Oceancliff owner seeks advise

[ebram Senior Member Find all posts View Profile Close ebram]

I own week 9 at Oceancliff in Newport. I paid $ 300.00 plus $200.00 closing costs about 2 years ago. I was informed there is a $2000.00 assesment. I found out that of the 2288 units only about are 1900 are owned and paying maintenence. My fear is that since the majority of units are off season and not even worth the assessment, even more units will be abandoned making the TS not financially viable. Also all the renovation will take place durring October and May, making the MY next two years of occupancy hell living in a construction evionment with the ensuing noise and dust. (it happened to me once before).
My question is what are the possibe consequences of me bailing out now(not paying anything) and what is the worst case scenario of such an action.
Iwould also like to hear from other Oceancliff owners(if any see this post) or other TS owners who are expierencing or have expierenced this in the past.

[JudyS Senior Member Find all posts View Profile Close JudyS]

Hi -- I posted on the other thread about this, suggesting that you contact the HOA and ask if they could find you a red week if you'd be willing to pay the $2000.

Why is the resort charging such a steep assessment? And, did the board get the owners' approval for the assessment?

I frankly don't understand why coastal New England resorts don't just close down for the winter. I have heard that Cape Cod timeshares are as much as 80% empty in winter. Certainly, many hotels close down then. You may want to ask the board why they haven't considered this option, if they have about two months' a year worth of unowned weeks.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

When you bail out, you actually own HOA and the owners that want to hold the resort money, so it is up to them to decide what action they want to take. Forclosure usually takes 2 to 3 years, since when you first miss the payment, they can not just claim your property. So their loss is around 3500. Don't know if they want to put someone into small claim court for that. They could give their right to a collection agent, who can try to hurt your credit score, and send or call you. Don't know what else they can do, doubt anyone that still owns TS will know this in detail.

It is a lot of money. Do you own 3 BR? With that amount, maybe shut down the resort is more benefit. Either try to tear down every units and rebuild more and distribute the extra unit amongst owners, or sell all the right to a builder maybe better.

Jya-Ning