e.bram
Guest
Can you document your experiences vis a vis VRI?
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CAPE COD HOLIDAY ESTATES - Special Assessment
- Thread starter Corky
- Start date
This isn't a cross examination. If you cannot answer the questions I have posed to you intelligently then it's not worth my time to justify yours.
I'm not the one who has an agenda here. My sole purpose for reading and posting here is to educate myself as well as to share what I know for the benefit of others. The personal opinions I do have are supported with actual factual evidence. Can you say the same thing about yourself?
VRI - Highly recommended
Isn't clear who you are asking (I guess its Shiz but a quote would have helped clarify).
As for my own experiences with VRI:
- First heard of them when I purchased, sight unseen, a fixed summer week at the Cove @ Yarmouth in 1997 via Holiday Resales for a fantastic price (<$3000 for a fixed summer week that even today sells regularly for $5000+ - much higher than the other, float times also sold). Thanks to the very helpful folks here on TUG when I was still a relative novice I was advised that buying a fixed summer week was a much smarter purchase than the <$1000 prime Float also offered despite the fact that in theory both could get a week in the highly valuable summer week use period at the resort. Only with the fixed week were we guaranteed to get that and the value for use, trade or rent is day & night with a summer week vs all others. It turned out VRI managed the resort thus I was introduced to their operation. And the fixed week was the FAR more valuable time to own.
- From 1997 to 2000 we were exposed to the VRI way of management vs the developer approach at all our other ownerships of that time. It was clear to me that an owner controlled and independent management contract were critical parts of a good timeshare ownership experience. I also became fully involved in timeshare operations aas I was elected to a Board in 1998.
-When problems developed at the resort I was on the Board for my suggestion was to at least look at VRI as an option for management at that resort. We also looked at other Developer based management and over 5 other independent management groups in 2000/2001.
- After many on site visits and even more interviews, along with an expensive and ultimately successful lawsuit, our Board at the other resort reached a consensus to hire VRI as the new management group under what we saw as a very favorable contract. VRI supplied an extremely detailed plan to turn around a resort in such deep trouble that we had to have a special assessment in 2001 simply to pay bills and fund the resort operations through year end - all done under the original Developer based management with orders to do,it from the Owner controlled Board. Delinquencies at the time of that assessment were over 44%!!!!
- Fast forward 5 years later (and one more Special Assessment to get the resort back into Gold Crown condition and we DID regain that award - a VERY hard thing to accomplish) and we had a 92% plus collection rate, a fully renovated resort and near zero Association owned weeks to resell. An unbelievable turn around that never could have happened without a steady hand from VRI and their recommendation for one of the best General Managers ever when it came to financial accountability and owner focus. We had never had a manager last more than 10 months in the past management rein while that manager now will celebrate his 10th full year with us in October. Stability is a KEY and VRI has it in spades.
- Today even with the collapse of the economy we have an estimated collection percentage of over 95% for 2010 and have no debt other than the usual "churn" of owners coming on and off the delinquent list (none of which are over 1 year old) and a roof loan we obtained from a bank to correct a builders defect we tried but could not recover from the original builder/developer as both had gone bankrupt.
- Yes both resorts had Special Assessments but they were fully documented and did what the OWNERS wanted - made the resorts live up to current standards and be what was promised at purchase. In both cases the regualr fees have remained stable and now cover all requirements up to and including 100% funding of estimated reserves to keep the resorts in top shape & up to date in features.
Our experience with VRI is extremely positive and I would recommend them to ANY resort needing a quality, owner focused management group. There may be others that do it well too but I know the results from VRI and they could not have been any better for both the resorts I own and they manage.
Isn't clear who you are asking (I guess its Shiz but a quote would have helped clarify).
As for my own experiences with VRI:
- First heard of them when I purchased, sight unseen, a fixed summer week at the Cove @ Yarmouth in 1997 via Holiday Resales for a fantastic price (<$3000 for a fixed summer week that even today sells regularly for $5000+ - much higher than the other, float times also sold). Thanks to the very helpful folks here on TUG when I was still a relative novice I was advised that buying a fixed summer week was a much smarter purchase than the <$1000 prime Float also offered despite the fact that in theory both could get a week in the highly valuable summer week use period at the resort. Only with the fixed week were we guaranteed to get that and the value for use, trade or rent is day & night with a summer week vs all others. It turned out VRI managed the resort thus I was introduced to their operation. And the fixed week was the FAR more valuable time to own.
- From 1997 to 2000 we were exposed to the VRI way of management vs the developer approach at all our other ownerships of that time. It was clear to me that an owner controlled and independent management contract were critical parts of a good timeshare ownership experience. I also became fully involved in timeshare operations aas I was elected to a Board in 1998.
-When problems developed at the resort I was on the Board for my suggestion was to at least look at VRI as an option for management at that resort. We also looked at other Developer based management and over 5 other independent management groups in 2000/2001.
- After many on site visits and even more interviews, along with an expensive and ultimately successful lawsuit, our Board at the other resort reached a consensus to hire VRI as the new management group under what we saw as a very favorable contract. VRI supplied an extremely detailed plan to turn around a resort in such deep trouble that we had to have a special assessment in 2001 simply to pay bills and fund the resort operations through year end - all done under the original Developer based management with orders to do,it from the Owner controlled Board. Delinquencies at the time of that assessment were over 44%!!!!
- Fast forward 5 years later (and one more Special Assessment to get the resort back into Gold Crown condition and we DID regain that award - a VERY hard thing to accomplish) and we had a 92% plus collection rate, a fully renovated resort and near zero Association owned weeks to resell. An unbelievable turn around that never could have happened without a steady hand from VRI and their recommendation for one of the best General Managers ever when it came to financial accountability and owner focus. We had never had a manager last more than 10 months in the past management rein while that manager now will celebrate his 10th full year with us in October. Stability is a KEY and VRI has it in spades.
- Today even with the collapse of the economy we have an estimated collection percentage of over 95% for 2010 and have no debt other than the usual "churn" of owners coming on and off the delinquent list (none of which are over 1 year old) and a roof loan we obtained from a bank to correct a builders defect we tried but could not recover from the original builder/developer as both had gone bankrupt.
- Yes both resorts had Special Assessments but they were fully documented and did what the OWNERS wanted - made the resorts live up to current standards and be what was promised at purchase. In both cases the regualr fees have remained stable and now cover all requirements up to and including 100% funding of estimated reserves to keep the resorts in top shape & up to date in features.
Our experience with VRI is extremely positive and I would recommend them to ANY resort needing a quality, owner focused management group. There may be others that do it well too but I know the results from VRI and they could not have been any better for both the resorts I own and they manage.