Nob Hill Inn Bankrupt?

[Gotoneinthehopper]

I have owned a 2bd Huntington unit for many years (since 2006) and stayed there most years with the family but have been trading it lately for the last 4 years due to the city going downhill (older daughter stopped feeling safe).

I was looking to list my unit on eBay today and wanted to make sure I had a good week for the new owner.

I called to book for next year and was told “the board of directors is not accepting reservations for 2023…the entire year…2022 reservations will be honored”.

normally you can reserve 1 year out.

maintanence fees are not due for 2023 until Oct 2022.

looks to me like they are sliding into bankruptcy.

it looks like the association owns a lot of the weeks. Maybe they finally went underwater.

Covid hit them hard. Also, I assume demand for San Francisco is way down.

not sure what happens in bankruptcy. I’m ok with walking away. Not sure how many people want to pay $1400 maint fees with the condition of San francisco.

It was fun while it lasted.

RIP

 

[R1964]

Depending how long they've been around they may have a sunset clause in the deed when the original units were sold. If this is the case, they may be looking to sell the property. They would have to notify the owners to do this and vote whether or not to continue as a timeshare but if they own a majority share it won't matter. If it does sell you should get some kind of buyout.

 

[spragu14]

I received a letter that the timeshare is being closed starting 2023 and sold due to financial issues from Covid.

 

[dioxide45]

I would suspect if you keep making your maintenance fee payments, you would get paid out residuals from the sale. This may or may not be more than you pay in the fees to keep in good standing. Is the underlying land worth anything, what about the rest of the property? Some owners do. well in these situations others don't because there are backdoor dealings that skim a lot off the top in legal and other fees. Then there are other owners (often people with inside information or members of the board) that come in and scoop up a lot of weeks so they can make a lot of money on the final sale.

It sounds like they may be sitting on a lot of debt. So, if you don't expect to make anything out of th resort when it finally sells just walk away like all the others have done.

 

[Luanne]

Sad. I stayed there once with my parents. It was fun and funky.

 

[vacationtime1]

I know nothing about the condition of the building or the HOA finances, but the land is worth a fortune. Lower Nob Hill, a few blocks to downtown and Union Square. Small condos in that building would sell for ~$1M.

 

[Junie]

The timeshare owners were sent a detailed letter last year and had to vote whether to disband the timeshare or not, so the real estate asset could be sold. I understood the vote passed from further communications. Heard absolutely nothing since then, except we paid a somewhat reduced "maintenance fee" last December, supposedly to help pay for property sale and/or loans. Kind of odd nothing has been shared since....and I could not find anything on the VRI site either. That said, I have one email account that I check only intermittently but it sure would be nice to learn if there will be any proceeds, if possible. I don't know who the current "owner" of the building is now, supposedly.