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Humongous $2200 per week 2020 assessment for Barrier Island Station Duck: A 50 Million dollar theft

Sandy VDH

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The truth is a valid defense.

It is indeed. But calling the board thieves was likely not a truthful statement. OP stated "I think board members stole the money."
 

RonB

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I'm not a lawyer, and haven't stayed at a Holiday Inn recently either, but isn't adding "I think" to a declarative statement different legally?

BTW - I don't agree with what the OP said either way. ;)
 

Nolathyme

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The notification letter from the Board mentioned the sprinklers were incorrectly installed, improper materials were used, and scheduled maintenance was not performed. Is there normally a warranty/guarantee period for this type of work?
The cost for sprinklers will be 1.2 Million dollars.
 

Fayeoctober

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VRI is the Manager of the BIS as of last November and this is the first time I am seeing this or I would have replied earlier. Thank you for your comments
RLS50

The comments made by the poster are simply not true, so the comment about "the Truth being a valid defense doesn't apply". My husband is the Treasurer but no one on the Board touches the check book. This is a pack of lies and I have just forwarded it to our Board and probably will have more comments tomorrow.

For those who are interested, we have 115 units and each unit was sold for 51 weeks. From when the resort opened in the mid 80s until 2014, a member of the Developers Team basically ran the Board. Until SPM came on in 2010, there were no Audited Financial Reports that I am aware of. Now we have them for every year starting in 2009 (2019 will be available shortly. With VRI we are going from a largely cash to a more widely accepted accrual accounting system so there has been some delay.) Fees were kept way too low for too long while BIS Realty was still trying to sell units. There were not sufficient funds to establish a Reserve account. When it became apparent that work was needed on the Exteriors, an assessment was made for $1,290 per week and it was hoped that any remaining funds could be used for interiors. No funds remained and, in fact, a second smaller assessment of $200 had to be made. Owners were all made aware of this if they took the time to read the documents that were made available to them.

This assessment, which is $2,200, was built assuming a slight increase to our current delinquency rate and assuming some owners will take advantage of a discount, rather than paying it over a four year time period. I noticed that the person who posted it is a member of TUG, but I don't think that should give him the benefit of posting what are basically untruths.

By the way we were required to replace the sprinkler systems in two buildings. I think they are about 30 years old so they wouldn't have been covered by any type of guarantee.
 
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Fayeoctober

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The individual who posted said our maintenance fees are $900. For 2020 they were $830 and for 2019 they were $780. If anyone is interested I can post other years, but for way too long they were way too low and they are still below the National average.

I want to add that in the past few years, there have been some improvements. Three or four years ago, the Internet was upgraded to a high speed state of the art system because Owners indicated that was very important to them. This year the mattresses were replaced on the master bedrooms. In addition, a walk-way to the beach is under construction in order to accommodate our Owners with disabilities as well as those who want to use wheeled carts so they don't have to climb up and down stairs. All this information has been well communicated. While I am not sure since the name is not provided, I think the poster is simply a disgruntled Owner who was removed from one of our Facebook groups and has also been writing nasty comments on a lot of places.
 
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pedro47

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IMHO, this resort is in a very nice location on the beach in OBX. Please do not shoot me. This is my opinion only.
 

RonB

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IMHO, this resort is in a very nice location on the beach in OBX. Please do not shoot me. This is my opinion only.

I agree - it's a great location. I just wish it had been kept up. If I remember correctly, it used to be a Gold Crown resort...
 

Tia

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Fayeoctober do you know why the board chose to replace SPM with VRI?

VRI is the Manager of the BIS as of last November and this is the first time I am seeing this or I would have replied earlier. Thank you for your comments
RLS50

............ Until SPM came on in 2010, there were no Audited Financial Reports that I am aware of. Now we have them for every year starting in 2009 (2019 will be available shortly. With VRI we are going from a largely cash to a more widely accepted accrual accounting system so there has been some delay.) ............
 

47vampire

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I owned a Hawaiian timeshare that was poorly maintained for many years with low fees and a lack of regular replacement of goods. I received the unit thru a trade for goods with a customer. Once we stayed there, I never went back until after the special assessment (about 10 yrs ago and $2400 for a one bedroom). The board moved to a new management company and greater emphasis on maintenance and replacement. I have stayed at BSI and the units were horribly date. None of us like parting with our money but reading the reports and updates quarterly and annually let's you know what is being done.
 

bbodb1

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Okay, sorry for the derailment here but @47vampire - I have to ask!
What is the story with your name?
 

Fayeoctober

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Tia - First I want to say that this is not an "official" Board response. Just like it appears the original poster is unlikely to be successfully sued for Libel, this is my understanding based on material provided at last year's Owners Meeting. The contract with SPM (now Capital Vacations) was coming to the end of its 5 year renewal period and before an extensive upgrade project was started, they wanted to make sure they had the right management company. An RFP was prepared, I think five companies replied, and after doing extensive research they felt VRI possesses

A very high competence and professionalism in the resort management field.
VRI has stabilized and turned around failing resorts
They have elevated the resorts they manage to higher levels of service and performance
They have successfully managed termination and renovation projects at multiple resorts
VRI is the company that is best positioned to help us meet our tactical and strategic goals

In addition in developing the contract with VRI, there was a significant savings because there would be no additional Management Fee related to the Assessment. I don't think SPM was willing to agree to this. I making my comments I don't want to get into my belief that SPM's performance deteriorated in the later years of the 10 year contract.
 
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47vampire

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My parents married in 47. The vampire was probably something I was watching the day I had to create the password. I don't really care for vampires.
 

oceanliner1

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as an owner at BIS with two units let me say first they sent an email notifying owners that a letter would be coming in the mail and that we could see the entire nine page letter online now if preferred. It CLEARLY stated all the reasons for the assessment and to the person that said half of it was for the sprinkler system in two buildings - that is incorrect. There are three issues - first - the sprinkler failure that caused the shutdown of two buildings - they virtually need to be demolished to replace them as they cannot be repaired - that was more than $1 million. Second was the receation center - it was determined it is setling into the ground and that the walls/ceiling have support issues and it must be demolished and replaced - that contains the indoor pool, sauna, game room, etc. That cost is more than $1 million. Third is the interior furnishings which have long been a concern and the Board has made members aware in the past that this would require a special assessment. That is more than $4 million. The remainder is to have a fund in place for future repairs. The developer, who left five years ago...likely in an effort to keep maintenance fees low and entice people to buy never budgeted any funds for future repairs - so the current owners - many of whom have owned for a lot of years are left to make up the funds the developers neglected to assess. They are likely ponying up more as well due to the minority that will not pay and enter foreclosure (yes - I understand there is a pandemic and people have lost their jobs - but arrangements can be made in those situations). The other past special assessment - and I should say there have only now been TWO since I have owned starting in the 1990s - made an amazing change to the property as previously stated - all the exteriors were replaced and it looks beautiful. They are constantly working every day and send out a monthly newsletter which among other things details exactly where our money is going - what improvements and upgrades have been done every month. With this upcoming work we can get back to higher status with RCI being directly on the beach and take advantage of better trades if desired, a new rec center and all new furnishings. I intend to pay my share - if paid in a lump sum you get $200 off and if desired a special vacation package at a low rate for doing so. I must say I am very surprised that people have posted things like $50 million and half goes to the sprinklers and wanted to set the record straight.
 

47vampire

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Okay, sorry for the derailment here but @47vampire - I have to ask!
What is the story with your name?
My parents married in 47 and I was probably watching tv about a vampire when I had to create a user name. Nothing really special.
 

bbodb1

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My parents married in 47 and I was probably watching tv about a vampire when I had to create a user name. Nothing really special.
Thanks! Curiosity was getting the better of me and the possibilities were endless!
 

pedro47

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as an owner at BIS with two units let me say first they sent an email notifying owners that a letter would be coming in the mail and that we could see the entire nine page letter online now if preferred. It CLEARLY stated all the reasons for the assessment and to the person that said half of it was for the sprinkler system in two buildings - that is incorrect. There are three issues - first - the sprinkler failure that caused the shutdown of two buildings - they virtually need to be demolished to replace them as they cannot be repaired - that was more than $1 million. Second was the receation center - it was determined it is setling into the ground and that the walls/ceiling have support issues and it must be demolished and replaced - that contains the indoor pool, sauna, game room, etc. That cost is more than $1 million. Third is the interior furnishings which have long been a concern and the Board has made members aware in the past that this would require a special assessment. That is more than $4 million. The remainder is to have a fund in place for future repairs. The developer, who left five years ago...likely in an effort to keep maintenance fees low and entice people to buy never budgeted any funds for future repairs - so the current owners - many of whom have owned for a lot of years are left to make up the funds the developers neglected to assess. They are likely ponying up more as well due to the minority that will not pay and enter foreclosure (yes - I understand there is a pandemic and people have lost their jobs - but arrangements can be made in those situations). The other past special assessment - and I should say there have only now been TWO since I have owned starting in the 1990s - made an amazing change to the property as previously stated - all the exteriors were replaced and it looks beautiful. They are constantly working every day and send out a monthly newsletter which among other things details exactly where our money is going - what improvements and upgrades have been done every month. With this upcoming work we can get back to higher status with RCI being directly on the beach and take advantage of better trades if desired, a new rec center and all new furnishings. I intend to pay my share - if paid in a lump sum you get $200 off and if desired a special vacation package at a low rate for doing so. I must say I am very surprised that people have posted things like $50 million and half goes to the sprinklers and wanted to set the record straight.
Your post gave a better understanding of the reasons for a special assessment of all the problems at the resort. Your location in Duck and on the beach and in OBX, is worth the cost of the special assessment IMHO. I hope the resort again, can be a Gold Crown resort, with RCI in the near future
 
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avad88

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We don’t own at BIS Duck but exchanged there twice about 5 or so years ago. The beachfront location is great and they have a beautiful outdoor pool. The outside was being redone when we were there last and it was nice. However, the interior of our units both times was horrible, not only old uncomfortable and outdated furniture but worn carpets, mold in the bathroom etc. We never returned.
We owned BIS Kitty Hawk for many years. BIS Duck and BIS Kitty Hawk were originally owned by the same developer but BIS Kitty Hawk was purchased by Diamond Resort, who hit owners with a huge assessment and raised yearly fees exorbitantly, so we sold.
BIS Duck owners should be glad they still have reasonable yearly fees. If the units are redone, we will gladly return.
 

Larry M

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What happen to Freedom of Speech ?
Freedom of Speech is a restriction on the government, not other individuals, employers, organizations, or other corporate bodies. The latter three can restrict speech in any manner they choose.
 
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The $2200 assessment per unit is to be paid at one time or over a period of years.
This assessment can be paid in full @ $2,000 with bonus week option or over 4 years with installments for a total of $2,200. I have owned since 2017 and purchased knowing full well to expect this assessment. As mentioned, information about the resort's history is readily available. Many owners enjoyed this property with no real increase in MF's for years, yet they are the ones who are unhappy about this assessment. Everyone had the right to vote on the improvements to the resort and approved doing a full interior renovation over a partial update to units. Every owner has had the information about the budget and that MF's needed to be increased in order to move forward with proper ongoing resort maintenance. I have found this board to be hard working and upfront about on what is going on as well as willing to answer owner questions.
 
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