# Glenmore Sands proposal to develop new units



## Karen G (Jul 6, 2006)

Did other Glenmore Sands owners receive a letter today concerning the development of new units?  It's from Pat Smythe, Chairman (of the HOA, I think).

The proposal is to convert the existing dining room and adjacent verandah into two units--a 1 bdrm. and a 2 bdrm.; convert an existing apartment above the laundry block into a timeshare unit; and consolidate two plots where the existing car park area is and develop four new units thereon. 

Apparently there is a developer who is prepared to do the entire re-development and sales of the new units at his own risk with no financial assistance or obligation from Glenmore Sands. Glenmore's contribution is to grant the developer the right and title to the development areas so he can do the work.

Glenmore Sands will receive the levy flow from the new units upon their completion and sale.  This will benefit the owners by giving extra levy flow for improvements to the resort, create a meaningful reserve fund, result in less volatility of levy increases, add value to existing units, get additional points value through RCI.

Does anyone have an opinion on this?  I assume it really doesn't matter what we think of it, but it sounds like an interesting proposal.  I haven't heard of a resort doing something like this before, but I think Glenmore Sands is a relatively small resort and it may be advantageous for everyone.


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## MelBay (Jul 6, 2006)

I got mine today too.  Upon first blush, it seems like a well thought out plan.  But I'd like to think about it a while before I make more of a decision.  However, not sure how much brain power I'll spend on it, as it sounds like a done deal.  And I didn't see the words "special levy" or anything similar, so that was a real positive.  :whoopie:


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## magiroux (Jul 8, 2006)

I also received this, and I agree, it sounds like a done deal.

My first thought upon reading the bolded heading was, "uh-oh...here's comes a special levy". Glad to see that others don't see any implication of that either.


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## dsfritz (Jul 9, 2006)

This is a prime example of the fact that unless a resort continues to expand and sell new condos, it can't make money.  For some reason the maintainance fees are not enough to stay in the black.  Just my opinion.


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## beachsands (Jul 11, 2006)

Yes I received the same info as the rest of you, and had the same thing in mind about any special assessments that may be forth coming.

They didn't say that there would be any special levies but on the other hand it didn't say that there wouldn't be any either. 

At first glance it sounds good, but without having any real access to on demand info, its really hard to tell what all the details of this thing will entail and the overall benefits. Things I don't know are like what are the actual occupancy rate, are they "SOLD OUT" every night and week? Stuff like that.

I do hope its good news overall but not really sure.


Joel


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