I don’t know if I will ever find out how this Sunsetting will work out. Because the Maintenance Fees have skyrocketed with so many delinquencies it is hard to imagine how many Owners are in good standing and would be around to benefit from the payout upon liquidation.
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40 Year Florida Timeshare Expires in 3 Years - Then What?
- Thread starter bbakernbay
- Start date
I just heard that the MFees have now I increased to an astronomical $1,300 per week. The 4 remaining units will be held for timeshare owners/exchangers until sunset in 2021.
TheTimeTraveler
TUG Member
And in 2021 there may be a very large pay out for those few remaining owners........
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I am wondering how the payout is calculated. Say there is 70 units x 52 weeks = 3,640 owner weeks but assuming only 5% or 182 owner weeks are fully paid up and in good standing, do they get the full net proceeds? Say the 70 units sell for $50,000 each or $3,500,000 and outstanding liabilities and costs are $700,000 for a net of $2,800,000 then each of owner weeks gets $15,000 or thereabouts. The 70 units are each bringing in $1,300 in rent per month.
It just dawned on me that if the Timeshare is not renewed by the Owners at the end of the 40 year sunset period, and in our case it won’t be, then do the existing Owners in good standing actually participate in a liquidation payout.
Has anybody have any experience in what happens when a timeshare is not rolled over?
Has anybody have any experience in what happens when a timeshare is not rolled over?
The End is near. We received an email yesterday saying that they intend on starting foreclosure proceedings or that we could Deed back our 4 weeks for a fee of $295. I advised that I would be willing to sign the paperwork to Deed back but in principle I am not paying $295 to benefit them considering they effectively expropriated our 4 weeks of deeded unit(s) so they could rent them out to permanent residents. We have not paid the exorbitant MFees for last 2 years.
The Manager said that she wasn’t authorized to waive the fee but to write a letter explaining our position and she would pass it up the line.
I still feel somebody in the ‘know’ is going to steal this income property for cents on the dollar. Hopefully Florida law provides some fair public notice and auction.
In theory, if there is only 10 paid up owner weeks out of 2,000+ weeks, do they get to split the net proceeds?
The resort is Lago Vista at Buenaventura Lakes in Kissimmee. The sunset is 2020.
Hopefully others with experience in these situations will chime in as I suspect that Lago Vista at BVL will not be the only timeshare going through this windup.
The Manager said that she wasn’t authorized to waive the fee but to write a letter explaining our position and she would pass it up the line.
I still feel somebody in the ‘know’ is going to steal this income property for cents on the dollar. Hopefully Florida law provides some fair public notice and auction.
In theory, if there is only 10 paid up owner weeks out of 2,000+ weeks, do they get to split the net proceeds?
The resort is Lago Vista at Buenaventura Lakes in Kissimmee. The sunset is 2020.
Hopefully others with experience in these situations will chime in as I suspect that Lago Vista at BVL will not be the only timeshare going through this windup.
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We received notice today that another timeshare we own in Palm Beach is about to sunset and the Board of Directors will soon be deciding as to how to wrap it up by either selling for redevelopment or converting each unit to a fully owned condominium. Apparently too many owners are becoming delinquent in the non-prime weeks. Looks for sure we can utilize our 2020 week but beyond that will take time to see what direction is taken. Looks like this story will be repeating itself as many 40 year Florida timeshares sunset.
WeEden11. I presume you are referring to Lago Vista at BVL. I haven’t received any written communication from LV@BVL for several years now but I tried to rent a unit for several weeks but their asking price was too high and we made other plans. Our family had many enjoyable times there in the past 25-30 years but realize times change. My only concern is someone is going to scoop that property up cheap and have a great cash flow and the owners get nothing because they squeezed everybody out.
TheTimeTraveler
TUG Member
RCI #0616, PBR&BC
Florida being a non-judicial foreclosure state, costs and time and effort to foreclose are minimal. I would surely let them go right ahead and foreclose, if in your shoes. Paying them $300 per owned week to take (4) deeds back (at an operation which is plainly already "circling the drain") is nothing short of an insulting slap right across the face, in my personal opinion.
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Just received a phone call from our timeshare asking that we sign and return Waiver form that is apparently being sent to all 1,500 week owners. Sale process is underway and she said that several offers have already been submitted.
We only paid $1 for it on eBay so it will be interesting to see what each owner receives after everything is wrapped up.
We only paid $1 for it on eBay so it will be interesting to see what each owner receives after everything is wrapped up.
We never heard anything further after we said we weren’t paying any fees for deeding back nor were we paying any further MFees.
I need to check to see whether it still has RCI affiliation which I seriously doubt as there were only 4 units left for timeshare owners or exchangers.
our Palm Beach timeshare sunsetted and owners voted at AGM not to extend so property likely to be sold at some point, possibly in 2021.
I need to check to see whether it still has RCI affiliation which I seriously doubt as there were only 4 units left for timeshare owners or exchangers.
our Palm Beach timeshare sunsetted and owners voted at AGM not to extend so property likely to be sold at some point, possibly in 2021.
Lago Vista at Buenaventura Lakes #3026 no longer shows up on RCI search of Kissimmee, FL