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Apple Valley Resort, Ohio going into forclosure- Choices??

csxjohn

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No loans, all expenses are current with reported to be less than 400 remaining ACTIVE members/owners.
In your OP you stated "C) Hold on to deed and share in proceeds following court ordered sale of all assets"

What is causing a court ordeerd sale, they must owe something to someone for this to happen, no?
 

raygo123

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In your OP you stated "C) Hold on to deed and share in proceeds following court ordered sale of all assets"

What is causing a court ordeerd sale, they must owe something to someone for this to happen, no?
If nothing else property taxes. The county sheriff sale.

Sent from my Nexus 7 using Tapatalk
 

Black Diamond

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My mis-interpretaion of the letter for Assocaition

In your OP you stated "C) Hold on to deed and share in proceeds following court ordered sale of all assets"

What is causing a court ordeerd sale, they must owe something to someone for this to happen, no?
The initial letter in it's legal mambo-gumbo language , it said about appraisal, 2/3 of appraisal as beginning bid for property as minimum and successive sale offering if less than 2/3 of value.

Sounds a lot like Sheriff auction, but the meeting made it clear that the choices would be private auctioneer or court-appointed( sheriff) Auction occurs after all legal notices are published in paper and judge settles all claims against the association from any litigants, owners or otherwise.

My mistake to react to the letter, but looks like long process that may not get resolved in 2016!! :eek:
 
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TUGBrian

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ottawasquaw

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This is so alarming and distressing. May I ask if you had been reading the annual financial reports? Just wondering. I know it's easy to dummy those up, too!
 

Black Diamond

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Finances are fine, no loans or mortgage. Just lack of active MF paying members to keep the operation going.
 

ottawasquaw

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So, you are saying that there was not enough income generated by MF to pay for the operations? This can happen to individuals who own their property outright and don't pay their taxes.
I get an annual report which states the income generated by the MF and the expenses and amounts set back to pay for future expenses - big things that don't happen annually, like a new roof and such.
 

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At one time I was thinking of picking one up for the fall. Guess I will never get the chance. Even if someone buys it, it will that two years to get straighten out.

Wonder what would be the upside and downside to buying one now, as it would be used by me.

We stayed in a cottage way in the woods. Amazing!
If the hotub was in the room, it would take up half the room.

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TUGBrian

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attached is the final report and financials regarding the apple valley closing:
 

Attachments

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Black Diamond

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105 "CURRENT" owners remained through the process of closing and court proceedings. We reaped the benefits of patience!! See the report listed in TugBrian's post above of the details, expenses of closing and court filings.
 

rhonda

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I get an error trying to follow @TUGBrian 's link: "You do not have permission to view this page or perform this action."
 
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geist1223

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Black Diamond

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A $1 timeshare net me $2400+ after 20 years of ownership and use, at a reasonable annual MF. Not bad for a "Starter" resort in my own neighborhood of Ohio. I wish I could get that kind of gain in my retirement savings!!
 

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sorry about the link, ive attached the file directly to my post, hopefully you can download it now ive just tested it to see it works.
 

OldGuy

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$2200 for those who hung on is not a bad outcome.
 

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Does anyone know what the new owners will do with Apple Valley?
I've done all the snooping I know to and have not found that out.

If I was 30 or 40 years younger, I would liked to have taken it on as a "full-ownership" project, selling the (duplex) condos as lake/golf/vacation/vacation rental/retirement homes.

Ohio is devoid of places like it, and it is located within a convenient drive of major metropolitan areas, not far from Amish country.

It is a beautiful area.

The buyer got 32 spacious condos for around $43000 each, plus a clubhouse, swimming pool, "resident manager's" residence, and some additional undeveloped lots, immediately next to a top-notch golf course and within the Apple Valley Lake development.

The buyer is Chippewa Lands Subdivision LLC, registered in Wadsworth, OH.
 
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OldGuy

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$2200 for those who hung on is not a bad outcome.
I mean . . . that's better than paying $2200 to get rid of it.

Most of the resorts we have owned at could be sold as full-ownership condos, once the "partition" work is done.

It's about a wedge from the resort clubhouse to the golf course clubhouse. Search Apple Valley Golf Course and see how pretty that setting is.
 
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OldGuy

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Speaking of Boards thinking outside of the box . . . and realizing this could not be done at all resorts . . . I just got the e-newsletter from one of our (legacy) resorts saying that the value of full-ownership has been on the rise. So, they have combined some non-productive intervals into full-ownership condos, and have been able to sell them to generate funds to offset annual fee revenue losses. This is the same resort that I have been asking to offer a deedback program for ten years, and I received their offer to take our last week back recently.

If you always do what you've always done, you'll always get what you've always got.
 

rhonda

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Speaking of Boards thinking outside of the box . . . and realizing this could not be done at all resorts . . . I just got the e-newsletter from one of our (legacy) resorts saying that the value of full-ownership has been on the rise. So, they have combined some non-productive intervals into full-ownership condos, and have been able to sell them to generate funds to offset annual fee revenue losses. This is the same resort that I have been asking to offer a deedback program for ten years, and I received their offer to take our last week back recently.

If you always do what you've always done, you'll always get what you've always got.
That might be a bit tricky if the original deeds were Fixed Unit or, at least, unit specific. Might be easier to do if all deeds were floating units. I'm sure it was also an interesting board discussion on what rights the full-share owner had to amenities?
 

OldGuy

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Yup, thinking out the box would mean that some re-deeding would need to be done to create a full-ownership unit. At the resort in question there always has been some full-ownership, some 1/4 shares, some 1/8 shares, and some intervals, so sharing amenities is not an issue. It would be easier to combine 1/4 and 1/8 shares into full ownership than it would be to combine intervals, but doing so has increased the value of all ownerships.

If you will read the final report on Apple Valley that Brian attached above, it is the largest lawsuit ever filed in the State of Ohio, based on the number of defendants. 1581 interests had to be "partitioned" into a marketable deed, or deeds, for all the units, the clubhouse, the swimming pool, the resident manager's condo, and some vacant properties.

By comparison, "partitioning" 50, or 8, or 4 interests into 1 would be easy peasy.

At both resorts I'm sure there have been a lot of interesting discussions the last 25 years, with the best ones being the ones that came up with these plans to resolve their problems.

As I've mentioned before, in order for these things to succeed, there has to be a real market value.


That might be a bit tricky if the original deeds were Fixed Unit or, at least, unit specific. Might be easier to do if all deeds were floating units. I'm sure it was also an interesting board discussion on what rights the full-share owner had to amenities?
 
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DrQ

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sorry about the link, ive attached the file directly to my post, hopefully you can download it now ive just tested it to see it works.
Our timeshare is voting to dissolve, we have paid our 2019 fees, what is my best play?
 

Black Diamond

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Our timeshare is voting to dissolve, we have paid our 2019 fees, what is my best play?
Wait a year and look for paperwork of the court proceedings and then wait for two more years for the dissolved organization to distribute a settlement to all paid up owners. Wish you the best during the journey. You may be as surprised as I was to see the amount $$ I would be paid for my patience.
 

bbakernbay

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105 "CURRENT" owners remained through the process of closing and court proceedings. We reaped the benefits of patience!! See the report listed in TugBrian's post above of the details, expenses of closing and court filings.
How many Owner Weeks were there in total, that is if all owners had paid their MFees? Reading previous posts it says 32 units at 51 weeks or thereabouts so 1,650. Sounds like only 105 hung into the end. I wonder what the MFees were in their last year?
 
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