Spinnaker, Palaceview South Branson Deedback

[falcon]

Lot's of odd, conflicting information I've been reading. Pre-covid they had hired a new Manager to deal with delinquencies. I recently read they were at 7-15%. This indicates a downward spiral (having already been through a resort bankruptcy, that's a huge red flag). Years back, they were not doing deedbacks. Last year, they were but were charging $8,000. Now, they are but are asking $1000. So, if a large percentage of owners opt to go this route, how much will existing owner's fees go up to pay for the running of the resort? Has anyone done the deedback? And is it possible this is a last ditch effort to squeeze owners before a bankruptcy? I have no faith in Spinnaker. They are the worst of my 4 timeshares. We have no Board of Directors. They call all the shots

 

[tschwa2]

Presumably if they are taking $1000 for the deed back it pays the recording and legal cost for the deed back and at least part of the remaining amount would pay for 6-12 months of MF's while they are reselling the unit. If that is the case it shouldn't put additional pressure on the HOA. If the management company is keeping all of the remaining fee as their profit as manager, and saddling the HOA with the MF's for the unsold units then yes it will continue to add to the increasing MF's and higher default death spiral.

 

[bnoble]

Do they have an active sales arm? If so, the lower price could just mean they are successful at (re-)selling weeks that are deeded back, and they want the inventory.

 

[falcon]

They are still selling although I believe the focus is on the vacation club rather than traditional timeshare. I have heard that they charge $1500 to transfer to a non family member (plus other fees) so I have not even attempted to sell.

 

[falcon]

Presumably if they are taking $1000 for the deed back it pays the recording and legal cost for the deed back and at least part of the remaining amount would pay for 6-12 months of MF's while they are reselling the unit. If that is the case it shouldn't put additional pressure on the HOA. If the management company is keeping all of the remaining fee as their profit as manager, and saddling the HOA with the MF's for the unsold units then yes it will continue to add to the increasing MF's and higher default death spiral.

I have no faith that the management company is acting in good faith. My other 3 timeshares have a Board of Directors, and while they don't have a lot of power, they can pushback against illegitimate expenses, etc.

 

[bnoble]

I believe the focus is on the vacation club

That's backed by timeshare weeks---the inventory has to come from somewhere.

This is exactly what e.g. Wyndham is doing as well; recycling foreclosed or surrendered weeks into the trust points product as a cheap source of inventory.

If you don't believe the management company is acting in good faith, sell it/give it back.

 

[falcon]

I'm feeling a bit better that the deedback offer is legit, but I'd love to hear from someone who successfully did this recently. You can never get anyone on the phone....ever! I'm just so done with this organization.

 

[silentg]

Have you tried to give it away on TUG?

 

[falcon]

Have you tried to give it away on TUG?

I haven't because they apparently want $1500 up front if you transfer to anyone but family so I may as well just pay the $500