Summer Bay at Las Vegas HOA Meeting

[ry"c]

Dear Tug Members:

The Summer Bay at Las Vegas HOA will be meeting on Saturday March 11, 2006 at the Las Vegas resort at 10:00 a.m. The meeting is open to observation by all owners. In the past there have been owners discussion meetings on Thursdays, but they have been temporarily suspended. I am an owner who is an HOA Board member and intend to particpate in both.

Some of the items on the agenda include the unknown--Harrah's still has a controlling interest in the company that owns the redevelopment rights to our resort. Still not known what the plan is. Whatever is presented from the redevelopment company represesentatives will be in executive session. Harrah's owns the the Bourbon Street that was imploded on Valentine's day, the strip mall that has the Stage Door liquor store/casino and the former Battista's Hole in the Wall restaurant, Bally's, Flamingo, O'Shea's, Imperial Palace, and Harrah's. The only Strip frontage it doesn't own between Flamingo Road going north to Harrah's is the Barbary Coast. Harrah's does not own the Westin Casuarina (formerly Maxim). Harrah's, or a company it holds a controlling interest in, also owns most, but not all, of the apartment complexes adjacent to and south of our timeshare buildings.

Other items on the agenda include: discussion regarding RCI Points, discussion regarding the $39 fee for each subsequent stay if an owner splits his week into shorter stays, and a look into the inventory of our resort.

We will also be looking at financials, and finally the procedure for the upcoming HOA election at the next meeting of owners in June. Candidates must submit their statements by April 1st.

If you have any concerns regarding Summer Bay Resort at Las Vegas, please write me via e-mail, reach@dock.net or post here.

James Reach

 

[jackio]

As an owner, I would like to thank you for your informational posts. Please keep us informed. I have sent you an e-mail. - Jacki

 

[spatenfloot]

Can you give us an informational update from the meeting, James?

 

[ry"c]

March Meeting Update

Harrah's did not show. Rather it sent a message that it was not ready with a presentation. I note that on the website http://www.vegastodayandtomorrow.com/harrah's.htm
the author has a map showing that Harrah's in March acquired the 19.5 acre parcel just east of our property (the part of the map marked newly acquired) as well as owning several other parcels near our timeshare. This new acquisition is intriguing.

The discussion regarding split week fees was deferred until the October meeting. I believe there will be enough support from the board to overturn this fee that was started in January 2005 after decades of not having a fee for our owners to split their weeks.

Despite my request that the Board consider writing RCI as a representive of our owners about concerns, particularly the recent steep rise in per stay ("exchange") fees for Points owners of 25 to 45 percent, the majority of the board thought we should take no action.

In one building group the resort has sold more weeks than the resort can possibly book per year. This will not affect any owners' usage becasue of the other excess capacity in our resort, but an oversell of about 11 intervals exists in the Plaza building group, all with target season August, September and October.

The trustee sale foreclosure auctions for delinquent weeks began on March 28th. The first batch were Towers building group weeks, then Suites, then Terraces. About 100 weeks were publically auctioned on March 28, 29 and 30th. It is expected no one will bid and the management company will take over these intervals to have in inventory for resale at developer prices. The management company, Summer Bay, is doing the foreclosures on over a thousand delinquent intervals with our HOA getting back its past maintenance fees (annual assessments) plus $1200 per interval, under contract with our Board. The prices at auction seem high to me, generally between $3000 and $6000 per interval, minimum bid, plus using cash or cashier's check to pay in full. The best example I saw for March 28th was a 2-bedroom Towers week, target seaon February, March and April for $2760 minimum bid. Let Summer Bay acquire these and look on eBay or somewhere else for resales at better prices. Our HOA is getting a good deal under this contract, back maintenance fees plus more money.

Our HOA did well in 2005, as the books closed we ended the year under budget and with substantial rental revenue. However, our maintenance fee increase in 2006 is justified as the utility companies have announced steep increases this year for which we have budgeted. We anticipate a sharp reduction in rental revenue this year as more owners use their timeshare lowering the available rental capacity.

Our next meeting on Saturday June 10 is the Annual Meeting where we have a presentation to our owners and an election. There are at least 14 challengers and 4 incumbents running for 4 positions. Please come if you are concerned about this resort. The election this year will give no preference for incumbents; the ballot will have the names in random order. The board is not going to throw the support of those not voting (long term proxies) to any candidate; rather relying on those who actually do vote either by mail or in-person to determine the winners.

Of course, I hope you vote for me, James Reach.

 

[spatenfloot]

Thanks for the update. That's pretty interesting stuff and a neat website. The foreclosures are good news for the HOA and I am sure Summer Bay management will make a nice profit too. Do you know what percentage of the resort is still unsold, including those intervals?

 

[anne1125]

James, thanks for the info. Please continue to keep us informed of any news.

Of course I'll vote for you.

Anne

 

[roadtriper]

Thanks for the Update James, How is it that they could oversell intervals at the plaza ? My deed (not at the plaza property) states I own a certian percentage of a certian lot(s) on map XYZ I would assume if I own 1/2210th of the property that there are 2210 intervals possible for that building group. is there such a thing as an interval thats not deeded? this realy doesn't have an effect on me, I'm just curious on how the system works Thanks again Bob and YES you have my vote.

 

[eschjw]

Great information and you have my vote. Just a few questions:
When will the ballots be mailed to the owners?
Why have the Thursday owners meetings been put on hold?
I may visit this year out of season late June with a Saturday check in. Is the availability ok 45 days in advance (I see 1 and 2 bedroom rentals on travelocity) and which buildings have this checkin day?

Thanks,
Joe Esch

 

[ry"c]

If you are travelling out of season, call on the 45th day prior to your arrival date 877-642-5060. Any day of the week as an arrival day works using this short out-of-season booking window. Whether you can get a reservation is based on availability.

The ballots for the HOA election are going to be mailed in late April, expect to see it in your mail in May. The Annual meeting and election is on June 10th.

James Reach

 

[roadtriper]

Voting Process

James, who oversees the voting process? and when will th actual tally take place? will it be on the 10th? also are all the candidates owners at the resort? are the 2 positions on the board that are held by Mgmt company persons elected positions or just an agreed appointment? Thanks Bob