Island One still the developer?

[Webergirl]

My husband and I own at the Charter Club of Naples Bay. Island One is/was the developer and managing entity. As part of the bankruptcy Island One was required to transfer their unsold units (320) to Branch Banking and Trust. We believe Island One is no longer the developer based on our review of the Florida Statues 721 and 718.301 " Island One no longer retains the status of developer based on the fact they no longer qualify "as long as the developer holds for sale in the ordinary course of business at least 5 percent, in condominiums with fewer than 500 units, and 2 percent, in condominiums with more than 500 units, of the units in a condominium operated by the association". The current holdings of Island One at the Charter Club is less than 100 foreclosed units. This small number of units does not qualify them based on the 1,683 interval weeks at the Charter Club. There is no sales presence at the resort."

We are curious for other opinions. We have filed a complaint with DPBR. This may impact other resorts owned by Island One where the unsold units were transferred to a 3rd party. Thank you for your opinion.

 

[Webergirl]

Link to Florida Statues
718 CONDOMINIUMS http://archive.flsenate.gov/statute...ml&StatuteYear=2011&Title=->2011->Chapter 718

721 Timeshares and Vacation clubs http://archive.flsenate.gov/statute...ml&StatuteYear=2011&Title=->2011->Chapter 721

 

[ronparise]

So if BB&T owns 18% of the intervals...Are they they the developer now, or does control now go to the hoa...If its the hoa, I assume you could vote to choose a new management company

Its not clear to me tha BB& T are the ones that got the unsold units...I found this on the internet

the equity ownership of Island One
will be conveyed to Timeshare Acquisitions, LLC, an affiliate on New York investment fund
Yucaipa, LLC.

 

[Webergirl]

Quote from our web site

Funny, you selected an article that is posted on our independent owners web site. Yes, the units were transferred to BT&T. If you review the News page of our site, we have posted the 320 units transferred to the bankruptcy CPA. In addition, we have posted Island One's response to the owners just after the bankruptcy indicating that they are "still the developer" although they acknowledge BB&T may also have a selling presence.

 

[ronparise]

So if I understand you right...Your question is: Should the operation and control of the resort fall to the owners association, or to BB&T or some other group, or stay with Island One?

Im guessing that you think the poa should be in control

The question then becomes...who would you hire to manage the place and why not Island One? or would you self manage?

And the related question(s) is (are): What about the gorilla in the room? What does BB&T want? (besides their money) and what is BB&T doing?. Are they pressing a claim to be "the developer"? Are they negotiating with a sales company? or management/sales company? are they paying MF?, should they be?

As an owner there, do you participate in Island Ones points program? How would that be affected if you toss Island One as your management company

It seems to me that there are a whole host of unintended consequences if you upset the apple cart that is in place, and are you as a group prepared for what may happen if you do?

Your post asked for opinions...If I owned there I would be pressing my poa to buy the unsold weeks from BB&T

 

[ronparise]

I just re read your post and see that inspite of this bankruptcy Island Club still owns as many as 100 weeks. If they own just 85 thats 5%...wouldn't they still be in control

And another thought. Could the Club Navigo actually be in control of all the deeds incl yours, and be able to pick the management company?

 

[Webergirl]

FS 718.301 applies to condos, so our interpretation is unit weeks, not actual units.

Thank you for taking the time to respond. We are just curious what others in the timeshare community think about our DBPR complaint. If we are correct, this could have major ramifications for Island One, not just at the Charter Club but the other timeshare resorts where Island had to transfer weeks to a 3rd party.

We don't believe BB&T is a successor developer because they also have no sales presence at the Charter Club and that is a requirement of 718.301