RCI Suspended Eagle Village Tamiment

[nellevad]

We have to close. There is no choice. Not enough members to carry the cost of renovations or even running the property, back taxes and future taxes. The longer it sits, the worse it gets. Only saving grace is we won't have to pay anymore. This company will manage the resale/repurpose and make enough money ro cover the taxes and outstanding bills. We should not be responsible fir anything.

 

[natalia]

I think that is a resale company …I googled them so we should all be aware

I was weary and uncertain when I first listened to the Zoom meeting last month. However after careful reflection and consideration I now realize that unfortunately the only option is to close. ( Special assessments are out of the question since the costs for the remaining time share owners would be unreasonable and uncollectible.)According to recent reports there is no funds available for daily operations,employee salaries and the needed financial resources to pay for overdue taxes,electric,etc.(Not to mention the desperate maintenance repairs and upkeep required.)It is very unfortunate that it has come to this but when many owners (understandably)have stopped paying annual fees and the past incompetence and neglect of management and Board of Directors this is what has occurred.

 

[Sunnyann]

I was weary and uncertain when I first listened to the Zoom meeting last month. However after careful reflection and consideration I now realize that unfortunately the only option is to close. ( Special assessments are out of the question since the costs for the remaining time share owners would be unreasonable and uncollectible.)According to recent reports there is no funds available for daily operations,employee salaries and the needed financial resources to pay for overdue taxes,electric,etc.(Not to mention the desperate maintenance repairs and upkeep required.)It is very unfortunate that it has come to this but when many owners (understandably)have stopped paying annual fees and the past incompetence and neglect of management and Board of Directors this is what has occurred.

What are they going to tell us tomorrow night. I think the company organizing the webinar is a timeshare resale company but there is nothing the owners have to offer / sell so not sure what they will be proposing to us.

 

[nellevad]

They need us to vote to amend the timeshare covenent to include a clause that will allow the owners to vote to close. Most covenents have a termination clause. Ours does not. We have to first vote to include that clause, and then bite to close.

 

[nellevad]

Vote not bite...

 

[Sunnyann]

They need us to vote to amend the timeshare covenent to include a clause that will allow the owners to vote to close. Most covenents have a termination clause. Ours does not. We have to first vote to include that clause, and then bite to close.

So a timeshare resale management company has the power to do something with our votes?

 

[FloRidatraveler2007]

So a timeshare resale management company has the power to do something with our votes?

Curious if John or The Goochers will be on it, considering they have most of the TS ownership

 

[nellevad]

So a timeshare resale management company has the power to do something with our votes?

No, the company is going to present this option. We vote yes or no. At this point, seeing as the board doesn't really exist, we are between a rock and a hard place. The property is no longer. I dont want it anymore. I will vote to amend for a termination clause and then vote to close.

 

[nellevad]

Curious if John or The Goochers will be on it, considering they have most of the TS ownership

Yes, I wonder, too.

 

[callwill]

So a timeshare resale management company has the power to do something with our votes?

Towb is more than what you think it is (i previously posted these links- i dont own here, just interested because the closure of the resort i own at has been undertaken and i am watching to see how this goes):

TOWB - Affordable timeshare in great locations

Buy affordable timeshare in great locations: Ocean Landings, Caribbean Beach, Sea Scape, Barrier Island Station, Ocean Pines, Fox Hunt, Highlands and more.

towboptions.com

TOWB | LinkedIn

TOWB | 54 followers on LinkedIn. Dedicated to achieving the best path forward for legacy resort associations. | We are a family team of timeshare veterans who are committed to creating an honest plan to ensure the best use of legacy timeshare resorts. We present Homeowners Associations and...

www.linkedin.com

TOWB Announces the Completion Repurposing Project at Crown Ridge Resort in North Conway, NH

/PRNewswire-PRWeb/ -- TOWB LLC announces its latest partnership and the completion of sales at Crown Ridge Resort in North Conway, NH, one of its many...

www.prweb.com

 

[nellevad]

So far, I think it will be to our benefit.

 

[FloRidatraveler2007]

Update from meeting?

 

[nellevad]

The same information was provided as the first meeting. The logic and finances on why the resort got so bad. Talked about cost to owners to revitalize....10,000 assessment per owner, etc. Talked about how it is our choice, but selling the resort would be in our best interest. Less than 400 owners. The owners on record in good standing could possibly get a return, as has happened at other legacy resorts. Return of this year's fees to owners who couldn't use is not a guarantee. All units sent to the Oakes group are still in the Association. Dont recall if there was an answer as to whether they get to vote on ending seeing as these units are technically association owned, if true. Today there was something about the past taxes that he had to address but wasn't sure how it would go. Said he has only been involved for the past few months even though they have known about the situation at EV. Praised the Goochers and Oaks for trying to fix the resort. Soneone asked about Bluwater, the company that owns the land around EV. Didn't seem to know much, but his daughter said they are in contact. Vote will be out in about 45 days. Seemed very concerned to reach everyone. Took a vote to see right then and there if owners would sell. Most did. I couldn't vote for some reason, couldnt access the button. So some others might have had that problem too. There were a few who said they weren't sure??? All in all, the bottom line is no more fees for current owners, those who are in arrears will probably not see any financial cost, but no gain either. I think he said owners will split 50% of the final profits if there are any. That means Towb makes 50%. That's fine with me. They are bringing in another company, Lemonjuice, to help with the financing. They will be turning the utilities back on for the winter. They will retire 2 employees and pay them their back pay. Got the impression things are a little different than he thought when his company first signed on.