Foreclosures at The Villas at Polo Towers

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

While reading yesterdays paper, I happened to notice that in the business section a Notice of Sale of The Villas at Polo Towers. It included 157 notices of nonpayment for maintenance fees and 148 notices on nonpayment of assessment fees. The auction for all of these properties will be on Nov 4th at 9 am Vegas time. Looks like DRI will no longer have to have a buy back program for Polo Towers, They have the right to bid!

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

While reading yesterdays paper, I happened to notice that in the business section a Notice of Sale of The Villas at Polo Towers. It included 157 notices of nonpayment for maintenance fees and 148 notices on nonpayment of assessment fees. The auction for all of these properties will be on Nov 4th at 9 am Vegas time. Looks like DRI will no longer have to have a buy back program for Polo Towers, They have the right to bid! Also at the bottom of the page it says somethings about the legal notice be notarized but goes on to say The Villas at Polo Towers INC, a Nevada NON PROFIT corporation, How can they be NON PROFIT?

I heard rumors that all their devbuyback programs are on hold because of the credit crunch, but I would venture to guess that they will pick up any/all of these that meet their criteria. I expect that The Villas at Polo Towers INC, a Nevada NON PROFIT corporation is the HOA and while the President of the HOA is highly placed in DRI, it is a separate entity that pays the DRI management company.

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

I bet they will buy most of them back.

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

I bet they will buy most of them back.

at only pennies on the dollar and then fold them back into the DRUSC Trust or the California Trust and sell the equivalent points as 'new.'

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

smart business. easy way to boost the 'substance' (aka inventory) of the CLUB membership

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

at only pennies on the dollar and then fold them back into the DRUSC Trust or the California Trust and sell the equivalent points as 'new.'

Wouldn't Polo Towers Villas buybacks go into the Hawaii Trust?

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

Wouldn't Polo Towers Villas buybacks go into the Hawaii Trust?

Oh yeah, I forgot, it's next to the Hawaiian Marketplace.

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

Oh yeah, I forgot, it's next to the Hawaiian Marketplace.

???

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

I think you are right, and they will be going into the Hawaii Trust. I believe they are trying to make the Hawaii trust the Premiere Collection of DRI.
The Hawaiian Market Place is the property right in front of Polo.

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

...The Hawaiian Market Place is the property right in front of Polo.

Thanks, of course. I see now. I just did not make the association.

I know the place well - Polo IS my home resort !

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

As usual, my wry sense of humor is not appreciated, just ask shmugee. The Jul08 list of what is in what collection is in a sticky. Polo was not listed at all, but I've heard that it's been included in each of the above mentioned trusts.

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

I heard rumors that all their devbuyback programs are on hold because of the credit crunch, but I would venture to guess that they will pick up any/all of these that meet their criteria. I expect that The Villas at Polo Towers INC, a Nevada NON PROFIT corporation is the HOA and while the President of the HOA is highly placed in DRI, it is a separate entity that pays the DRI management company.

Could be bad news for me. I had just agreed to sell our units back to DRI a couple of weeks ago. They told me it would be approx. 30 days before I received the paperwork. I'm not expecting to see the documents until the end of this month. I guess I'll just have to wait and see if our deal still holds.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

As usual, my wry sense of humor is not appreciated, just ask shmugee. The Jul08 list of what is in what collection is in a sticky. Polo was not listed at all, but I've heard that it's been included in each of the above mentioned trusts.

The July 08 Sticky is out of date. Here is the current setup:

DRI U.S. Collection:

• Bent Creek Golf Village, Gatlinburg, TN
• Cypress Point Resort & Villas, Orlando, FL
• Daytona Beach Regency, Daytona Beach, FL
• Desert Paradise Resort, Las Vegas, NV
• Flamingo Beach Club and Villas, St Maarten
• Grand Beach Resort, Orlando, FL
• Greensprings Vacation Resort, Williamsburg, VA
• Historic Powhatan Resort, Williamsburg, VA
• Island Links Resort, Hilton Head, SC
• Lake Tahoe Vacation Resort, Lake Tahoe, CA
• London Bridge Resort, Lake Havasu, AZ
• Marquis Villas, Palm Springs, CA
• Polo Towers Villas & Suites, Las Vegas, NV
• Ridge on Sedona Golf Resort, Sedona, AZ
• Royal Palm Beach Resort, St Maarten
• San Luis Bay Inn, Avila Beach, CA
• Sedona Summit Resort, Sedona, AZ
• Scottsdale Links Resort, Scottsdale, AZ
• Scottsdale Villa Mirage, Scottsdale, AZ
• Suites at Fall Creek, Branson, MO
• Villas de Santa Fe, Santa Fe, NM

DRI Hawaii Collection

• Ka'anapali Beach Club, Maui, HI
• Point at Poipu, Kauai, HI
• Polo Towers Villas, Las Vegas, NV
• Sedona Summit Resort, Sedona, AZ

DRI California Collection

• Lake Tahoe Vacation Resort, Lake Tahoe, CA
• San Luis Bay Inn, Avila Beach, CA

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

Regarding the California collection, these two resorts are also in US collection. Are most of the units at SL and Tahoe, that are in the trust in the CA collection? Is anyone here in the CA trust?