silver beach village condemned ?

[bluka Member Find all posts View Profile Close bluka]

friends of mine own an eoy at silver beach village in daytona beach which was devestated by the recent hurricanes of the past few years- 04?
they recently recieved news that the entire structure has to come down. my question is two -fold, first as owners of a deed to part of the property what are their rights and or responsibilities (such as fees or taxes) if the original developer decides not to rebuild timeshare units? - is anybody or has anybody had a similiar situation?
(2nd) they still are recieving phone calls from brokers (sharks ?) still offering to list their week (for a small fee) even after my friend explains the whole situation to them. Is this even legal to list property that no longer physically exists??

[Arline Member Find all posts View Profile Close Arline]

We had a confirmed trade to Chateau Charmant in Gulfport, Ms. which was demolished during hurricane Katrina. When we phoned the resort, the reservation clerk answered from her cell phone explaining that the resort was gone. After all legal issues were resolved, my understanding was that the resort was to be rebuilt. Owners there may be able to further shed some light on their financial responsibilities, if any, during a situation such as this. It should be noted that RCI redeposited our week and we received a full refund on our airfare from United

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Your friends would have the same rights and responsibilities as any real estate owner, except that they only own a percentage and have to deal with management or a HOA. I would imagine the bylaws would cover what is to be done in such situations.

[Carolinian Super Moderator Find all posts View Profile Close Carolinian]

Actually state condominium law covers the issue. I beleive that all states now have the Uniform Condominium Act, whose effective date is usually in the mid to late 1980s and covers resorts built after the effective date in the state. Earlier resorts are covered by state statutes in two groups; those modelled after the Puerto Rico condominium statutes, and those based on the HUD Model Unit Ownership Act. Most states, as is North Carolina, are in the latter group.

Under the Unit Ownership Act in NC, effective for resorts built after 1986, if the resort is more than 2/3rds destroyed, AND 3/4ths of the owners vote not to rebuild, then the insurance proceeds and land proceeds are divided among the owners. Otherwise, it is required to be rebuilt.

The Uniform Condominium Act requires an 80% vote to terminate.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

A good idea might be to contact the Florida Real Estate Commission to see if there are regulations in force and what they are.

[Bill4728 Super Moderator Find all posts View Profile Close Bill4728]

This may be a windfall for the TS owners. Many resorts, built years ago, are worth more as raw land then they are as timeshares.

[bluka Member Find all posts View Profile Close bluka]

bill, great point. thats why i was wondering that if a broker was to recieve a listing or a deed to the property, could they somehow make a much larger comm. if that was the case? (but i do believe that silver beach village in daytona is still fairly new ,but it is still OF) And to all the others with your usual great responses i will be forwarding any and all replies to my friends (along with this website of course)