KBV Board meeting

[RNF]

Aloha,
Next KBV IOA BOD is scheduled for Tuesday, October 8th, 2024 at 1 p.m. (HST)
If you don't get a notice with the zoon link, contact Liane Henderson liane.henderson@wyn.com
Jack

Hi Jack,
Thanks for the post.
I'm curious about the special assessments from 01/25/2024. This assessment was for the $4.1 million renovation project. If I understood correctly, the escrow agreement was to hold funds for six months. If funding was not secured (4.1 million) and I'm sure it wasn't .... assessment funds were to be returned.

I was not able to attend the BOD meeting and wondered if the 'escrow agreement' was discussed? And if yes, what was discussed.
Bob

 

[tango]

Well, it was announced that a second special assessment would be levied soon to raise the remaining funds not received in the first round. Probably at the first of the new year.

 

[RNF]

Well, it was announced that a second special assessment would be levied soon to raise the remaining funds not received in the first round. Probably at the first of the new year.

Questions:
a) How much of the $4.1 Million needed to refurbish Buildings G & H has been funded? On April 11, 2024 the amount was 1.6 million.
b) It sounds like Wyndham did not pay their portion of the Special Assessment on the first go around. Is that the case?
c) And please confirm. The second assessment would be to cover the shortfall that was not paid owners in the first go around?
d) Lastly, the 4.1 million is still their 'best guess' as to the cost. I ask since I have not heard they went out to bid.
Thanks
Bob

 

[bianchicycle]

Questions:
a) How much of the $4.1 Million needed to refurbish Buildings G & H has been funded? On April 11, 2024 the amount was 1.6 million.
b) It sounds like Wyndham did not pay their portion of the Special Assessment on the first go around. Is that the case?
c) And please confirm. The second assessment would be to cover the shortfall that was not paid owners in the first go around?
d) Lastly, the 4.1 million is still their 'best guess' as to the cost. I ask since I have not heard they went out to bid.
Thanks
Bob

Why would the owners who paid ever pay more because some did not? What happened to the owners who did not pay their share. Has action been taken against them? This is important information for those who will not pay any more assessments...

Does anyone have any answers or re we spitting into the wind?

 

[DeniseM]

Spitting into the wind - this is a no win situation.


Sent from my iPhone using Tapatalk

 

[tango]

I believe that the amount that was received in the first round assessment was 80% of the 4 million. I also believe that Wyndham did finally come up with their portion. So they are going for the remaining 20% in the second assessment. For those that did not pay the first assessment, they are delinquent, and probably can’t use their timeshares until they do pay. Otherwise, it was said somewhere that accounts less than $5000 in arrears would not be chased.

 

[DeniseM]

After personally seeing the condition of Bldgs. G & H recently, it's clear to me that they have no intention of doing any repairs. There is no maintenance of any kind being done on the buildings, and the landscaping has been cut down to the ground. YMMV

 

[bnoble]

It is possible that the AOAO is not doing anything with those buildings until and unless they collect enough in the SA to fund the necessary repairs to make them habitable. That's arguably within their fiduciary duty. Why paint something that may never re-open?

Edited to add: however, it is a giant mess, with no great options. I'm not sure what I would do differently if I were in their shoes, because everyone's hands are tied by the whole owners' lawsuit.

 

[DeniseM]

Why cut down all of the landscaping to the ground? Why stop watering? Why stop cleaning the beach? Why let the drainage canal back up? Why take out the BBQ's? Why stop picking up trash? It doesn't add up - to me.

 

[bnoble]

I don't know. I went to go look at the case documents to see if anything new has happened. And this is now in the case summary (highlighting added).

If that's accurate, we may be reaching a conclusion quickly.

 

[DeniseM]

Please explain this to me like I'm 10.

 

[bnoble]

I'm not a lawyer, and can't figure out why the case is terminated, but "terminated" to me seems pretty clear---again, assuming that's correct. Maybe it is just that this case is terminated and they filed a new class action one. I have no idea.

But, it sure looks like something happened.

 

[DeniseM]

Rod just asked me: I wonder if Wyndham settled with the full-time owners out of court? Good question.

 

[slabeaume]

Rod just asked me: I wonder if Wyndham settled with the full-time owners out of court? Good question.

How would they settle with full-time owners???

 

[DeniseM]

When you settle a civil trial out of court, the two parties agree to a monetary settlement. So in this case, Wyndham could be paying the full-time owners a settlement, in lieu of a trial. I have no idea, but it is a possibility.

 

[jacknsara]

Aloha,
I just submitted a request in the Contact the BOD form at https://kauaibeachvillasresort.com/owners-community/bod/ that the AOAO board update the FAQ posted in https://kauaibeachvillasresort.com/owners-community/communications/ https://kauaibeachvillasresort.com/wp-content/uploads/2024/08/KBV-AOAO-FAQ-06.13.24.pdf
I don't know if they'll respond. Even if they do, I imagine it will take them weeks and not days.
Jack

 

[Julie107]

We just received our bill for 2025 for one week interval in G Building. Ouch. We want to exit. But how can we exit if our building is uninhabitable? We keep voting to sell the property but, as you all know, the meetings were cancelled. Tried going to Wesley Financial Group but they couldn't get us out, but we did get out money back from them. Thinking of going to Finn Law Group. Any advice?

 

[DeniseM]

No one can get you out - your options are to stop paying their fees, or keep paying.

 

[bnoble]

Denise is 100% correct. There is no magic incantation that will dissolve your ownership.

You *can* continue to use your weeks—either using them yourself exchanging for somewhere else.

 

[stevenmhorne]

Denise is 100% correct. There is no magic incantation that will dissolve your ownership.

You *can* continue to use your weeks—either using them yourself exchanging for somewhere else.

We have been owners since 1997 and enjoyed KBV for two weeks every year until last year (and Covid). My wife is at the point where she cannot do the traveling anymore even though we can enjoy it once we get there. I feel an obligation to the resort and the other owners to continue to pay the maintenance fees rather than default.

Has anyone had success in renting their weeks? If so, what platforms have worked out best for renting them out? I know TUG has that capability, but I am reluctant to put in the work that is needed to create a decent ad, deal with creating a contract, etc. I have researched and found Kayak, Koala, VRBO, Red Week, Sell my timeshare now (I wish), AirBnb, and others. The level of service and the fees vary a lot. I would appreciate feedback from anyone that has been able to rent their weeks and what worked for them.

Thanks, Steve Horne

 

[DeniseM]

We stopped renting our weeks, because of the condition of the resort - the interiors are run down too. I don't feel right about putting a renter in that situation.

Your faithfulness is admirable, but this is no longer a regular ownership situation, and you need to look out for yourself, because you cannot depend on the board or Wyndham to perform their fiduciary duties honestly.

 

[bnoble]

Renting here is difficult. It is not a name-brand resort, and it is not located in either of the two main "resort clusters" of Princeville or Poipu.

If you want to continue your ownership, I think you'd be better off either gifting it to family members---either as a stay here directly, or by exchanging it. Note that you cannot rent exchanges.

I also think it is fair to consider defaulting--especially if you are not expecting to need pristine credit in the next several years.

 

[DeniseM]

We've been banking it with RCI - our recent stay at The Pointe at Poipu was reserved with RCI points from KBV.

 

[dioxide45]

We just received our bill for 2025 for one week interval in G Building. Ouch. We want to exit. But how can we exit if our building is uninhabitable? We keep voting to sell the property but, as you all know, the meetings were cancelled. Tried going to Wesley Financial Group but they couldn't get us out, but we did get out money back from them. Thinking of going to Finn Law Group. Any advice?

At least they gave you your money back. That is almost unprecedented. What do you think they can do that you can't do yourself? If you want out, stop paying the annual fees. It sucks for the other owners, but that is the reality of how you get out.

 

[stevenmhorne]

Thanks for your replies Denise and Jeff. We reserved two weeks in a ground floor unit for Christmas in 2025. The last time we were there the grounds were in good shape and the ground floor units had all been renovated after the flood, so I don't feel like I am being deceptive in trying to rent them. Denise, what method did you use before you quit renting them? I don't mind defaulting, but I thought I would wait until the partition issue is resolved on the chance that something may be recovered, but I imagine that will be a long uncertain road also.

I got caught up in the thread about the 2017 and 2018 BOD elections (and I hate to admit it, but I read all 11 pages). I feel sad that we were unable to change the outcome of those votes and that WYN has now taken over. When we bought in 1997 it was an absolutely beautiful Gold Crown resort. It is sad to see what is has been allowed to become. I would like to thank the both of you for all your efforts in trying to change the course from WYN to GPX. GPX was making progress until WYN took over again. I guess we all feel a little bit defeated at this point. Anyway, THANK YOU!