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Carriage Hills and Carriage Ridge to be Sold/Liquidated

bbakernbay

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Job losses expected as Horseshoe Valley timeshares close down
MR
By Marg. Bruineman, Local Journalism Initiative Reporterbarrietoday.com
Thu., Oct. 15, 2020timer3 min. read
Job losses are certain to result from the closure of two timeshare properties in Horseshoe Valley, a court broadcast over YouTube heard Thursday.
Justice Barbara Conway of the Superior Court of Justice in Toronto endorsed a proposal that Carriage Hills and Carriage Ridge timeshare resorts close Jan. 6 and that they be marketed and sold. Administrator of the property, BDO Dunwoody, will become the receiver.
“A lot of people are, unfortunately, losing their jobs” as the timeshare resaorts close and contracts for goods and services are cancelled, said Leanne Williams, the lawyer representing the boards for the timeshares.
ARTICLE CONTINUES BELOW

Wyndham Vacation Clubs has the contract to manage the two vacation properties and also owns a significant number intervals, or weeks of use, in the properties.
Wyndham spokesman Steven Goldsmith was unable to say what the precise impact would be and how many people could end up out of work as a result of the decision.
“We are evaluating the evolving situation to determine the impact on our associates. In the meantime, we continue to provide outstanding management services to the resort owners,” he wrote in an email.
Carriage Ridge has 78 units within three buildings on eight acres and Carriage Hills has 172 units in eight buildings on 20 acres running independently from Horseshoe Resort — a major ski and golf resort in Oro-Medonte Township, north of Barrie.
ARTICLE CONTINUES BELOW

Justice Conway’s order follows a survey circulated to as many of the 11,000 timeshare owners as they could locate for more than 17,000 intervals, concluding that the majority wished to get out of their agreements of the aging and troubled properties.
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“The people have spoken, the very point of the survey,“ she said Thursday.
Because of the lack of interest there will be no financial restructuring of the properties and no charges to those who chose to exit. The boards of directors for both Carriage Hills and Carriage Ridge will remain intact, working with the administrator as the properties close and are then sold.
Representing three of the owners, lawyer Lou Brzezinski said there could well be a great deal of interest in the purchase of the properties. But the owners would like to see a rapid transition. He said for every $1 million in difference in purchase price, each interval owner receives only about $90.
“Even if I get anything, I’ll be happy,” said Cheryl Chaytor, who is sad to see the demise of the timeshare resort she enjoyed for 20 years.
Chaytor said she has learned from her experience and was a much more sophisticated purchaser in subsequent timeshare purchases elsewhere. But, she said, she doesn’t regret the purchase, which cost her $10,000 20 years ago.
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Karen Levins, one of the ‘three amigos’ who hired Brezezinski through crowdfunding, said after all the contracts for management and services such as phone and internet are paid off, the remainder will be divided by the 17,408 integral owners.
So even though the properties are considered valuable and even desirable, there are so many people with interests.
“It’s pennies, because there’s so many owners,” she said. “At the end of the day, we will get almost nothing.”
Just the same, it comes as a relief to Levins and others whose annual maintenance costs were climbing every year. The vacation units were operating at a deficit from 2015 to 2018 and as an increasing number of owners walked away, they left a greater financial burden to those who remained. About 25 per cent of the owners were considered delinquent.

Part of the problem was that they had contracts in perpetuity. And as many owners were aging, they were concerned about their ongoing obligation for the resort property that had no market value.
And as the buildings — which began development in 1997 — became older, they required more attention. Levins points to a $136,000 estimate to fix staircases in the buildings at Carriage Hills.
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A timeshare purchase, Chaytor said, is not the same as a real estate investment which typically allows for a gain in value over time.
“It wasn’t real estate that we got into. It was a vacation club,” she said. “I used it to the max, I don’t look back on it with any regret. You couldn’t believe some of the places we’ve gone (through the timeshare ownership).”
But, she added, there are people that are devastated that the resort is closing.
 

Harmina

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Did these developments actually start in 1997? Doesn’t seem very long if true?
Yes , we bought a fixed week at Carriage Hills in 1997. At that time there were only 3 buildings. I think if they hadn't expanded to phase 2 and phase 3 the resort would have survived.
We loved our time up there......it is a beautiful area. We also had great exchanges. We have no regrets with our purchase. Great memories were made up there.
We are happy that the issues are resolved as far as closing the resort down. At least we won't have to carry the load of the ever increasing MF's that we incurred due to the delinquent owners.
Feel sorry for the staff who have lost their jobs. Some have been there since they opened. They were a great team.
 

moonstone

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Feel sorry for the staff who have lost their jobs. Some have been there since they opened. They were a great team.
Yes, the resort employed a lot of local residents both for full time and part-time jobs. Our DD worked there first in housekeeping then at the concierge desk during high school and the first summer of university. The resort is only 10-15 minutes from our home so it was easy to get her there after school or on weekends and she made pretty good money for a student. She made some good friends working there who she still keeps in touch with. There are a lot of new fancy (expensive) homes being built south of the resort on the part of the golf course that was sold and the impression the original locals get from the folks moving in is that the timeshare downgrades the look and appeal of the area. I think many will be happy to see it gone unfortunately. So sad.


~Diane
 

Harmina

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The timeshares were there long before those who are now building up there. If they think the timeshares are not appealing, then they should not have bought property there.
That is the same as people who build next door to a farmer and then complain about the smell. Do your homework folks....
I love the Horseshoe Valley area. The way the timeshares are designed & situated on that property blends in perfectly with the surroundings.
My aunt and uncle lived up there on Line 13. I have been going up there since I was a little girl.
Diane, since you are local, you probably know my cousin who owns Big Curve Acres. His daughter, Christine also worked at CH.
 

Maple_Leaf

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I think many will be happy to see it gone unfortunately.
I think the Skyline guys that own Horseshoe Resort are dancing a conga line in their Toronto offices.

 
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There are a lot of new fancy (expensive) homes being built south of the resort on the part of the golf course that was sold
Have parts of the actual golf course been sold. I can't imagine these resorts closing will help them if owned separately.

What are thoughts on what will happen with this property?
 

moonstone

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Have parts of the actual golf course been sold. I can't imagine these resorts closing will help them if owned separately.

What are thoughts on what will happen with this property?
Yes a 9-hole section of, I believe the Highlands course, (between Lines 3 & 4 north of Bass Lake Sideroad) was sold a few years ago and much of it has been built on already. Lots of people who built or bought homes backing on the golf course many years ago were very angry that they would be getting houses at their back fence instead of green open space. If they had bothered to check with the Township before their purchase they could have found out that the golf course was already zoned for residential use decades ago.

~Diane
 

moonstone

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The timeshares were there long before those who are now building up there. If they think the timeshares are not appealing, then they should not have bought property there.
That is the same as people who build next door to a farmer and then complain about the smell. Do your homework folks....
I love the Horseshoe Valley area. The way the timeshares are designed & situated on that property blends in perfectly with the surroundings.
My aunt and uncle lived up there on Line 13. I have been going up there since I was a little girl.
Diane, since you are local, you probably know my cousin who owns Big Curve Acres. His daughter, Christine also worked at CH.
Yes, I agree, people cant complain about things that were there before they bought. Those new homes have just been built in the last few years and the timeshares have been there over 20 years. DH & loved having the timeshares so close for mini-getaways when our kids were little. We were close enough to get home in a hurry if the grandparents were having trouble or there was an emergency. This is a beautiful area and I am sorry that so many people will not be able to exchange into the resort to explore the area.

We live off the 7th Line at the far north end of the Township so not really close to your cousin's. I have only been to Big Curve Acres as a chaperone for brownies/cubs trips, years ago. It is a nice place and very popular for kids. We were going to take our little grand daughters there this summer - maybe next year!

~Diane
 

karibkeith

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There are a lot of new fancy (expensive) homes being built south of the resort on the part of the golf course that was sold and the impression the original locals get from the folks moving in is that the timeshare downgrades the look and appeal of the area. I think many will be happy to see it gone unfortunately. So sad.
The homes were built adjacent to a golf course, Half the course has been sold off to a developer, the other half is fields of weeds. Will the fancy home owners be happier with the row housing proposed along Line 3? Does anyone expect to see the timeshare buildings ripped down?
We lived in this area for many years and I loved the timeshare properties there.
 

karibkeith

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Some observations from a non-owner.
I am interested in what happens here as a timeshare owner elsewhere. However, there are some things that seem odd. It is report that Carriage Ridge has 78 units within three buildings on eight acres and Carriage Hills has 172 units in eight buildings on 20 acres . So that total 250 units at 51 weeks (1 week maintenance) totaling 12,750 intervals. Elsewhere, it is reported that there are 17,408 integral owners. What did they own?
Being affiliates of Shell/Wyndham meant partly if not all in a points system? Did this allow them to oversell?
This is an evolving process where at one point exiting members would pay an exit fee. Does this mean they would no longer be owners and ineligible to share in sales proceeds? Why would someone pay to exit when the place is being shut down and put up for sale? Will any proceeds be shared equally by those who voted to exit and those who voted to stay? Will the members who want to stay have any recourse? Are there any law suits other than the one appointing BDO as administrators and receivers?
Just curious!
 

CanuckTravlr

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With respect to the number of owners vs. number of "intervals", some units could be EOY, which might account for the extra owners. Also, I believe most of the units were 2-bedrooms. In the ones we stayed in the 2nd bedroom could be used as a studio lock-off. I don't know if any of the units were actually sold as separate 1-bedrooms and studios, but that would also increase the number of owners. Just some thoughts off the top of my head.
 

Harmina

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All the units were sold as 2 bedroom lock offs. There were EOY owners as well as every year owners. Most weeks were sold as floating weeks - red weeks, blue weeks, and white weeks.
The season of the weeks determined the cost. We owned week 26. It was a great trader as it took in Canada Day and Independence day.
We did use our one bedroom side most years and traded with the studio in the 23 years that we owned.
 

silentg

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We stayed there a few years ago. It was nice, but we were visiting in Canada Niagara Falls too so we didn’t spend much time at the resort. Too bad it’s closing.
 
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