Barrier Island Station Duck - somewhat of a Catch 22

[Fayeoctober]

Barrier Island Station Duck needs to upgrade their Interiors. There was an assessment for the Exteriors several years ago, and it was originally planned that some funds would be left over to do the Interiors. It turned out that, for a number of reasons, the Exteriors cost more than planned and nothing was left for the Interiors. If something is to be done, it is likely to involve an Assessment.

Owners at BIS Duck have been voting on the Termination Issue for at least three years. While there are at least three more years to vote in most of the buildings, we had hoped to get the voting done by the end of 2020. There are a number of owners who don't want to pay toward an Assessment, if it is possible that the Termination Issue doesn't pass, and I don't blame them.

But in the meantime, we continue to get less than desirable reviews - particularly from Traders - who say things like the "Interiors Haven't Been Updated since the 1980s."

Does anyone have any ideas as to how we can get around this? We have a new Management Company - Vacation Resorts International - coming on in about a month.

 

[Maple_Leaf]

We have a new Management Company - Vacation Resorts International - coming on in about a month.

That's interesting. Can you say why the Board and SPM (a.k.a. Capital) Resorts are going their separate ways?

 

[pedro47]

This resort has one of the very best location on OBX and Duck,NC...IMHO.
This resort is prime waterfront access property for a major hotel chain expansion or for new a residential /senior community in North Carolina.

 

[Fayeoctober]

It is my opinion that while SPM was very good for BIS in the first 5 or 6 years , there has been a significant deterioration in services since they have become Capital Vacations. We have a whole laundry list of problems we have had and in addition when one of their managers was fired earlier this year, he indicated to the other employees that BIS was looking for a new management company and that none of the employees would have jobs. That wasn't true but has caused a significant number of people to leave. There may be some type of of private equity firm behind Capital Vacations. Usually these type of private equity firms are looking to get their money out and make a profit and and are more interested in that than in trying to service their clients. The Board at BIS has been doing a fair amount of work that really should be done by the management company.