Apple Valley Resort: The Story of a Legacy Resort

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

http://applevalleyresort.com/picture...%207-18-16.pdf

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

"The processes required to complete the objective is intense and time-consuming, including a title search on more than 1,500 deeds (to establish an insurable title), and the activity required to conduct a proper Partition Action in the Court of Common Pleas in Knox County, Ohio."

http://real-estate.lawyers.com/resid...on-action.html

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

http://applevalleyresort.com/photos.htm

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

"The annual fees determined for the 2016 Budget included an 8.5% increase over the 2015 fee, which had
remained at the same level for seven years. The annual fee, billed in the 4th Quarter 2015, with due date of
January 1, 2016, would become past due after January 31st. On January 31st, only 202 accounts had responded
with payment. After an additional 15 days past the delinquency date, only 320 accounts could be considered as
actively supporting the association financially. This number of accounts covers only 29.5% of the typical
operations expense as budgeted. The effect, as compared to 2015 billing and membership activity, indicates the
loss of 229 accounts since the 2015 budget, which establishes an attrition rate of 36% over the past year. Since
the overwhelming majority of the Association’s members are aging Baby-Boomers, such an unusual loss of so
many active accounts as compared to previous years indicated to the Board of Directors an adjustment of the
membership’s priorities had occurred. The Board had little choice but to hold a referendum of the membership,
as determined by the Board in February 2016. The member’s response indicated their overwhelming support of
the Board for taking the necessary action to terminate the condominium and liquidate the Association’s
assets.

After 30-years and multiple generations of family memories, the Association members who responded
(exceeding 75% of accounts) voted 94.3% in favor of termination, dissolution and liquidation of the
Association."

http://www.applevalleyresort.com/pic...%207-18-16.pdf

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Apple Valley actually tried a lot of things to stay afloat.

For instance. one thing that legacy resorts can do is bring in a management team and/or bring in a sales team to re-invigorate the resort.

Apple Valley did both of those. The reason we were not able to get an exchange there in 2009, after we had been there the preceding four or five years, is because they had opened an "extra" duplex unit that had been used for storage, so that provided 100 new units to sell, plus however many the association may or may not have owned. The sales and management team implemented a 1-in-4 rule, which we got caught up in.

I don't know if the resort ever did any of the other things resort management might do . . . offer a rental program, offer a resale program, auction off unproductive weeks, etc. . . . but an aging legacy resort with an aging ownership base that does not do something about it, only has one way to go.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I often wonder if the entire concept of timesharing, regardless of how you doodie it up, is a "legacy" concept.

[M. Henley Class President Find all posts View Profile Close M. Henley]

You finally got to the bottom line.

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

No, he will go on and on with little or nothing to add.