Marco Resort & Club; permanent "sunset" is coming soon...

[theo]

I was just talking to a good friend who lives in the Marco Island area. He informed me that this place will cease to be a timeshare property at the end of this calendar year. Apparently, with the CC&R "sunset" date (2021) looming, the ownership voted not to continue as a timeshare but to instead just call it a day and put the property up for sale. The property has apparently already been sold (reportedly to the abutting Snook Inn). Dunno what may be coming next, but it clearly will no longer be a timeshare property.

 

[Panina]

I was just talking to a good friend who lives in the Marco Island area. He informed me that this place is going to cease to be a timeshare property at the end of this calendar year. Apparently, with the CC&R "sunset" date (2021) looming, the ownership did not vote to continue as a timeshare but voted instead to call it a day and put the property up for sale. The property has, in fact, already been sold (to the abutting Snook Inn). Dunno what it will be next, but it plainly ain't gonna be a timeshare property anymore.

Prime Real Estate, they must have gotten top dollar. The timeshare is in a great spot in the Old Marco Island district but the units were very worn. A few years back I got a glimpse of one. I love Marco Island and this is a place I would no way stay at.

 

[theo]

Prime Real Estate, they must have gotten top dollar. The timeshare is in a great spot in the Old Marco Island district but the units were very worn. A few years back I got a glimpse of one. I love Marco Island and this is a place I would no way stay at.

I have no idea about the Marco Resort property sale figure, but my buddy says that interval owners there will receive $4k per owned week when all is said and done. That doesn't seem like all that much to me, but the place (old and tired by all accounts) could ultimately end up just being razed to become just "additional parking space" for the Snook Inn, for all anyone really knows.

 

[Panina]

I have no idea about the Marco Resort property sale figures, but my buddy tells me that the Marco Resort timeshare owners will receive $4k per owned week when all is said and done. That doesn't seem like much to me, but the place (old and tired by all accounts) could ultimately end up just being razed to become nothing more than "additional parking" for the Snook Inn, for all he knows.

It is a smaller narrow waterfront resort. I believe there are 24 units. If you do the math at $4000 a week they got top dollar.

 

[theo]

It is a smaller narrow waterfront resort. I believe there are 24 units. If you do the math at $4000 a week they got top dollar.

I can't really "do the math" beyond the obvious 50 weeks x 24 units @ $4k per week = $4.8 mil, as I know nothing at all about the actual selling price of the property, or if any liens or loans needed to be satisfied, back taxes paid, lawyers collecting their "piece", etc. -- but if the Marco Resort interval owners are satisfied and happy, then I guess it's all good.

 

[kckaren21]

It is a smaller narrow waterfront resort. I believe there are 24 units. If you do the math at $4000 a week they got top dollar.

24 units x 52 weeks x $4,000 = $4,992,000! ...but I wonder what they paid to buy a unit?

 

[chapjim]

Deleted.

 

[Charflynn]

Prime Real Estate, they must have gotten top dollar. The timeshare is in a great spot in the Old Marco Island district but the units were very worn. A few years back I got a glimpse of one. I love Marco Island and this is a place I would no way stay at.

Years ago, I owned a timeshare in Steamboat Springs, Colorado called Thunder Mountain Resort and it was purchased by a developer and they cashed out all of us timeshare owners at $5K+! The process took a couple of years but it was worth the wait. We also got some residual $ after closing (a few hundred from post-closing leftover funds). I keep praying that happens with my currently owned timeshare “The Cove at Yarmouth” in Cape Cod. That would be sweet!


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[Panina]

It is sad that in such a great location a timeshare went sunset. My guess is to renovate was just too expensive for the owners.
I love staying at small quaint resorts and really am ok if they aren’t updated but as I said before I couldn’t stay here.

Now the only timeshare left in the Old Marco Island area is Sunrise Bay & Club. I own three weeks there. They are starting to do a major renovation. Even though the kitchen and baths were older they kept it clean and working and kept updating some things. I am excited the renovation is being done as this is my favorite timeshare because of the outside pier.

As far as $4000 each, that is better then nothing. One of my timeshares in Atlantic City on the boardwalk went bankrupt and I got nothing. I consider myself lucky as I was able to sign my deed over to the association. They anticipated selling in the future but I just didn’t want to hold on and take a chance. At least with Marco Resort and Club they negotiated a deal before they went bankrupt. Something is better then nothing!

 

[garyk01]

I had this happen to a resort I owned as well in Florida. It was the Terra Verdie Resort. I paid back in 1986 $2000 to get into it. In 1992 us owners were offered a deal to sell the resort to a developer who wanted the property for water front condos. We were quoted to receive around $4000 each as well. After spending a few hundred of my own money to do the paperwork and getting it notarized and courier fees, etc. The management then came up with all these unforeseen figures, extra demolition costs, tree removal, property taxes, management fees, legal fees, and on. In the end I got $176.00 , I wrote back and the reply was, what can we say, that is all that is left. Someone made millions. I lost my initial money and even more on the selling fees. May have been a inside scam . It was prime property as the next door neighbor was the guy who owned Blockbuster Video and back then that was a multi billion company.

 

[Deb & Bill]

There were plans to do a lot of renovations at Olde Marco, including tearing down, rebuilding, new construction, but those plans are either on hold or they have decided against the project.

 

[nancyjws]

Pacific Shores in Nanoose Bay, BC, Canada sold on December 19, 2019. Each owner received approximately $1000 CDN.

 

[5finny]

I was at Sunrise Bay for one day this last December
I saw the first unit they were remodeling
They appeared to be doing a great job
The manager/salesperson (?) who invited me to look at it compared it to the Marriott
As nice as it appeared it was going to be it was an inaccurate comparison
He appeared to be marketing the remodeled units to an older couple explaining how much Marriott was getting for their units and how the value of these units was going to skyrocket shortly (And I would expect that once remodeled they will become more valuable just not anywhere near the value of a Marriott)
He also appeared to be more than willing to engage me in a similar conversation but really was not pushy about it. I was not part of his sale speech but he was clearly including me in his audience
From the way he was talking he had been with the resort for years and perhaps he was also involved in and selling pre construction sales of the new project
I had the feeling I was watching a timeshare salesman who was left over from the dawn of the industry
Definitely still a timeshare salesman but not as polished and obnoxious as the fresh crop
Think of the Wizard of Oz
Definitely a huckster but a bit of fun to listen to
In any event I think the remodel job will be excellent
If they can do that without a special assessment I am impressed
I think this is a resort people would feel strongly about--whether like or dislike
My one day stay did not give me enough time to actually reach a good decision
I know I would like the view and the peace and quiet and the pier
I know I would miss the gulf and especially the beach

 

[Panina]

I was at Sunrise Bay for one day this last December
I saw the first unit they were remodeling
They appeared to be doing a great job
The manager/salesperson (?) who invited me to look at it compared it to the Marriott
As nice as it appeared it was going to be it was an inaccurate comparison
He appeared to be marketing the remodeled units to an older couple explaining how much Marriott was getting for their units and how the value of these units was going to skyrocket shortly (And I would expect that once remodeled they will become more valuable just not anywhere near the value of a Marriott)
He also appeared to be more than willing to engage me in a similar conversation but really was not pushy about it. I was not part of his sale speech but he was clearly including me in his audience
From the way he was talking he had been with the resort for years and perhaps he was also involved in and selling pre construction sales of the new project
I had the feeling I was watching a timeshare salesman who was left over from the dawn of the industry
Definitely still a timeshare salesman but not as polished and obnoxious as the fresh crop
Think of the Wizard of Oz
Definitely a huckster but a bit of fun to listen to
In any event I think the remodel job will be excellent
If they can do that without a special assessment I am impressed
I think this is a resort people would feel strongly about--whether like or dislike
My one day stay did not give me enough time to actually reach a good decision
I know I would like the view and the peace and quiet and the pier
I know I would miss the gulf and especially the beach

From what I was told the salesman is the original developer of Sunrise so your description “left over from the dawn of the industry” seems correct.

Marriott it will never be nor a HGVC but it is a unique special place in the heart of Old Key West because of the views and the pier. On that pier the dolphins come up to you.

I love the gulf views and the beach but find I do not miss them much when staying here. The beach is close enough to go to.

 

[Dori]

Back in 1990, we bought a red Christmas week at Harbour Inn, in Ontario, for $2000. The following year we bought a blue week for $1. We traded those wonderful weeks for over 20 years and loved every moment. When the resort was sold in 2012(?), we wound up with a reimbursement of around $1300. By then, we had bought a lovely mobile home in Sebring, Florida and began wintering there. The timing of Harbour Inn’s sale was perfect for us! It was bought by Knight’s Inn.

Dori

 

[5finny]

He seemed like quite a character
I think he could give the entire history of Marco
If you were in a situation where he was not trying to sell you something it would probably be an enjoyable conversation

 

[theo]

He seemed like quite a character
I think he could give the entire history of Marco
If you were in a situation where he was not trying to sell you something it would probably be an enjoyable conversation

My buddy in that area has mentioned this very same guy to me; he is someone my friend apparently met entirely outside the context of "timeshares". I believe the fellows' name is Bruce Sanborn (or last name something close to that) and he has a very interesting history indeed, having been the original developer of Sunrise Bay (and apparently other places around the world as well), guitarist for a band that toured with and "opened" for rocker Joan Jett --- and a successful entrepreneur in assorted other endeavors. My buddy (who has no interest in timeshares, btw) was clearly intrigued by this guy Bruce and very much enjoyed talking with him at some length.

 

[Panina]

My buddy in that area has mentioned this very same guy to me, who is someone he apparently met entirely outside the context of "timeshares". I believe the fellow's name is Bruce Sanborn (or something close to that) and he has a very interesting history indeed, having been the original developer of Sunrise Bay (and apparently other places around the world as well), guitarist for a band that used to "open" for Joan Jett and a successful entrepreneur in assorted other unrelated endeavors. My buddy (who has absolutely no interest in timeshares, btw) was clearly intrigued by this guy and very much enjoyed talking with him at some length.

Bruce is definitely his first name. Another Sunrise owner told me his name was Bruce.

 

[Sasky]

I was just talking to a good friend who lives in the Marco Island area. He informed me that this place will cease to be a timeshare property at the end of this calendar year. Apparently, with the CC&R "sunset" date (2021) looming, the ownership voted not to continue as a timeshare but to instead just call it a day and put the property up for sale. The property has apparently already been sold (reportedly to the abutting Snook Inn). Dunno what may be coming next, but it clearly will no longer be a timeshare property.

What is CC&R?

 

[theo]

What is CC&R?

Condominium Covenants & Restrictions, the original developer documents filed when a place is first approved / built / established.
In Florida, said "filing" (i.e., official recording) of CC&R's is done with the County in which the particular property is situated.

Many timeshares built in Florida in the early 1980's included a "sunset date" of 40 years after construction. If you do the math, lots of those places are now looking at said imminent "sunset", although a majority ownership vote can formally amend the CC&R original sunset date and "extend out" for another 10, 20 (or more) years. Most independent resorts are doing just that (i.e., voting to "extend"), although the Marco Resort currently under discussion appears to be a noteworthy exception, the ownership majority there evidently having already decided and voted to instead let the sun just go right ahead and "set" on the timeshare operation.

 

[rapmarks]

I noticed it was up for trade in rci, all through summer of 2021

 

[raygo123]

I was at Sunrise Bay for one day this last December
I saw the first unit they were remodeling
They appeared to be doing a great job
The manager/salesperson (?) who invited me to look at it compared it to the Marriott
As nice as it appeared it was going to be it was an inaccurate comparison
He appeared to be marketing the remodeled units to an older couple explaining how much Marriott was getting for their units and how the value of these units was going to skyrocket shortly (And I would expect that once remodeled they will become more valuable just not anywhere near the value of a Marriott)
He also appeared to be more than willing to engage me in a similar conversation but really was not pushy about it. I was not part of his sale speech but he was clearly including me in his audience
From the way he was talking he had been with the resort for years and perhaps he was also involved in and selling pre construction sales of the new project
I had the feeling I was watching a timeshare salesman who was left over from the dawn of the industry
Definitely still a timeshare salesman but not as polished and obnoxious as the fresh crop
Think of the Wizard of Oz
Definitely a huckster but a bit of fun to listen to
In any event I think the remodel job will be excellent
If they can do that without a special assessment I am impressed
I think this is a resort people would feel strongly about--whether like or dislike
My one day stay did not give me enough time to actually reach a good decision
I know I would like the view and the peace and quiet and the pier
I know I would miss the gulf and especially the beach

Hey hey, watch what you say about Hucksters! AKA fruit and vegetables vender.
I had my own truck.

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[raygo123]

He seemed like quite a character
I think he could give the entire history of Marco
If you were in a situation where he was not trying to sell you something it would probably be an enjoyable conversation

I have another story. Back in 70s there were ads in the for sales with little description. I went to one in Pittsburgh and it turned out it was for selling swap land in Florida, who ever heard of Marco island.

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[theo]

I noticed it was up for trade in rci, all through summer of 2021

I'd be willing to bet that RCI simply "didn't get the memo" yet (although one would hope there is a "flag" in their computers preventing impossible trades). I'd be further willing to bet that not too long after the end of CY 2020, there will nothing at all even standing on that site --- let alone anything to "trade into".

I clearly recall that RCI still had a Killington, Vermont timeshare where I once owned a week appear in their next printed directory (back when RCI still issued printed directories) the year after the place had burned to the ground.

 

[rapmarks]

I'd be willing to bet that RCI simply "didn't get the memo" yet (although one would hope there is a "flag" in their computers preventing impossible trades). I'd be further willing to bet that not too long after the end of CY 2020, there will nothing at all even standing on that site --- let alone anything to "trade into".

I do clearly recall that RCI still had a Killington, Vermont timeshare where I had owned a week in their printed directory (back when RCI still issued printed directories) the year after the place had burned to the ground.

I remember when we used to get a golf card. Years after a course was sold and turned into a shopping plaza, the golf card company was still advertising it on the card. I called them and they insisted they had just checked it out in person a month before.