resort closure [CapeWinds Resort in Hyannis]

[4reisjes]

This week we received notice that CapeWinds Resort in Hyannis is closing its doors. Too little paying owners.
Apparently there is an offer to buy the resort.
Should we want % of the profit, we have to pay our maintenance fees for next year, 2025
As we have 5 weeks, that is a costly gamble.
And no, we can not use any week in 2025.
Advise

 

[Ski-Dad]

If you do not pay your 2025 MF they cannot cut you out of the sale proceeds without first foreclosing on your units, but they can deduct any amounts owing from your share of the sale proceeds.

Secondly, if you do pay the 2025 MF, you would be entitled to your prorata share of any residual monies.

 

[montygz]

How much is the resort worth?
Will the resort tell you about how much you will receive for the payout?
How much are the fees?
If each unit has 52 owners, and the units sell for $250K a door after all the commissions, fees and whatnot, each owner would collect $4,807 if divided equally.
If the property is valuable, and being in Hyannis you think it would be, you'd expect to at least break even on typical maintenance fees.

I would urge you seek out more information from the report though.

 

[4reisjes]

How much is the resort worth?
Will the resort tell you about how much you will receive for the payout?
How much are the fees?
If each unit has 52 owners, and the units sell for $250K a door after all the commissions, fees and whatnot, each owner would collect $4,807 if divided equally.
If the property is valuable, and being in Hyannis you think it would be, you'd expect to at least break even on typical maintenance fees.

I would urge you seek out more information from the report though.

Thank you, those are very helpfull questions

 

[sfwilshire]

I was curious so Googlemapped the resort. It looks like you're in a spot where real estate would be relatively high value. They should tell you what the interested party"s offer is. You should also be able to get some comparable idea with research of sales in the area. There may be a tidy profit for the owners if the management company doesn't do anything shady.

Sheila

 

[kanerf]

I had two resorts sold out from under me. Never received a dime.

 

[Tacoma]

I had one resort that did pay out a bit when it closed. It paid out about $1200 or so Canadian. Not a lot for an oceanfront resort on Vancouver Island but at least something.

 

[chapjim]

I was curious so Googlemapped the resort. It looks like you're in a spot where real estate would be relatively high value. They should tell you what the interested party"s offer is. You should also be able to get some comparable idea with research of sales in the area. There may be a tidy profit for the owners if the management company doesn't do anything shady.

Sheila

Why should they do that?

 

[sfwilshire]

Why should they do that?

If you're an owner, you'd want to know at least a potential price before you decided whether to pay the required fees in hopes of recovering the money after a sale. Why wouldn't the board tell you?

Sheila

 

[chapjim]

If you're an owner, you'd want to know at least a potential price before you decided whether to pay the required fees in hopes of recovering the money after a sale. Why wouldn't the board tell you?

Sheila

Because the Board is in negotiations and negotiating a real estate deal is difficult enough without the public knowing the negotiating positions. Even if an owner knew with certainty the selling price, he doesn't know what other owners will do.