Looking for adoption

[swittner]

having zero success in advertising so far, just spotted this forum, so will attempt here.
Edgewater Beach Resort ( Cape Cod, MA)
Great opportunity - includes summertime beach access
Membership includes day use of beach and facility in the summer! Great for couples, especially seniors. Hot tubs, out door grills, and ocean views! HOA keeps facility well maintained, updated.
Lovely 2 bdrm, 2 bath, sleeper couch in living room. See www.edgewatercapecodma.com for details. Green (Floating Weeks 1-12. 48-50)
Actual week in paperwork is week 50 ( week before Christmas). Use as a winter getaway, with indoor pool, kitchenette with all utensils plus microwave, dishwasher, coffee maker, toaster and full size refrigerator. Exchanges through VRI (included), or others companies available. Float weeks 1-12, plus 48, 49, 50 gives flexibility for exchange or rental.

 

[RNCollins]

Hi swittner,

What are the maintenance fees?

 

[TUGBrian]

to really attract a buyer, youd need to post the details about maintenance fees, estimated closing costs...and any resort transfer fees...as well as if you are willing to pay those costs yourself or would expect a buyer to.

 

[theo]

to really attract a buyer, you'd need to post the details about maintenance fees, estimated closing costs...and any resort transfer fees...as well as if you are willing to pay those costs yourself or would expect a buyer to.

In addition, in the interests of full disclosure, it might be prudent to consider mentioning the unsettling history, shady developer shenanigans, unrecorded deeds and assorted other legal problems --- and the whole messy aftermath associated with this Edgewater Beach Resort property.

If I recall correctly regarding this particular property, in recent years there have been a host of legal actions and a puzzling aftermath of somehow morphing deeds not appropriately (if ever) previously recorded into "licenses" instead (...whatever on earth that means ). A buyer performing appropriate due diligence might discover this troubling info and history on their own, but it might be best to just be honest and upfront about the "unusual" situation there.

It's OP's decision, but I would encourage the OP to very energetically pursue a "deedback" / "license return") directly with the resort, rather than attempt to shift this particular "product" onto someone else. If that effort failed, I'd just let it go into foreclosure or "license forfeiture" or whatever it would be called in that whole mess. I wouldn't sink another nickel into that situation and I'd make that plan and intention very clearly known to the "resort". Just my personal opinion.

P.S. I did not find the link provided by the OP to be functional. Maybe it's a browser / computer issue on my end, but I am inclined to believe otherwise.

 

[swittner]

In addition, in the interests of full disclosure, it might be prudent to consider mentioning the unsettling history, shady developer shenanigans, unrecorded deeds and assorted other legal problems --- and the whole messy aftermath associated with this Edgewater Beach Resort property.

If I recall correctly regarding this particular property, in recent years there have been a host of legal actions and a puzzling aftermath of somehow morphing deeds not appropriately (if ever) previously recorded into "licenses" instead (...whatever on earth that means ). A buyer performing appropriate due diligence might discover this troubling info and history on their own, but it might be best to just be honest and upfront about the "unusual" situation there.

It's OP's decision, but I would encourage the OP to very energetically pursue a "deedback" / "license return") directly with the resort, rather than attempt to shift this particular "product" onto someone else. If that effort failed, I'd just let it go into foreclosure or "license forfeiture" or whatever it would be called in that whole mess. I wouldn't sink another nickel into that situation and I'd make that plan and intention very clearly known to the "resort". Just my personal opinion.

P.S. I did not find the link provided by the OP to be functional. Maybe it's a browser / computer issue on my end, but I am inclined to believe otherwise.

Yes, in my haste to post, I neglected the annual fee, which is $868. In addition, there is a special assessment of about $1,000 for the next 2 years. We would also pay the transfer fees ( LT Transfers)
I am well aware of all the history. However, we were assured by the legal firm hired by the HOA that we legally "owned" our week, had full use of what we had purchased. It was messy, dragged on for years, until we finally got the paperwork that resulted in a recorded license. Again, the lawyer for the HOA confirmed that these were legal. I have not been aware of any other legal issues since these were finally recorded.
Of course, in season weeks are the best value at this resort, and those owners are happy. The management they have now seems to work at keeping things maintained. Any summer weeks that come up for sale are quickly bought. Float weeks are not, apparently, a hot item. Still, I gave it a try.
I was finally able to get a response from management about returning it to them, and they do have a means for doing that. However, they require two years payment of the annual fee. At this point, having wasted so much money, it might be worth it just be be out of it.
As for just letting it go, as much as the idea is tempting, I would prefer not to have to deal with creditors, credit issues, legal issues. One alternative we have contemplated is ( since we co own with my 90 year old parents) is to transfer our half to them. They aren't concerned about credit issues at this stage. However, I am concerned about them being pursued by debt collectors, etc. My dad finally asked a friend of his who is a real estate lawyer to look at the issue, and he has agreed.

 

[theo]

I was finally able to get a response from management about returning it to them, and they do have a means for doing that. However, they require two years payment of the annual fee. At this point, having wasted so much money, it might be worth it just be be out of it.

Indeed. If the $1,000 per year special assessment for the next two years (which in and of itself will certainly repel most prospective recipients) would not be due in such a "deedback / license return", that math would certainly work for me. It's your decision, but if in your shoes I would personally pounce right on that option, pay the two years m.f.'s and bid the whole unsavory mess a fond farewell. I don't think you'll find any willing volunteers --- not even for free --- although I'd be glad to be entirely mistaken. Why would anyone sign on for a few years of $1k special assessments and $868 annual maintenance fee for a "licensed" (no deed), off season / winter Cape Cod "float" week (which is likely of very little exchange value to boot)?

Frankly, I think the whole "license" concept will be very offputting to most (or all) informed or experienced timeshare people; it is a very strange arrangement.
It is abundantly clear that there should have been recorded deeds and deeded ownerships at Edgewater Beach Resort; it is equally clear that it never actually happened as it should have. Instead, after years of legal wrangling, there are apparently now "licenses" (I frankly have no idea what that even really means). As a relevant aside, I also wonder if LT Transfers would agree to get involved with transfer of this strange (maybe court ordered?) "license" arrangement at all.

I'd pursue the "return to sender" option, while it's still even on the table (assuming that you trust the "management" to honor their oral representations). I don't know who / where the "real estate lawyer" you've mentioned might be, but chances are that s/he is neither well versed in Massachusetts law nor the least bit knowledgeable about the many intricacies and nuances of timeshares --- let alone one with the strange and checkered history and legal problems of Edgewater Beach Resort. I wouldn't be waiting for his / her opinion or input to make my decision if in your current situation. YMMV. Good luck, however things unfold.

 

[swittner]

Indeed. If the $1,000 per year special assessment for the next two years (which in and of itself will certainly repel most prospective recipients) would not be due in such a "deedback / license return", that math would certainly work for me. It's your decision, but if in your shoes I would personally pounce right on that option, pay the two years m.f.'s and bid the whole unsavory mess a fond farewell. I don't think you'll find any willing volunteers --- not even for free --- although I'd be glad to be entirely mistaken. Why would anyone sign on for a few years of $1k special assessments and $868 annual maintenence fee for an offseason / winter Cape Cod "float" week (which is likely also of very little exchange value)?

Frankly, I think the whole "license" concept will be very offputting to most (or all) informed or experienced timeshare people, as it is a very strange arrangement.
It is abundantly clear that there should have been recorded deeds and deeded ownerships there; it is equally clear that it never actually happened as it should have. Instead, after years of the legal wrangling, there are apparently now "licenses" (I frankly have no idea what that even really means). I also wonder if LT Transfers would even agree to get involved with transfer of this strange "license" arrangement at all.

I'd pursue the "return to sender" option (if you trust the management to follow through and honor their oral representations). I sincerely wish you luck.

Unfortunately, it appears that the return might also require the special assessment. I am waiting for the paperwork, and exact figures. Unless my dad's lawyer friend has another option, I am willing to pay the asking just to get out without looking at possible issues attached to walking away. Who knows, the lawyer may say walk away. Thanks to everyone for input, even if i didn't sell, I learned a lot.