Massnutten MF increase

[Miss Marty]

Massanutten Timeshare Instrument


The Summit Resale packet that we received included a copy of

Exhibit 1
Time-Share Instrument
Dated 15 September 1994
Deed Book 1302 P305 - P326

and

Exhibit 1.1
Fourth Supplement to the Timeshare Instrument
Dated 15 May 2002
Book B2091
Includes Reference to Dates and Deed Book and Pages for
First Supplement - Second Supplement - Third Supplement

This Information is Recorded in
Rockingham County Courthouse
Harrisonburg, Virginia 22801

 

[SBK]

The Summit Resale packet that we received included a copy of

Exhibit 1
Time-Share Instrument
Dated 15 September 1994
Deed Book 1302 P305 - P326

and

Exhibit 1.1
Fourth Supplement to the Timeshare Instrument
Dated 15 May 2002
Book B2091
Includes Reference to Dates and Deed Book and Pages for
First Supplement - Second Supplement - Third Supplement

This Information is Recorded in
Rockingham County Courthouse
Harrisonburg, Virginia 22801

Marty --

Thanks

But do those supplements do anything other than list the numbers of new units, and why don't we get copies of the exact wording of the supplements?

If there is no language in those supplements to amend how the MF can be adjusted, we can fight this.

 

[Miss Marty]

Consumer Price Index


CPI Frequently Asked Questions (FAQs)

http://www.bls.gov/cpi/cpifaq.htm#Question_1

 

[_OX_]

Let's do the Math

(According to the initial Instrument, Great Eastern controls the BOD through 2050.)

Para 1.12 "CPI Increase"refers to the annual amount (rounded up to the next $5.00) by which the Maintenance Fee may be increased by Developer. Increases in Assessments may also be restricted to such CPI increase, if negotiated from time to time between SMOA and Managing Agent, as enabled in Section 10.3. The amount of the increase is determined by multiplying the Fee or Assessment then in effect by a fraction the numerator being the Consumer Price Index, All Urban Consumers, (1967=100), as established by the U. S. Department of Labor (Index) for the December before the Effective Date, and the denominator being the Index for the December immediately before such December. The Effective Date shall be the date that such Maintenance Fee or Assessment is payable. (sic -- there should be a comma after fraction for clarity, but there isn't.)

para 12.2 -- Maintenance Fee

The Maintenance Fee is hereby established to $350.00 Developer may increase the Maintenance Fee only in accordance with the CPI Increase.

Now, I'm not a lawyer but I play one on TV.

Following the above, you would take the CPI for Dec. '08 divided by the CPI for Dec. '07. The CPI for 12/07 was 629. The CPI for 12/08 has not yet determined but let's take a very liberal guesstimate and say it will be 675. (the largest 1 year increase since 1998 was 25--Dec '06 to Dec '07--I'm allowing an increase of 46.) So...

675 divided by 629 = 1.073 (That's a 7.3% increase...a far cry from from the 37.7% increase in the Woodstone Casa de Campo KE Maint Fee.)

Does anyone have an up to date instrument that overrides the CPI cap on increases?
Can increases be challenged? If so, how?

CPI info http://data.bls.gov/cgi-bin/surveymost?cu
Check the 2nd box---U.S. All Items, 1967=100

 

[janej]

Got the Summit Signal today. It looks like there will be another 10% increase next year and a special assessment under $200. There is a long list of renovations to be done in the next 5 years. I am sure the renovated unit will be great. But i have not heard much complains about these unit as is. It only says "The board feels that this exciting renovation project is necessary". I wonder what story the Woodstone owners will get to justify their increase.

 

[NTHC]

As a resident of Massanutten and an owner of many weeks of timeshare here, I am of the opinion that the death of Jim Lambert(who developed the resort with Dice Hammer) has perhaps changed the makeup and philosophy of the company.

He was the type of person you would find from time to time having a drink in the restaurant or taking a look around the property. This was his "baby" so to speak. I think often times when the visionary is gone, the people running a company make changes that are not in keeping with what made it successful to begin with.

JMHO,
cindy

 

[jdetar]

BTW the 1 in 4 rule applies only to the gold crowns. Which are summit, and woodstone. So you could go to summit one year and woodstone, and go to any of the other 3 as much as you want during that time.

 

[matbec]

1 in 4 applies to each of the resorts

BTW the 1 in 4 rule applies only to the gold crowns. Which are summit, and woodstone. So you could go to summit one year and woodstone, and go to any of the other 3 as much as you want during that time.

I was just on the RCI website and the 1 in 4 rule was showing for each of the other 3 resorts as well (Eagle Trace at Mass, Eagle Trace at Killy, Shenandoah Villas). The rule is visible when you click on the Available Units tab, but is applied to exchanges only. I guess Extra Vacations don't count (?). The only resort the rule doesn't apply to is Mountainside Villas (different ownership).

 

[jdetar]

I emailed the resort and they told me only for the gold crowns today... Hrm!

 

[krmlaw]

Kinda off topic ...

Anyone know if the Mountainside units have been fully renovated? If anyone has pictures post renovation, that would be amazing.

Thanks!