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[2019] Any news on the sunset clause for Foxrun?

rickandcindy23

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I haven't heard a thing. I would assume the powers that be don't want to end it, so it won't end. That is disappointing to me.
 

legalfee

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VRI Foxrun in Lake Lure? What is the Sunset Clause?
 

legalfee

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This is from Jeanette at Foxrun:

There is a sunset clause which legal has been working on for a while. This will be presented for extension/change in this years voting that goes out in the Spring.
We are pretty confident this will be approved.
We manage Mountain Loft and theirs was changed two years ago without any problems. Most owners want to continue to operate and own under their current documents. If the vote was not passed, you would own as tenants in common with all other owners of unit 10 without management and the board. All 50 owners would have to decide who was going to pay what bills, use what weeks, etc., which could be a nightmare.
Hope this helps.
Respectfully,


Jeanette H. Elliott
General Manager
Foxrun Properties/Fairways of the Mountains/Mountain Loft
180 Herman Wilson Road
Lake Lure, NC 28746
828.625.0097 • Fax 828.625.0049
 

jjlovecub

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This is from Jeanette at Foxrun:

There is a sunset clause which legal has been working on for a while. This will be presented for extension/change in this years voting that goes out in the Spring.
We are pretty confident this will be approved.
We manage Mountain Loft and theirs was changed two years ago without any problems. Most owners want to continue to operate and own under their current documents. If the vote was not passed, you would own as tenants in common with all other owners of unit 10 without management and the board. All 50 owners would have to decide who was going to pay what bills, use what weeks, etc., which could be a nightmare.
Hope this helps.
Respectfully,


Jeanette H. Elliott
General Manager
Foxrun Properties/Fairways of the Mountains/Mountain Loft
180 Herman Wilson Road
Lake Lure, NC 28746
828.625.0097 • Fax 828.625.0049
I just got my letter and I’m going to be honest I don’t understand what happens or which way I need to vote? It’s about as clear as mud for me.
 

chalee94

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Sounds like approval means extending the resort and a no vote means Foxrun is put down.

Hope y'all don't mess things up for Fairways - we don't hit the first sunset period until 2028, I think...
 

legalfee

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I just got my letter and I’m going to be honest I don’t understand what happens or which way I need to vote? It’s about as clear as mud for me.

Vote Yes for approval of the present management company. Vote no for the owners to manage the property.
 

DebBrown

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If we vote no and the owners manage the property, will the timeshare interval end? From Jeanette's letter, it sounds like it would just be chaos - not a "sunset". I definitely prefer a sunset!
 

rickandcindy23

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I was hoping the sunset clause meant we could just walk away from the thing as a timeshare. I thought that it would be automatic.

This is going to be a disaster. I just read the letter. I don't want to be an owner with a bunch of people of one unit. That would be chaos. I want to walk away from this impending nightmare. How would property taxes get paid with 52 owners? Who is going to organize that for each townhouse?

We need to sell the units as an ownership, then the management company can disburse a portion of the sale to each owner. So if a whole townhouse sells for $150K, after real estate expenses, we would each get around $2,800.

The exchange power of Foxrun has slipped. The property is in need of some major improvements. I don't see this is a win-win for anyone but the management company. These units need to be sold.

https://www.realtor.com/realestatea...d-801_Lake-Lure_NC_28746_M60733-26832?view=qv
 

DebBrown

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Well, maybe the letter is meant to scare us into compliance. I voted NO. I'm betting we can find someone to market the unit and split up the proceeds.
 

legalfee

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I voted yes to keep the status quo. Voting no would create a logistical nightmare. If you don't want your unit sell it.
 

rickandcindy23

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I voted yes to keep the status quo. Voting no would create a logistical nightmare. If you don't want your unit sell it.
You can pretty much bet that someone is thinking they can get the entire condo by buying out owners and paying the property taxes when due. Owners will be wanting to walk away, most have aged and have already decided they want out. I am sure this will happen, as a matter of fact.
 

legalfee

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Jeanette Elliot, general manager of Foxrun Properties, Fairways of the Mountains, and Mountain Loft invites anyone that has questions concerning the clause call her at 828-625-0097 for clarification.

Steve
 

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Cindy,
Have you ever stayed or been to Foxrun? I am asking because you say it is in need of some major improvements. Over the years we have made major improvements. First we dealt with safety with rails, decks, and retaining walls. Then improvements inside and outside the units and are continuing to do so without special assessment or large increase in fees on owners. This could not have been accomplished without the expertise of VRI. Their team constantly searches and then makes recommendations for the best and cheapest way to accomplish our goals for Foxrun. Which I cannot say the same thing about Blue Ridge Village which I see you also own. I had a 13 percent increase in fees this year with no explanation when Bluegreen took over as management. Mountain Loft right next to Foxrun a few years ago went to VRI about changing management companies from Wyndham to VRI. The fees were outrageous compared to Foxrun. Did you know that Wyndham charges their management fees based upon the amount of fees that are billed out in one year and VRI gets a percent of what fees that are actually paid? So why do you say if the resort continues that it will be a win-win for the management company? What about the owners and exchangers who really enjoy going to Foxrun? What about Wyndham and Bluegreen owners who love to come to Foxrun? Some of our units are in Wyndham and Bluegreen points? I don't care to fly across country to Hawaii or the West Coast but prefer the beauty and location of Foxrun located on one of the ten most beautiful man-made lakes in the World named by National Geographic. We also love the location to the Tryon International Equestrian Center, the Blue Ridge Parkway, wineries, small and unique North Carolina towns, Sierra Nevada Brewery, Asheville, hiking, waterfalls, Mount Mitchell, and the Biltmore. Day trips are available to Dollywood, Grandfather Mountain, and Cherokee.

Please stop misleading Tug members. The unit for sale that you list is a whole owned condo at Rumbling Bald and is not a Foxrun unit. I would not bet if the resort ended that the remaining owners of Foxrun would receive the amount of money you are quoting. You would still owe taxes, insurance, Rumbling Bald resort fees until and if it sold. Do you know about the real estate market in Lake Lure? You cannot negotiate fees for all of the other units to get the best price until the units are sold. Do you even know how many units are at Foxrun? It is the largest timeshare at Rumbling Bald Resort. If all of the units were put up for sale at once, it would gut the market and lower the value. Also you do know that the pools, beach, golf course, tennis courts, restaurants, etc that Foxrun sometimes receives bad reviews on RCI and II because of these activities are owned by the whole Rumbling Bald Resort and not just Foxrun. We have nothing to do with the overseeing of these. What happens if you cannot find the other 51 people in your unit or they refuse to pay?

VRI has recently successfully brought Mountain Loft units through the Sunset clause, and it will continue to operate as it is now as a timeshare. VRI has a wonderful team and has a North Carolina attorney who is guiding the resorts through this process.

It sounds as if you want to get rid of Foxrun because you are disappointed in the trading power and have no intentions of ever staying there. A while back some of my prime summer weeks at Myrtle Beach also went down in trading power, and so I got rid of them instead of complaining about it. I also was not happy that Interval started charging if you exchange from a one bedroom to a two bedroom even if you have enough trading power to pull the two bedroom. It did not seem fair but I started depositing my whole 2 bedroom Fairways unit. I learned years ago with teaching. Monitor and adjust.

I have voted yes to continue operating our resort as a timeshare. And just for clarification I am on the Foxrun Board. I am not posting for the Board but as an owner who loves this resort and wants to see it continue. I give up my time without compensation to serve on this Board for the good of Foxrun and am very proud of the VRI Team who works for us. If you have any questions about the Amendment change please call Jeanette Elliott, manager of Foxrun. She also deserves a pat on the back for helping to keep our fees reasonable and our resort running smoothly.



I was hoping the sunset clause meant we could just walk away from the thing as a timeshare. I thought that it would be automatic.

This is going to be a disaster. I just read the letter. I don't want to be an owner with a bunch of people of one unit. That would be chaos. I want to walk away from this impending nightmare. How would property taxes get paid with 52 owners? Who is going to organize that for each townhouse?

We need to sell the units as an ownership, then the management company can disburse a portion of the sale to each owner. So if a whole townhouse sells for $150K, after real estate expenses, we would each get around $2,800.

The exchange power of Foxrun has slipped. The property is in need of some major improvements. I don't see this is a win-win for anyone but the management company. These units need to be sold.

https://www.realtor.com/realestatea...d-801_Lake-Lure_NC_28746_M60733-26832?view=qv
 
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OldGuy

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I was hoping the sunset clause meant we could just walk away from the thing as a timeshare. I thought that it would be automatic.

This is going to be a disaster. I just read the letter. I don't want to be an owner with a bunch of people of one unit. That would be chaos. I want to walk away from this impending nightmare. How would property taxes get paid with 52 owners? Who is going to organize that for each townhouse?

We need to sell the units as an ownership, then the management company can disburse a portion of the sale to each owner. So if a whole townhouse sells for $150K, after real estate expenses, we would each get around $2,800.

The exchange power of Foxrun has slipped. The property is in need of some major improvements. I don't see this is a win-win for anyone but the management company. These units need to be sold.

https://www.realtor.com/realestatea...d-801_Lake-Lure_NC_28746_M60733-26832?view=qv

Have you read the Apple Valley thread to see what it takes to do that? I believe they started in 2016, and just got the property sold. Probably another year to go for their final distribution.

Dissolving (partitioning) is a cumbersome and expensive process. But, it is an available option.

At one of our legacy resorts we just did the Sunset Clause, and voted to continue as a timeshare. The new wording that was adopted eliminated the need to have a set vote to continue/discontinue, while allowing it to be discontinued if needed. I don't even remember the vote.

In another current thread, I mentioned today that the Board at another resort where we have owned since 1992, and that has had a bleak financial history, is doing some re-deeding, and selling units as full-ownership. If there are a number of owners that want to continue a resort, and a number that want to dissolve, I can see doing that to downsize, eliminate unproductive weeks, reduce bad debt expense, and raise capital through full-ownership sales.
 
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Big Matt

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Becky,
thanks for the voice of reason. I appreciate everything you've done at FXR over the years. FWIW, mine still trades great.
 

rickandcindy23

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Please stop misleading Tug members
.

Becky, I am sorry. I know it's very personal to you. I know because I am on the board of an older timeshare. It doesn't matter that the townhouse was some other property for sale. What matters is the real estate value of townhouses in that area.

I am not misleading anyone. If we are going to have a debate, do not treat me like a person that has no knowledge of timeshare, especially older timeshares, because I have lots of experience.

A large percentage of TUG members would not stay at Foxrun. They would consider it a downgrade from their Marriott and Vistana ownerships. That is just truth.

I don't use Foxrun for trading in II. I use it to get Wyndham points through the PIC program. I also never have been because I have only been in that part of the country twice, once to Hilton Head and once to Williamsburg. We live west. I got it to trade long ago into the Disney resorts.

The person who told me that Foxrun has lost trading power is Josie, Becky, who bought weeks from you that she has been trying to give away. I also bought my first week from you. More and more people are leaving Foxrun and partly because they DIE because the property is way past that developer selling stage.

I own at three resorts with these same problems. One resort just went right by the sunset clause without bringing owners into it at all. They decided as a board to keep it as a timeshare. The owners have aged, and people are not interested in it anymore. What do you think really makes fees go up? People walk away. How does the board plan to get weeks sold with no owners to pay the fees, and what is your policy for deedbacks, so people can walk away without having a foreclosure on their credit report? There was a big conversation on TUG about how all timeshares need to provide a deedback program, and so we did that at Val Chatelle. People took advantage of it, but we all have to pay their portion of the maintenance.

Last time I looked at Clark's resale list, hundreds of weeks were for sale at Foxrun, even prime summer weeks. I tried to sell one of mine through him and didn't get a nibble, so I gave it away on Craig's List.

I just own some great traders for what I want to do in II, so I use Foxrun for PIC.

It's not like you have any choice, if you want out, unless you did provide a deedback program. It's something all HOA's need to deal with. More and more owners walk away from older timeshares, and there is no market for the weeks. Many TUG members have contacted me privately to ask how to get out of Foxrun, and I give them advice on giving it away.

Why won't people let old timeshares die? I think that is what should happen, honestly. Less owners means higher fees. And we cannot really compete with the likes of Marriott and Vistana and Hilton.
 

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I'm with you, Cindy. We bought Foxrun for trading and did visit a couple years ago. The unit was very tired and unappealing. I'm glad that some people are still happy with the resort but I agree it's time to let it go.

Becky, if you want my unit, it's all yours. No? Then don't expect me to support your agenda.
 

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I wonder how many resorts are afraid to broach the issue of unproductive weeks and dissatisfied owners by offering to take those weeks off their hands, because they're afraid they would find out how many they would get?
 

legalfee

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Personally I like FoxRun and living only two hours away it's convenient for us. We have a fixed week 26 and a great view of Lake Lure and Bald Mountain. The resort has decent golf courses, restaurants nearby and activities. They have remodeled the units recently and finally got WiFi. We have only traded once in the six years we have owned and used VRIety. We purchased the unit off of Ebay for around $500 and it serves our purpose. We have a friend that has the same unit so we knew what we were getting. It's not a Marriott but it fits our needs and we plan on using it most years.
 

rickandcindy23

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We got a lot of deeds back at Val Chatelle. The owners had to pay a few years of MF's to get out, but it's better than keeping a week that has very little value and low trading power.

More and more hotels are getting into timeshares. Even Holiday Inn got into the game. When exchangers from those systems stay at these older resorts, they are disappointed and slam the resort on the report cards. Many can never get silver again. It's unfair because it's not like you can stay in a Hilton or Marriott in many locations, so if you want to go, you have to stay in an average resort. Don't complain after your stay.
 

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We also own at Swallowtail at Sea Pines which is another older resort. They do allow deed backs with, I think, 2 years of maintenance payments. We used Swallowtail a lot when the kids were growing up and it is still a lovely resort - not a big name type - but very comfortable and attractive. We'd probably still go if timeshare resorts allowed dogs. ;)
 

Big Matt

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.

Becky, I am sorry. I know it's very personal to you. I know because I am on the board of an older timeshare. It doesn't matter that the townhouse was some other property for sale. What matters is the real estate value of townhouses in that area.

I am not misleading anyone. If we are going to have a debate, do not treat me like a person that has no knowledge of timeshare, especially older timeshares, because I have lots of experience.

A large percentage of TUG members would not stay at Foxrun. They would consider it a downgrade from their Marriott and Vistana ownerships. That is just truth.

I don't use Foxrun for trading in II. I use it to get Wyndham points through the PIC program. I also never have been because I have only been in that part of the country twice, once to Hilton Head and once to Williamsburg. We live west. I got it to trade long ago into the Disney resorts.

The person who told me that Foxrun has lost trading power is Josie, Becky, who bought weeks from you that she has been trying to give away. I also bought my first week from you. More and more people are leaving Foxrun and partly because they DIE because the property is way past that developer selling stage.

I own at three resorts with these same problems. One resort just went right by the sunset clause without bringing owners into it at all. They decided as a board to keep it as a timeshare. The owners have aged, and people are not interested in it anymore. What do you think really makes fees go up? People walk away. How does the board plan to get weeks sold with no owners to pay the fees, and what is your policy for deedbacks, so people can walk away without having a foreclosure on their credit report? There was a big conversation on TUG about how all timeshares need to provide a deedback program, and so we did that at Val Chatelle. People took advantage of it, but we all have to pay their portion of the maintenance.

Last time I looked at Clark's resale list, hundreds of weeks were for sale at Foxrun, even prime summer weeks. I tried to sell one of mine through him and didn't get a nibble, so I gave it away on Craig's List.

I just own some great traders for what I want to do in II, so I use Foxrun for PIC.

It's not like you have any choice, if you want out, unless you did provide a deedback program. It's something all HOA's need to deal with. More and more owners walk away from older timeshares, and there is no market for the weeks. Many TUG members have contacted me privately to ask how to get out of Foxrun, and I give them advice on giving it away.

Why won't people let old timeshares die? I think that is what should happen, honestly. Less owners means higher fees. And we cannot really compete with the likes of Marriott and Vistana and Hilton.

Okay, you really hit a nerve. You said "A large percentage of TUG members would not stay at Foxrun." First of all, I think it is a very nice property in a beautiful location.

I want you to answer about how you know this. You already said that you have never been there so what on earth are you basing this on?

I find your post to be very offensive, misleading and frankly ignorant. If you have an axe to grind, I get it. Please don't trash my timeshare.
 
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