Carolinian said:
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I note that one Tugger is pushing a sell out and close down line. This is not what I would expect from someone who is supportive of timesharing. That should be an absolute last resort when there are no other options. Often, the best option is changing management and changing HOA control.
To get an owners list, use the corporate statutes. Most HOA's are organized as non-profit corporations, and there is a right in corporate law to a members list during a time period prior to the annual meeting. The law limits what you can do with that list, but it can generally be used for purposes of seeking to elect board members or push policy initiatives within the organization.
I assume when you say "one tugger..", you're talking about me. In the case of Sunburst Condominiums, shutting down the timeshare is not the last resort, we can pay the 1.7million to refurbish the 17 units (we just paid approx. .9 million 3 years ago for ext. refurb). However, don't assume, just because it isn't the "last option", that it isn't the best option. If you own all 52 weeks of timeshare in 1 unit, you would be able to sell the weeks on the open market for around $80 - $90 thousand total. However, last time I was in Steamboat, there was a wholly owned listed at $275K, and one had just sold for $269K. So while there is no requirement to shut er down, doesn't that sound like the best use of the real estate?
If the owners are given the option of either paying another $1000 in special assessment plus annual dues, and continuing to use this timeshare as a timeshare, or NOT paying the money and actually putting a little money in their pocket, I think most would probably sell. However, the HOA refuses to give owners the option. I've been trying to talk to the HOA for 2 years about various issues, but they defer to the management company. I've talked to the management company, and they are receptive to the idea. They are going to talk to the HOA and get back to me.
I can present the idea at the owner's meeting, and get it in the newsletter that goes out afterwards, but there's only 65 people at the meeting, and who knows how many read the newsletter.
Colorado has nothing in their timeshare statutes requiring they give me the owner's list. And it isn't mentioned in the bylaws.
Why do you insist that we owners should do whatever's necessary to patch together this mixed use resort and continue to pay fees, except as a "last resort". Just because people bought a timeshare 30 years ago, does that mean they should re-evaluate the use of it occassionally? Should we patch it together to benefit timesharing in general, and exchangers in particular? Or should we do what's best for us?
At one time, this timeshare was acceptable. By today's standards, it isn't, and it will never be. It has no pool, only a small indoor hot tub, and no other amenities. The rooms are nice, and in a nice location. It would be a nice wholly owned complex. That's what it started out life to be, except it went bankrupt during the bust in the 80s and some units converted to timeshare. Most of the money spent on interior refurbishment will be wasted, if we sell it as wholly owned, since it won't bring a lot more on the market with new carpet, furniture, etc. Perhaps a bit more, but not much.