itchyfeet
TUG Member
Has anybody heard anything. Sunset clause is for first Friday of 2020!
I just got my letter and I’m going to be honest I don’t understand what happens or which way I need to vote? It’s about as clear as mud for me.This is from Jeanette at Foxrun:
There is a sunset clause which legal has been working on for a while. This will be presented for extension/change in this years voting that goes out in the Spring.
We are pretty confident this will be approved.
We manage Mountain Loft and theirs was changed two years ago without any problems. Most owners want to continue to operate and own under their current documents. If the vote was not passed, you would own as tenants in common with all other owners of unit 10 without management and the board. All 50 owners would have to decide who was going to pay what bills, use what weeks, etc., which could be a nightmare.
Hope this helps.
Respectfully,
Jeanette H. Elliott
General Manager
Foxrun Properties/Fairways of the Mountains/Mountain Loft
180 Herman Wilson Road
Lake Lure, NC 28746
828.625.0097 • Fax 828.625.0049
I just got my letter and I’m going to be honest I don’t understand what happens or which way I need to vote? It’s about as clear as mud for me.
You can pretty much bet that someone is thinking they can get the entire condo by buying out owners and paying the property taxes when due. Owners will be wanting to walk away, most have aged and have already decided they want out. I am sure this will happen, as a matter of fact.I voted yes to keep the status quo. Voting no would create a logistical nightmare. If you don't want your unit sell it.
I was hoping the sunset clause meant we could just walk away from the thing as a timeshare. I thought that it would be automatic.
This is going to be a disaster. I just read the letter. I don't want to be an owner with a bunch of people of one unit. That would be chaos. I want to walk away from this impending nightmare. How would property taxes get paid with 52 owners? Who is going to organize that for each townhouse?
We need to sell the units as an ownership, then the management company can disburse a portion of the sale to each owner. So if a whole townhouse sells for $150K, after real estate expenses, we would each get around $2,800.
The exchange power of Foxrun has slipped. The property is in need of some major improvements. I don't see this is a win-win for anyone but the management company. These units need to be sold.
https://www.realtor.com/realestatea...d-801_Lake-Lure_NC_28746_M60733-26832?view=qv
I was hoping the sunset clause meant we could just walk away from the thing as a timeshare. I thought that it would be automatic.
This is going to be a disaster. I just read the letter. I don't want to be an owner with a bunch of people of one unit. That would be chaos. I want to walk away from this impending nightmare. How would property taxes get paid with 52 owners? Who is going to organize that for each townhouse?
We need to sell the units as an ownership, then the management company can disburse a portion of the sale to each owner. So if a whole townhouse sells for $150K, after real estate expenses, we would each get around $2,800.
The exchange power of Foxrun has slipped. The property is in need of some major improvements. I don't see this is a win-win for anyone but the management company. These units need to be sold.
https://www.realtor.com/realestatea...d-801_Lake-Lure_NC_28746_M60733-26832?view=qv
.Please stop misleading Tug members
.
Becky, I am sorry. I know it's very personal to you. I know because I am on the board of an older timeshare. It doesn't matter that the townhouse was some other property for sale. What matters is the real estate value of townhouses in that area.
I am not misleading anyone. If we are going to have a debate, do not treat me like a person that has no knowledge of timeshare, especially older timeshares, because I have lots of experience.
A large percentage of TUG members would not stay at Foxrun. They would consider it a downgrade from their Marriott and Vistana ownerships. That is just truth.
I don't use Foxrun for trading in II. I use it to get Wyndham points through the PIC program. I also never have been because I have only been in that part of the country twice, once to Hilton Head and once to Williamsburg. We live west. I got it to trade long ago into the Disney resorts.
The person who told me that Foxrun has lost trading power is Josie, Becky, who bought weeks from you that she has been trying to give away. I also bought my first week from you. More and more people are leaving Foxrun and partly because they DIE because the property is way past that developer selling stage.
I own at three resorts with these same problems. One resort just went right by the sunset clause without bringing owners into it at all. They decided as a board to keep it as a timeshare. The owners have aged, and people are not interested in it anymore. What do you think really makes fees go up? People walk away. How does the board plan to get weeks sold with no owners to pay the fees, and what is your policy for deedbacks, so people can walk away without having a foreclosure on their credit report? There was a big conversation on TUG about how all timeshares need to provide a deedback program, and so we did that at Val Chatelle. People took advantage of it, but we all have to pay their portion of the maintenance.
Last time I looked at Clark's resale list, hundreds of weeks were for sale at Foxrun, even prime summer weeks. I tried to sell one of mine through him and didn't get a nibble, so I gave it away on Craig's List.
I just own some great traders for what I want to do in II, so I use Foxrun for PIC.
It's not like you have any choice, if you want out, unless you did provide a deedback program. It's something all HOA's need to deal with. More and more owners walk away from older timeshares, and there is no market for the weeks. Many TUG members have contacted me privately to ask how to get out of Foxrun, and I give them advice on giving it away.
Why won't people let old timeshares die? I think that is what should happen, honestly. Less owners means higher fees. And we cannot really compete with the likes of Marriott and Vistana and Hilton.