We own 4...
Why can they only borrow $10 million? Is Wyndham a bad credit risk, or won't they guarantee the loan?
Interior FF&E, which includes fixtures, appliances, counters, flooring, lighting, and soft goods as examples,
are the responsibility of the IOA or the individual whole owners. These costs are not included in the above
You won't be alone, I'm sure.I will not pay a special assessment. They can have it back.
That's $380K/unit -- excluding any interior refurbishment.At the tune of $7300 a week shouldn't the board be looking at the feasibility of the resort overall? Wouldn't it be better to just hang it up, dissolve the timeshare and sell the property?
Wyndham will keep all of the money "to fix the place," I am sure. They will get around it so they don't have to give owners anything.That’s crazy! The obvious answer is to sell the timeshare units and owners divide the proceeds if the condos are worth more than $380K, which I think they do.
At the tune of $7300 a week shouldn't the board be looking at the feasibility of the resort overall? Wouldn't it be better to just hang it up, dissolve the timeshare and sell the property?
As of early October, the Wyndham Ovations program was not accepting KBV weeks. We decided to check while waiting for this shoe to drop.Wyndham has to be loving this SA because they will get back hundreds of weeks.
I suspect they mean that they will be getting them back through default. Unfortunately it will be the HOA that actually gets them back. THus why they really should consider the feasibility of the resort as a whol.eAs of early October, the Wyndham Ovations program was not accepting KBV weeks. We decided to check while waiting for this shoe to drop.
Not. However, Jack posted this in April (post # 23) in DeniseM's thread about the resort being in bad shape (bolding mine): "When the IOA management contract was returned to Wyndham, we were informed of an improved Wyndham program of taking back unwanted units. During our February 2022 stay at KBV we called the Certified Exit phone number. ( https://clubwyndham.wyndhamdestinations.com/us/en/help/wyndham-cares/certified-exit ) Each ownership unit was individually checked. All were eligible. All but one were resales bought on ebay; none had been converted to the Wyndham program. About two weeks ago, we submitted our notarized paperwork to return our one non-OF unit. I suggest that geist123’s question be expanded to include: Will Wyndham continue to accept unconverted KBV units into its Certified Exit program? If the answer is ‘yes’ then DeniseM’s concern in post #9 (Secondly, you can't even give these timeshares away under the current conditions) is mostly addressed.".... converted to points, or not?
Judging based only on lanai furniture, I'd say about half of the oceanfront buildings are whole-ownership condos. Not sure about the others. But yes, I suspect this will end up complicating things.What percent of the entire facility is owned as full condo ownerships and what percent is represented as timeshares?