# The Waves



## Miss Marty (Apr 16, 2015)

*
THE WAVES - Coastal Highway - Ocean City, Maryland*

Here is a note from the Ocean Time Minutes of Owners Meeting 
from (last year) 9 March, 2014  Copied from bottom of Page 2 
Regarding The Waves Condominium.

Mr. Wetzelberger (Managing Agent from Paradise Properties)
told everyone that The Waves has been mismanaged.
Their yearly maintenance fees run about $1,000 per year.  
This past winter the roof in the north corner of The Waves 
was blown off near Unit 407.  

Mr Wetzelberger was asked to take on managing The Waves 
Condominium.  Eleven units at The Waves were timeshare
units but we`re never sold.  

There are 210 timeshares under foreclosure there. 

Any Updates?


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## Miss Marty (Jun 14, 2015)

*The Waves Ocean City - www.thewavesoc.com*

Special Meeting of Waves Council of Owners, Inc. Timeshare
Ocean City Md 2015 Waves Emergency Meeting Notice (pdf)

http://www.thewavesoc.com/wp-content/uploads/2015/03/Waves-emergency-meeting-x.pdf


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## bogey21 (Jun 14, 2015)

Wow!!  I almost bought a Week at the Waves a number of years ago but backed out at the last minute.  Looks like I dodged a bullet.

George


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## Miss Marty (Jun 14, 2015)

*The Waves Ocean City - www.thewavesoc.com*

The Waves Letter dated Nov 7, 2014
Be sure to read the 6 page letter (pdf) 


We now only have 319 paying owners 
out of the inital 867.

Based on a survey of 136 paying owners, 
one quarter of our owners are over 75. 

See:  Page 3 - Ownership 

This year we also filed a dozen lawsuits in the District Court in order to garnish wages of non payers who happened to be Maryland residents.  These people simply did not know they could deed back or could not afford to do so.

Suppose there was no way relieve timeshare ownership:  
We could then keep our payments down by garnishing 
*or threatening to garnish wages, pensions and 
social security of dozens or maybe hundreds of people 
who are too eldery* or otherwise unable to pay for 
and enjoy their January and February week that they 
 were snookered into in the first place.

First this is not ethical, and furthermore it is not 
substainable, and unlikely to be ignored by courts.

Alexander Krakovsky, President 
202-478-0971


http://www.thewavesoc.com/wp-conten...Word-Waves-letter-Nov-7-2014-W97.doc-copy.pdf


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## cerralee (Jun 15, 2015)

I have a unit at the waves and it is very likely going to be foreclosed on as it is not sustainable with the current number of owners that are still paying their fees.  The number has greatly dropped from the aforementioned number.

I listened in on a few of the board meetings that were held over the phone and the Waves contacted the owners and gave all the owners the opportunity to deed back their shares in the units if they were far behind in their maintenance fees or just wanted out.  The board has asked that the members consent to dissovlving the Timeshare, selling the building, and then distributing the fees between those that stuck it out and still have a viable share in the building.  This is being restricted to current owners, no more units are being sold, that way would be profiteers cannot buy up units hoping the building sells for a lot and getting their piece of the pie for pennies on the dollar.

I am hoping to get a small fortune, and I mean enough to purchase another resale unit in OC during the summer.  Soon it should be in the court system and hopefully deemed unsubstainable, which it is.


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## HaroldW (Jun 21, 2017)

So whatever happened to this?


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## Lemonjuice (Nov 20, 2017)

Just saw this post from HaroldW.  The timeshare regime was terminated, and all condos sold as whole condos.  Owners received distribution checks ranging from ~$8k to ~$12k, depending on the unit.

http://www.prweb.com/releases/2016/10/prweb13744334.htm


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## pedro47 (Nov 20, 2017)

This thread is over two (2) 1/2 years old (first post by the OP was April 16, 2015).


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## cerralee (Nov 21, 2017)

There were more posts related to the termination of the waves and lemon juice aka Alexander Krakovsky was instrumental in a positive way of bailing the remaining owners out of an otherwise “sinking ship”. It might be an old post, but it does show that getting out of a failing timeshare is a possibility.


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## cerralee (Nov 21, 2017)

I was an owner at the waves.


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