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The Soundings Seaside Resort Financial Problems

T

Thomas Grace

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Jan 1, 2009
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Rhode Island
I own a week at the Soundings, and I have just been informed that the multi-resort (Breakers, Edgewater, Soundings) project is in trouble. The information was provided, I believe, by a member of the Soundings sales staff and I was referred to a lawyer who is taking inquiries from owners for a possible class action suit. The lawyer confirmed the allegations of serious trouble.

Edgewater owners have several posts on this site that suggest trouble, and they recently created a members only Yahoo group for communication. Edgewater posts primarily relate to problems with poor maintenance and use of maintenance fees, but they also identify a serious conflict between the Board of Trustees and the management company.

Regarding the Breakers, I was told that completion of the Breakers is two years behind schedule and has now stopped. Work on the Soundings was supposed to start in October, but no work has been done to date.
Anyone with information on these matters is asked to make posts to this site. Thank you for your consideration and assistance.
 
K

klminnewyork

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Jan 3, 2009
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averill park, ny
Concerned in New York

We also own a week at the Soundings. We are very concerned and had some concerns when we bought the timeshare last year. At that point the Breakers was at a stand still and there were many units for sale for a relatively high price. Despite our concerns, we did purchase a week for 2 units with the feeling that it was a great spot on the Ocean and we would enjoy it for years to come. We have spoke to the soundings on a few occasions to secure the week this summer, as we were told to do and never get a convincing response. We have just received our maintence fee bill and after reading this post are very concerned.

Any further info you have I would appreciate and maybe even the Lawyer you were referred you or the person who referred you.

Thank you and stay in touch.
 
C

Corky

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Aug 16, 2005
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Location
upstate New York
I don't own at the Soundings but recently purchased a week at Edgewater. Could you kindly direct me to that support site you mentioned?

If one timeshare goes down, will the rest of them?

Thank you.
 
M

mycapeattorney

[TUG has a strict no-advertising rule. Posting your business contact info. is not permitted. Plus, this thread is over a year old. - DeniseM Moderator.]
 
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