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40 Year Florida Timeshare Expires in 3 Years - Then What?

Discussion in 'US - Florida Timesharing' started by bbakernbay, Jan 7, 2018.

  1. Egret1986

    Egret1986 TUG Review Crew: Expert TUG Member

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    Similar experience...paid my asking prices for a couple of Ocean City weeks and last year for an Outer Banks, NC week. I had some conversation with the principle regarding his business and he was interested in my thoughts on Barrier Island Station in Duck, NC. It is a resort that is also undertaking the task of gathering the required votes for an upcoming sunset clause. He asked if I was interested in some part-time work with his company. Too many obligations already to consider doing anything else.

    I didn't realize that they advertised on TUG.
     
  2. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    With Global Warming and rising oceans it might be a short term investment that goes underwater.
     
  3. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    Just heard from our timeshare that they have made an arrangement with a nearby timeshare resort to give any of our Owners who wish to depart a 2 bedroom unit at their resort in order to increase their percentage of paying Owners.

    This requires a payment of $395 to look after the deeds. Advised that MFees at other timeshare are lower than we are paying in 2018.

    This offer is entirely optional.

    Looks like the writing is on the wall but still not clear as to what happens over next 3 years and thereafter.
     
  4. cerralee

    cerralee TUG Member

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    I owned at the Ocean City resort that you are referring to. RCI dropped this resort several years ago and there were no more last calls in this particular resort. You could still trade in to other OC resorts. I noticed that when units went up for sale that the same person was buying them. In the end lemonjuice or Kravosky held a lot of the units that were disposed of. I thought about it and came to the conclusion that someone out there had a plan. If he was investing in the resort there must be some underlying value in the units and I was going to hold tight and go along for the ride.
    We were offered the option to deed our units back to the HOA for a fee. Many did. In the end the units went on the auction block and the proceeds were divided up between the remaining owners. I feel the process was fair. I no longer had the timeshare fees hanging over my head, and if I wanted to vacation in OC I had enough cash to do so. My only regret was not having a crystal ball to buy a few more of the units before the liquidation. I did have a chance as they had a public auction at the resort during one of my stays where they "auctioned" off three of the units. The HOA placed a low bid on them and there were only 3 people in attendance. Kravosky, the manager of the units and me.
    I was glad that lemonjuice entered the picture. He knew how to dispose of a decaying timeshare complex where previous boards could not come up with a solution of an aging membership and non-paying owners. Yes, I am sure he came out on the cash plus positive side of things-but so did the owners that that did not bail.
     
  5. tschwa2

    tschwa2 Tug Review Crew: Rookie TUG Member

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    He wasn't just buying at Waves. His ad was for all OC resorts except Coconut Mallory. He bought Ocean Time, Boardwalk One, and Bay Club from me.
     
  6. theo

    theo TUG Review Crew: Veteran TUG Member

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    ...identity of the “deedback” grantee(s) at your resort is also still not clear, the answer to which relates very directly to the voting percentages and numbers required for (and addressing the future fate of) your resort. :shrug:
     
    Last edited: Feb 19, 2018
  7. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    I can only presume that it is the timeshare HOA but I have no way of knowing positively.
     
  8. theo

    theo TUG Review Crew: Veteran TUG Member

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    With all due respect, I personally would presume nothing in the very strange circumstances apparently at issue here, with a "one man band" manager / Board / President / deedback processor apparently operating single handedly on site --- and all other previous Board members having disappeared into thin air.

    In post #48 of this thread, I pointed out that deeds are a matter of public record. Accordingly, recent deedbacks should be easily found online in County official records *if* the HOA is, in fact, the grantee. I suggested (and I respectfully do so once again) that you pointedly ask the manager / President exactly who is named as grantee(s) on all of those incoming deedbacks, if you cannot find the deeds online. If the resort Association is indeed the "grantee", that's fine and dandy and appropriate. However, if the grantee is something or someone else, it is possible that someone is quietly assembling a powerful voting block in order to influence or determine future outcomes there.
    Just sayin'... :shrug:
     
    Last edited: Feb 20, 2018
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  9. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    Excellent advice, thank you.

    I just accessed the excellent County website and searched very quickly and found that over the past 90 days there were 51 deeds transferred to our Condominium Association by way of QuitClaims at a value $10.

    I feel reassured by this initial finding and I will look at successive periods of time throughout 2017.
     
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  10. Talent312

    Talent312 Tug Review Crew: Rookie TUG Member

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    The $10 number is a mere formality used in deeds... a placeholder.
    The actual $$ amount depends on the doc stamp tax paid which is often noted in margins.

    At the risk of starting something, I'll just say that I'm in favor of global warming.
    My house is in the middle of Florida, and I'd like to be closer to the water. :thumbup:
    <satire>
     
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  11. Hey lady

    Hey lady Guest

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    You should be so luck to just pay $350 to get out. Our timeshare owner, in Canada, wanted to reduce the timeshare resort and sell off some buildings as individual condos. We got an invoice for $4000 per week to renovate the unit or $4000 to cancel our contract. They proved they were not in the timeshare business but in the cancelling of contracts business.
     
  12. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    Then what happened? Did the Owners presumably walk away and they then foreclosed and then the developer terminated the timeshare? Which area was that in Canada, BC or Ontario?
     
  13. silentg

    silentg TUG Review Crew: Expert TUG Member

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    If you have a RTU on 40 year lease, why do you have to pay anything? Can’t you just wait the 3 years til the contract is up then just walk away? We did that with one of our timeshares. When the lease was up we said goodbye.We had our use and enjoyed it while it lasted. Just a thought?
    Silentg
     
  14. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    We are pretty much decided that we will not pay the substantially increased MFs on our weeks for 2018 nor the few years remaining. We have been loyal owners for over 25 years and enjoy the resort but we can take advantage of cheaper prices using Extra Vacations or using our points inside 45 days as the resort is never full during the times we choose to go to Florida.

    In addition, I am reluctant to pay the MFees in advance and possibly show up and the place may be padlocked. Charging a long term renter at 50% rate of our MFee is also very aggravating.

    We won’t be paying the $300 fee to sign it back either. I would be interested to know how many owners default now given that it was near 50% before the MFees increased substantially in 2018 to cover high delinquency.

    Sad situation for all concerned including the long term resort employees but one likely repeating itself in many other locations.
     
  15. WackyLucy

    WackyLucy Guest

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    OP's matter is clearly not a RTU contract. It is instead a deeded ownership at a place which, like many Florida timeshare properties built in the 1980's, had a 40 year time period identified within its' governing condo documents for existence as a timeshare property. This is not at all the same as a RTU contract situation.

    Personally, I would have chosen to pay the $300 for a clean and easy deedback rather than be foreclosed upon later, but OP has apparently made a different decision.
     
    Last edited: Apr 29, 2018
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  16. silentg

    silentg TUG Review Crew: Expert TUG Member

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    I have one of those too. A Cape Cod week. They are voting to extend the timeshares. Have to see what everyone wants to do. Nice place. I sent my proxy already.
    Silentg
     
  17. Teresa

    Teresa TUG Member

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    This is what happened in Apple Valley (Ohio) -see quote below. I'm not sure the fee was $199 - I think it was under $50 for the recording of the deed (which they prepared). Yes - I think 'someone' is going to do well when the resort actually gets sold as a 'property' (not a timeshare property). I considered 'holding on' - but for what? Just keep paying m/fs without benefit for a number of years until it all gets sorted out? And 'paranoid me' feels that those orchestrating this whole thing will find a way to squeeze me out anyway. Life is too short for me to 'hope' that it would work out for ME and mine.

    I was going to give it away anyway. Had already given several/many away (using craigslist). Had another 2/2 in New Smyrna (Daytona) that I had tried to give away on craigslist. Prepared the deed. 'Buyer' (but no money) got spooked and accused me of trying to scam her because a friend of hers did a search of the Florida records and saw that I had transferred a lot of timeshares. I asked her how I was scamming her if I didn't ask her for any money (I was going to pay the transfer fee even)? I wasn't going to force her to take it so I kept it. Fast forward two years - I decided to list the timeshare on the resort's website for $2K and got a call about a month later. Full price offer - they'll prepare the deed. Some company. Sounded fishy to me but they didn't ask me for any money so I said, 'sure'. I thought that was the end of it. Two weeks later I got a check and a deed. Cashed the check. Waited two weeks for it to clear (it was on a US bank). No problem. Signed the deed and sent it.

    Found out the company was trying to buy the whole place somehow to convert it. I was one of only a few owners trying to sell (most ads were for renting). At no time did another owner offer to buy it from me. I had mentioned in previous years to management that I would give it to them. I had offered it to other owners for 'really cheap' (or free). Nothing came of that.

    There is actually a company out there that is doing this sort of thing with smaller, older resorts. Trying to allow remaining owners to cash out so it can be repurposed. Will someone make money? Yep. Let's use my unit as an example. Keep it for another 4 years while they acquire other units in order to get voting majority. 4 years of mfs would be about $3500 (assuming only small increases each year). I'd need to recoup $5500 from a sale to get where I am now (with $2K now and no mfs for 4 years). To get that the unit would have to sell for $275K after expenses (I used 50 weeks as a multiplier). I think I'm better off doing what I did.

    Regarding OP situation - I would pay the money (maybe negotiate a lower fee per unit??) and be done. But that's me. Timeshares served me very well in the past. Our kids are grown now and we're not as travel-active as we once were. Trying to simplify.

    Good luck with whatever you do.

     
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  18. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    Teresa

    Thank you for your thorough and thoughtful reply. I have exactly the same feelings as you have experienced that some individual or group will capitalize on the situation and end up with everything for a flip to residential rental property. Paying MFees over the next 3-4 years of uncertainty seems fruitless in order to reap some payback after all ‘costs’ are paid.

    Last week, I have asked the Property Manager for a deal on the Deed Back costs or use of a vacant week in lieu and I am still awaiting a reply.

    I live in Canada so I don’t know whether foreclosure has much of a credit or legal implication.

    If they already have 50% delinquency then it would appear they are not going after non-paying owners.
     
  19. bbakernbay

    bbakernbay TUG Review Crew: Veteran TUG Member

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    We received another letter from our Resort advising that due to diminishing revenues they are now converting another block of timeshares into long term rentals.

    This block of 4 Units is the one where our 4 weeks are deeded and in our opinion is the preferred block as it overlooks a large lake, the only such block that has this scenic view.

    They have indicated that owners of these units will be relocated to the remaining blocks of units that have not yet been converted to long term rentals.

    I am not a lawyer but I think that this would invalidate our contract as we are unable to use the units we own.

    Anyone care to offer an opinion on this circumstance.
     
  20. bluehende

    bluehende TUG Review Crew: Veteran TUG Member

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    I also am not a lawyer but....... I would send them a very official letter stating you do not agree with the move, but would be happy to sell them the units.
     
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  21. theo

    theo TUG Review Crew: Veteran TUG Member

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    Everything you have described to date about that entire operation frankly seems quite shaky to me. That said, *if*you have a recorded deed for specific fixed units / weeks, I fail to see how the resort could unilaterally (or lawfully) ignore officially recorded legal instruments identifying your ownership of some very specific pieces of real estate.

    I assume that you don't want to incur any legal costs to fight (or exit) this smelly mess. I'd suggest sending correspondence making it clear that you do not believe they have any legal right to "switch" you into a different building / unit ownership other than that which is plainly reflected on your recorded deeds. Also make it clear that you have no intentions of accepting involuntary ownership of any arbitrarily assigned "alternative" units or weeks. Bear in mind that grantee acceptance is a fundamental legal requirement for any deed to have validity; you definitely have some leverage here.

    Tell them (in writing) that they can willingly absorb any any all costs for preparing and processing and recording quit claim deed of your existing weeks back to the resort HOA, but that you have no interest in accepting any other units / weeks. You want "out" --- not "different units". You are in the driver's seat here, not them. You reportedly possess valid deeds that they apparently now want, but it also seems evident that there is no intent (or money) to actually buy your weeks. Negotiate a no cost exit and just get out of that mess.

    You asked for opinions. That's mine, for whatever it may be worth. Good luck.
     
    Last edited: May 18, 2018

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