Le Bear - Northern Mich - possible auction ?

[GregGH]

Hello

This was split from this thread ....http://www.tugbbs.com/forums/newreply.php?do=newreply&p=637731

This is a very nice fractional up in Glen Arbor, MI. Is listed in the RCI Registry Collection.

http://www.lebearresort.com/home.htm
http://leelanaunews.com/drupal/?q=node/581

Hi
Interesting -- I made a NEW thread for this --let see where this property goes ??

===============================split to new thread ===

If anyone sees more details on possible pubic auction - care to share ?

Greg

 

[Twinkstarr]

Hi Greg,

I have stayed at that resort, very very nice! Actually cooked so I could try out the Viking stove.

Rental back in I think 2004 was $3000/week. We did look at buying, I think they were 1/8 shares for $180,000-$190,000 back then. About 10,000 grand a yr in MF's.

You could fax them your shopping list(even for renters) and your Sub-zero and Pantry would be full. Also had a place to store bikes,ski equipment, etc for owners.

Couldn't do it as while it's 5hrs from my house, didn't know what I would do with the mud weeks.

 

[sbrown1309]

LeBear Fractional in Glen Arbor, MI

GregGH or Twinkstarr,

Heard any update on LeBear defaulting on their loan? What does this mean for the fractional owners? I was considering buying a fractional here since we live in MI, but after digging into it's situation I'm thinking that this is something that I should stay away from?

 

[Twinkstarr]

Here's a story from the local paper, about being a fractional owner in a foreclosed condo developement.

http://www.leelanaunews.com/drupal/?q=node/863

So what's the going rate up at Lebear now?

 

[GregGH]

...... We did look at buying, I think they were 1/8 shares for $180,000-$190,000 back then. About 10,000 grand a yr in MF's.

Hi Twinkstarr

Do you remember how they set up the usage calendar - is it a rolling time period?

Of the 6 weeks - how many summer - how many spring/fall - how many winter?

Thanks for keeping thread alive - I have been lazy on this issue

Greg

-- just added --- found this (again) from web site ... - ignore above questions ....doh ..... One-eighth ownership means that you have registered title to a one-eighth interest in a multi-million dollar Lake Michigan beachfront residence, entitling you to its use six weeks during the year - two weeks in the summer, one week in the fall, two weeks in the winter and one week in the spring. The owner's schedule in the master deed establishes the exact dates in a pre-determined, floating calendar spanning 20 years. Once you select your condominium location, you have your choice of the available owner's schedules. You may own as many one-eighth interests as you like many owners prefer to have twelve weeks or eighteen weeks available to them.

Wonder if they allow ownership by a 'group' and the group splits up the weeks on a fair basis?

 

[Twinkstarr]

Hi Twinkstarr

Do you remember how they set up the usage calendar - is it a rolling time period?

Of the 6 weeks - how many summer - how many spring/fall - how many winter?

Thanks for keeping thread alive - I have been lazy on this issue

Greg

-- just added --- found this (again) from web site ... - ignore above questions ....doh ..... One-eighth ownership means that you have registered title to a one-eighth interest in a multi-million dollar Lake Michigan beachfront residence, entitling you to its use six weeks during the year - two weeks in the summer, one week in the fall, two weeks in the winter and one week in the spring. The owner's schedule in the master deed establishes the exact dates in a pre-determined, floating calendar spanning 20 years. Once you select your condominium location, you have your choice of the available owner's schedules. You may own as many one-eighth interests as you like many owners prefer to have twelve weeks or eighteen weeks available to them.

Wonder if they allow ownership by a 'group' and the group splits up the weeks on a fair basis?

I had the schedule of weeks, but threw it away along with the info on Homestead.

It was a rolling schedule, so you could figure out what years you had week 51/52. Now I was told both at LeBear and Homestead that the owners could swap weeks among themselves.

The 2 summer weeks were not consecutive at both resorts in the 1/8 ownership.

Homestead had some 1/4 share units that you got 2 weeks at a pop.

 

[caribbeansun]

You can buy pretty much any type of real estate jointly by adding names to the deed - so the answer to your first question is "yes". And before you ask, the answer to your second question is "no thanks" .

Wonder if they allow ownership by a 'group' and the group splits up the weeks on a fair basis?

 

[GregGH]

You can buy pretty much any type of real estate jointly by adding names to the deed - so the answer to your first question is "yes". And before you ask, the answer to your second question is "no thanks" .

But - might some (many??) Residence Clubs prohibit this and keep it to a owner & spouse? Just wondering - look how the DC's surcharged 'groups'.

Gee ... I didn't even ask the 2nd question ... anyways I just bought another week at Aviara ( new total of 3 - while down here in Sanibel ) -- but it is fun to look - especially for 5 star properties at 4 star prices ...

Greg

 

[Twinkstarr]

Look what showed up on ebay!

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=220374463067&ssPageName=ADME:B:SS:US:1123


Last time I looked you could buy direct for $189,000

 

[lebearowner]

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[Realtor Jared]

LeBear Real Estate

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[GregGH]

Here is link for bulk sale ,..... "Six whole units and 19 fractional interests available in bulk sale to one purchaser. Rental income stream available."

http://bankofamerica.reo.com/search/FeaturedProperty.aspx?ID=30045115

Sounds like something will eventually shake out

Greg

 

[Twinkstarr]

Here is link for bulk sale ,..... "Six whole units and 19 fractional interests available in bulk sale to one purchaser. Rental income stream available."

http://bankofamerica.reo.com/search/FeaturedProperty.aspx?ID=30045115

Sounds like something will eventually shake out

Greg

Hey Greg , we could get a group together and buy all of them. :rofl:

That's a good junk of the inventory up there, I think there are only 20 ish units in the place.