We are deeded owners with Grand Crowne and just attended a presentation with Capital Vacations. Of course, they want us to convert our deed into their Club points. And to do that we must buy points to convert it. Surprise! We were told that since Surrey did such a poor job managing the resort that when Capital bought it they set up a special assessment for all deeded owners to pay for half the $50 million the resort needed to correct the mismanagement. To recover that $25MM they are able to increase deeded owners maintenance fees by up to 15% each year until they recover the $25MM. We have indeed seen the 15% increase on this year's maintenance fee so are thinking there may be some truth to what we were told. This means our annual maintenance fee will more than double in the next five years and in 20 years will be over $25,000! Has anyone else heard of this and does anyone know if there is a way to verify this information?
After presenting that he asked if we had any questions. So we asked, how do we sell our deed to get out of this all together. He said we can't and we need to understand we do not have an asset, we have a liability. He said there is a lien on our deed and anyone who buys our property will be required to pay the increased maintenance fees. Any thoughts and help on this is much appreciated.
After presenting that he asked if we had any questions. So we asked, how do we sell our deed to get out of this all together. He said we can't and we need to understand we do not have an asset, we have a liability. He said there is a lien on our deed and anyone who buys our property will be required to pay the increased maintenance fees. Any thoughts and help on this is much appreciated.