Peppertree Atlantic Beach I bankruptcy

[pedro47]

I agree. Festiva has been after this property from day one. Turn over all your deeds and they have total vote on elections.

How many weeks/units (proxy votes) does Festiva control or own?

 

[allsmiles277]

Peppertree owners get screwed one more time !!!!

Got my update letter in the mail from The Board of Directors at Peppertree AB. Guess who has gotten 3 years of special assessments at Peppertree AB now.....YOU and I !!!! I bet there will be many people dropping their timeshares now. The Board are nothing but gutless cowards !!!

 

[allsmiles277]

Apparently the special assessments start in April of this year and are due in June. Peppertree AB Board has gone to the dogs. I feel like they should have declared bankruptcy instead of this. Does the word CROOKS mean anything to anybody ? Festiva is behind this and their names is major MUD now. Will the Board be held accountable ? Will Festiva be held accountable ? Will the HOA be held accountable ? NO !!!!!! WE ARE HELD ACCOUNTABLE !!!!

 

[Mulligan101]

Apparently the special assessments start in April of this year and are due in June. Peppertree AB Board has gone to the dogs. I feel like they should have declared bankruptcy instead of this. Does the word CROOKS mean anything to anybody ? Festiva is behind this and their names is major MUD now. Will the Board be held accountable ? Will Festiva be held accountable ? Will the HOA be held accountable ? NO !!!!!! WE ARE HELD ACCOUNTABLE !!!!

I agree that bankruptcy would have been a better option. I paid my maintenance fee on the advice of my attorney (remember when maintenance fees were going to pay for the repairs?). Now we have deck repairs in excess of 1 million dollars,who knows how much these assessment fees will be for the next 3 years, and we still can't use our timeshare. No one seems to have any success in deeding their timeshare back to the HOA. Only the owners are being held accountable. Will this debacle ever end?

 

[bogey21]

Apparently the special assessments start in April of this year and are due in June.

How much are the Special Assessments?

George

 

[allsmiles277]

I did some quick calculations and I know this cannot be correct but I came up with between 80 and 81 dollars per unit per year. If that is true which I doubt it doesn't sound as bad as I would have expected. I am sure my calculations must be off and please don't rely on them. I may have calculated incorectly and I would not want to get owners hopes up.

 

[allsmiles277]

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[allsmiles277]

There are approximately 80 units in Buildings 15-25. I divided 1,000,000 dollars by 3 years and got 333,333.333. I divided that by 80 units and got 4166.66 and then divided that by 52 weeks and got 80.13. Can any math people confirm this ?

 

[allsmiles277]

has anyone else received their letter from board of directors regarding the special assessment? I have just received mine. No amount was specified, but the letter, in part, states they plan to assess the owners each year in april becoming due in june, starting this year for a period of 3 years. They are still finalizing the assessment amounts.

A never ending nightmare of epic proportions! Does anyone know of any legal way to extract yourself from this situation? I had an attorney, but he did very little, using the same excuse that we have all heard before, "you know how those timeshares are, so hard to get out of". I can hardly believe that there is no possible way to end this! I am open for suggestions!

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[Kozman]

In addition to a special assessment you can count on the maintenance fees going up as well If it only ended with the special assessment. I knew we were in for it when they remained silent until after many of the fees were paid for 2016.

 

[Kozman]

There are approximately 80 units in Buildings 15-25. I divided 1,000,000 dollars by 3 years and got 333,333.333. I divided that by 80 units and got 4166.66 and then divided that by 52 weeks and got 80.13. Can any math people confirm this ?

Only other thought is that there are HOA owned units and those must be figured into the equation. Empty units will be subsidized by the remaining owners. Also, will the Festiva points contracts attached to the units be subsidized by us as well or will the 'Vacation Club' kick in $$$ as well?

 

[Kozman]

I wonder who the construction company of choice will be affiliated with? And, for a million bucks the repair better last more than the 5-10 years I read.

 

[allsmiles277]

I wonder who the construction company of choice will be affiliated with? And, for a million bucks the repair better last more than the 5-10 years I read.

Yes I agree the cost will be more than the calculations because of what you have added to the equation. I should have said 80-81 dollars or more. That still is not an extremely bad assessment. I was figuring and thought it would be much more. Maybe they will hide a new project in the assessment.

 

[Kozman]

Yes I agree the cost will be more than the calculations because of what you have added to the equation. I should have said 80-81 dollars or more. That still is not an extremely bad assessment. I was figuring and thought it would be much more. Maybe they will hide a new project in the assessment.

They have collected almost 7 months worth of maintenance fees for a resort that is closed plus what they could get for 2016. That figure dwarfs the $80 amount. Why isn't that enough? I'm sure Festiva is still getting their management fees every month.

 

[allsmiles277]

They have collected almost 7 months worth of maintenance fees for a resort that is closed plus what they could get for 2016. That figure dwarfs the $80 amount. Why isn't that enough? I'm sure Festiva is still getting their management fees every month.

The truth is they have let us all down in more ways than one. The Board of Directors are not doing their job and Festiva is not doing their job. The communication speaks volumes that they have been hiding things from owners. I don't think that Board members and Festiva Management Company deserve one more day having anything to do with Peppertree Atlantic Beach. Because of their management 14 buildings have been demolished and people have lost use of their timeshares from August 17, 2015 to whenever the repairs are made and inspected by the Building Inspections Office and approved for occupancy. The Board and Festiva Management should be in prison.

 

[bogey21]

Compare what is going on here to a similar situation I had last year with my Son's Orofino at Straight Creek (Dillon, CO) Week. Massive, expensive repair was needed. In November he was given the option to either pay $1,000 by December 31st to "Surrender" his Week to the HOA or pay roughly $1,950 for each of the next two years to keep the Week. What I liked was wichever way Owners wanted to go they had the facts and costs laid out to use when making their decision.

George

 

[allsmiles277]

Compare what is going on here to a similar situation I had last year with my Son's Orofino at Straight Creek (Dillon, CO) Week. Massive, expensive repair was needed. In November he was given the option to either pay $1,000 by December 31st to "Surrender" his Week to the HOA or pay roughly $1,950 for each of the next two years to keep the Week. What I liked was wichever way Owners wanted to go they had the facts and costs laid out to use when making their decision.

George

I agree......Festiva and the Board have not communicated with owners like they should have. They are weasels, spineless, gutless candy arses !!! They would have done better to be honest and truthful and owners would have had more respect for them. Instead they have been incommunicado and hidden things for months. I say do away with all existing Board members and get rid of Festiva by way of a new Board. Let's cut the cancer out and get back on the road of enjoying Peppertree with a Board that backs owners instead of management companies. Go home Festiva....we don't want you or the existing Board members.

 

[SheilaE]

The Letter from the Board

This letter is about as hollow as a dead tree. Someone posted earlier that not all permits had been applied for, work wasn't started on PABII. Perhaps that has changed by now. What happened to the reserves?? But we should appreciate the fact, and I quote from the letter with tongue in cheek, that they "have been diligent in our efforts to do what is best for the association"...."....many things have occurred...." Blah blah blah wonder what the chances are of selling after the bandaid repairs are complete.

 

[allsmiles277]

This letter is about as hollow as a dead tree. Someone posted earlier that not all permits had been applied for, work wasn't started on PABII. Perhaps that has changed by now. What happened to the reserves?? But we should appreciate the fact, and I quote from the letter with tongue in cheek, that they "have been diligent in our efforts to do what is best for the association"...."....many things have occurred...." Blah blah blah wonder what the chances are of selling after the bandaid repairs are complete.

The Board of Directors and Festiva Management are a joke. I think that sums it up.

 

[allsmiles277]

This letter is about as hollow as a dead tree. Someone posted earlier that not all permits had been applied for, work wasn't started on PABII. Perhaps that has changed by now. What happened to the reserves?? But we should appreciate the fact, and I quote from the letter with tongue in cheek, that they "have been diligent in our efforts to do what is best for the association"...."....many things have occurred...." Blah blah blah wonder what the chances are of selling after the bandaid repairs are complete.

When I post something on this forum I double check information from Board members and Festiva with the local Inspection's Office at Atlantic Beach and the Board and Festiva give you partial truth. I trust what the local Inspection's Office tells me. I don't trust Board members or Festiva.

 

[NeedsAnswersPABII]

Has anyone considered the thought that they may take our money and not do the repairs? My husband and I were talking about this today. We still have great concerns that they are trying to get as much money out of us before they let the buildings be completely condemned. They claim in the letter that repairs have already began on the PABII buildings. Can anyone confirm this?

 

[Kozman]

Has anyone considered the thought that they may take our money and not do the repairs? My husband and I were talking about this today. We still have great concerns that they are trying to get as much money out of us before they let the buildings be completely condemned. They claim in the letter that repairs have already began on the PABII buildings. Can anyone confirm this?

I put nothing past this outfit! My best guess is that they will grab as much money as possible and then say....oh, sorry we must declare bankruptcy because too many owners haven't paid their 2016 mf and/or the special assessment. You notice there was no call for a special assessment before the 2016 fee deadline. They knew that would result in more owners dropping out.

 

[allsmiles277]

Has anyone considered the thought that they may take our money and not do the repairs? My husband and I were talking about this today. We still have great concerns that they are trying to get as much money out of us before they let the buildings be completely condemned. They claim in the letter that repairs have already began on the PABII buildings. Can anyone confirm this?

Contact Us
Planning, Zoning & Inspections
PO Box 10
Atlantic Beach, NC 28512
Phone: 252 726-4456
Fax: 252 727-7043

 

[allsmiles277]

Norstate Contracting Inc  
Home Builder
Address: 3520 Diamond Dr # D, Greenville, NC 27834
Phone252) 757-1814

 

[allsmiles277]

The permits for 20-23 have been issued but the permits for the others 15-19 and 24, 25 have just turned in the plans to the Inspection's Dept and have not be approved yet. I was given the impression that only 20-23 would be possibly finished in May or June.