Hello, I just noticed after reading on this board, an email that was sent to my junk mail.
It turns out that Pacific Shores owners board would like us to take a vote to sell our units. They say because the refurbishment to would be $2000 additional over the next few years per unit.
As well they said this out of the blue and are wanting to do a vote in just 3 weeks, with a proposed sale in a couple of months.
Finally, they say the company Transtide who owns the strata lot of the commercial center (check in desk, pool and restaurant) will receive nearly 70% of the sale value, and the remaining about 30% for the 61 (2 bedroom units) . It seems odd that the value of Transtide commercial center which is small per square footage would be worth so much more then half of the cost of the resort.
Personally, the value of the commercial center owned by Transtide (pool, restaurant and chek in area) is rather small value to me.
As well it seems odd that they would try to force a sale so quickly, rather then wait until the October AGM and give owners time to figure this out. Also odd that the other areas of the resort would not be sold.
If the memorandum of understanding MOU, goes through, because the commercial center receives most of the sale value, owners would probably receive virtually nothing after they pay next years maintenance fees. and owners who don't pay would receive nothing I presume. So they are really trying to sell it from underneath many of us.
How can they sell my timeshare without my consent? They estimate the 61 units, and commercial center would sell for about $24 million. How can they value something so small such as the commercial center, and give them the majority of the money. Can the owners do anything legally?
Any experiences from other US or Canadian resorts that could not manage the maintenance increases?
It turns out that Pacific Shores owners board would like us to take a vote to sell our units. They say because the refurbishment to would be $2000 additional over the next few years per unit.
As well they said this out of the blue and are wanting to do a vote in just 3 weeks, with a proposed sale in a couple of months.
Finally, they say the company Transtide who owns the strata lot of the commercial center (check in desk, pool and restaurant) will receive nearly 70% of the sale value, and the remaining about 30% for the 61 (2 bedroom units) . It seems odd that the value of Transtide commercial center which is small per square footage would be worth so much more then half of the cost of the resort.
Personally, the value of the commercial center owned by Transtide (pool, restaurant and chek in area) is rather small value to me.
As well it seems odd that they would try to force a sale so quickly, rather then wait until the October AGM and give owners time to figure this out. Also odd that the other areas of the resort would not be sold.
If the memorandum of understanding MOU, goes through, because the commercial center receives most of the sale value, owners would probably receive virtually nothing after they pay next years maintenance fees. and owners who don't pay would receive nothing I presume. So they are really trying to sell it from underneath many of us.
How can they sell my timeshare without my consent? They estimate the 61 units, and commercial center would sell for about $24 million. How can they value something so small such as the commercial center, and give them the majority of the money. Can the owners do anything legally?
Any experiences from other US or Canadian resorts that could not manage the maintenance increases?