# OC Md The Waves going Condo???More $$$



## gumbow719 (Nov 10, 2010)

Recently rec'd letter from East Coast Mg't re Creation od Condo Association to sell units off. Cost of that $20,000 plus take out a loan by Timeshare assoc for $200,000 to cover shortfalls in budget until condos sell. Last years maintenance fees on a (No Gold Crown) old aging building at the beach over $900 for 1 2 bdrm 2bath week. Read this from an expert on Real Estate in Ocean City MD.At best this is a flawed idea on many levels. First, the cost to start up a condo assoc is outrageous. Plus, one should have already been formed at the beginning (like Ocean Time). The times share association would have flowed from that. Second, the time share owners could give up control in this process to the whole owners (like Sea Time). Lastly, the condition of the building, the fact that it is time share and many more issues will prevent a buyer from getting financing.  What reasonable person would buy into a building where the units, building and finances are in such horrible shape?
Sounds like a scam for someone (East Coast, the Board or ?) to make some $


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## gumbow719 (Nov 10, 2010)

Owner Meeting 9 AM Dec 4th Near Annapolis Md at Sheraton Barcelo, on Jennifer road, near Restaurant Park, Parole exit (23/450) off Rt 50 East


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## cerralee (Nov 10, 2010)

I got the same letter.  The HOA president has been in place for a long time and each year just sites that the original ownership is getting older and can't afford to make payments, recession, non paying owners....on and on.  Other associations go after their non paying owners.  Not the Waves homeowners association...I just don't get it and there must be a better answer.  How about lets just sell the whole darn thing and split the proceeds between the paying owners!!


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## shar (Nov 13, 2010)

I do not own at the Waves, but would like to offer these comments as food for thought.

I am surprised that there is no association already for the Waves. What is governing your units?  Seems like there must be something in place that could used as a spring board.  Depending upon the attorney the cost to modify HOA docs or draw up from scratch can really vary. You want an atorney who speciializes in this.  I know two  Maryland attorneys who can provide this work. If someone is interested in their names I will be glad to pass along in a private email. I have this information from researching for my own HOA  primary home Association.  A lot of the cost is actually mailing and copying versions of documents before owners can vote and accept. 

I do own at Seatime and the association works well with about 50% full condo owners and 50% TS. The TS do have a say in the association as each unit has a representative that votes for that specific unit.  So if there was some way to convert some units too only TS and others for full ownership that might help you to bring up your income to maintain the building. 
If full units could be offered for sale then it could be done at an auction and advertised. If the units are going at a lower price then current OC pricing this may be an incentive to get them sold. 

As far as getting people to pay back maintnenace fees in this day in age it is particulary difficult even on a primary residence.  It could actually cost you money and you still receive nothing back. Our HOA has had this experience this past year and ended up paying an attorney and writing off way to much money from people who have just "disappeared".  This may be why the Board of the Waves is not actively pursuing some accounts.

Hope you can get this worked out as Ocean City is a prime resort area and the Waves can be successful. It sounds like a real chalenge to change direction for future enjoyment.

Shar


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## gumbow719 (Nov 27, 2010)

Hi Shar,
       Our Waves meeting is next Saturday Dec 4th. Can you send me the two Attorney names and I will submit them to the Board. Tks Bill


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## rainbows1957 (Sep 19, 2013)

*Update on The Waves?*

Hi--Can anyone give me an update on The Waves?  I used to be an owner there  and I was wondering if they have gotten their finances straighten out or if things are getting worse?


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## mike130 (Sep 20, 2013)

This is the worst run timeshare I have ever come across.  The bad debt last year was almost as much as what they took in for maintenance fees.  The swimming pool has been leaking into the parking lot for YEARS.  There are dark brown rust stains on the wall under the pool in the parking lot.  There are rust stains everywhere. The building is rusting from the inside out. The deferred maintenance is going to lead to big problems in the near future.  Unfortunately the Waves appears to be dying and East Coast Mis-Management seems to be doing its best to help it down that path.
Has anyone who owns at the Waves or any other timeshare in Ocean City, receive a postcard from a guy in Gaithersburg, Md looking to buy your timeshare?


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## mike130 (Sep 20, 2013)

I did.  In the last several months he bought 30 timeshares in different resorts in Ocean City.  I'm not sure why but he is paying top dollar.


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## ronparise (Sep 20, 2013)

This sounds like some of the South Africa stories Ive heard, someone is going after control this place, is what it sounds like to me

In any case its an interesting story Id like to follow. I would like to own something in OC, but probably not this one


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## rainbows1957 (Sep 23, 2013)

*The Waves*

I think I sold my Waves timeshare to the same person Mike130 mentions before the guy mailed out the postcards, because I did get the postcards even after our closing was complete.  I had a great week in July and personally I was disappointed in what I got for it, but I felt like it was time to sell. The one timeshare I kept in Ocean City was at Ocean Time. I have been very pleased with that one.  The maintenance fee is about $400/yr, and the board seems to be wise and frugal, yet the condo has been nicely decorated for an OC condo in the four years that I have been an owner. I also have no complaints about their management company.


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## mike130 (Oct 22, 2013)

rainbows1957 said:


> ```
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> .  I had a great week in July and personally I was disappointed in what I got for it, but I felt like it was time to sell. .



Be happy you got what you did.  As of September RCI has suspended the Waves due to low scores, no more deposits, no more trades.  I guess I’m still on East Coast Management mailing list.  I just received a letter from them and it sounded pretty dismal.  Only 47 percent of owners are paying their MF’s.  They had no funds to cover bills past July. As of October they have $200,000 in past due bills outstanding.   In July they took out a $300,000 “private loan” to cover normal operating expenses.  They have blown thru $150,000 of it. They are projecting a $153.000 shortfall for next year and  to offset that loss,
 would have to raise the annual fee to $1130 for a two bedroom and $1170 for a three bed room.


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## vacationhopeful (Oct 22, 2013)

My sister's inlaws used to own a week at Ocean Time -- liked it enough to buy a regular 2/2 condo built on the OC beach with the same floor plan, but no pool.


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## rainbows1957 (Oct 24, 2013)

Thanks for the info, Mike130.  I am so thankful now that I was able to sell The Waves timeshare for any amount.  It is a reminder that timeshares are not an "investment" and an owner shouldn't expect to get their money back on the purchase.  And some timeshares are a giant money pit if mismanaged.


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