Timeshare Obsolescence [Westgate South Beach]

[SunGod]

Westgate South Beach has a proxy vote coming up on March 25th...They want us owners to vote on the Obsolescence of the property as it will cost millions to repair...they also have a buyer North of the property interested in purchasing and want us to certify the commerical contract prior to the HOA ratifying and joining the contract as a Seller...My question is am I giving up My time share ownership as a result of voting for the obsolescence and terminating the timeshare plan and begin unwinding the ownership of the resort property through the process set forth in the project governing documents called Obsolescence?? After winding up the HOA will I still be eligible to share in the distribution of Net Proceeds from this sale? Appreciate any Help Tug can provide prior to sending in the Proxy vote for March 25, 2022...Best Regards, Jack 216 224 5047

 

[emeryjre]

Isn't there information on what happens to each owner in the documents you are are voting to certify?

 

[seascapemvy]

If it gets you out of Westgate it's a great deal and you should jump at it.

 

[rickandcindy23]

You should get some money but if you don't, I wouldn't lose sleep over it.

 

[TheTimeTraveler]

I think the only one who will really capitalize on this situation is Westgate themselves. It indirectly sounds like the property is worth more being put to another use and somebody wants it.



.

 

[pedro47]

South Beach, Florida is a nice place to own a large parcel of land and with a historic commercial building on it.

That land and building are worth some big bucks.
This is waterfront property In South Beach, Florida.

 

[pedro47]

Westgate South Beach has a proxy vote coming up on March 25th...They want us owners to vote on the Obsolescence of the property as it will cost millions to repair...they also have a buyer North of the property interested in purchasing and want us to certify the commerical contract prior to the HOA ratifying and joining the contract as a Seller...My question is am I giving up My time share ownership as a result of voting for the obsolescence and terminating the timeshare plan and begin unwinding the ownership of the resort property through the process set forth in the project governing documents called Obsolescence?? After winding up the HOA will I still be eligible to share in the distribution of Net Proceeds from this sale? Appreciate any Help Tug can provide prior to sending in the Proxy vote for March 25, 2022...Best Regards, Jack 216 224 5047

I just looked at this property and it's location. IMHO
That property is worth some huge dollars.
it's waterfront property. Big Dollars Value.
How many individual owners are at this timeshare property?
I feel you should receive some proceeds from this sale. But you are dealing with Westgate and that maybe the big problem. Good luck.

 

[pedro47]

Westgate South Beach has a proxy vote coming up on March 25th...They want us owners to vote on the Obsolescence of the property as it will cost millions to repair...they also have a buyer North of the property interested in purchasing and want us to certify the commerical contract prior to the HOA ratifying and joining the contract as a Seller...My question is am I giving up My time share ownership as a result of voting for the obsolescence and terminating the timeshare plan and begin unwinding the ownership of the resort property through the process set forth in the project governing documents called Obsolescence?? After winding up the HOA will I still be eligible to share in the distribution of Net Proceeds from this sale? Appreciate any Help Tug can provide prior to sending in the Proxy vote for March 25, 2022...Best Regards, Jack 216 224 5047

SUGGESTION ONLY ..TO the OP, please delete your phone number. asap.
Unless you want scammers to start calling you about selling or buying your timeshare property.
Good Luck in dealing with Westgate.