Ocho Cascadas Leaseholds Expiring in 2009 [merged]

[Karen P]

I was fortunate enough to exchange into Ocho Cascadas back in '03. Back then, I learned the ownerships were going to expire in 2009, and the developer of the project made no announcements as to what the future would hold for timeshare owners there after 2009.

Has anyone heard what will happen next year there? Will the developer offer owners an opportunity to extend their ownerships under new terms, or?

 

[pittle]

I was told last week that it is for sale and the contracts are not being renewed. This was while taking a TS presentation at a new resort that is just past Ocho Cascadas.

 

[Carol C]

I was told last week that it is for sale and the contracts are not being renewed. This was while taking a TS presentation at a new resort that is just past Ocho Cascadas.

TUGgers, let's all pitch in and buy it and run it as a co-op for ourselves!

P.S. I volunteer to move there and be "caretaker".

 

[Cathyb]

What happens to the present owners -- do they lose everything?

 

[PigsDad]

What happens to the present owners -- do they lose everything?

What's to "lose"? I assume they all knew it was a RTU contract, with an expiration date, when they purchased. I don't understand why you would think they would be losing anything, as if they were scammed out of something.

Kurt

 

[Karen P]

Let's pray that another timeshare developer picks this property up! After all, it has a long-established reputation for being one of the most unique and beautiful timeshare properties in the world. It would be a boon to any timeshare developer to bring Ocho Cascadas into their resort collection.

I'm certain people will pay big bucks to own a timeshare there.

 

[Karen P]

What happens to the present owners -- do they lose everything?

Cathy, Back in the early stages of timeshare in Mexico, just about all timeshare sales there were leasehold agreements, which had an expiration date after a prescribed number of years. This disclosure was made clear in the contracts they buyers signed.

I remember something about Americans being unable to buy real estate in Mexico back then. The only option back then for Americans to experience timeshare ownership in Mexico was to buy a leasehold interest. This did not make it unappealing for Mexico timeshare buyers, as they still saw the value in being involved in timeshare vs. hotel or motel accomodations.

 

[Cathyb]

I believe the Royals in Cancun gave their owners money back at the close of the option but I may be wrong. Am I understanding that the Ocho Cascades timeshare buyers would pay $10-15,000/week years ago, knowing in 2008 they would own nothing? I don't quite understand. :duh:

 

[PigsDad]

I believe the Royals in Cancun gave their owners money back at the close of the option but I may be wrong. Am I understanding that the Ocho Cascades timeshare buyers would pay $10-15,000/week years ago, knowing in 2008 they would own nothing? I don't quite understand. :duh:

That is exactly what they did. Just like DVC buyers are doing today.

Kurt

 

[Tacoma]

Some of us consider those RTU contracts safer since there is an end date for when we will stop owing money for maintenance. Banff Rocky MOuntain Resort ends around 2046. I'll be really old by then and probably won't want it anyway and I don't want my kids paying for something they may not want. With many timeshares not selling for even a dollar I would be hesitant to but something where my maintenance never ends.

Joan

 

[nana7]

You are right! The sister resort , Club Cascadas de Baja , was sold the same way, RTU, with the ending date 2018. At end of the trust owners to receive nothing. But the developer, Mrs Giddien, has decided to extend Club Cascadas but NOT Ocho Cascadas. (THAT IS MY UNDERSTANDING)
The owners at Club Cascadas have a chance to buy the legecy and continue on or recieve nothing at the end of the trust. My understanding is that Ocho Cascadas will be sold with the money going back to the original developer.

Mexician Time shares work differently than the US with the RTU.
You are also correct that the Royal owners of VCI trust ended in 2007 and the owners had a chance to either buy back in OR recieve money back. They are doing a big renovation of VCI and the trust will continue with the new owners.
I hope I have stated this correctly!!!

 

[Connie Argus]

Ocho Cascadas Right to Use Extended for 3 years

Owners at Ocho Casdcadass have been given the right to extend their ownership for 3 years.

[Advertising is not permitted in the TUG Forums - DeniseM Moderator]

 

[drivable]

Let's pray that another timeshare developer picks this property up! After all, it has a long-established reputation for being one of the most unique and beautiful timeshare properties in the world. It would be a boon to any timeshare developer to bring Ocho Cascadas into their resort collection.

I'm certain people will pay big bucks to own a timeshare there.

A ten unit Boutique Resort is not the sort of thing most timeshare developers want to deal with. It has to be a niche developer.

Owners at Ocho Casdcadass have been given the right to extend their ownership for 3 years.

great news for you, what this means is that in today's economic environment, no one wanted to pay Mrs Giddien the ~$10.4M asking price, so she's hedging her bets for three years.

 

[drivable]

http://ochocascadas.com/

 

[tonyg]

In the current environment they would have trouble getting a good price, so why not keep the golden goose for 3 more and the sell if times are better.

 

[richardm]

About 50% of the weeks there were never sold, so the Giddings have always had an active rental program. My understanding is that owners can simply decide to extend the leasehold at no additional cost. The m. fee is expected to be the same as 2009. Any owners who elect not to do so will simply have their weeks go to the Gidding's in their rental pool.

I've always wanted to go there, but never got around to it.. I guess I'll now have time to do so!

 

[Karen G]

The sister resort , Club Cascadas de Baja , was sold the same way, RTU, with the ending date 2018. At end of the trust owners to receive nothing. But the developer, Mrs Giddien, has decided to extend Club Cascadas but NOT Ocho Cascadas. (THAT IS MY UNDERSTANDING)
The owners at Club Cascadas have a chance to buy the legecy and continue on or recieve nothing at the end of the trust.

Club Cascadas de Baja is next door to PB Rose in Cabo. This year we were offered an extension of our RTU at the Rose. For $10,000 we could extend our RTU for 30 years, so I assume the Rose plans to continue as a timeshare property until at least 2039. We aren't interested in that deal as we have 18 yrs. left on our original contract anyway.

 

[IngridN]

About 50% of the weeks there were never sold, so the Giddings have always had an active rental program. My understanding is that owners can simply decide to extend the leasehold at no additional cost. The m. fee is expected to be the same as 2009. Any owners who elect not to do so will simply have their weeks go to the Gidding's in their rental pool.

I've always wanted to go there, but never got around to it.. I guess I'll now have time to do so!

This is good news as it also presents another opportunity for us. Like Richard, we never got around to it this first time. Does anyone know how to access the Giddings' rental program? We need to plan 10-12 months in advance and for Ocho Cascades, that impossible through II or the occasional rentals that pop up on Redweek. Thanks.

Ingrid

 

[Connie Argus]

Available weeks at Ocho

While Pat Giddings, the designer's widow has retained several units for use by her family, to say they didn't sell 50% of the units or that they have an active rental program might be a bit of an overstatement....

The best and easiest way to access weeks at Ocho is to visit Ocho's site: www.clubochocascadas.com.

[Advertising is not permitted in the forums - DeniseM Moderator]

 

[richardm]

You can call the resort management office directly at 949/640-8742 and ask for Leslie, who handles the developer's rental inventory.

You probably won't see much on the website from owners for 2010 rentals, simply because the extension process is too new, and the majority of owners wouldn't have known they would have access to the weeks.

Check the weather before you pick your dates. No AC at this resort- so I've heard that summer can be a bit toasty...

 

[IngridN]

You can call the resort management office directly at 949/640-8742 and ask for Leslie, who handles the developer's rental inventory.

You probably won't see much on the website from owners for 2010 rentals, simply because the extension process is too new, and the majority of owners wouldn't have known they would have access to the weeks.

Check the weather before you pick your dates. No AC at this resort- so I've heard that summer can be a bit toasty...

Thanks, I'll try calling. I tried the website a while ago, checking almost daily, and very little pops up with any lead time. And to post a rental wanted listing, they charge you. Which wouldn't be so bad except that there are several wanted listings that have been there forever, so don't know how effective that is.

Ingrid

 

[richardm]

Tell them I referred you.. Maybe I'll get a discount when I book mine!

 

[IngridN]

:rofl: :rofl:

Tell them I referred you.. Maybe I'll get a discount when I book mine!

 

[taffy19]

In the current environment they would have trouble getting a good price, so why not keep the golden goose for 3 more and the sell if times are better.

It's still up for sale but for about half the price. I believe that it was over 9 million dollars before. It is listed here for only 4.2 million now. Still want to buy?

The ad shows beautiful pictures of the condos and they certainly are very unique and romantic in a lovely residential neighborhood. We were lucky to stay there once.

 

[drivable]

It's still up for sale but for about half the price. I believe that it was over 9 million dollars before. It is listed here for only 4.2 million now. Still want to buy?

The ad shows beautiful pictures of the condos and they certainly are very unique and romantic in a lovely residential neighborhood. We were lucky to stay there once.

As I said, it was $10,400,000 when I was there last year, that's quite a cut. Maybe I'll pick it up, let me check the couch.