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[ 2012 ] Fairmont / Sunchaser / Northwynd official thread with lawsuit info!

Discussion in 'Canada Timesharing' started by htusa2002, Nov 22, 2012.

  1. htusa2002

    htusa2002 Guest

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    HI-does anyone know what the new program they are launching for the old time owners at Fairmont/Sunchaser villas for 2013? The woman at office says they will be doing some new program for owners that have been there a while right away?:)
     
  2. spirits

    spirits TUG Member

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    Hmmmmm

    Do not own at Fairmount but everytime I get a new and improved program at work it either costs me more time and effort or it costs me money out of my pocket. This does not sound good either....good luck owners, I hope I am wrong.:D





    EDITED BY MODERATOR
    SINCE THIS POST AS OF JULY 2014 IS OVER 64 PAGES AND 1600 POSTS HERE IS THE BACKROUND
     
    Last edited by a moderator: Jul 27, 2014
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  3. Quadmaniac

    Quadmaniac TUG Member

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    TRANSLATION
    : We extracted money from you years ago and haven't had the opportunity to get more from you, so we're creating a new "program" so we can get more of your money. Since you were naive enough the first time, you will probably still be now and we're going to try to get as much as we can from you.

    REALITY : No matter what program they offer, "benefits", it is going to cost you thousands $$$ for something that will still be worth basically nothing even after buying into the new "program", no matter how "special" it may be.

    JUST SAY NO and save yourself $$$$$

    I still have a Golden Season Annual, that was "upgraded" to RCI points (owners paid $35K) that was given to me for free. Don't fall into that trap. No upgrade is worth any amount that they are asking for.
     
    Last edited: Nov 22, 2012
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  4. RandRseeker

    RandRseeker TUG Review Crew: Veteran TUG Member

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    I just reserved my 2013 week and there was no mention of a new program....hmmm.

    All I know is my maintenance fees just keep climbing and I'm sure by next year (2014) they'll be over $1000 for my two bedroom lockoff. This up almost 30% over the past four years. Add that to the lock off fee, II membership and exchange fees, I wonder if it's even worthwhile to timeshare anymore.

    I wonder how these maintenance fees compare to other timeshares?
     
  5. Quadmaniac

    Quadmaniac TUG Member

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    Depends what time share, but many of timeshares I have are similar in MF. There are still cheaper ones, but not sure what the quality of the resort/unit is.
     
  6. Meow

    Meow Guest

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    Fairmont Renovations

    With Sunchaser's last mailing you will now realize what the "new program" is all about. Their planned renovation is estimated to cost from $28 million to $38 million. They have not disclosed what it will cost on a unit basis, but one can try to estimate. The unit cost is about $900 for the $9 million 2013 maintenance budget. Therefore we would be looking at somewhere from a $3000 to $4000 special assessment spread over two years. There is no question that the Hillside/Riverside complex is badly in need of a renovation. My question is - is this a voluntary assessment? I'm not sure the lease allows for a special assessment like this. Perhaps, those that wish to bail out, can do so. Defaulting on this assessment does not appear the same as a default on maintenance fees.
     
  7. RandRseeker

    RandRseeker TUG Review Crew: Veteran TUG Member

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    I also just got the brochure showing the "exciting changes coming to the resort". While the renovations look very nice and some improvements are needed, to ask owners to contribute upwards of $3000 per unit seems like way too much to me.

    Do owners have any say in this decision by management? I have always been a believer that timeshare owners should not be able to simply walk away from their maintenance fees, leaving the other owners on the hook to pickup the revenue shortfall, however, I'm not sure a renovation of this magnitude is something I can support.
     
  8. Phew

    Phew Guest

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    New Program

    Just received the new program info as well. Have a lease at Hill/River bought on resale market 8 or 9 years ago. It is a bi-annual 2 bdrm lock off purchased by original owner in 1995 so has 22 years (11) remaining. Fees have doubled since we purchased and now looks like we are going to be hit for major reno costs. One requirement of the lease is to be provided an annual audited Financial Statement each year by I believe the end of March of following year, This has not happened since 2009. Two years in breach of clause. Hard to trust these guys. Right now it is almost impossible to give away the timeshare. Advice to anyone thinking of buying a timeshare is run as fast as yopu can away.
     
  9. Meow

    Meow Guest

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    I believe this could be the final straw for many lessees, the defaults will cascade and the property goes into receivership. Then someone picks it up for 10 cents on the dollar. Sort of a 'deja vu' all over again. Can we be sure the assessment funds actually go into a trust account as they allege? Reinvesting in the property at this time seems a little risky to me.
     
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  10. htusa2002

    htusa2002 Guest

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    New program

    Hi, I am not 100% for sure but. The new thing they told me about that may happen is not renos, but rather if you are a long term owner with a lease and want out maybe you'll be able to pay to get out early. I don't think they know if it's a go ahead yet, but you can call and ask about this. Either way learning this stopped us fom buying a resale property last month because we didnt want to buy into a place where people are paying to get out of leases......doesn't sound too good. Again I am not 100% sure so call and ask them.
     
  11. Rufus

    Rufus Guest

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    “The New Sunchaser” document has a section called “Deficit”. There’s no indication of the magnitude of it and there’s been no financial statements for the last couple of years. Not releasing financial statements is a serious problem. If it’s in the agreement to get them in a timely fashion then I think we have grounds for a complaint to the province. Do we have a lawyer to collectively get advice from about this concerning default / buy back options?
     
  12. Phew

    Phew Guest

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    Sunchaser Fairmont new deal

    There is a clause in an agreement I have seen requiring audited Financial Statements to be provided by March 31 of each year. This has not been done. In light of the most recent communication re deficit it is of major concern. Has anyone who posts here sought legal advice? Would be nice yto hear.
     
  13. tdjanzen

    tdjanzen Guest

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    I am just returning from a family Christmas vacation and have already requested information from Sunchaser regarding the total per unit cost for the renovations.

    I am concerned that the timing of the assessment will force everyone to pay their 2013 maintenance fees before they have any idea of the magnitude of the assessment. Also, I worry that the assessment will be more like 3 to 4,000 in 2013 and 2014.

    I was actually able to dig up the original contract for our timeshare purchase. As far as I can tell there is no specific reference to refurbishment and special assessments.

    I have no problem with renovations that are required to keep the buildings up to date but I do have questions when the Sunchaser document is silent on what the assessment will be and their assumption that they can receive 15% of the refurbishment budget as their "management" cost.

    I will be trying to reach a lawyer upon my return from my vacation as I don't want to lay out funds for maintenance fees if I can walk away from the whole mess. I think at $900 a week, the cost for Sunchaser is getting close to unreasonable. Having to essentially re-purchase the timeshare unit, makes it impractical to continue to own at Sunchaser.

    BTW did anyone notice how the newsletter glosses over the RCI conversion. Something along the lines of "last year this cost $6,000 but now it will only cost $2,000). I feel really sorry for people who spent the cash.
     
  14. Phew

    Phew Guest

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    Fairmont Deal

    I have talked to some other lease owners who have the same sentiment re getting legal advice. Does anyone know of an effective way of contacting owners - maybe social media is the way to go. I don't know much about that so if there is a group already going that information would be usefull.
     
  15. htusa2002

    htusa2002 Guest

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    maintenance fee

    Hi-just wondering but most 2 bedroom lock offs for gold crown/silver units are actually around $800 to $1000 in maintenance so not sure why everyone thinks this is too high?
     
  16. Jjareed

    Jjareed Guest

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    Renovation

    I called them up this morning and chatted with a nice women about the upcoming renovation project. She told me we don't have a choice about paying the renovation cost which in my case will be between 3000 to 4000. I asked her if they would buy my unit back and she said they don't do that. I suggested just giving it back and she said they don't want them back. My reply to her was that the units must be worthless or you would take them back. I also got into a discussion of what is going to stop them from doing this later if I give in and pay. Did not have a good response, meaning she implied that they can do what they want. I asked her if we could vote on any of this and she said no. I mentioned to her that when we bought our timeshare in 97 that I was told if we didn't like what was going on we as owners could vote to change things. She didn't know if that is correct or not. She also mentioned there was a survey sent out and the majority of the owners wanted the change. I don't know if I can agree with her on. Thinking about getting out! Suggestions?
     
  17. Tacoma

    Tacoma TUG Member

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    Maintenance fees are now at $950 a year up another $60 over last year alone. If the assessment is $3000 per week assuming 50 weeks per year usage 2 for maintenance the cost per unit is $150,000. That must be some renovation they are planning!

    I have no problem with a reasonable special assessment to upgrade units. However you could build new for what they are asking. Also the fact that they never produced financial statements for at least 2 years is a breach of their contract.

    They tried to extort more money by having people pay to get RCI and when that didn't work they came up with this new plan. I agree that we need legal advice before we give this company any more money. What's the percentage of people defaulting on maintenance fees? Is sunchaser going to pay their share of the renovation or just the current maintenance fee paying owners? What happens to the weeks that aren't having their maintenance fees paid? Is sunchaser renting these out to the general public or just letting them sit empty? There are way too many questions to pay a special assessment that big and trust that they will use the money prudently.

    They haven't been able to get enough cleaners to have all rooms ready for check in time so how will they find the workers in the valley to do that much work? The BRMR upgrading was supposed to be done in 3 years and my best guess is that it took 6 years. I do not want a repeat of that.

    I just checked out of a hillside unit on Friday and the unit was not all that bad. I know Riverside is in worse shape so I understand that section needing to be done but again I'm not sure any one unit needs $150,000 in renovations. The cost of the special assessment an Point of Poipu in Hawaii was $5800 and that sounded like it was a complete redo due to water intrusion.

    I will join any group that wants to find out more before we pay this company any more dollars. I'm worried they won't let me use this year's week (already paid for) unless I have agreed to or have started paying the special assessment.

    Another point is a friend of mine who owns an EEY golden season tried to book in June last year and was told he was too late to get anything. I don't know how flexible he was and I understand how all units could be booked but since there is only one golden week before July it does seem unlikely that that happened. He has been saying for at least six months he's going to sue them for not putting out financial statements.

    Joan
     
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  18. htusa2002

    htusa2002 Guest

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    I think you should all get out of your contracts. For that price of renos you can get a free timeshare from someone anywhere and just trade it into II or Rci

    I bought Grand Canadian in canmore summer week for cheap. maintenance fees $875 and yes we had to pay the cost of all the defaulted people, but still it's a good trader for the price.
     
  19. Jjareed

    Jjareed Guest

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    Out of contract

    Htusa or anyone else,

    If I wanted to get out of my contract do you know how I could do it
     
  20. RandRseeker

    RandRseeker TUG Review Crew: Veteran TUG Member

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    I don't remember a survey - anyone else?? If I had seen one, I sure wouldn't have agreed to any renovations with a price tag of $28 million plus!!
     
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  21. RandRseeker

    RandRseeker TUG Review Crew: Veteran TUG Member

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  22. Tacoma

    Tacoma TUG Member

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    I do not remember a survey either. If we agreed it must have been the generic questions like would you like to see more amenities to which everyone answers yes because it never mentions you'll have to pay for this. Thanks for the link I should have looked there.

    I hate to try and "give this away" to an unsuspecting victim. But because of that I'll either have to pay $3000-4000 or potentially destroy my credit. At least I have golden season. I have never traded this does it trade well in II or RCI?

    I also noticed the common barbecuing areas. I imagine that means no more barbeques at individual units. Alhough I believe that this keeps maintenance fees down it is a serious downgrade to what we own now. Also this location lends itself to doing a lot of cooking and let's face it the weather doesn't always lend itself to being very far from your unit.

    I'm really worried that they will never raise the funds and the project will stall. Those who pay will never see the project completed. Or are they using this as a way to take back a lot of units and resell them?

    I'm going to try and find out when the AGM is and attend if I can. I will also see if I can get the minutes from the last AGM to see when this was first raised.

    Still looking to hear from a lawyer about this since I know they did not produce financial statements for at least 2 years. If nothing else I would like to see this broken into 2 projects one for Riverside and the other for Hillside with the funding being in two sections. Only after the first upgrade is done would we be responsible for the second. I don't trust them.

    Still have not told my husband or friends about this. That will make for an interesting conversation for this weekend. I didn't want to spoil our vacation last week.

    Joan
     
  23. konno

    konno TUG Member

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    When did SVV or Northwynd take over?

    We are bi-annual members and are due to use our week this year. In 2011 we paid our maintenance fee and used our interval (we did not buy the deed) and we are trying to understand if we paid SVV or FVV the maintenance fee.

    What constitutes consent to a maintenance agreement with SVV? Paying your maintenance fees? We never did sign anything with the new developer.

    We are concerned the request for funds will never end and do not trust them one bit. We are thinking of giving away our interval with full discloser. I know this does not help the other owners but I don't want to keep on putting money into a sinking ship!
     
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  24. Quadmaniac

    Quadmaniac TUG Member

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    You don't have to sign anything as the new company took over all the obligations of the previous, so they don't need to get your signature.

    I called and they are planning on bringing the assessment out in about April, so I am going to get rid of my last one before that. In fact I am going to try to give it away on Kijiji pretty quick here for free.
     
  25. Phew

    Phew Guest

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    There are a good number already on Kijiji and also a large number listed with the realtor in Invermere - some as little as 1$. My biggest concern is we as lease owners have no idea what the financial situation is because they have not provided audited financial statements for two full years and will soon may be in breach of that requirement for 2012 as well. How can we trust they are not hiding a worse situation than we are told.
     
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