Florida Resort - Hideaway Sands - Real life story of what happens after a hurricane to a small independent resort

[Panina]

So Sad. I love Hideaway Sands. I used to own a timeshare there. Sadly, I believe this timeshare will cease to exist. Prime area and land, they should be able to sell it.

 

[timeshare trader]

It looks like Hideaway sands has maybe 20-24 units? I just can't believe that FEMA is assessing the entire building at less than $500,000. You probably can not build a hotel room on the beach for that amount...

 

[TUGBrian]

am guessing that is their estimated costs to just gut the bottom floor and repair all the damage from water....vs rebuilding from scratch.

 

[theo]

It looks like Hideaway sands has maybe 20-24 units? I just can't believe that FEMA is assessing the entire building at less than $500,000. You probably can not build a hotel room on the beach for that amount...

FEMA does not make building value assessments. The building valuation figure to which FEMA's "50% rule" calculations are applied is actually the assessed value of the building as reflected in the property valuation / tax assessment records of local authority (i.e., the city or town of tax jurisdiction for the property at issue).

As @dioxide45 has previously and correctly noted in post #8 of this thread, if the estimated cost of required repairs exceeds 50% of a building's assessed value, then under the FEMA "50% rule", the structure must be rebuilt up to current codes (starting with expensive but mandatory reconstruction elevation that is well above ground level).
If the estimated cost of repairs is below 50% of the building assessed value, then under FEMA's "50% rule" calculation the structure may be repaired without being completely rebuilt (and without having to elevate the existing building).

In any case, it's hard for me to believe that the $437k figure cited at the beginning of this thread could possibly be the assessed value of the Hideaway Sands building(s).
It seems much more likely to me that the unidentified cited source either misundertood and / or misstated what that $437k figure actually represents.

 

[Roger830]

Perhaps the assessed value is low because the structure is in a flood plain and subject to fema 50% rule thus having no significant resale value.
All of the value is in the land.

Here's a listing of a waterfront cottage in our town that sold in 2022 as a teardown because of the fema 50% rule.
The house is still standing and was appraised at $125,200 and the 49 foot lot at $430,500. It sold for $575,000.

https://www.realtor.com/realestateandhomes-detail/139-Plum-Bank-Rd_Old-Saybrook_CT_06475_M32400-51953

"The house is considered a tear-down - the true value is in the .12 acres of waterfront land. The interior, exterior and structural repairs are too extensive and would exceed the FEMA 50% rule."

 

[theo]

Perhaps the assessed value is low because the structure is in a flood plain and subject to fema 50% rule thus having no significant resale value.
All of the value is in the land.

Here's a listing of a waterfront cottage in our town that sold in 2022 as a teardown because of the fema 50% rule.
The house is still standing and was appraised at $125,200 and the 49 foot lot at $430,500. It sold for $575,000.

https://www.realtor.com/realestateandhomes-detail/139-Plum-Bank-Rd_Old-Saybrook_CT_06475_M32400-51953

"The house is considered a tear-down - the true value is in the .12 acres of waterfront land. The interior, exterior and structural repairs are too extensive and would exceed the FEMA 50% rule."

This may very well be the case if that $437k HS figure cited is in fact the actual assessed value of the building (and not instead a repair estimate or an insurance figure).
Having no access to the unidentified person who reportedly relayed info "as they heard it" from a Board meeting, we are unlikely to get any further clarification.

 

[TUGBrian]

been following this, and they recently posted an update:

UPDATE
December 13, 2024
We want to take this opportunity to update you on the status of the resort.

We have been told that we have been inspected by FEMA and are awaiting their approval letter before the city will issue a building permit. However, in the interim, we are working with the city to gather the information we will need to hopefully expedite the permit process.

Since our last Board Meeting on November 13, 2024 we have been working on our plans for rebuilding.

We have had an Interior Environmental Inspection completed for moisture and mold damage.

This was completed after the initial remediation of the sand and water damage and first round of drywall removal. The report found more moisture in the drywall of the first floor of the Gulf Front and Garden Buildings and in the entry of the Office. There was no damage in the second-floor units of the Gulf Front and Garden Building or Townhouse units. Additional drywall removal and mediation is underway in the office and will be started in the Garden and Gulf Front units when proper removal guidance can be secured.

As discussed at the Board Meeting in November our first potential block to rebuilding is our FEMA value as it pertains to the FEMA 50% rebuild rule. Our value per the Property Appraiser’s
Office is too low to allow us to rebuild in kind (not having to meet all new building codes including elevated units). We have hired a Certified Appraisal Firm to provide us with a Proactive FEMA 50% Challenge Appraisal. We are highly confident that this appraisal will provide a much greater value that will allow us to rebuild, provided the City of St Pete Beach and FEMA accept the new appraised value. Our discussions with the Appraiser thus far have been positive. While the appraisal is being completed, we are having the contractors' preparing estimates for the rebuilding as we will need the cost for the permit process. While this work is proceeding, the Office is open. We are open daily 9 am to 5 pm, closed on Sunday. Our Maintenance Fee billing has been mailed. Due to the Canadian Postal Strike we will be emailing statements to our Canadian owners as well. We are also emailing updates in addition to posting them on the Owners Page of the website. If you have not provided us with an email contact, you may wish to do so for future communications.

We feel we should have all of the information we need in the next three weeks to be able to determine where we are in regard to rebuilding.
We are guardedly optimistic that we will be able to do so.

 

[easyrider]

Not really so sad. They will wind up selling the property to a non-timeshare outfit like Vacay and split the proceeds among the paid-up users. A similar thing happened to the timeshare I owned on Edisto Island, SC.

I had bought the independent timeshare in 2010 for $1000. It had a sunset clause for the first Sunday in 2026, so I had an exit strategy. Due to a lifestyle change, I started letting my son's family use it around 2013. Due to bad management there wasn't much reserve funds for repairs for the 2015 and 2016 hurricanes. By around 2018 the damage and deferred maintenance made the situation untenable.

The board surveyed the owners and found that more than 75% of the members were in favor of moving the sunset clause to 2020. The property was sold to Vacay. The proceeds would be divided across units/weeks and the cost to refurbish each unit would be deducted from that unit's distribution, then divided by the number of paid-up owners and distributed to them. My share was around $5500. I was pleased with the outcome--not a "sad day" at all.

That really worked out well. What did Vacay do with the property ?

Bill

 

[Larry M]

That really worked out well. What did Vacay do with the property ?

Bill

Straight rentals. See, e.g., EdistoVacay. (If you're not a Facebook user, click the X at the upper right corner of the dialog to dismiss it.

 

[Sugarcubesea]

This is so sad, the timeshare I own in Naples, Florida - Vanderbilt Beach and Harbor Club - told us at our Owner Meeting that the timeshare down the street from us in Naples, - Gulf Pointe Intervals - has been closed since Hurricane Ian as they had so much damage from the storm and then with Helene and Milton it further damaged Gulf Pointe Intervals. Some of the people that own there bought at Vanderbilt Beach and Harbor Club because they wanted to be back in Naples.

 

[TUGBrian]

for those still following this story, might have a happy ending after all!

Hello everyone, first and foremost, the staff of Hideaway Sands Resort would like to Thank each and every one of you that reached out and have been supportive and the voices of caring when we needed it the most through the past months since Helene and Milton blew in.


All the phone calls, emails and notes that were for the concern of our staff touched us all. We do feel the Love and it means so much to us and it has gotten us through some very dark days.
Thank you to the ones that have called or emailed when you have a question or concern, and we have answered the questions the best to our abilities.
Honestly, we are still waiting on the letter from the City of St. Pete Beach and FEMA stating we can rebuild. We are cautiously confident we will receive the letter, we just do not know when.
On the positive side many properties around Hideaway Sands have received the letter.
Once the letter is received, the contractors are ready to go and will be at City Hall getting the necessary permits to get the rebuild going as soon as possible. Numbers are being put together for the rebuild which we should have any day. The contractors were by this week, and we are making some upgrades to make Hideaway Sands even better than before. I am excited about being part of the rebuild and what you all will have when completed.


Now, for all of the naysayers and experts that seem to know all that is going on the West Coast Beaches of Florida, especially the ones that have not called the office or emailed their concerns. We cannot give exact dates, numbers or plans until we get the go ahead. It is that simple, and then it has been turned around we are not doing anything here.


If you have not ever been involved or lived through the national disasters as in the ones that hit Florida, Tennessee, North Carolina and now California are experiencing please keep your opinions to yourself. Each and every person effected by these national disasters are doing their best to keep it together. We need support, we do not need negativity.

To clarify with timeshare ownership, you own a fraction of the property, you have a deed for the week(s) you own and the Maintenace Fee must be paid every year, even when property is closed. It is in the Florida Statue of HOA and Timeshares The 2025 Main Fee is the amount that was voted on and approved at the Annual Meeting in October by the Association and it will not change.

Please remember when purchasing a Time share it is strictly for recreational purposes, it is not an investment. This is explained when a purchase is made through the Suncoast Vacation Condos.

(contact details removed)

The staff is here in the office for the owners, please give us a call if you have questions or concerns. Calling the office and asking questions or voicing your concerns is far better than secondhand information or false statements. We are all in this together and we all are wanting the same thing, Hideaway Sands to reopen and You get to enjoy the Beach!


Hopefully next time we post it will be for we are rebuilding!!
Take care,
Hideaway Sands Resort