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Inverness by the Sea - RIP

DrQ

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We just sent in the Warranty Deed documents ... :bawl:

That was our favorite.
 

DrQ

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So? What is the story on it?
The ugly story is here. Inverness By the Sea Galveston to Reopen

The ownership dropped to 30% and the finances became unsustainable. They are short $1.3 million. They added a S.A. of $2K per week, or you could do a deedback. Since we own at HICV, we will vacation in Galveston at there for now.
 
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dioxide45

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I suspect someone is going to make a lot of money on those free weeks that people are turning in? With ownership that low, the only real option at this point is to sell the whole property.
 

DrQ

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I suspect someone is going to make a lot of money on those free weeks that people are turning in? With ownership that low, the only real option at this point is to sell the whole property.
Possibly, BUT, the investors are going to have to pony up at least $2 million to pay off the debt and make repairs. Then they are going to have to sell the units a full time apartments to make their money back.

We had 2 weeks, and I could have paid the S.A. and try to force them to buy me out, but in the end, life is short. It's time to move on.
 

bogey21

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Great location. Inverness will survive in some way, TS, condos, apartments. Who knows but Inverness will survive...

George
 
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