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resort closure [CapeWinds Resort in Hyannis]

4

4reisjes

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This week we received notice that CapeWinds Resort in Hyannis is closing its doors. Too little paying owners.
Apparently there is an offer to buy the resort.
Should we want % of the profit, we have to pay our maintenance fees for next year, 2025
As we have 5 weeks, that is a costly gamble.
And no, we can not use any week in 2025.
Advise
 
If you do not pay your 2025 MF they cannot cut you out of the sale proceeds without first foreclosing on your units, but they can deduct any amounts owing from your share of the sale proceeds.

Secondly, if you do pay the 2025 MF, you would be entitled to your prorata share of any residual monies.
 
How much is the resort worth?
Will the resort tell you about how much you will receive for the payout?
How much are the fees?
If each unit has 52 owners, and the units sell for $250K a door after all the commissions, fees and whatnot, each owner would collect $4,807 if divided equally.
If the property is valuable, and being in Hyannis you think it would be, you'd expect to at least break even on typical maintenance fees.

I would urge you seek out more information from the report though.
 
montygz said:
How much is the resort worth?
Will the resort tell you about how much you will receive for the payout?
How much are the fees?
If each unit has 52 owners, and the units sell for $250K a door after all the commissions, fees and whatnot, each owner would collect $4,807 if divided equally.
If the property is valuable, and being in Hyannis you think it would be, you'd expect to at least break even on typical maintenance fees.

I would urge you seek out more information from the report though.
Click to expand...
Thank you, those are very helpfull questions
 
I was curious so Googlemapped the resort. It looks like you're in a spot where real estate would be relatively high value. They should tell you what the interested party"s offer is. You should also be able to get some comparable idea with research of sales in the area. There may be a tidy profit for the owners if the management company doesn't do anything shady.

Sheila
 
I had one resort that did pay out a bit when it closed. It paid out about $1200 or so Canadian. Not a lot for an oceanfront resort on Vancouver Island but at least something.
 
sfwilshire said:
I was curious so Googlemapped the resort. It looks like you're in a spot where real estate would be relatively high value. They should tell you what the interested party"s offer is. You should also be able to get some comparable idea with research of sales in the area. There may be a tidy profit for the owners if the management company doesn't do anything shady.

Sheila
Click to expand...

Why should they do that?
 
chapjim said:
Why should they do that?
Click to expand...
If you're an owner, you'd want to know at least a potential price before you decided whether to pay the required fees in hopes of recovering the money after a sale. Why wouldn't the board tell you?

Sheila
 
sfwilshire said:
If you're an owner, you'd want to know at least a potential price before you decided whether to pay the required fees in hopes of recovering the money after a sale. Why wouldn't the board tell you?

Sheila
Click to expand...
Because the Board is in negotiations and negotiating a real estate deal is difficult enough without the public knowing the negotiating positions. Even if an owner knew with certainty the selling price, he doesn't know what other owners will do.
 
4reisjes said:
This week we received notice that CapeWinds Resort in Hyannis is closing its doors. Too little paying owners.
Apparently there is an offer to buy the resort.
Should we want % of the profit, we have to pay our maintenance fees for next year, 2025
As we have 5 weeks, that is a costly gamble.
And no, we can not use any week in 2025.
Advise
Click to expand...
Received notice from VRI requesting $1000 for ' Termination & Property Preservation Fee'. No 2025 Maintenance fees. Note States "Only owners whose accounts are paid in full including all past annual, special or other assessments and fees at the time of termination and sale of the property (Owners in Good Standing) will be entitled to full share of Net Sales Proceeds from the Sale. Is this spending good money for Bad return????
 
toofine46 said:
Received notice from VRI requesting $1000 for ' Termination & Property Preservation Fee'. No 2025 Maintenance fees. Note States "Only owners whose accounts are paid in full including all past annual, special or other assessments and fees at the time of termination and sale of the property (Owners in Good Standing) will be entitled to full share of Net Sales Proceeds from the Sale. Is this spending good money for Bad return????
Click to expand...


It's a gamble. If you pay you can then participate. If you don't then you're not entitled to the distributions (profits).

Real Estate in Hyannis is very valuable and I believe this property is one mile from the beach. It's hard to buy any house in MA for less than $600K so I would guess a condo conversion would retail for $350K at a minimum. Might be some money to be made!

Just my opinion. Good luck!










.
 
I wonder if a company like Bluegreen, Wyndham or Hilton are interested in buying it?
 
So the Board is asking you to pay the maintenance fees despite telling you that the resort is closed. Poof. Gone. And telling you that you won't be able to stay for even a moment of time in 2025.

But on the other hand, not giving you any sense of what the likely payout will be later on.

That's what's called, in German, someone offering to sell you a "katze im Sack (pronounced Zahk)" (a cat in a sack). "I'm offering you this incredibly beautiful cat for such a good price, you won't believe how nice this cat is" (but won't let you see the cat).

I would think, if they're going to get anyone to go along with this, that they would provide you with all manner of likely outcomes, the most likely as well as the extremes both up or down from what they believe is most likely. And PROVE it to you by suggesting what prices they're discussing with the prospective purchaser.

Instead, nothing.

So I wouldn't feel good about this. The know they have to provide you with complete information. If it were a new stock Initial Public Offering, they'd have to provide you with a prospectus revealing EVERYTHING.

It seems to me that, if they're unwilling to enlighten anyone, it's time to speak to a Massachusetts state attorney (such as an attorney in the Attorney General's office). Don't allow yourself to potentially be scammed.
 
Why are all the Cape Cod timeshares closing?
 
silentg said:
Why are all the Cape Cod timeshares closing?
Click to expand...


My guess? Many of the Cape Cod Timeshares were established via older Motels (which were then converted to Timeshares). The maintenance fees go up over time and some won't pay (or can't afford to pay) the higher fees. Additionally, the property values have soared allowing a higher and better use of the property via a "teardown".











.
 
TheTimeTraveler said:
My guess? Many of the Cape Cod Timeshares were established via older Motels (which were then converted to Timeshares). The maintenance fees go up over time and some won't pay (or can't afford to pay) the higher fees. Additionally, the property values have soared allowing a higher and better use of the property via a "teardown".











.
Click to expand...
We have stayed at Cape Winds, and Cape Cod Holiday Estates in the past, Also owned a week at Holly Tree all of the little cottageson the Cape are being torn down and big houses are put in their place. We still enjoy going to the Cape, but just rent now.
 
andre10056 said:
So the Board is asking you to pay the maintenance fees despite telling you that the resort is closed. Poof. Gone. And telling you that you won't be able to stay for even a moment of time in 2025.

But on the other hand, not giving you any sense of what the likely payout will be later on.

That's what's called, in German, someone offering to sell you a "katze im Sack (pronounced Zahk)" (a cat in a sack). "I'm offering you this incredibly beautiful cat for such a good price, you won't believe how nice this cat is" (but won't let you see the cat).

I would think, if they're going to get anyone to go along with this, that they would provide you with all manner of likely outcomes, the most likely as well as the extremes both up or down from what they believe is most likely. And PROVE it to you by suggesting what prices they're discussing with the prospective purchaser.

Instead, nothing.

So I wouldn't feel good about this. The know they have to provide you with complete information. If it were a new stock Initial Public Offering, they'd have to provide you with a prospectus revealing EVERYTHING.

It seems to me that, if they're unwilling to enlighten anyone, it's time to speak to a Massachusetts state attorney (such as an attorney in the Attorney General's office). Don't allow yourself to potentially be scammed.
Click to expand...
Absolutly. The 2025 fees are not maintenance fees,despite being refererend to as such. ( Once, and then this was refererend to as an error in a meeting).
The whole song and dance is to confuse, make owners afraid of the possible consequenties of foreclosure.
And for somebody to make more money.
Not impressive.
And no, we are not going to escalate this.

It was such a sweet place to go, with great staff.
How things change and not for the better.
 
chapjim said:
Because the Board is in negotiations and negotiating a real estate deal is difficult enough without the public knowing the negotiating positions. Even if an owner knew with certainty the selling price, he doesn't know what other owners will do.
Click to expand...
The board could possibly require an NDA before providing financial information, but owners have a right to know regardless. Probably not worth the cost, but a lawsuit seems like a potential option.

Sheila
 
sfwilshire said:
The board could possibly require an NDA before providing financial information, but owners have a right to know regardless. Probably not worth the cost, but a lawsuit seems like a potential option.

Sheila
Click to expand...
A NDA with every owner? Really?
 
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