- Joined
- Jun 6, 2005
- Messages
- 14,482
- Reaction score
- 3,157
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- Location
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- Resorts Owned
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Marriott Grand Chateau
Marriott Shadow Ridge
Marriott Ocean Pointe
Marriott Destination Club Points
Hilton Grand Vacation Club Las Vegas Blvd
Grand Colorado on Peak 8
Spinnaker French Quarter Resort Branson
I've been following postings on Redweek.Com in their forums about the bankrutcy of the developer of French Quarter Resort in Branson, MO. All I can say is what a mess and what a lousy job of keeping owners informed by the HOA.
It appears the bankruptcy has settled. From reading the posts on Redweek it appears there are problems with clear title to many of the units. The developer just didn't process them when a sale was made, thus, owners may not have clear title.
Then there are the owners in building 8, which was the last building built. The land under building 8 was used as security for loans. The new owner of that land is claiming that those who purchased units in building 8 own nothing. If I understand this correctly, he's saying they're not owners, own nothing, have no rights and are due no refunds of purchase prices. There is someone on Redweek who states he is a S. Carolina attorney representing a couple who purchased a unit in building 8 with title insurance and is asking anyone who may have knowledge contact him.
At any rate it appears FQ may become a poster child of how badly things can go wrong, even if you purchased direct from a developer. Some of those units were rather expensive 4 bedroom units sold as little as a few years back. I'd hate to think about the complications of owners who borrowed money at a very high rate of interest and now own nothing.
We own a unit in building 2 at FQ. There is no loan against the unit and we'ver received reasonable usage from it. While I'm not overly worried about the financial aspect of this resort imploading upon itself right now I am concerned about the future of this resort. It would be great if the HOA would keep owners better informed on what is or what might happen.
Currently, the resort is being managed by Southwind, which is the management arm for Spinnaker Resorts. Others at FQ have posted that Spinnaker salesmen can't even offer FQ owners the opportunity to "upgrade" to a new unit at one of Spinnakers resorts. IMHO that was not a good sign.
The HOA's last comment was they believed that once the bankruptcy was settled, they'd be able to straighten out the title issues. For those who bought from the developer this is likely to be easier. For those who purchased resale it might have been a good idea to pay for the title insurance.
I don't know how this will all pan out but, it is one huge mess. At this point I'm almost sorry we own at the resort even though we enjoy our stays there and the resort has remained well maintained. We have a vacation stay planned there for September. Normally I don't plan on doing updates but this trip could be an exception. Not that I'd really trust a salesmen 100% with anything they'd tell me but, it'd be interesting to see what they had to say.
It appears the bankruptcy has settled. From reading the posts on Redweek it appears there are problems with clear title to many of the units. The developer just didn't process them when a sale was made, thus, owners may not have clear title.
Then there are the owners in building 8, which was the last building built. The land under building 8 was used as security for loans. The new owner of that land is claiming that those who purchased units in building 8 own nothing. If I understand this correctly, he's saying they're not owners, own nothing, have no rights and are due no refunds of purchase prices. There is someone on Redweek who states he is a S. Carolina attorney representing a couple who purchased a unit in building 8 with title insurance and is asking anyone who may have knowledge contact him.
At any rate it appears FQ may become a poster child of how badly things can go wrong, even if you purchased direct from a developer. Some of those units were rather expensive 4 bedroom units sold as little as a few years back. I'd hate to think about the complications of owners who borrowed money at a very high rate of interest and now own nothing.
We own a unit in building 2 at FQ. There is no loan against the unit and we'ver received reasonable usage from it. While I'm not overly worried about the financial aspect of this resort imploading upon itself right now I am concerned about the future of this resort. It would be great if the HOA would keep owners better informed on what is or what might happen.
Currently, the resort is being managed by Southwind, which is the management arm for Spinnaker Resorts. Others at FQ have posted that Spinnaker salesmen can't even offer FQ owners the opportunity to "upgrade" to a new unit at one of Spinnakers resorts. IMHO that was not a good sign.
The HOA's last comment was they believed that once the bankruptcy was settled, they'd be able to straighten out the title issues. For those who bought from the developer this is likely to be easier. For those who purchased resale it might have been a good idea to pay for the title insurance.
I don't know how this will all pan out but, it is one huge mess. At this point I'm almost sorry we own at the resort even though we enjoy our stays there and the resort has remained well maintained. We have a vacation stay planned there for September. Normally I don't plan on doing updates but this trip could be an exception. Not that I'd really trust a salesmen 100% with anything they'd tell me but, it'd be interesting to see what they had to say.