Another Special Assessment

Sounds like another $640 per unit being proposed. Why don't we just sell the land to a developer?

llacy wrote:

Sounds like another $640 per unit being proposed. Why don't we just sell the land to a developer?

I'm NOT happy with management - just finished paying maint fee plus $300 one time special assessment, now it's $640 more! I can't even sell for what I have in assessments! This is either an effort to force out current owners, or a fault in mgmt to find the problems the first assessment was supposed to fix. How do we fare if this money pit can be sold to a developer?

ericw84 wrote:

llacy wrote:

Sounds like another $640 per unit being proposed. Why don't we just sell the land to a developer?

I'm NOT happy with management - just finished paying maint fee plus $300 one time special assessment, now it's $640 more! I can't even sell for what I have in assessments! This is either an effort to force out current owners, or a fault in mgmt to find the problems the first assessment was supposed to fix. How do we fare if this money pit can be sold to a developer?

I was told that they needed 100% of owners to approve a sale, and that's very unlikely to happen especially with some units in probate and foreclosure.

llacy wrote:

ericw84 wrote:

llacy wrote:

Sounds like another $640 per unit being proposed. Why don't we just sell the land to a developer?

I'm NOT happy with management - just finished paying maint fee plus $300 one time special assessment, now it's $640 more! I can't even sell for what I have in assessments! This is either an effort to force out current owners, or a fault in mgmt to find the problems the first assessment was supposed to fix. How do we fare if this money pit can be sold to a developer?

I was told that they needed 100% of owners to approve a sale, and that's very unlikely to happen especially with some units in probate and foreclosure.

Does the handwriting on the wall look OK to you? With some units in foreclosure and probate, now with crazy assessments, we can expect more owners to bail out - just walk away. We never will get 100%. I bought into this timeshare scam under a pitch it will save me money! The way it looks now is, they can hit us up for assessments for any amount at any time. Pretty slick of them to make the deadline to pay first assessment by April1 then add another right after! Anyone out there ever face this situation? What can we do?

It's diappointing, but I think the Board of Directors is doing the best they can under a difficult situation.

It's not unusual to have some # of units in foreclosure or probate, but it does make it nearly impossible to get a 100% vote.

The only options I see are to pay the special assessment or donate the unit to charity.

i'm trying to sell by unit for 6 year and no ansewer a any price. my the way i have xmas and can't sell, one assessment after another. this place is just a joke.

Hello I was thinking about purchasing a time share unit # 125 for week #23. I have been unable to get a hold anyone at the resort itself to ask questions. Could you please be so kind as to let me know anything and everything about this resort. I need answers before I purchase. thank you so much! Jean

Run, Jean, run! With so many owners leaving and units vacant, this timeshare is literally giving away weeks to get mainteneance fees they are not getting. Unless you are getting the week for free, save your money. The refurbish project cost more than double the costs we were told, doubling assessments, even after we were told there would be no more assessments!!! Owners left, walked out, or left to foreclosure, so it is the lack of annual maintenance funds that is causing the assessments. Can you see the cycle here? Higher assessments = fewer owners = less income = higher assessments etc. The last 4 years have had special assessments every year, unlike any timeshare I've ever heard of. Run, Jean, run!

Just to let you all know, I have been talking with Shannon and she seems very helpful and honest. I am still waiting on the unit & price but hopefully the deal happens for us. I am reading and seeing more positives now on the resort vs negative. Just a gut feeling.

Jean, I go every year. It's my expensive vacation. The beach and ocean are great. There is plenty to do and see, and places to eat. This is an excellent vacation area. Prices are higher at the beach we all know. I bought here with the idea that 400-500 a week maint was a great deal. It was, but have paid WAAAY more than that per year for a resort that should be 500. The place is nicely redone with new roof, paint, and stucture repairs. Units are small but #125 is right on the beach. That is what you're paing for. All the people I've met there are nice. We all have a common enemy. Office staff is great - say hi to Gordon - he'll take care that you get what you need, and have a nice stay. I can't imagine the $760 remaining the same for 2 years! If you decide to help the rest of us, thank you, and welcome to the Money Pit Club.

Ericw84 thanks for responding! I have now been told that the units maintenance fee is going down to $530 for 2010 on the unit I am looking at. The beach is what appeals to me. And I have heard that the remodel is very nice. They are telling me that no special assesments are planned for the near future, everything is done. Any input from anyone else? Thanks

Which building is it and which unit? how much do you owe? What about closing costs?

I HAVE UNIT 114-51 2 BEDRROM XMAS WEEK I HAVE A BIIL FOR 1230.00 FOR SPC ASSEMENT AND 2009 MAIN BY CELL IS 715-929-0899. THK BOB MATHIS

Always a problem property. I've owned since around 1989. At that time Hideaway Sands had just come out of a bad situation with a bad developer. Lots of the units were clear and tied up in courts for years.......who knew what that was about.......Anyhow, the maintainance was pretty reasonable. There really aren't many things to do at Hideaway but I loved it for just that reason.....The Peace and Quiet. What bothers me is I don't understand how they need to go up so much and so fast and with no end to this project. They only clean your rooms once a week....the office closes at 6pm and there are no services provided so I never understood how fixed services could be a cause of such tremendous increases. Fire the broker. He does absolutely nothing and since he's been there costs have skyrocketed. The deterioration was unthinkable. With the first assessment, he did make sense when he was explaining the need for such large sums of money. Let me back up, there was the insurance that kept escalating. OK, that made sense at that time. This is not the first property he has managed so what happened to us should not have been one of those (scratch your head kind of moments)....everything (almost) on St. Pete Beach is on the water with salt water damage at some point so that's not an unlikely foreign situation. Take some of that maintenance money that you are flushing down the toilet and buy some annuities that mature every few years that you can use for major projects. I've been here for 20 years and wanted to continue but your sloppy management is sending Hideaway Sands into certain bankruptcy. By now they could have built an entirely new resort. And the Board?????? They are all friends and locals.........so go figure. Anybody interested in a petition or asking the attorney general to look into this moneypit or something similar? Can the Florida Real Estate Commission look into what's really happening with the money???????????? Email me at varicity@gmail.com.