Pinecrest Townhomes sold - net $2800 to each owner

[TUGBrian]

Lemonjuice Capital and Solutions announced that the Pinecrest Townhomes timeshare owners will receive an average of $2,800 per timeshare interest

Lemonjuice Capital and Solutions announces the sale of the Pinecrest Townhome timeshare resort located in Pigeon Forge, TN for $5.6 million. The buyer is an effective owner that focuses on vacation rentals for Veterans and their families.

Tennessee timeshare resort announces sale for $5.6 million

ORLANDO, Fla. (PRWEB) August 19, 2022 Lemonjuice Capital and Solutions announced that the Pinecrest Townhomes timeshare owners will receive an average of $2,800 per timeshare interest Lemonjuice Capital and Solutions announces the sale of the Pinecrest...

www.streetinsider.com

 

[RX8]

I wonder how many owners paid an exit company thousands of dollars in the past year to get out of the timeshare?

 

[dougp26364]

It’s a nice buyout, but I wonder what the balance sheet looks like for owners who held on until the bitter end. MF increases, maybe shoddy upkeep, difficulty exchanging towards the end. I’m not saying they had these issues, but we’ve owned a couple of distressed properties that have had issues. In the end the costs would have been more than the payout on this particular settlement if they’d have been closed and sold.

So long as it was an organized, expected closing like a sunset clause, things probably went as well as could be expected with owners enjoying usage up and until the resort closed. That would be a nice ending. Experience has taught me that’s not always, or even usually, the case.

 

[amycurl]

Based on the article, it looks like the owners enjoyed usage until the end, and the infusion of capital halted the death spiral until the sale was executed.

I think this model works if the value of the underlying land remains strong.


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[TUGBrian]

I dont believe anyone would consider the $2800 some sort of windfall, and would imagine this process took years of which those owners were still paying maintenance fees. Those who chose to exit early would have saved themselves those years of fees etc.

however as mentioned above, for those those who were still visiting the resort to utilize their ownership, this seemed like a fairly reasonable final result compared to some other alternatives for Timeshares ceasing operations!

 

[garyk01]

I wonder how many owners paid an exit company thousands of dollars in the past year to get out of the timeshare?

I would like to know their buy in costs? This could be a great deal or a crappy one. Poor article the way its headlined. I had a simliar thing happen to myself. I owned at Terra Verda FL, paid $2000.00 to get into it , developer wanted it,was told we would make money so i sold . End result got got $117.00 back after fees and everything. would have been better off keeping it.

 

[Larry M]

It’s a nice buyout, but I wonder what the balance sheet looks like for owners who held on until the bitter end. MF increases, maybe shoddy upkeep, difficulty exchanging towards the end. I’m not saying they had these issues, but we’ve owned a couple of distressed properties that have had issues. In the end the costs would have been more than the payout on this particular settlement if they’d have been closed and sold.

So long as it was an organized, expected closing like a sunset clause, things probably went as well as could be expected with owners enjoying usage up and until the resort closed. That would be a nice ending. Experience has taught me that’s not always, or even usually, the case.

Good question. I didn't mind getting more than $5K for my week at Edisto from LemonJuice, but when I looked at the accounting, it seemed like an awful lot had been charged against my unit for "refurbishment." $5K was way more than I paid for it, which softened the blow.

 

[Quinte]

Lemonjuice when life gives you lemons…

 

[falcon]

I just did a write up this morning. After almost 3 years of litigation with BDO and the Ontariocourts, Carriage Hills and Ridge owners have been told we will receive just over $4500 per share. I see this as a huge win! Owners were paying people to take them a few short years ago. Just legally getting out of our ever increasing maintenance fees was a win. We paid no fees once the legal process started.

 

[Ginnyb908]

It’s a nice buyout, but I wonder what the balance sheet looks like for owners who held on until the bitter end. MF increases, maybe shoddy upkeep, difficulty exchanging towards the end. I’m not saying they had these issues, but we’ve owned a couple of distressed properties that have had issues. In the end the costs would have been more than the payout on this particular settlement if they’d have been closed and sold.

So long as it was an organized, expected closing like a sunset clause, things probably went as well as could be expected with owners enjoying usage up and until the resort closed. That would be a nice ending. Experience has taught me that’s not always, or even usually, the case.

There was a sunset clause and our maintenance fees never went up. There was definitely a need for better upkeep, but I think they just held off on that due to the sunset clause.