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Edgewater Beach Resort Financial Problems?

ahalpert

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Hello All,

I wasn't sure which forum to post this so I thought I would try here. My husband and I recently received a letter from the Board of Trustees of the resort where we own a timeshare. The letter basically says that the Board of Trustees has decided to take over financial control of the management of the resort and collection of maintenance fees. Apparently the Board found evidence of mismanagement of the maintenance fees by the Management Company. The resort is also extremely far behind in outstanding bills and is in danger of having services terminated if some of the bills are not paid immediately. The Board of Trustees is asking the owners to no longer deal with the management company and send them the 2009 maintenance fee along with an additional $30.00 to help cover the legal fees which might arise over this issue. I know I have been waiting for months to get a check from the resort for renting my unit this summer and have not been able to get through to anyone at the resort who can tell me what is going on. Now I'm concerned I'll never get the rental money and wondering what will happen to our timeshare if the resort goes bankrupt. Has anyone had a similiar experience? Are there any Edgewater Beach Resort owners out there who can shed some light on this? I'm very hesitant to send a check to this group without more specific information. So for now I'm not doing anything but worrying. Any insights on this would be appreciated.

Thank you.
 

merryraven164

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HI ahalpert--- I got the same message and I too am hesitant to send any money based on one letter. I'm going to the Cape this weekend, I'm hoping to find a real person to talk to, and if I get any info will post.
 

pcgirl54

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There are 2 weeks for sale on ebay.
 

Corky

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Ouch! I'm in the process of closing on a week at Edgewater. The transfer of ownership papers were just mailed to the resort. My money is being held in escrow.

I wonder what my options are?
 

Carolinian

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There are various flavors of bad management companies out there. I prefer a hands-on HOA board that hires a manager as opposed to a management company. Granted there are some good ones, too, but I prefer the hired manager system. If your HOA board is out of touch and leaves a management company on its own, that is asking for problems.
 

pcgirl54

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This used to be managed by VRI but is not anymore. This is a place I wanted to try for a mini stay. Sad to hear the news about the current situation.
 

merryraven164

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I have just returned from Edgewater Resort-- spoke to Stephanie, the manager, and here's the latest: the letter from "trustees" is NOT from Edgewater management and DO NOT send them money. You may have received a letter a few weeks ago about a Rory Calhoun-- the letters asking for your maintenance fee early is coming from this source. The REAL maintenance fee notice will be coming in about 2 weeks and will include info that you know will be legit. The Edgewater management is taking legal action against this Rory guy and they will update us all when there is more info. I hope this helps y'all. PS they assured me that there are not financial problems claimed by that letter.
 
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pcgirl54

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Good you drove to Edgewater and checked this out.
 

dspare8

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Edgewater Owners Group

I know things are VERY confusing at the Edgewater right now!

In a nutshell, New England Resort Management (NERM) has mismanaged the funds at Edgewater for the past few years. Rory Whiteman saw this mismanagement and was told by his attorney to either resign or blow the whistle. He opted to take the high road and blow the whistle. As a result, the owners received a letter denouncing Mr. Whiteman. Mr. Whiteman and some of the owners, including John Winston, got together to form their own trustee group in an effort to take control of the funds and get the Edgewater running as it should. They are the ones that send the maintenance fee letter with a short explanation of who they are and where your money would be going.

As of right now, NERM has ousted this trustee group and is taking them to court on Tuesday, November 4th, to try to reclaim the funds they collected.

I, for one, do not want my money wasted by these people any longer. Anyone who has been to the resort in the past year has seen things falling into disrepair and services going slowly downhill. Our maintenance fees should be adequate to keep the Edgewater in great shape but NERM has been using our money to finance other investments like purchasing the Soundings. They are being investigated by the MA State Attorney General's Office and the FBI.


John Winston has set up a website board for the Edgewater owners to keep them apprised of the ongoing changes. Please email him at sunsplit@comcast.net and request an invitation to the Yahoo group. It is invitation only for owners so please provide him with your name, home state, and the week and unit you own.

You will find a wealth of information on the Yahoo board and it will be a real eye opener!
 

Carolinian

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Who is the HOA board, perhaps called trustees there? The HOA board is who owners should believe, not the management company, which is only hired hands. If I am reading right, did the management company oust the HOA board? If that is the case you appear to have a power-drunk management company that has run amok and needs to be brought down. Any time that management tries to manipulate who serves on the HOA board, this is a huge red flag that this is a management company that should be shown the door.

Someone should check the HOA by-laws for provisions on calling an emergency HOA membership meeting to address this situation, and make sure the resort gets a hands-on owner-controlled HOA board in charge of things.
 

e.bram

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I believe that the TS is in the developing stage where the development has a significant influence on the board because of the unsold units they own and lack of voting interest by the general ownership. I went to a presentation there afew few years ago. Sleeze.
 

Carolinian

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I believe that the TS is in the developing stage where the development has a significant influence on the board because of the unsold units they own and lack of voting interest by the general ownership. I went to a presentation there afew few years ago. Sleeze.
Developer controlled boards are the worst. I would not buy at a resort with a developer controlled board.
 

ahalpert

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Thank you everyone for your replies. Although I must say I am still confused and not sure what to do!! Its hard to understand what is really going on. I will continue to make inquiries and ask questions but I am very concerned about all this confusions and what is really happening. It would be helpful to me if I could speak to someone but no one at the Edgewater returns my calls (they still owe me money for a rental last summer) and I tried to call the number on the recent letter from the Board of Trustees but no has responded. I will check out the yahoo site as recommended!
 

Thomas Grace

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Request for Information

I own a week at the Soundings, and I have just been informed that the multi-resort (Breakers, Edgewater, Soundings) project is in trouble. The information was provided, I believe, by a member of the Soundings sales staff and I was referred to a lawyer who is taking inquiries from owners for a possible class action suit. The lawyer confirmed the allegations of serious trouble.

The above Edgewater posts suggest trouble, and you have a members only Yahoo group that recently has been created for communication. Edgewater posts primarily relate to problems with poor maintenance and use of maintenance fees, but they also identify a serious conflict between the Board of Trustees and the management company. Does anyone have information they could share on the situation as it might relate to all owners in the multi-resort project?

Regarding the Breakers, I was told that completion of the Breakers is two years behind schedule and has now stopped. Work on the Soundings was supposed to start in October, but no work has been done to date.

Anyone with information on these matters is asked to make posts to this site. Thank you for your consideration and assistance.
 

RFW

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I do not have any direct information about this matter. However, I just had a rather interesting interaction with II regarding Edgewater. A few weeks ago, I included Edgewater in an exchange request for a variety of resorts in Cape Cod and Maine for late spring and thru the summer. I included Edgewater after reading generally positive reviews (although none very recent) in the TUG reviews.

Today, I got a message from II asking me to call back to confirm that I would accept an exchange into Edgewater during a period that I had included in my exchange request. The message said that they needed me to verbally confirm since the resort (Edgewater) was of slightly lesser quality than the resort I was relinquishing in the exchange.

Since I never have had that sort of message from II, I thought that I had better look into things a little further before oking an exchange. That is when I found this thread, and decided not to accept the exchange. Notwithstanding the serious concerns that owners have regarding these financial problems, I am glad that this thread "warned" me against trading into a potentially troublesome situation. Thanks Tuggers!
 

Corky

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The Edgewater Resort has a wonderful location and the units are lovely. At least, that was my experience when I exhcanged there last summer. Not too many activities but the indoor/outdoor pool and beach make up for it.

Just stay clear of the salesmen.
 

wmauryd

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Trading into Edgewater

Hello, I am responding to EQCM RFW's post re II's trade. I own at Edgewater, so forgive my positive bias. In past years attempting searches, it was next to impossible to trade into Edgewater. It's truly waterfront, with many renovations and upgrades in recent years.

Edgewater is a 'motel conversion' and as such can never offer the spacious square footage that resorts, built condominium style, offer. This makes a big difference for a family of four staying a week or more. This doesn't matter to everyone. At Edgewater, you're at the beach. Personally, I prefer the spacious condo square footage.

Edgewater's recent developer/manager/trustee organization grouped Edgewater with its other resorts, but Edgewater isn't owned by them and the EBR owners have made every effort to part ways, including recent court action resulting in the resignation of the developer/manager/trustee organization, an interim board, a forensic audit, and an election to hopefully elect owner/trustees. A bright future may be ahead. EBR's owner's website: edgewaterownersma.com
 

wmauryd

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Edgewater Beach Resort Owners FAX YOUR VOTE by midnight WED MARCH 4

for more info visit edgewaterownersma.com
 
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dacar37

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I own a week at the Soundings, and I have just been informed that the multi-resort (Breakers, Edgewater, Soundings) project is in trouble. The information was provided, I believe, by a member of the Soundings sales staff and I was referred to a lawyer who is taking inquiries from owners for a possible class action suit. The lawyer confirmed the allegations of serious trouble.

The above Edgewater posts suggest trouble, and you have a members only Yahoo group that recently has been created for communication. Edgewater posts primarily relate to problems with poor maintenance and use of maintenance fees, but they also identify a serious conflict between the Board of Trustees and the management company. Does anyone have information they could share on the situation as it might relate to all owners in the multi-resort project?

Regarding the Breakers, I was told that completion of the Breakers is two years behind schedule and has now stopped. Work on the Soundings was supposed to start in October, but no work has been done to date.

Anyone with information on these matters is asked to make posts to this site. Thank you for your consideration and assistance.
I have just received a call regarding the Breakers and the fact that no further construction has been done since last September and that we do not have deeded weeks as we thought we had contracted for. Has anyone contacted you?
 

Ritty

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I understand that the Breaker's Resort is also experiencing financial and managerial difficulties. I read the comment here about them being behind schedule, but is anyone aware of any other issues that the Breakers owners are experiencing?
 

LuciTT

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The Breakers is not reg deeds I've waited 2 yrs. A man is trying to scam people by setting up meetings in hotel rooms promising to get your money back for $495.00 and if you need an attorney another $1,000.00 we went to developers yesterday and were scheduled to see man at hotel we went gave our names and he said you went to developers yesterday get out. We are going to the developers next week as the info you filled out on the purchase agreement SS# has been compromised the developer told us a disgruntled employee stole the info they make 6 copies of this info one is missing.If he refuses to give us our money back we are going to file a law suit He had been at one time involved with Reposia and the Navigator Club .If we file suit anyone interested
 

rob442

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SOOOOO Confused!

I went to this meeting on Saturaday and couldn't believe my ears. I'm very hesitant to believe ANYTHING anyone says about this particular resort. Everyone involved is so DIRTY! Does anyone have any inside info about who (if anyone) is telling the truth here???
 

Long Islander

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Letter from Inn Season Resorts

I just received a letter today (dated April 10, 2009) from InnSeason Resorts letting me know that Units 109, 110, 111, 112, 209, 210a, 210b, 211, 212 and 213 at the Breakers Oceanfront would not be ready this season, and giving me three options:
1) deposit a week with Interval
2) use the week in some other season
3) waive my fee

Did anyone else get this letter? Anyone know the details here?
 

LuciTT

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Info found on PHP-Nuke

This is on Navigator Club but pertains to more on cape as they all have been in on them all at one time or the other It says
Folks should file a complaint with Mass Attorney General
File a complaint with Cape Cod Consumers Affairs Office
File a Complaint with Det.Ben Wunderlich Dennis Police
:mad:
 
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