Review: Stormy Point Village

[vkrn Member Find all posts View Profile Close vkrn]

Following is an overview of the review that was added:

This resort is away from the "main drag" which can be a plus. It is near the lake, but not on the lake. The promised marina has not happened yet.

Please see the review here!

Please use this thread to discuss the review.

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

I don't see much that needs discussing.

Besides, the last time I discussed this resort, elsewhere, it did not go so well for me.

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

Sounds sort of underwhelming for a Branson resort. As I understand it, this resort was managed by Festiva but they sold the remiainder of the build to another developer, making this a split developer resort. Somehow I doubt the promised marina ever happens.

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

Most promised projects in Branson are on Hold right now.

[kmansen Member Find all posts View Profile Close kmansen]

I don't agree that Stormy Point was underwhelming. We rented a week there this summer and enjoyed it so much that we're considering buying a resale if the price is right. We're not into boating so the marina was a non issue for us. The selling point for us were the units themselves. VERY nice and DETACHED. With young kids who can be loud at times, I really appreciated that there is space between the units so I could relax and not worry that we might be bothering anyone. That's a huge plus for me!

We loved everything about the quaint village feel of the place as well as the spiffy, ample homes. Very cute! Everything seemed brand new and beautiful. To me, some of the other Branson places look ho hum in comparison. It was our first trip to Branson and we plan to come back. Back to Stormy Point!

Karyn

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

That is an accurate first-take. SP is different and unique, unlike most cookie-cutter-cluster-of-apartment-buildings type of resorts.

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

However, SP is not without a checkered past. You might want to study it more before you spend money on it. You might want to find out who owns what for sure and who runs what for sure.

It is one of those two-sides-to-every-story thingies.

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

I ran right by this, and then it hit me, that although you don't boat, or, I assume, fish, or, I assume appreciate the ambience and tranquility of a lake setting, not having those things does affect you. It affects the value of what you own, negatively.

People who don't golf buy, own and live in golf communities because amenities help maintain the value of their property.

SP would be a more valuable property, with more market value, if it was lakefront with a dock, a valuable commodity on Table Rock Lake. Boat slips in that area, in fact just down the road at Sunset Cove, are in the $50K range (per slip). A 20-slip dock has a market value of $1M.

Property values around the lake are higher if they are lakeview, limited lakeview, seasonal lakeview, lakefront, or lakefront/lakeview, and SP is none of them.

We had two adjoining lakefront lots appraised. One is twice as big as the other, but it was appraised at half as much because it is further back in the cove (only 100 feet further), and less elevated, so the potential lakeview is less. The dock that sat below the lots went up 50% in value in the year between the appraisals, 2005 & 2006.

Our cousins bought 13.5 lakefront/lakeview acres across the cove for under $200K, while the 4 lakefront/lakeview acres behind us are on the market for $799K. There is a serious lake value pecking order, but SP is neither of those and lesser in real property value.

To me it is comforting when there is something underlying the value of the timeshares, something real, other than the inflated timeshare values. Ideally, it would be nice to see the market value of the property be as much or more than the total market value of all the individual interests, and I know of resorts where that is the case.

It would not at SP. Like most timeshares, if the total property were sold outright, even during the best of times, most owners would not get back what they have in it.

But if all one wants to do is spend a week at a place and not concern themselves with real value, SP is a great place, probably better than most others in the Branson area.

We're not into boating so the marina was a non issue for us.

[kmansen Member Find all posts View Profile Close kmansen]

[QUOTE=JLB;288056]However, SP is not without a checkered past. You might want to study it more before you spend money on it.

I agree and know the history with Festiva/Summerwinds from reading online and also from talking with some owners while we were there in August. There were some upset vacationers who'd been blind sided by being summonsed to a meeting where they got the "convert or die" spiel by a pretty slimy and rude salesman who had temper tantrums when he couldn't convince people to switch. There was quite a buzz around the pool where people were still reeling from the surprise attack. That part did make us leery of getting into the mess, but IF we can get it dirt cheap, we can deal with telling them we're not interested in what they're pushing. I'd rather not be called in for a meeting, but at least we wouldn't be caught off guard.

I also agree with the value concerns of not being on the lake, but I'm fine with the setup as an affordable place we could drive to for family vacations. IF we can spend very little upfront, and IF the MFs stay under $500, it'd be a very nice and affordable EOY family vacation spot. At this point I'm not planning to trade it. I might join II though to see if we could take advantage of some Getaways though.

Karyn

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

From one who lives here, and who is seeing developments that are not complete being abandoned right and left, and the courts filling with lawsuits from contractors and subs, and in light of the state of the economy, I suggest you put this one on Hold.

There will be lots of opportunity for reasonably priced accomodations in the near term, maybe even at SP from owners trying to recoup their annual fees, and if buying is the right thing to do, it will still be the right thing to do in a year or two.

[kmansen Member Find all posts View Profile Close kmansen]

Didn't realize developments were being abandoned right and left! Eeks! Thanks for the warning!

So, what exactly happens when developments are abandoned? Do owners have to continue paying MFs on a place that's not operating??

Karyn

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

Didn't realize developments were being abandoned right and left! Eeks! Thanks for the warning!

So, what exactly happens when developments are abandoned? Do owners have to continue paying MFs on a place that's not operating??

Karyn

Once purchased, the HOA/BOD runs the timeshare. The problem is that many developers maintain the management contract so you're never really free from the original developer.

While projects might be "abandoned" what is built it alreayd built. It's just that you can't rely on the promise of future amenities like pools, marina's, childrens play area's et..... Not to many timeshares go belly up but, it does happen. When it happens, most are bought out and taken over by another company. Occasionally one goes out completely but, considering the number of timeshare's, that's really been few and far between.

Because we live close to Branson and tend to visit 2 to 4 times per year, I've watched E-bay auction for SPV. I have seen 3 bedroom units go for as little as $1. Getting a good price shouldn't be an issue.

[kmansen Member Find all posts View Profile Close kmansen]

Thanks, Dougp and JLB. I've been watching Ebay, too... even if I could get SPV for $1, are you both suggesting we put it on hold? Indefinitely? Many houses, an indoor and outdoor pool, clubhouse and playgrounds are already built...assuming the economy will take a while to improve, when would you suggest it would be safe to buy?

With closing costs, I'd hope to spend under $400 upfront. Of course the goal would be to get many years of use out of it, but even if we only got one (and hopefully we'd get at least one year!!), $829 (upfront + $429 MF) for a week of vacation wouldn't be the end of the world if even if they went belly up...as long as we didn't have to keep paying MFs for a place we couldn't use. Ideally, we'd get many years of EOY vacations at a nice, kept up resort for $429...

My understanding is that SPV was conceived by Summerwinds owner, Pat Joyce (who is on site at SPV), and he got Festiva to partner with him in a joint venture. Supposedly he didn't like the way Festiva was managing his "baby" and ended the relationship. Now he and Summerwinds manage the clubhouse and pool and own the second phase of homes (while Festiva owns the original homes). I don't know the current state of economic soundness for either Festiva or Summerwinds, but from what I've heard Pat Joyce is pretty dedicated to seeing his pet project succeed. Hopefully he's got the money and expertise too...

Karyn

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

If it was something we really wanted and would use for personal usage, then I'd buy it now and not worry about the economy. At $1 plus closing costs, exactly how much do you really stand to lose?


There are several things that keep me from adding a SPV week to our ownerships.

1. We already own 7 timeshares with two of those being in DRI points, which really gives us a total of 9 weeks of total usage (We have enough DRI points to exchange through I.I. for four 2 bedroom weeks).

2. We already own two branson timeshares.

3. We can exchange into SPV without any effort. Even our studio Marriott unit will pull 2 and sometimes 3 bedroom SPV weeks for the times we'd want to stay there (Spring, Fall, Christmas).

4. I'm not liking the fact that Festiva sold out to Summerwind and that the resort is now split between two developers. I don't really have an opinion on Summerwind but I'm not a big Festiva fan.

5. I don't like that the only check in day is Sunday. Sunday really hasn't ever worked out well for us as a check in/out day. For Branson, I really prefer a Friday check in day.

[kmansen Member Find all posts View Profile Close kmansen]

I don't like that the only check in day is Sunday. Sunday really hasn't ever worked out well for us as a check in/out day. For Branson, I really prefer a Friday check in day.

For what it's worth, we were given the option of Saturday or Sunday check-in...but not Friday. We picked Saturday.

Karyn