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Original Message:
Re: Important Update Affecting Resale Purchasers (by Brett W.):
To all, I own in the Falls, been an owner since 1995. My brother-in-law has been an owner since 1978 or 79. Refurbishment is how things are updated to keep current. This the second refurbishment he has had to pay for in his unit. They are not included in the maintenance fees and this is stated in all the original paperwork I have (I had them give me copies of everything even things that they made statements on and I wanted it writing). Now that being said, it just so happens it is poor timing with the economy, but the economy did not take the dive until 2008 (mid year), all of decisions were made in 2007 and I am sure contracts signed. The machine marches on. Of course Starwood is not going to let folks out of this they are a major corporation (owns Sheraton Hotels, etc). They are going to get paid whether we like it or not and they are going to make it hard on anyone who does not pay. Not nice but that is the way of the corporate world. Another point is that they are going to play hardball and through attrition drive some of the folks out who own in the older units, I am sure they are working at buying up whole buildings as best they can, as our units sit on prime real estate that can house 6 story buildings instead of 2 and 3 story buildings. Refurbishment is just a way to keep up appearances and not let the resort go down in looks and keep exchanges up. It is going to be a huge balancing act. The last thing to top it off is the Falls are changing when the maintenance fee is going to be due, they have not stated the date but have stated early in the year and it is going to start in January 2010. No more staggered due dates for the fees, everyone in the Falls in 2010 is going to have the same due date and I expect it is going to be in January, which means right after Christmas (hopefully not but I am betting), no more using tax returns to pay the fees. It is going to be interesting how many folks this affects and how many will leave with this change. Believe me, I did not want to pay this but there is nothing that can be done that I can see and with Jeffrey's reply that says it.