# Seapointer 2011 Maintenance Fee and Trading Power



## mustapicht (Nov 11, 2009)

My estimated maintenance fee for 2011 was R3700, an increase of R600 from 2010 estimate and an increase of R1000 over 2009 actual.  

Has anyone banked their 2011 yet and seen if it is at least pulling the same as 2009 and 2010?  The 2011 estimate works out to about $500US and that is getting expensive considering what it can trade for.  If trading power has decreased again I would be re-evaluating my ownership.

Thanks


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## bamasteve (Mar 2, 2010)

*Yikes*

Man that's expensive.  The lower dollar vs the rand doesn't help either.

I usually don't pay the next year until March.  I think that is true for others as well.  

We should be seeing what happens in the coming month.


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## rhonda (Mar 3, 2010)

My 2010 invoice just arrived.  Levy on 2BR was 3058.62 ZAR.  This is the first year I owe *more* than the estimate paid last year (2671.85 ZAR) when I deposited my weeks.

I suppose the 2011 estimate will be 15% above 2010 figure?


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## bamasteve (Mar 5, 2010)

*Letter from Resort arrived today from Seapointer*

A very interesting letter arrived from Seapointer today.  Seems that the lack of funds to upgrade the resort combined with foreign owners who have stopped paying and defaulted on their week has really caused there resort to go into decline.  They are going to put forth a vote to the owners on whether to upgrade the resort or whether to disband the timeshare and convert to apartments.

Most interesting is the fact the they say that to upgrade to apartments that we would have to pay to for the upgrade....although we wouldn't benefit at all.....well maybe from the proceeds of the sale.  But my guess is that some lawyers would end  up getting the bulk of any funds in this kind of deal. 

Steve S.
Alabama


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## susan1738 (Mar 6, 2010)

*Got my letter too, Bamasteve!*

. . . and I don't even own there anymore!  I sold mine about 2 years ago, but I got the "special assessment" letter today.  So, they are asking the owners (and even some non-owners . . .Ha!) to pay R7000 to R8000 to upgrade the resort and keep it . . . . or pay R2000 to turn it into apartments for someone else to use . . . and what does the owner GET out of that?  Why on earth would someone pay THEM R2000 for nothing?

Makes no sense to me!


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## ira g (Mar 6, 2010)

susan1738 said:


> . . . and I don't even own there anymore!  I sold mine about 2 years ago, but I got the "special assessment" letter today.  So, they are asking the owners (and even some non-owners . . .Ha!) to pay R7000 to R8000 to upgrade the resort and keep it . . . . or pay R2000 to turn it into apartments for someone else to use . . . and what does the owner GET out of that?  Why on earth would someone pay THEM R2000 for nothing?
> 
> Makes no sense to me!



Is Seapointer run by First Resorts? I wonder if with this kind of crazy request, are they looking for US owners to not pay the SA and default so they can take over these weeks?


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## bamasteve (Mar 7, 2010)

Yes it is run by First Resorts.  I think it is mismanagement of some sort.  Not sure that they want US owners to default.  If I take their letter at face value they appear to already have alot of foreign owners who have defaulted which has caused their budget to be pretty bad off.  Plus it appears they haven't kept the units up to date.  I think they need an infusion of cash to upgrade the resort.  I just did a quick look at the exchange rate.  7000 rand is $946.  Yikes.


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## MuranoJo (Mar 8, 2010)

I just asked Durban Sands (another First Resort which Carolinian has been warning about) about pre-paying 2012 just to get it out of the way while I still have a paycheck.  Yikes, a 12% increase brings this up and over the fees I pay for a Holiday week I own elsewhere which I can rent for $2k for the week.  Waiting for a response explaining the increase.

This is getting too pricey for very limited returns.  Heck, these fees could pay for a US tiger trader.  And of course no way to sell now, though would love to hear of others' recent experiences in that area or giving back to the resort.


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## MuranoJo (Mar 9, 2010)

muranojo said:


> I just asked Durban Sands (another First Resort which Carolinian has been warning about) about pre-paying 2012 just to get it out of the way while I still have a paycheck.  Yikes, a 12% increase brings this up and over the fees I pay for a Holiday week I own elsewhere which I can rent for $2k for the week.  Waiting for a response explaining the increase.
> 
> This is getting too pricey for very limited returns.  Heck, these fees could pay for a US tiger trader.  And of course no way to sell now, though would love to hear of others' recent experiences in that area or giving back to the resort.



Correction:  those fees were for just 2011--thought I had already paid that but obviously not.  Sheesh, saw the other message where Dik owners are paying about as much for both a 1 bd and a 2 bd.


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## rhonda (Mar 18, 2010)

bamasteve said:


> A very interesting letter arrived from Seapointer today.  Seems that the lack of funds to upgrade the resort combined with foreign owners who have stopped paying and defaulted on their week has really caused there resort to go into decline.  They are going to put forth a vote to the owners on whether to upgrade the resort or whether to disband the timeshare and convert to apartments.


Received my letter yesterday.  Seems like dissolving the timeshare does not equate to dissolving the shareblock.  Those who remain become share holders of the apartment complex instead of the timeshare??


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## bamasteve (Mar 19, 2010)

rhonda said:


> Received my letter yesterday.  Seems like dissolving the timeshare does not equate to dissolving the shareblock.  Those who remain become share holders of the apartment complex instead of the timeshare??



Gee, not something I really want anyway.  I can only imgaine the headache that would be.


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## bamasteve (Apr 16, 2010)

*Still heard Nothing*

I have two statements from Seapointer saying I owe money but I really don't know if they are even going to deposit the next year's week or if a vote of the owners is going to happen or has happened.

Anyone heard anything?


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## MarcT (Oct 29, 2010)

*[advertising deleted]*

[Advertising and commercial signature lines are not permitted on TUG. - DeniseM Moderator]


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## Eds (Feb 14, 2011)

*Recieved*

Dear Mr XXX,

Please be advised we require an update from you regarding correspondence sent to you previously.

Please advise me whether you want to Join the FHC and accept the proposal, Abandone your week to avoid levies raised in the future, special levies and other costs involving Seapointer or remain with the Seapointer Shares and be liable for all future fees.

We await your response in anticipation.

Yours Faithfully
Brandon Govender
Conversions Administrator
Club Leisure Group
Tel: 031 717 7300 Ext 7865
Fax: 031 717 7654
brandong@clubleisure.co.za


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## jfbookers (Feb 14, 2011)

*Seapointer trading*

I sold my Seapointer years ago but still get their statements and was still listed with RCI (18 trading points) until I tried to renew my RCI membership at the 2 yr. for $90 special. The first RCI rep. was locked out of my account and had to contact her boss who determined that Seapointer was my first resort and that was no longer accepted by RCI. She had to open another RCI account and close my original one. I did get the $90 rate however.
Got some great trades (Aspen and Key west) but time to move on
Yours,
Jim


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## Carolinian (Feb 15, 2011)

The fact that someone has the title of ''Conversions Administrator, Club Leisure Group'' rather than just for Seapointer raises the spectre that Bullfrog Lamont and his gang of bandits are likely to pull a similar scam on other resorts controlled by the Club Leisure Group.  If your resort is managed by Froggy's management company, First Resorts, BEWARE!


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## ran-ran (Feb 15, 2011)

*My Experience too*



jfbookers said:


> I sold my Seapointer years ago but still get their statements and was still listed with RCI (18 trading points) until I tried to renew my RCI membership at the 2 yr. for $90 special. The first RCI rep. was locked out of my account and had to contact her boss who determined that Seapointer was my first resort and that was no longer accepted by RCI. She had to open another RCI account and close my original one. I did get the $90 rate however.
> Got some great trades (Aspen and Key west) but time to move on
> Yours,
> Jim


Here is my post from another thread about this exact situation.



ran-ran said:


> I just called RCI to take advantage of the 2 year renewal for $90.00 and this is what happened to me.
> 
> First, I was on hold; off and on for about 30 minutes before they finally got back to me to take my credit card information and charge me for the $90.00 to extend my membership to 2018. Whew!
> 
> ...


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