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

[spackler]

Absolutely zero chance I'd pay that. I wouldn't even agree to transfer the deed at that point, I'd make them pay the costs to foreclose & take the credit hit.

 

[Fredflintstone]

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

From what I know, an owner is reasonable for their week and a portion of the common area. So, let’s say there are 10 units. Your amount would be:

The unit/52 =your week share
Plus
The common area so
The unit/52 + the number of total units/your unit less 52.

Yup, their number seems pie in the sky. I think you have every right to ask them to show the math to you on how they came up with this amount before you pay anything. Then, perhaps, you may want to look at other options (like renting a timeshare). You can do a lot of renting for that amount.


Sent from my iPad using Tapatalk

 

[icydog]

I can't understand why the OP has a problem. I would dump this timeshare as quickly as I could... as in, don't pay the special assessment and don't pay the maintenance fees. If they are going under due to vast bad debt, the management will not have a leg to stand on and will not have the ability to pursue him.

 

[Hutton in NJ]

What on earth is it for?

Zero reserves they say

 

[dioxide45]

You should request copies of all board meeting minutes to date. If there is a concerted effort to push owners out by gouging with a high SA, then selling for the benefit of the property manager, then that could constitute breach of fiduciary responsibility of the BOD.

 

[pedro47]

This beachfront resort land along is worth some big bucks to a developer IMHO

 

[icydog]

You should request copies of all board meeting minutes to date. If there is a concerted effort to push owners out by gouging with a high SA, then selling for the benefit of the property manager, then that could constitute breach of fiduciary responsibility of the BOD.

I never thought of that!! That would constitute fraud, wouldn’t it?

 

[icydog]

The resort is beachfront but it’s not in the best location On the Island.

 

[Mongoose]

Class actions are good for the plaintiffs' attorneys, not so good for the plaintiffs.

The ATTY's walk away with Million$ and the plaintiffs gets a coupon for something like BOGO. Its nuts.

 

[mike130]

Edit

 

[Robinh242]

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!

I'm right there with you! I received that letter and almost fell off my chair!! When I called, the woman I talked to was so matter of fact!!! I do feel like it's a way to take back the property. I've paid my dues every year!!! This is just crazy!!!!

 

[pedro47]

Maybe, they want the property to turn it into a senior residential condo.

 

[goldenfleece]

Legacy Resorts have controlling interests owned by the Developer. Therefore, the "Boards" are all developer-controlled with no information provided to the owners. With that said, the customer service at their headquarters is professional, well trained, and helpful. Legacy has large bad debt at all the resorts because the Developer-owned weeks aren't paying, and the Developer does not do anything to foreclose on the owner-defaulted units, either. Legacy does have a rental program to bring money back in to each of its resorts, but with Covid, everything has gone to pot. When you call to reserve a week on a floating deed, they tell you that no weeks are available even though if you calculate the bad debt, half the place should be empty. Send a certified letter to the state regulatory board over timeshares. Call, and be a pest to get information. Additionally, ask to be provided the minutes of the last board meeting where the special assessment was voted on. You should always try to go to board meetings and annual meetings if you live nearby.

 

[Mtang]

Some in similar situations have started a Facebook page.

What is the FBGroup name?

 

[Mtang]

I'm right there with you! I received that letter and almost fell off my chair!! When I called, the woman I talked to was so matter of fact!!! I do feel like it's a way to take back the property. I've paid my dues every year!!! This is just crazy!!!!

im in the same boat, I alway paid my fees every year on time. I didn’t receive the statement in October. Today I went on line to pay my maintenance fee and saw the amount I owe and almost fell off my chair. What can we do? I don’t have the $8000 to pay them.

 

[Mtang]

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!

 

[Mtang]

I’m one of the owner

 

[LannyPC]

What is the FBGroup name?

I don't know. I currently do not use Facebook. You can search FB to see if someone has a page about it going, or, as I implied in my post, you can start your own FB page and hope to get followers.

 

[Free2Roam]

Assuming this is only for the smaller building (villas) beside the main building? I own in the main building and haven't gotten anything about a special assessment.

 

[theo]

Voluntarily deleted; I failed to notice that the post to which I responded was actually from October, 2020.

 

[RRWeber]

So sorry for the affected owners. My wife and I looked at Brigantine a few years after Hurricane Sandy. The location is unbelievable. We toured a unit in the annex building, the pool area, main lobby. Definitely needed serious updates. We were still interested. We saw a unit for sale a year or so later and inquired about it. We asked to see the most recent annual report. We were definitely not buying when we saw basically no reserve fund and such a large amount budgeted for bad debt. I hope for a soft landing for the owners.

 

[AlmostRetired]

I owned a resort world of Orlando that I purchased resale in 1996. It was a trader that traded will for a number pf years. At some point Management changed and it became Celebrity Resort World of Orlando. Celebrity went bankrupt and it became a Legacy Resort. It started a decline in quality (as defined by trade value) soon after Celebrity took over. When Legacy, it continued that decline. Again I purchased it as a trader and that is how I judge decline. I once saw a post that the Management at Legacy was the same management from Celebrity but I never validated it. Instead I gave it away on TUG in 2015.

 

[pedro47]

So sorry for the affected owners. My wife and I looked at Brigantine a few years after Hurricane Sandy. The location is unbelievable. We toured a unit in the annex building, the pool area, main lobby. Definitely needed serious updates. We were still interested. We saw a unit for sale a year or so later and inquired about it. We asked to see the most recent annual report. We were definitely not buying when we saw basically no reserve fund and such a large amount budgeted for bad debt. I hope for a soft landing for the owners.

This sound liked what happened at 560 Ocean Club, Atlantic City, NJ., years ago.

This Resort was located on the broad walk and beside several major casinos
in Atlantic City, NJ.

 

[theo]

I don’t claim to know (or want to know) anything about this particular Legacy Vacation Club property in NJ. I do however clearly recall that Legacy Vacation Club arose from the ashes of a bankruptcy filing by its’ predecessor Celebrity Resorts, in (or right around) 2009, iirc.

Celebrity Resorts, before morphing into "Legacy Vacation Club" after the Celebrity bankruptcy, was something of a "closed family affair" at it's top level (I vaguely recall the surname Meyers). I once owned a FL week within that Celebrity / Legacy Vacation Club "operation", having acquired that week for peanuts. Not too long thereafter, I gave that week away for free. It had become abundantly clear to me that the BoD was comprised of developer stooges and I just never had a good feeling about the entire operation. I'm glad and grateful that I trusted my gut instincts and just bailed out entirely.

I would certainly think very long and very hard before I wrote a check for $8k to anyone / anything even remotely associated with Legacy Vacation Club --- at any locale.
Frankly, I'd be very concerned that ponying up $8k might well turn out to be the functional equivalent of just flushing that money down the toilet, but YMMV.

 

[pedro47]

I don't know or claim to know (or want to know) a single thing about this particular Legacy Vacation Club property in NJ. I do however know that Legacy Vacation Club arose from the ashes of a bankruptcy filing by Celebrity Resorts, in (or right around) 2009, iirc.

Celebrity Resorts, before morphing into "Legacy Vacation Club", was something of a "family affair" at it's top level (I vaguely recall the surname Meyers). I once owned a FL week within that Legacy Vacation Club "operation", having acquired that week for peanuts --- and not too long thereafter just happily giving it away for free.

I for one would certainly think long and hard before I wrote a check for $8k to anyone / anything even remotely associated with Legacy Vacation Club at any locale. YMMV.

Please take Theo, advice/suggestion and do not write that check for $8k. IMHO.