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Silver Beach Club-Daytona Beach may be retiring their timeshare resort

C

crowmg

TUG Member
Joined
Mar 22, 2011
Messages
36
Reaction score
18
Location
Richmond, VA
We just got a newsletter stating that the timeshare in experiencing financial difficulties and new Florida regulations and are considering "retiring" the resort. This is an older resort and the upkeep and is in constant need of repairs due to hurricanes. They state owners are not paying dues so they have a surplus of resort owned units and no new buyers in sight. They have consulted with TOWB (The MVP Service - owned by the Takacs) to possibly buy the resort. I know nothing about this company so I'm asking for other owners their thoughts and experiences if they have experienced their resort being "retired".
 
We have stayed there twice in the last couple of decades mainly for the location (so we can walk to baseball games at Jackie Robinson Park across the river). It was quite worn and tired looking the first time then the 2nd time we stayed they were excited to show us remodeled units (the wing facing the ocean). It was just a lipstick & mascara makeover and they didnt fix or move the pillar in the middle of the kitchen which made opening the oven door difficult and dangerous. The new units had about a 25" TV in the middle of the huge livingroom wall. We actually laughed out loud when we walked in and saw it. You'd need binoculars to watch baseball or hockey on the TV.

I know they suffered a lot of hurricane damage in recent years and were closed for a long time, and probably still are, since their website still says they will reopen in October of 2024. Too bad!

~Diane
 
It looks to be a similar outfit as Lemonjuice Solutions. I don't know that they actually buy the property but rather work as consultants to repurpose or sell the resort. They may also work with a resort to help rent HOA owned weeks or help sell weeks to new buyers.
 
dioxide45 said:
It looks to be a similar outfit as Lemonjuice Solutions. I don't know that they actually buy the property but rather work as consultants to repurpose or sell the resort. They may also work with a resort to help rent HOA owned weeks or help sell weeks to new buyers.
Click to expand...
The newsletter states that this "repurposing" option would be to terminate the timeshare, sell the building and share net proceeds, if any. TOWB would advance to the resort the needed funds, subject to repayment, which will also cover all costs related to potential repairs and manage the work. Going forward, they would like to have one owner for each unit (52 weeks). They would handle the legal process to consolidate and clean titles to sell the property. We were seriously considering deeding back the property anyway as it's been so poorly maintained over the last 5-6 years and every year seems to bring more expense for repairs for hurricane damage. We live 1000 miles away so we probably won't be traveling to FL for many more years.
 
crowmg said:
The newsletter states that this "repurposing" option would be to terminate the timeshare, sell the building and share net proceeds, if any. TOWB would advance to the resort the needed funds, subject to repayment, which will also cover all costs related to potential repairs and manage the work. Going forward, they would like to have one owner for each unit (52 weeks). They would handle the legal process to consolidate and clean titles to sell the property. We were seriously considering deeding back the property anyway as it's been so poorly maintained over the last 5-6 years and every year seems to bring more expense for repairs for hurricane damage. We live 1000 miles away so we probably won't be traveling to FL for many more years.
Click to expand...
There are 2 options that owners must vote on.
 
The property resale value is worth more with a building on it than just a vacant piece of land. Does this property have any water front views or access to water views liked a lake or an ocean?
 
I believe all of their 1 bedroom and studio units face the ocean. The 2 br units overlook the pool and side street that has beach access for vehicles if they still allow driving on the beach.
 
We rented a week 6 there from rci in 2013 for $400. Those deals are just memories.
We had a 1-bed 5th floor ocean front.
It was the week before the big race and it was fun watching the preliminary races on tv in the evenings and talking about them in the pool area with the fans that go there each year.

2013b1.jpg
 
IMHO, because it has ocean views and beach access the land value should be high. I suggest looking at city real estate land value of this property.
 
Well, the fat lady has sung her last song. We got notification that a meeting and vote occured on October 1 and they had enough members request that The Silver Beach be sold. As an owner, I am glad that they are retiring this timeshare. We had planned to turn this one back to the resort had this not happened when it did. These are the details.

GOOD NEWS
  • The vote passed. Wednesday at 1 PM was the official meeting. The vote to terminate is approved.
WHAT HAPPENS NOW
1. The property will be listed for sale. That should be done next week. Once listed we will send you the link so that you can see the listing.

2. Our goal would be to have multiple offers. The board is authorized to go under contract.

3. Once a contract is signed, we will be in due diligence. Depending on the buyer – the contract will determine how long that due diligence period is.

4. At some point there will be a closing. Once we close, all money will be held in escrow and the wind-down of the timeshare will begin. This will include:

a) Identification of and payment of final expenses (some of which will be in the future).

b) Signed agreements with CPA and Counsel for going forward activities.

c) During this time, we will be contacting owners if any additional forms are needed. For example, for sure we will need a W9 and there could be other forms needed.

d) We will also be doing the ‘math’ once all expenses are paid. THE ‘math’ being how much each owner will be paid.

e) There will be a high-level summary of the expenses and how the proceeds numbers were arrived at.

5. Once all the above is done, distributions will be done to each owner along with the sending of a 1099.

TIME-FRAME.
  1. We expect to be done by January or February. Hopefully sooner.
USAGE OF THE PROPERTY
  1. The property will remain open at least until December 31. We will not take any reservations into 2026.
 
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