What do I do if [an association files bankruptcy]

[toddnlorie]

Oh wow. That will be interesting to watch. We are still not done with the bankruptcy process...it is taking forever!

 

[vacationhopeful]

Am at the Ft Lauderdale Beach Resort right now … this place has been thru 2 prior bankruptcies .... and is still up & running. VRI is the current managing company. The board of directors for the property are very vested in its management …. many owners have multiple weeks of ownership. It exchanges with both RCI and II. And has a regular upgrade cycle. 2 bdr weekly MFs are #$880 yearly. 1bdrs units range between the mid to upper $700s ( 2 different units sizes). I never rent a car here a there are LOTS of dining and bars in the area. Galleria Mall is longer walk but do-able.

And yes, there is Public Bus with a senior discount ---- even FREE bus service (for tips and with limited hours).

 

[Hippely]

The annual meeting of the YACINDE Association is tonight. It appears that a huge number of units are now Association-owned...possibly 20-25%. The board is increasing fees by 10% because the remaining owners have to cover the per unit costs of the empty Association units. These units are not saleable - only 3 sold in 2019 - and the Association is marketing with perks no owner can offer - up to a year free dues, no closing costs. They also will not accept "returns." I am thinking of stopping dues payments as this place is headed for a lifetime "in the hole." I suggested that we sell/give the property to a major resort operator but it is an emotional issue and no one is willing to bite this bullet. PS: We have owned our unit for 40 years so we have seen all of the changes and management errors that are now coming to a terrible head! Any ideas?

We own a unit in Yacinde and have moved out of state. We are very frustrated at not being able to deed-back the unit or sell it. We are considering stopping dues as well. Curious if you have done this. The maintenance fees have doubled over the last several years which is not acceptable. Thinking that if enough owners stop paying that it will force their hand. However, they can add fees and penalties for non-payment.

 

[Ski&Fish]

I was told that Ellowee will be demolished and will likely have full share units built in it's place

Does anyone know status of Yacinde Association at Wapato Point, WA?
Any truth to rumors a new casino will be built in Manson?

 

[Murphyw]

I was just at Wapato Point. Five of the Ellowee buildings have been leveled. Just one to go. Does anybody know the financial status of the other associations?