# St. George's Club Maintenance Fees



## Maple_Leaf (Nov 22, 2011)

I know Bermuda is not in the Caribbean but I don't know where else to put this.

I see that the St. George's Club maintenance fees for a 2BR are now up over $2K.

http://www.ebay.com/itm/TWO-BEDROOM-Lockoff-BERMUDA-Beach-CARIBBEAN-St-George-PRIME-WEEK-Timeshare-/230705539307?pt=Timeshares&hash=item35b71f28eb#ht_4545wt_857

Does anyone have information about the health of the resort?  Are they in a death spiral of rising MFs?


----------



## jqg1956 (Nov 22, 2011)

We own at St. George's (1 bd) - MF is $1400+.  I've heard SGC has one of the most expensive MFs around  That said, they are steadily making refurbishments/improvements to the cottages - we love it and will continue to pay...


----------



## Maple_Leaf (Nov 23, 2011)

*Why are the MFs so high?*



jqg1956 said:


> We own at St. George's (1 bd) - MF is $1400+.  I've heard SGC has one of the most expensive MFs around  That said, they are steadily making refurbishments/improvements to the cottages - we love it and will continue to pay...



Are these special assessments?  I realise it's an island, but so is St. Thomas, St. John, Tahiti, etc.


----------



## Free2Roam (Nov 24, 2011)

Bermuda is really nice... I love it there.  But it's also very, very expensive!!! Not just in the touristy areas...it's expensive to live there. I'm not at all surprised by the maintenance fees.


----------



## Maple_Leaf (Dec 4, 2011)

*Pre-paid Maintenance Fees*

Is it true that St. George's Club has started requiring new owners to pre-pay two years of maintenance fees before conducting a resort transfer into the new owner's name?  For a 2BR that would be over $4K in pre-paid MF.


----------



## Antonio 8069 (Dec 20, 2011)

*St. George's Club*

I visited this TS during a weekend stay at the Fairmount Hamilton Princess.
Its a great property if you are an avid golfer.
The problem is (as you surmised) the maintenance fees.  You can rent some great TS's for $2 K!
I am also worried about tourism in Bermuda.  On my most recent visit, I participated in the End to End Walk which starts in St. George's. Very few visitors, had no problem getting a Mother's Day booking for afternoon tea at the Princess! I just read that # of cruise companies have reduced trips to the island.  Cruises have been a strong point of the tourist industry.........this is not good news, esp. for owners!


----------



## DonM (Dec 20, 2011)

Maple_Leaf said:


> Are these special assessments?  I realise it's an island, but so is St. Thomas, St. John, Tahiti, etc.



Bermuda has always been expensive whether you have a TS or just using a hotel.

I had a conversation with a taxi driver and the concierge of the Fairmont Princess on my last visit. One of the reasons for the high cost of living is that most if not all of the social welfare costs (Medical care etc) are paid by the taxes baked into most everything. The concierge had a heart condition better treated by a hospital in the States. The entire cost including transportation was paid by the Government!


----------



## DonM (Dec 20, 2011)

Antonio 8069 said:


> ...I am also worried about tourism in Bermuda.  On my most recent visit, I participated in the End to End Walk which starts in St. George's. Very few visitors, had no problem getting a Mother's Day booking for afternoon tea at the Princess! I just read that # of cruise companies have reduced trips to the island.  Cruises have been a strong point of the tourist industry.........this is not good news, esp. for owners!



Isn't this just a reflection of the economy? Bermuda has always been just about the most expensive venue in the area forever. Wouldn't they be the ones to be most affected by a weak economy?


----------



## robcrusoe (Dec 21, 2011)

jqg1956 said:


> We own at St. George's (1 bd) - MF is $1400+.  I've heard SGC has one of the most expensive MFs around  That said, they are steadily making refurbishments/improvements to the cottages - we love it and will continue to pay...


nice to hear!
unfortunately not all owners feel that way as I've seen the 2012 weeks below listed for about MFs or less, which make ownership hard to justify as with many high priced resorts

may 5-12 1BR
may 5-12 2BR
may 12-19 2BR
may 26-June 2 2BR
June 2-9 1BR
June 9-16 1BR
June 23-30 1BR
June 30-July 7 1BR
July 21-28 1BR
July 21-28 1BR
august 4-11 1BR
august 11-18 1BR
august 18-25 1BR
august 25-sept 1 2BR
sept 1-8 2BR
sept 8-15 2BR


----------



## Maple_Leaf (Jan 28, 2012)

*Accumulated deficit*

I understand there is an accumulated deficit at this resort of over $2 million that the developer and weeks owners are jointly responsible for in proportion to the number of weeks owned.  If this is true, wouldn't a buyer of a week here also be buying a portion of this liability?


----------



## tschwa2 (Jan 28, 2012)

I think many of the RTU's contracts are nearing the end date.  The developer who is still in control (I think) can also be using the current owners to foot the bill on the upgrades so that when it is time time to sell the next set of RTU's the older buildings are nice and refurbished to sell again without the huge outlay of money required to build new units.


----------



## Maple_Leaf (Jan 29, 2012)

*Due diligence*



tschwa2 said:


> I think many of the RTU's contracts are nearing the end date.  The developer who is still in control (I think) can also be using the current owners to foot the bill on the upgrades so that when it is time time to sell the next set of RTU's the older buildings are nice and refurbished to sell again without the huge outlay of money required to build new units.



I've been doing some due diligence work for buying a unit at the St. George's Club.  It looks like the RTUs expire in 2027 but the developer has been handing out short extensions as goodies.

I have a big concern with this resort.  There are units for sale on Ebay and nowhere is it disclosed in the ad that the resort has over $2 million in long-term debt that needs to eventually be paid by the unit owners and the developer.  A buyer of this unit would actually be purchasing part of this debt as well.  Based on my due diligence, the St. George's Club appears to be pregnant with a soon-to-be bouncing baby special assessment.:annoyed:


----------

