Massive Layoffs

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

Yes, I know it's not TUG and I corrected the post, I thought as soon as I reread it, sorry.

Dave.

PS I have no problem with any posts here, including Jya Ning.

Yes, sorry, i attributed something to you inadvertently. Sorry about that.

[ctscribe1 Member Find all posts View Profile Close ctscribe1]

Dave,

Timeos2 is not releasing unfulfilled aggravation. If you carefully read his posts over the last many, many years you will see that he has extensive knowledge and experience in timesharing both as a flex/float owner and as a member of a system. He also has dealt with Sunterra and DRI as a member of an HOA Board. If I could have my "druthers", I would love to have Timeos2 as the head of the BG Vacation Club Trust.

He does have his personal opinions and preferences and have given his rational for them. I have different preferences and that's why the BG Vacation Club works for me. But I still value Timeos2's insights. He has helped me learn and to benefit from my ownerships.

Charles

Yes, he is very articulate in his understanding of TS operations and happenings. I'm sure Timeos2 would be excellent Head of BG VCT. I can appreicate your candor as to my coment of Timeos2, I have read many of his posts, and agree he is well versed in Time Share industry. I just sensed a little exasperation with origanal post.

But, thanks Charles for interpretation of comments, I guess I was off on my take on things.

Dave

[rapmarks Moderator Find all posts View Profile Close rapmarks]

Bluegreen is closing three of their 4 sales offices in Wisconsin, and paring down the one at christmas Mountain to 30 staff members.

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

30!

That seems to me to be a huge number.

Bluegreen is closing three of their 4 sales offices in Wisconsin, and paring down the one at christmas Mountain to 30 staff members.

[rapmarks Moderator Find all posts View Profile Close rapmarks]

Yes it does seem huge, but that includes the in house ones doing the "updates" and the others doing people pulled off the streets and for both christmas Mountain and the one at Mount Olympus. It probably includes the support staff like the people who do the contracts.
I went in the sales building through the back door once tos ee someone, and there is a lounge filled with people who I believe are the second step closers, waiting to pounce ont he people who say no.

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

I wonder how many timeshare groups with murky club type arrangements will start selling their more valuable properties like DRI did with Carlton Court in central London? If they closed its sale before the economic crisis, I am sure it brought them a pretty penny. Apparently there were no deeded or RTU weeks specifically tied to that property, so there was nothing to prevent their selling it.

There was another former resort on the south coast of England where Sunterra owned a lot of unit/weeks but others were deeded to individual owners. Sunterra told the individual owners that the resort was closing and offered them either Club Sunterra points or an inadequate payout.

I would speculate in DRI's case that Broome Park might be something that would be sold. The current timeshare lease expires in 5 or 6 years and then the title to the property reverts to DRI. DRI might find someone willing to stump up cash now for a nice estate like that which could be deeded over when the current timeshare leases (with a non-DRI controlled HOA) expire.

Those is club t/s arrangements may find their more desirable properties being sold off to keep the developer afloat.

[BocaBum99 Super Moderator Find all posts View Profile Close BocaBum99]

I wonder how many timeshare groups with murky club type arrangements will start selling their more valuable properties like DRI did with Carlton Court in central London? If they closed its sale before the economic crisis, I am sure it brought them a pretty penny. Apparently there were no deeded or RTU weeks specifically tied to that property, so there was nothing to prevent their selling it.

There was another former resort on the south coast of England where Sunterra owned a lot of unit/weeks but others were deeded to individual owners. Sunterra told the individual owners that the resort was closing and offered them either Club Sunterra points or an inadequate payout.

I would speculate in DRI's case that Broome Park might be something that would be sold. The current timeshare lease expires in 5 or 6 years and then the title to the property reverts to DRI. DRI might find someone willing to stump up cash now for a nice estate like that which could be deeded over when the current timeshare leases (with a non-DRI controlled HOA) expire.

Those is club t/s arrangements may find their more desirable properties being sold off to keep the developer afloat.

I don't think this will happen with Bluegreen because all points are based on underlying deeds held in trust. And, there is no mechanism other than bankrucpy of the resort or the overall vacation club to withdraw a resort from the Club.

It is possible for Bluegreen to sell it's unsold inventory at any resort to another resort developer, but the underlying weeks in the Club remain.

[swirg53 Senior Member Find all posts View Profile Close swirg53]

How might all off this tie into Maintenance Fees and increases? Because the economy would you speculate that we will have a spike in maintenance fees this year, a special assessment or eventual maintenance fees we cannot afford to pay. I would think the developer would want to keep MFs within our reach of being to pay them because otherwise, there would be fewer and fewer happy owners and less and less occupancy.

[Maggie Member Find all posts View Profile Close Maggie]

Although maintenance fees and sales expenses are two entirely different pots of money within bluegreen, it would seem to me that paring down on sales staff and sales support staff just makes sense when fewer people will be buying timeshares and credit sources are limited. This is just another example of Bluegreen's management taking a pro-active role in reducing costs when it seems indicated.

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

How might all off this tie into Maintenance Fees and increases? Because the economy would you speculate that we will have a spike in maintenance fees this year, a special assessment or eventual maintenance fees we cannot afford to pay.

The only way the economy should hurt us owners is if a number of owners default on their maintenance fees.

While the cost of insurance and taxes will probably go up, the cost of supplies and wages should go down. Hopefully, it would be a wash.

But I do worry about defaulters. Especially those who borrowed money to buy a timeshare (and borrowing to buy is, in my opinion, a bad idea even in good times!!).

Charles

[Rowiep Junior Member Find all posts View Profile Close Rowiep]

Everyone is trying to downsize

Many of the owners at my Resort in Sint Maarten wanted a way to list their units for rent or sale so I started this Free website so they and now everyone can list thier units if they want to. Go to this link if you want to post a Free ad. I know SXM is hurting just like the rest of the Timeshare industry, this is my way of trying to help our owners.

link removed (tonyg) no link back to TS4M's

Let's hope most of the industry survies this major pullback.

[swirg53 Senior Member Find all posts View Profile Close swirg53]

The only way the economy should hurt us owners is if a number of owners default on their maintenance fees. But I do worry about defaulters. Especially those who borrowed money to buy a timeshare (and borrowing to buy is, in my opinion, a bad idea even in good times!!).Charles

Those are my two concerns about our maintenance fees going up. Obviously, there will be a higher degree of default on payment of maintenance fees and mortgages.

However, do the defaults on mortgages have any affect on BG to date? Hasn't that always been through outside financing or was it financing BG got and then in turn provided to the buyer so that BG would make the interest income (difference) from the owner? OR is that the way BG is trying to go at it now?