Pacific Shores; what's the latest?

[sue1947]

What's the current situation at Pacific Shores on Vancouver Island? Ownership issues over the last few years has left me confused on who owns what and what might get deposited where. I am thinking of exchanging in via II. Is the resort still viable for exchanges in 2019? What would be deposited in II vs RCI?

Thanks for any info.

Sue

 

[Tacoma]

We can use or trade in 2018 but I do not know about 2019 yet. I have a summer week I was hoping to use regularly but does not look good.

 

[easyrider]

Pacific Shores is being sold. There really isn't much availability through Vacation Internationale with the exception of a few days here or there. Starting October there is no availability at all. This is in the "know before you go " section.

Bill

Pacific Shores Notice:
The Pacific Shores Board and Homeowners Association (of which VI is one), held a Special Meeting, July 15th with the outcome of a 96% vote in favor of pursuing a sale of the property. While there is no buyer at this time, we anticipate that a sale will be completed in the second quarter of 2018.

For VI Members that have reservations at Pacific Shores through September 2018, no change will occur and your reservation is still valid. No new reservations are being accepted for Pacific Shores after Septemeber 30, 2018. Any nights available now through September 30, 2018 are available for reservations.

 

[sue1947]

Thanks. There is inventory in RCI Extra Vacation through early Dec so that may be the end of the line for this resort.

Sue

 

[sfwilshire]

Too bad. We stayed there on an exchange once several years ago and really enjoyed the unit and the area.

Sheila

 

[JohnPaul]

September is an extension. It was originally VI when VI reservation availability ended.

 

[JohnPaul]

Looks like VI still only allows booking to September 30. Is there any news on what is happening?

 

[VHSGreg]

There is a town-hall style meeting for owners in Parksville December 8th and Victoria December 9th. Looks like VI is also involved in something too. Little details, but more information will come out at the town hall meetings in a couple of weeks. I believe there was a deadline of November 9th before they could put information out. The board is also going to introduce Vacation Internationale to the owners. Not sure what that means.

 

[bizaro86]

There is a town-hall style meeting for owners in Parksville December 8th and Victoria December 9th. Looks like VI is also involved in something too. Little details, but more information will come out at the town hall meetings in a couple of weeks. I believe there was a deadline of November 9th before they could put information out. The board is also going to introduce Vacation Internationale to the owners. Not sure what that means.

I bet VI was the winning bidder, or agreed to buy out association intervals or something.

 

[sue1947]

If VI bought out the rest of the ownership, that would be great news. VI does a good job of managing their resorts and this might mean it remains a timeshare.

Sue

 

[ecwinch]

I suspect Worldmark might be interested if VI already has a stake there.

It has been a while since we have had any new inventory added in North of the Border.

 

[barto]

Fingers crossed that it will remain a timeshare! I had bought a July week in the 600 block off eBay when the news hit of the timeshare owners about to agree to sell so we canceled, but have stayed there 3 different times now (in the 700 block, but still) and loved the setting.

And I hope the current owners are taken care of properly, too.

 

[VHSGreg]

Well, it was a sad day to hear the news. The board was happy with a sale price that gave owners 3.6 milliion for 61 units, or about $50,000 for each unit. People applauded. This is a sad, sad state for timeshare. People are happy that their timeshare ended up being worth $1000 for a week they paid 10, 20, 30 or more thousand dollars for. They rejoiced that they are not stuck paying $2000-$3000 or more to get rid of their timeshare such as the poor Fairmont Sunchaser owners.

Don’t get me wrong, I am happier to get $1000 then stuck with a bill to pay $4000 to get rid of my timeshare. Its just sad.

It is sad that the timeshare industry is based on a business model that relies on tricking/scamming/misleading people and that laws don’t protect people. The idea seams so simple, you buy a vacation home/condo that you use on a portion of and share the time you don’t use with others. You hire a management company to maintain the property and clean and repair as necessary. It should work, but it doesn’t. When you end up paying $30,000 for a week, and pay $20,000 for maintenance fees for 20 years only to find its value after 20 years is just $1000, something is wrong. Especially when real estate prices are at record highs here.

The board convinced people last July that the best price for all 61 units was to sell all 61 PSOE units along with Transtide who owns the checkin building and swimming pool! HA! Don’t tell me that you couldn’t have sold at twice the price 100K for each 61 units in a weekend. Current prices for fully owned units are about $450,000, even at 100k units would have sold instantly. But the board said with straight faces this was a good deal. All I know is someone Transtide ??? Is making a ton of money. Apparently someone will take ownership of the whole property and run it as a hotel.

Anyhow, Vacation Internationale said that members can get a free week with 112 VI points (which supposedly gets you a typical 1 week VI rental) for FREE! A $15,000 value but are offering to us poor souls as we are a captive audience for free. Maintenance fee is $1200 per year. Aslo VI ownership can transfer 112 VI to 49,000 ish RCI points.

The only merit to the VI program, is it was said that cancelation from VI ownership only requires telling them you don’t want it and they will release your obligation to pay with no consequences.

So, that is my view on what happened today, and what the latest news on Pacific Shores is.

 

[barto]

Well, it was a sad day to hear the news. The board was happy with a sale price that gave owners 3.6 milliion for 61 units, or about $50,000 for each unit. People applauded. This is a sad, sad state for timeshare. People are happy that their timeshare ended up being worth $1000 for a week they paid 10, 20, 30 or more thousand dollars for. They rejoiced that they are not stuck paying $2000-$3000 or more to get rid of their timeshare such as the poor Fairmont Sunchaser owners.

Don’t get me wrong, I am happier to get $1000 then stuck with a bill to pay $4000 to get rid of my timeshare. Its just sad.

It is sad that the timeshare industry is based on a business model that relies on tricking/scamming/misleading people and that laws don’t protect people. The idea seams so simple, you buy a vacation home/condo that you use on a portion of and share the time you don’t use with others. You hire a management company to maintain the property and clean and repair as necessary. It should work, but it doesn’t. When you end up paying $30,000 for a week, and pay $20,000 for maintenance fees for 20 years only to find its value after 20 years is just $1000, something is wrong. Especially when real estate prices are at record highs here.

The board convinced people last July that the best price for all 61 units was to sell all 61 PSOE units along with Transtide who owns the checkin building and swimming pool! HA! Don’t tell me that you couldn’t have sold at twice the price 100K for each 61 units in a weekend. Current prices for fully owned units are about $450,000, even at 100k units would have sold instantly. But the board said with straight faces this was a good deal. All I know is someone Transtide ??? Is making a ton of money. Apparently someone will take ownership of the whole property and run it as a hotel.

Anyhow, Vacation Internationale said that members can get a free week with 112 VI points (which supposedly gets you a typical 1 week VI rental) for FREE! A $15,000 value but are offering to us poor souls as we are a captive audience for free. Maintenance fee is $1200 per year. Aslo VI ownership can transfer 112 VI to 49,000 ish RCI points.

The only merit to the VI program, is it was said that cancelation from VI ownership only requires telling them you don’t want it and they will release your obligation to pay with no consequences.

So, that is my view on what happened today, and what the latest news on Pacific Shores is.

Thanks for the update - I share your sadness and view on things related to Pacific Shores. It does seem to be a trend, though, you're right.

Bart

 

[Tacoma]

Do you know how long the VI ownership runs for? I would love to have my summer week there but do not want to have ownership forever as I am worried about special assessments or the newest trick - pay to give us back your week. Also sad that a mud week gets the exact same financial benefit as a prime summer week. I know they did not sell for the same price.

 

[VHSGreg]

Do you know how long the VI ownership runs for? I would love to have my summer week there but do not want to have ownership forever as I am worried about special assessments or the newest trick - pay to give us back your week. Also sad that a mud week gets the exact same financial benefit as a prime summer week. I know they did not sell for the same price.

Its my understanding that the VI membership runs forever, but you have a few months to opt in at this free rate.