15, 2009)

Dustijam said:


> No doubt the 1st two weeks of Jan are slower throughout the Carib, Tom, that is why it is a preferred time for me, but I have walked your beach several times a day for going on 2 weeks - no way the Castaways is at 50%.



Want a bet ? ...remember, I'm the dealer, and I have a stacked deck  



Dustijam said:


> Poppie and the crew even raked the beach round the beach chairs yesterday and there is nary a foot print in the sand of the Castaways section.
> 
> The Reef section I would agree with you, and that is what I said in my first post.
> 
> ...



We are indeed looking at some automation of beach cleaning.. but Papi has no need to worry, he is safe


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## chrislss (Jan 24, 2009)

*No week for $51....*

Back to the original thread: the ex I purchased it with wanted out of annual maintenance fees and thought an EBay sale was a good approach (unknown to me).  It worked out well however - given I didn't know about the auction the unit has now been turned over to me.  Hate to burst the bidders bubble, but it was definitely too good to be true.


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