Peppertree Atlantic Beach I bankruptcy

[allsmiles277]

Band Aids instead of proper repairs

It is my understanding that Peppertree has been doing as little as possible to keep the Atlantic Beach NC Buildings open for the last 2-3 years. There is no doubt in my mind if this is true that would be considered negligence. I would also think The Boards at Peppertree AB are possibly in bed with Festiva since The Boards hire them. Communication and straight answers are not something Festiva is known for......it is more like "mum is the word" and hide all you can from the owners. As much as I hate to say this I think Peppertree AB will fold in the near future. I don't see how it can remain open because of what The HOA and Festiva have not done. They have not done their jobs and left the owners out in the cold.

 

[pedro47]

Why pay 2016 mf and you know this resort is in deep trouble. This is my opinion only.

 

[allsmiles277]

I think Festiva will take the money and RUN !!!

I think Festiva is waiting to see how many maintenance fees are going to be paid in 2016 to see if they can afford to do the repairs to walkways and decks. If on the other hand the money for repairs through maintenance fees does not come in I assume they will file for bankruptcy on Buildings 15-25. I paid one of mine and I think I will wait on the other. I hope as I am typing here that the decks and walkways are being fixed as I was told by PAB staff. I think they have been told to lie to the owners as in the condemnation last summer. I also hope the demolition on Buildings has started as I was told by PAB staff. Again I think I may have been lied to by staff but they are a pawn in the system and have to do it to keep their jobs. I hope I am wrong. Why would an owner pay maintenance fees if the work is not going to be done for 2016 use ? Many people lost their MF's last year after August 17th or whatever the date was. The MF's have gone so high now that summer weeks are the only weeks with value. Winter weeks are a ripoff now at the current rates of MF's. I almost wish I had not paid the mf's that I did over a week ago because I will probably lose it to Festiva's money pit. I am certainly not impressed with Roy Cooper the attorney general for the State of North Carolina who appears not to be helping timeshare owners in the is situation with Festiva etc. Isn't he running for Governor ?

 

[pedro47]

What happen to the reserve fees?

 

[Kozman]

What happen to the reserve fees?

What happened to the maintenance fees from Aug. on as well. I assume a closed resort does not need housekeeping, and most other operating costs. They lost their insurance so that goes away as well. I agree they are waiting to see if anyone pays so they can file for bankruptcy and pocket the $$$. There has been zero communication since and no response from our lawyer's inquiry. Do they really expect people to send upwards of $700 to them with no promise of getting any value in the future? Does anyone live nearby to see if there is any repair activity going on?

 

[Mulligan101]

http://atlanticbeach-nc.com/departments/planning-inspections/

If you go to this link, search for Peppertree atlantic beach and click on highlights , you can get the reports to the Town of Atlantic Beach, including the last meeting on November 18th.

 

[bogey21]

I own a Week at a Resort facing a similar situation (Orofinino at Straight Creek, Dillon, CO);i.e. a Resort needing a major repair to keep their buildings operational. Their Board of Directors offered two options. Pay $1,000 to Deed Week to the HOA prior to December 31st or pay the MF and Special Assessment and be able to use your Week during 2016. This seems to me to be a reasonable approach.

George

 

[TimeshareTraveller]

Timeshare Traveller

Thank you, Mulligan.

From the descriptions, buildings 1-14 are a total loss that cannot be fixed. The other buildings have issues with decking that stem from the original contractor using 4" screws to put the decking together instead of 6-6.5" screws. That means that one half of the decking joists are only held by screws penetrating a 1/2" into that side. AB's council wants those screws replaced, but then they noted that the lifetime of pressure treated outside wood was less than the life that those decking planks have been there, even though they appear in decent shape. So, they are recommending full replacement, not repair, though there is a repair option. The council wants ALL stair treads replaced.

(The sarcastic part of me is wondering if Peppertree bought off the building inspector when a final inspection of that deck was made years ago after it was built.)

Peppertree appears startled at the cost of the repair work. They are holding off until the Dec 2015 board meeting --those notes aren't here yet. But they mention that they are going to replace the structural parts, but re-use all the decking lumber that they can.

So, $700 per unit maintenance fees x 50 weeks per unit x number of units per building x number of buildings to be demolished (15). That's a dead loss of likely $1M in maintenance income alone (if 2 units per building, more if more units in there). Those people losing their timeshare units will have to be accommodated. Peppertree is in the position of negating the bargain with them by not giving them accommodations. If a large group of Peppertree owners can be found, it's likely cheaper to get a lawyer to get you out of this than to try to fix it. I don't think Peppertree AB can recover from this. Likely they'll sell that land to another developer once it is cleared. It already has power, sewer, water pulled to it or handled, so once it is broom-clean, it can be built with something new. That will cost about $1-3M per building, and it is very doubtful Peppertree will do it. I doubt that another timeshare will go there.

 

[TimeshareTraveller]

Festiva banned from marketing

Well, this is a Death Knell for them, likely.

http://insidethegate.com/2016/01/no...va-vacation-club-from-face-to-face-marketing/

NC's Attorney General has banned Festiva from face-to-face marketing for it's travel club for 3 years. I would say that this company is likely done for.

 

[pedro47]

Well, this is a Death Knell for them, likely.

http://insidethegate.com/2016/01/no...va-vacation-club-from-face-to-face-marketing/

NC's Attorney General has banned Festiva from face-to-face marketing for it's travel club for 3 years. I would say that this company is likely done for.

This is good news for the new consumers; but bad news for the currents owners at this resort.

 

[Kozman]

You can bet even if the repairs are made future mf's will skyrocket to make up for owners who opt not to pay. To continue would be giving good money after bad. The total lack of communication from Festiva regarding the issue should tell you something.

 

[pedro47]

You can bet even if the repairs are made future mf's will skyrocket to make up for owners who opt not to pay. To continue would be giving good money after bad. The total lack of communication from Festiva regarding the issue should tell you something.

You know now, I think there is a hidden agenda by someone. The low land value & location would be idea to be develop by a hotel chain or a timeshare developer. This is prime land & location for someone in the future.

Be very careful.

This is my opinion only from hundred & hundreds miles away from this location. I have no interest in this resort nor am I am owner at this resort.

 

[pedro47]

You know now, I think there is a hidden agenda by someone. The low land value & location would be idea to be develop by a hotel chain or a timeshare developer. This is prime land & location for someone in the future.

Be very careful.

This is my opinion only from hundred & hundreds miles away from this location. I have no interest in this resort nor am I am owner at this resort.

The current property land value is under assess because of the legal problems.

 

[Mulligan101]

The current property land value is under assess because of the legal problems.

If anyone is interested in how much the property is currently assessed at, you can go to

http://web3.mobile311.com/Carteretsearch/

and look up Peppertree.

 

[allsmiles277]

Thank you so much for that link about Festiva's marketing practices.

Festiva banned from marketing
Well, this is a Death Knell for them, likely.

http://insidethegate.com/2016/01/nor...ace-marketing/

NC's Attorney General has banned Festiva from face-to-face marketing for it's travel club for 3 years. I would say that this company is likely done for. I have good friends who have wanted to get out of their points membership that were lied to and promised things that never happened. Maybe this will finally give them a chance get straight with Festiva.

 

[Kozman]

Festiva banned from marketing
Well, this is a Death Knell for them, likely.

http://insidethegate.com/2016/01/nor...ace-marketing/

NC's Attorney General has banned Festiva from face-to-face marketing for it's travel club for 3 years. I would say that this company is likely done for. I have good friends who have wanted to get out of their points membership that were lied to and promised things that never happened. Maybe this will finally give them a chance get straight with Festiva.

They will likely just double down at the other Festiva locations. I would think it may stop Festiva from trying to buy PAB and rebuild the location as they originally wanted to. I went to one of their sales pitches when they first took over from Fairfield and they pushed very aggressively to try and get us to turn over our deed for their travel club. We were showed a fancy model that they claimed they were going to build adjacent to the existing location. It never happened. It will be interesting to follow their fortunes.

 

[allsmiles277]

I am totally convinced that Peppertree AB has no plans on continuing in the future

There are so many problems at Peppertree AB that The Board, HOA and Festiva Management are drowning in quicksand !!! There is no reason to pay maintenance fees for this year because you may be throwing it away. I think we will hear something soon and no refund of maintenance fees for 2016 will be given. I am glad I walked away from my unit in Building 10 in Section I. I own many timeshares in Section II but I have decided to withhold maintenance fees for all except the one that I have paid for year 2016. This forum has convinced me that paying any maintenance fees for year 2016 is a waste until we hear some news from The Board of Section II. This whole situation is really sad.....many people have known for years this was going on and done nothing to stop it. I will miss Peppertree AB and all we can hope is that whoever gets this property in the future will be honest and open with the owners. The present management as well as other management companies out there sometimes only looks at the money they can drain off of a complex in maintenance fees and assessments etc etc. Money is the name of the game and some people will do anything to get it.......aka lying, cheating and stealing !!!

 

[Mulligan101]

Peppertree on the agenda for town council meeting on January 25th

Looks like Peppertree is on the agenda for the Town of Atlantic Beach Council Meeting on Monday, January 25th.

http://atlanticbeach-nc.com/events/town-council-meeting/

Hopefully, the minutes will be posted shortly after the meeting.

 

[pedro47]

Looks like Peppertree is on the agenda for the Town of Atlantic Beach Council Meeting on Monday, January 25th.

http://atlanticbeach-nc.com/events/town-council-meeting/

Hopefully, the minutes will be posted shortly after the meeting.

This would be a good time for owners to go to the Town Council meeting to hear the true about what is going at AB.
Good luck to all the owners.

 

[Mulligan101]

Peppertree on the agenda for town council meeting on January 25th

The updated information is now available at

http://atlanticbeach-nc.com/highlights/

 

[SheilaE]

Info rec'd today from PAB

I had inquired about something via the Festiva website several weeks ago and rec'd response today in which they informed me that since my building was closed I wouldn't be able to exchange the unit....which explains why it doesn't show on my II acct. that was the first I knew about bldgs #15 on up were closed. The MF stmt just noted that our fees were increased to absorb PAB1 MF. I paid but think I will cancel my credit card payment and see what happens. Have always been able to exchange via II but.....

 

[Kozman]

I had inquired about something via the Festiva website several weeks ago and rec'd response today in which they informed me that since my building was closed I wouldn't be able to exchange the unit....which explains why it doesn't show on my II acct. that was the first I knew about bldgs #15 on up were closed. The MF stmt just noted that our fees were increased to absorb PAB1 MF. I paid but think I will cancel my credit card payment and see what happens. Have always been able to exchange via II but.....

If PAB I is no longer there why do they need additional MF? Aren't they separate associations for funding purposes?

 

[Cancun1994]

There are so many problems at Peppertree AB that The Board, HOA and Festiva Management are drowning in quicksand !!! There is no reason to pay maintenance fees for this year because you may be throwing it away. I think we will hear something soon and no refund of maintenance fees for 2016 will be given. I am glad I walked away from my unit in Building 10 in Section I. I own many timeshares in Section II but I have decided to withhold maintenance fees for all except the one that I have paid for year 2016. This forum has convinced me that paying any maintenance fees for year 2016 is a waste until we hear some news from The Board of Section II. This whole situation is really sad.....many people have known for years this was going on and done nothing to stop it. I will miss Peppertree AB and all we can hope is that whoever gets this property in the future will be honest and open with the owners. The present management as well as other management companies out there sometimes only looks at the money they can drain off of a complex in maintenance fees and assessments etc etc. Money is the name of the game and some people will do anything to get it.......aka lying, cheating and stealing !!!

I will miss Peppertree Atlantic Beach as well - I do not think we will pay the MF; We have so enjoyed going to PAB as well as banking it periodically and going elsewhere - Las Vegas, Florida, Nashville to name a few -- right now we cannot bank due to the situation at PAB. Used to be considered a "Gold Crown Resort".

 

[pedro47]

I will miss Peppertree Atlantic Beach as well - I do not think we will pay the MF; We have so enjoyed going to PAB as well as banking it periodically and going elsewhere - Las Vegas, Florida, Nashville to name a few -- right now we cannot bank due to the situation at PAB. Used to be considered a "Gold Crown Resort".

Is this resort a apart of DRI "The Club" points system?

 

[Kozman]

Is this resort a apart of DRI "The Club" points system?

No. Not that I'm aware of. It's fixed weeks or Festiva points.