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Apple Valley Resort, Ohio going into forclosure- Choices??

Discussion in 'US - Central States Timesharing' started by Black Diamond, Mar 25, 2016.

  1. OldGuy

    OldGuy Guest

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    All the details are in the statement that Brian linked to.

    There were 1581 interests, and 105 of what they called final AVRUOA accounts. (Apple Valley Resort Unit Owner Association)

    It's fairly common to just have 50 owners per unit (2 maintenance weeks/year).

    I had an owner keeping me somewhat informed, but he was not in the group actually doing all the work. I'm curious as to how much title work needed to be done to establish the 1581 "interests".

    You can google the Apple Valley Association, and see some letters/statements from back when the decision to dissolve was made, and it gave some numbers regarding paying and non-paying.
     
  2. OldGuy

    OldGuy Guest

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    The one of our legacy resorts that is well managed takes weeks back and then rents or sells them. This year they had an "Open" period for owners to purchase weeks. In the past they have had public auctions, which amounted to reading a week and asking if anyone wants it, the min price being $750.

    Two years ago I went to the auction to purchase a week, and, with a pretty nice group of owners gathered, the guy who does most of the work talked about the Sunset Clause. I remember his first statement, "There is no good thing about dissolving the timeshare."
    - - - - - -
    Given the average age of owners at legacy resorts, and, therefore, the relative make-up of this forum, it's not surprising that there is so much discussion devoted to exit strategies, and deedbacks, and Sunset Clauses, and dissolving timeshares.

    What was desirable in 1980 is not today.

    It has become a very relevant topic, and being both a legacy person :cool: and a triple-legacy-resort owners, one that I am interested in, far more than stuff like how to trade for the best week, which for us has not been a topic of interest for years.

    Bear in mind that legacy (old) resorts tend to be made of up of legacy owners, so for all of them, the clock is ticking. Every owner will one day not be an owner, one way or another.

    Things like Apple Valley are case studies of how to end a resort, and are important to a lot of owners.
     
    Last edited: Apr 15, 2019
  3. rhonda

    rhonda TUG Review Crew: Veteran TUG Member

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    If the resort has value, keep paying your dues through the end. This is a l-o-n-g process. Those still in good standing at the very final end might share in the final settlement.

    EDITED TO ADD: Link to Sticky on Bankrupt/Closed Resorts as their histories might be useful.

    EDIT #2: @DrQ , I reviewed my old post regarding Warner Springs Ranch closing. The Homeowners first vote on closing the resort was in 2008, the resort closed in 2012 and sold/closed escrow in 2013. I believe we received our portion of the settlement in 2014. It is a long process!
     
    Last edited: Apr 15, 2019
  4. OldGuy

    OldGuy Guest

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    Yup. I believe the key to a resort, whether it's ongoing or disbanding, is that it has value in the marketplace. If there is no rental value for a week, if there is no condo market, if there is no demand, then things are problematic, in either trying to continue or disband.
     
    Last edited: Apr 15, 2019
  5. DrQ

    DrQ TUG Member

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    Yeah, I think they are going to use a huge Special Assessment to force the existing owners to use the Deedback option.
     
  6. OldGuy

    OldGuy Guest

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    In the Apple Valley procedure, I'm curious as to 1581 "interests" got whittled down to:

    upload_2019-4-17_21-39-23.png

    I've asked an owner who made it to that point, and he didn't appear to know for sure, but thought it was because he paid all along, including what I believe he said was a $1000 Assessment to finance to legal work. I can see that being necessary since the reason it was being dissolved was lack of funds/fees paid.

    I can also see how a $1000 assessment to "dissolve" a resort would not get paid by many.

    I'm trying to pin that down.

    I did, I did pin it down. The email was sitting there all along.

    Yes, there was $1000 Special Assessment to finance the legal work and sale.

    Yeah, if you were asked to pay $1000 because your resort was belly-up, and someone thought they could salvage something out of it, not many would pay it.
     
    Last edited: Apr 17, 2019
  7. dioxide45

    dioxide45 TUG Review Crew: Veteran TUG Member

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    If there were 105 people that paid the SA for legal work, that would amount to $105,000. I would think that should cover most if not all the costs associated with it. I suspect if there was anything left, it was part of the final distribution.
     
  8. OldGuy

    OldGuy Guest

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    The costs of the process are shown in the financial report that Brian linked to. Some of the expenses would have to have been paid prior to the auction and some of them were paid out of the proceeds of the auction.

    Yeah, I did the math and came up with $105K, too, and my feeling is that's not enough for all the work that had to be done. I'll go look.

    Expenses: $519,205.05

    or this:

    Total AVRUOA expenses after 1st Disbursement by the court: $851,614.20
     
    Last edited: Apr 17, 2019
  9. OldGuy

    OldGuy Guest

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    I had another update on Apple Valley this morning, but I got virus detection, so could not look at it.
     
  10. OldGuy

    OldGuy Guest

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    I'm guessing that the reason that there are two figures for expenses, and why "Total" expenses is so much more is that the first figure represents what it costs getting to the point of the sale (auction), and that the higher figure also includes the expenses relating to the auction/sale.

    That's all in the report that Brian linked to.

    What should be obvious is that dissolving a timeshare is not something for the faint of heart. It's hard to conceive that there are many people who would care to undertake this.
     
  11. OldGuy

    OldGuy Guest

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    Total AVRUOA expenses after 1st Disbursement by the court: $851,614.20

    I am re-posting this, with emphasis, just to hammer in the point of what it takes to dissolve a timeshare. This was a small, 32-unit one, too, and the process took 2-3 years.
     
  12. OldGuy

    OldGuy Guest

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    Resorts are harder to undo than they were to do.

    :confused:
     

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