I'm surprised that there have been no posts on the latest garbage from the Blue Whale BOD, who are now trying to get the owners to change the CC&Rs...
Back in 2000, they told us that the building was falling apart, could be condemned by the City Of Oceanside at any time, and we needed to spend $5,000,000. A group of TUG Blue Owners spearheaded the drive to defeat that proposal. Back to the drawing board, the BOD came up with a $300,000+ renovation of the property.
Now, in a new revitalized attempt to screw the owners, the BOD wants to rewrite the CC&Rs "to prepare for contingencies that may include that the City Of Oceanside exercies its right to condemnation of our 1920's era building or deem the structure to be uninhabitable and the possibility that the Property may become financially uneconomical to maintain."
So, after $300,000 in renovations (keep in mind that this is a 12-unit building so $300,000 is a pretty hefty sum), the building is again in disrepair, and is ready to be condemned by the city of Oceanside?
Under the original CC&Rs, the timeshare was supposed to be terminated in 2014 or 2034 (discrepency on the dates). These brainiacs and their esteemed legal counsel have just discovered this after 25 years? Lanton Eldred has been the HOA attorney for "approximately 20 years." He's collected tens of thousands of dollars from the HOA over the years but has never bothered to read the CC&Rs until now? By the way, the last time I checked, Lanton Eldred is an estate-planner, though he plays a Real Estate Attorney at the annual meetings, IMO.
Much of their new rewritten CC&Rs are very troubling to me. The timeshare can only be terminated if a plan is in place to replace the building? I don't think so - I will only vote for a plan that will let it be terminated for any reason, and with the option of just outright selling the land with the proceeds going to the owners. "The property shall be sold to an entity created for the sole and express purpose of constructing a new Project upon the Property.." And just who would this entity be? And where would they get approximately $9,000,000 to buy the land (30 foot lots are still going for about $3 million and the Blue Whale property is 90-feet wide) ? And where would they get the funds to build the new structure? Would that entity be Tricom Management, and the money come from the current owners (to buy it from themselves?) ? Or perhaps Schnepp Inc. and they'd offer $500,000 for the land? And, if a new structure is built, those owners who wish to participate need to pay up and pay developer price (minus I'm sure a very generous resale value of their old unit) for a new unit. Get a clue - with the current recession, very few timeshares are going to be sold at developer prices in the coming years..resales are going to be in big supply too.
BOD at Blue Whale: If you want to rewrite the CC&Rs, the termination date remains 2014; the owners can vote to terminate for any reason at any time (not just in 10-year periods); the owners can terminate to sell the property to ANYONE. Your rewrite as it stands is garbage. I VOTE NO!
I expect that most TUG owners who owned at the Blue Whale back in 2000 have long since bailed out. Are there any of you left? I urge all of you to vote no on this ridiculous proposal. Just my personal opinions here.
Back in 2000, they told us that the building was falling apart, could be condemned by the City Of Oceanside at any time, and we needed to spend $5,000,000. A group of TUG Blue Owners spearheaded the drive to defeat that proposal. Back to the drawing board, the BOD came up with a $300,000+ renovation of the property.
Now, in a new revitalized attempt to screw the owners, the BOD wants to rewrite the CC&Rs "to prepare for contingencies that may include that the City Of Oceanside exercies its right to condemnation of our 1920's era building or deem the structure to be uninhabitable and the possibility that the Property may become financially uneconomical to maintain."
So, after $300,000 in renovations (keep in mind that this is a 12-unit building so $300,000 is a pretty hefty sum), the building is again in disrepair, and is ready to be condemned by the city of Oceanside?
Under the original CC&Rs, the timeshare was supposed to be terminated in 2014 or 2034 (discrepency on the dates). These brainiacs and their esteemed legal counsel have just discovered this after 25 years? Lanton Eldred has been the HOA attorney for "approximately 20 years." He's collected tens of thousands of dollars from the HOA over the years but has never bothered to read the CC&Rs until now? By the way, the last time I checked, Lanton Eldred is an estate-planner, though he plays a Real Estate Attorney at the annual meetings, IMO.
Much of their new rewritten CC&Rs are very troubling to me. The timeshare can only be terminated if a plan is in place to replace the building? I don't think so - I will only vote for a plan that will let it be terminated for any reason, and with the option of just outright selling the land with the proceeds going to the owners. "The property shall be sold to an entity created for the sole and express purpose of constructing a new Project upon the Property.." And just who would this entity be? And where would they get approximately $9,000,000 to buy the land (30 foot lots are still going for about $3 million and the Blue Whale property is 90-feet wide) ? And where would they get the funds to build the new structure? Would that entity be Tricom Management, and the money come from the current owners (to buy it from themselves?) ? Or perhaps Schnepp Inc. and they'd offer $500,000 for the land? And, if a new structure is built, those owners who wish to participate need to pay up and pay developer price (minus I'm sure a very generous resale value of their old unit) for a new unit. Get a clue - with the current recession, very few timeshares are going to be sold at developer prices in the coming years..resales are going to be in big supply too.
BOD at Blue Whale: If you want to rewrite the CC&Rs, the termination date remains 2014; the owners can vote to terminate for any reason at any time (not just in 10-year periods); the owners can terminate to sell the property to ANYONE. Your rewrite as it stands is garbage. I VOTE NO!
I expect that most TUG owners who owned at the Blue Whale back in 2000 have long since bailed out. Are there any of you left? I urge all of you to vote no on this ridiculous proposal. Just my personal opinions here.
