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Streamside at Vail/M.F. invoice & news of defaults by owners

Carol C

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Just got my m.f. bill with a newsletter explaining the need to charge us a "replacement reserve" fee. In two years since fall of 2010 the association has had to repossess a large number of unit weeks due to economic conditions. Thus they say bad debt expense at Streamside Vail/Birch has risen by 800%. They are offering a buy one get one free deal there, so post here or PM me if you want to explore ownership there to be able to take advantage of internal exchanges into Marriotts using Marriott priority within II.

So...anybody else who owns any Marriott timeshares get the new m.f. bill with new fee to be paid due to owners giving up their unit weeks?
 

dougp26364

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Marriott Shadow Ridge
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This looks like it was poor planning by the HOA. All of our timeshares have a bad debt expense built into the MF's. A couple of our non-Marriott timeshares increased the bad debt expense considerably when the economy went south. When bad debt expenses didn't meet their anticipated levels, the funds were returned in the form of smaller increases in yearly MF's due to the surplus.

So far we haven't recieved any sort of what I'd consider an assessment for the HOA's poor planning for bad debt in a down economy. It surprises me that this is the first HOA I've heard of that has had to do something like that but I bet it isn't the last.

Unfortunately, when an HOA doesn't get ahead of something like this, it can be like a snowball picking up speed heading downhill. They can't afford to get behind and then ask owners to make up the difference. Otherwise default will increase until it gets to the point where no one can afford a timeshare at those resorts.
 
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SueDonJ

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I don't understand. It sounds like you may be talking about the other notice that some of us have gotten this year pertaining to non-judicial foreclosures for non-payment of MF's. Or, did you get a separate bill just to cover bad debt expenses, in addition to your annual MF bill?

This is Birch at Streamside's 2011 operating budget from my-vacationclub.com and it doesn't represent all that much of a difference from 2010's - $1,286.80 from $1,260.87. The Reserve Fee increased from $362.24 to $383.98 but the Bad Debt Expense line item is the same as last year's, $18.12. (That's different from most others this year - we're mostly seeing increases in the Bad Debt Expense.)
 
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ondeadlin

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I used to own in Birch and generally like Streamside, but man, I'm amazed how much fees have gone up. $2,500 for a 2 bedroom unit is just way too rich for my blood.
 

SueDonJ

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I used to own in Birch and generally like Streamside, but man, I'm amazed how much fees have gone up. $2,500 for a 2 bedroom unit is just way too rich for my blood.

:eek: Now I'm really confused! Where are you seeing $2,500? That link says the MF for 2011 is $1,286.80 (or $107.23/month.) But there's a chart below it, "2011 Total Maintenance Fee Summary," that looks like it breaks down actual expenses per unit/week, maybe? I don't know, have never seen anything like that before.

Found this, too, a list of the 2-for-1 inventory available to Streamside Birch owners from Resale Operations. But still haven't found anything about 800% foreclosures or an extra fee due because of them?

********
DOH! Now I see what the charts are underneath the Operating Budget! Sorry for all the confusion, didn't realize there were so many different unit configurations and property tax breakouts at Birch. I'm used to seeing just the OB with columns for 2- and 3-bedroom units.

(But I'm still confused by the OP's questions about the Reserve Fee. They've always had one and this year's isn't all that much higher than last year's?)
 
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rhonda

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:eek: Now I'm really confused! Where are you seeing $2,500? That link says the MF for 2011 is $1,286.80 (or $107.23/month.) But there's a chart below it, "2011 Total Maintenance Fee Summary," that looks like it breaks down actual expenses per unit/week, maybe? I don't know, have never seen anything like that before.

Found this, too, a list of the 2-for-1 inventory available to Streamside Birch owners from Resale Operations. But still haven't found anything about 800% foreclosures or an extra fee due because of them?
The sales sheet, in the link you provided, shows:

Prime 2BR+2BA BI*0106*13*B 13 $4,900 $2,471.21
 

SueDonJ

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The sales sheet, in the link you provided, shows:

Prime 2BR+2BA BI*0106*13*B 13 $4,900 $2,471.21

Caught that probably while you were typing. :eek: Thanks, Rhonda.
 
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