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$8000 Special Assessment and Fee for 2021 [ Legacy Vacation in Brigantine NJ ]

Hutton in NJ

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We have a 1 BR condo with Legacy Vacation in Brigantine NJ adjacent to the beach since 1990. Last years, the fee was $1.700; half of which showed as bad debt in the budget. This year, our bill is $1,850 plus Special Assessment totaling $8,000! It looks to me like they want to take the property back from the owners who will likely all default then resell it. It’s probably worth $10 -$15 million to redevelop based on being beachfront. Where do we begin to find the other owners?
Thanks, Lost in This!
 

TheTimeTraveler

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We have a 1 BR condo with Legacy Vacation in Brigantine NJ adjacent to the beach since 1990. Last years, the fee was $1.700; half of which showed as bad debt in the budget. This year, our bill is $1,850 plus Special Assessment totaling $8,000! It looks to me like they want to take the property back from the owners who will likely all default then resell it. It’s probably worth $10 -$15 million to redevelop based on being beachfront. Where do we begin to find the other owners?
Thanks, Lost in This!


Interesting situation,. Hang in there. Maybe most will surrender and you'll receive a juicy buy out offer at some point. You hope. ;)



.
 

Hutton in NJ

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Interesting situation,. Hang in there. Maybe most will surrender and you'll receive a juicy buy out offer at some point. You hope. ;)



.
That would be If we would put the 8k out. Not knowing who anyone else is or the truth of the finances, we expect they will turn whatever happens to a loss situation. I am an IRS agent and familiar to an extent with scams but this is a new one to me. I will be pulling the thread...
 

amycurl

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What is the special assessment for? To cover the bad debt? This timeshare sounds like it is in a "death spiral." I would reach out to the board members ASAP and have them start thinking less about a SA and more about figuring out what it would take to sunset the timeshare and sell it. They do not have to re-invent the wheel on this; other timeshares have done this successfully. Once the bad debt reaches a certain percentage, there's really not much that can be done to salvage it as a sustainable timeshare.

These articles looked like good, thoughtful overviews. The first one cites other, successful termination scenarios. They are both, unsurprisingly, from real estate attorney firms, but not apparently overly-scammy ones:

I hope this helps. The key is to be proactive with the board NOW, although it may already be too late.
 

Hutton in NJ

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What is the special assessment for? To cover the bad debt? This timeshare sounds like it is in a "death spiral." I would reach out to the board members ASAP and have them start thinking less about a SA and more about figuring out what it would take to sunset the timeshare and sell it. They do not have to re-invent the wheel on this; other timeshares have done this successfully. Once the bad debt reaches a certain percentage, there's really not much that can be done to salvage it as a sustainable timeshare.

These articles looked like good, thoughtful overviews. The first one cites other, successful termination scenarios. They are both, unsurprisingly, from real estate attorney firms, but not apparently overly-scammy ones:

I hope this helps. The key is to be proactive with the board NOW, although it may already be too late.
Thanks Amy. Going to start with a few questions tomorrow. Half of the annual is bad debt and half of the SA is for bad debt for Reserves they say are zero. With fractional owners that turn over and maybe 20 units, it’s difficult to grasp. With our Fla condo, I know our rights and how to ask for the financials. Here, not so sure. I imagine 99% will turn their deeds in.
 

Miss Marty

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RCI 5181

Legacy Vacation Club Brigantine Beach
is a Historic Oceanfront Resort located at:
1400 Ocean Ave.Brigantine, New Jersey 08203


RCI - Urgent Information - Mandatory fees
Mandatory Usage Fee is 10.00 U.S. dollars. Cash or Credit is accepted.
Mandatory Security deposit is 100.00 U.S. dollars. Only Credit Cards accepted.

Housekeeping Fees
" There may be a fee of 30 U.S. dollars for Studio, per stay. "
" There may be a fee of 35 U.S. dollars for 1 Bedroom units, per stay. "
" There may be a fee of 45 U.S. dollars for 2 Bedroom units, per stay. "


https:// www.legacyvacationresorts .com
/destinations/newjersey/brigantinebeach/

Contact The City of Brigantine Beach New Jersey to see if someone can provide you a link to search online Deeds (info@brigantinebeachnj.com)

Among the many tasks related to the Office of the Municipal Clerk, one of the core duties is to maintain custody of all minutes, books, deeds, bonds, contracts, ordinances, resolutions and archive records of the municipal corporation and provide information in a timely & efficient manner and provide technical assistance to individuals and public officials.
 

sjsharkie

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Contact The City of Brigantine Beach New Jersey to see if someone can provide you a link to search online Deeds (info@brigantinebeachnj.com)

Among the many tasks related to the Office of the Municipal Clerk, one of the core duties is to maintain custody of all minutes, books, deeds, bonds, contracts, ordinances, resolutions and archive records of the municipal corporation and provide information in a timely & efficient manner and provide technical assistance to individuals and public officials.
Most deeds are recorded at the county level. Not sure what you would be searching for, but deeds would not be a city matter in most counties.


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Miss Marty

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Atlantic County


BRIGANTINE VILLAS
17 Units (220-225, 320-325, 420-421, 423-425) 1/51 vote

DECL COVENANTS COND & RESTR
Book and Page 4731/134 (23 page pdf)

MASTER DEED
Book and Page 4731/157 (98 page pdf)
 
Last edited:

Fredflintstone

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Personally, I think this way...

$8000 a week x 52 weeks (in theory full unit) = $416,000.00

They need THIS much for ONE unit. So an 800 to 900 square foot unit needs a complete tear down and rebuild from scratch? Is that want they are claiming?

I think some simple math hard questions are in order with the resort.


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Mongoose

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Personally, I think this way...

$8000 a week x 52 weeks (in theory full unit) = $416,000.00

They need THIS much for ONE unit. So an 800 to 900 square foot unit needs a complete tear down and rebuild from scratch? Is that want they are claiming?

I think some simple math hard questions are in order with the resort.


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That's nuts. A company I worked for only paid $350,000 per key to buy an upscale hotel on Central Park, NY.
 

Mongoose

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We have a 1 BR condo with Legacy Vacation in Brigantine NJ adjacent to the beach since 1990. Last years, the fee was $1.700; half of which showed as bad debt in the budget. This year, our bill is $1,850 plus Special Assessment totaling $8,000! It looks to me like they want to take the property back from the owners who will likely all default then resell it. It’s probably worth $10 -$15 million to redevelop based on being beachfront. Where do we begin to find the other owners?
Thanks, Lost in This!
What on earth is it for?
 

dioxide45

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Personally, I think this way...

$8000 a week x 52 weeks (in theory full unit) = $416,000.00

They need THIS much for ONE unit. So an 800 to 900 square foot unit needs a complete tear down and rebuild from scratch? Is that want they are claiming?

I think some simple math hard questions are in order with the resort.


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They may only need $4000 per unit, but if half the people don't pay, then they need $8000 per unit from those that pay.
 

Fredflintstone

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That's nuts. A company I worked for only paid $350,000 per key to buy an upscale hotel on Central Park, NY.
I agree. Sometimes these special assessment figures are way out of line.


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Fredflintstone

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They may only need $4000 per unit, but if half the people don't pay, then they need $8000 per unit from those that pay.
Even at that, they need $208,000 per unit? That’s still out of line.


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Everett J Smith

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We have a 1 BR condo with Legacy Vacation in Brigantine NJ adjacent to the beach since 1990. Last years, the fee was $1.700; half of which showed as bad debt in the budget. This year, our bill is $1,850 plus Special Assessment totaling $8,000! It looks to me like they want to take the property back from the owners who will likely all default then resell it. It’s probably worth $10 -$15 million to redevelop based on being beachfront. Where do we begin to find the other owners?
Thanks, Lost in This!
That is terrible. I see a Class Action Suit as the only possible leverage. You all put your fees in escrow and force them to make things right.
 

chapjim

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That is terrible. I see a Class Action Suit as the only possible leverage. You all put your fees in escrow and force them to make things right.
Class actions are good for the plaintiffs' attorneys, not so good for the plaintiffs.
 

bogey21

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Not knowing the Resort or the value of RE in the area I will go out on a limb and venture that paying $9,850 (sum of Regular plus Special Assessment) to ensure being included in the payout if property is sold is foolish...

George
 

MPrince

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Class actions are good for the plaintiffs' attorneys, not so good for the plaintiffs.
Plaintiffs' attorneys will get millions of dollars, plaintiffs will get a coupon for 50 cents off a McDonald's happy meal.
 

Hutton in NJ

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Personally, I think this way...

$8000 a week x 52 weeks (in theory full unit) = $416,000.00

They need THIS much for ONE unit. So an 800 to 900 square foot unit needs a complete tear down and rebuild from scratch? Is that want they are claiming?

I think some simple math hard questions are in order with the resort.


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Exactly. The letter said some balcony work (there are 15?) and interior walls. Seriously? It’s only 3 floors with parking beneath.
 

MPrince

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All at 1 time, 01/01/2021. The letter said “we welcome your feedback”. Hahaha
I would tell you what my feedback would be, but that would likely earn me a lifetime ban from this website (and deservedly so! :D)
 
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