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easyrider · 02-28-2017, 09:45 PM

So whats do you get ? Is it a condo ownership for the entire year ?

JLB · 02-28-2017, 10:09 PM

Have you heard of timeshares? You get a week each year.

Or, if you live there/here, you get a week each year, plus every-day beach access, with free parking, swimming pool, bathroom, hot tub, chickee hut, BBQ grills.

There's a rental program (they keep 25%), a resale program, and owner rental privilege @ $495/week. 2017 annual fee is $498. Local beach clubs, which are basically just parking and access, are more than that.

JLB · 02-28-2017, 10:24 PM

https://www.google.com/maps/place/En...!4d-82.3525952

The area is by-passed by US 41 and I-75, which are 25 miles away. It is "Old Florida", with no highrises and no chain hotels and motels. Captiva is just 30 miles away. Englewood is a little drinking village with a fishing problem. There's not even a police force; it's all handled by the County.

rapmarks · 03-01-2017, 05:01 PM

Auction

I don't see my favorite unit on the auction list

JLB · 03-01-2017, 05:09 PM

Originally posted by rapmarks View Post

I don't see my favorite unit on the auction list

104 or 105?

I know how bad you want it. Sorry.

If anyone wants a layout diagram, I guess you'll have to PM me, cuz it won't load.

JLB · 03-14-2017, 03:04 PM

Today was the day. There were about 50 weeks available, and a small, quality crowd of 30 or 40 buyers, each obviously there with the intention of getting a week.

It started about an hour late because the auctioneer is from Indiana, and hadn't set his clocks forward.

He read each week, out-of-order so we had to tell him to slow down so we could find where he was at, by saying the unit and week, and "The Board bids $595," or whatever the minimum bid was. If there was no one interested in that week, he went to the next one. That created a little murmur, the question circulating being, "We thought the Board was trying to get rid of these."

So I asked, "Why are you not entertaining lower bids? We thought the idea was to make these weeks productive again, and if everyone here gave a dollar, and every week got owned, that's $25000 a year.

The head Board guy/resale guy/rental guy answered:

1. The minimum bids are all much lower than resale prices in the marketplace.
2. The Board has much more than the minimum bid in each of the weeks, meaning what it has cost for the resort to acquire them back through foreclosure.
3. The auction is required by law to be public, and it was felt that if there were to minimum bid requirements, it would attract a bad crowd to the auction.
4. In talking to him longer, afterwards, it was clear that the resort does fairly well renting out the weeks they own, so that not having them owned does not make them unproductive. But, and since we have exchanged ideas before, he said he would propose to the Board the idea of allowing owners to acquire foreclosed weeks "for a dollar."

Back to the auctioneer, he read a week while the guy next to me was telling me something, so I had to ask, "Where you at now?" It was Week 1 in a desireable unit, for $695, and since that's one of the three I was there for, I took it. In the marketplace, outside of the annual auction, those are $2495, and Week 1 is pretty much a guaranteed rental.

$755 total.

JLB · 03-27-2017, 05:33 PM

A couple of other things about having a pro-active board that takes weeks back, does non-judicial foreclosure when they need to, has a rental and resale program for owners, and is willing to own some weeks in the association's name:

1. Owners can rent association-owned weeks for $499.
2. The resort offers internal exchanges. Any year, they will swap an owned week for an association week.

JLB · 05-04-2017, 02:32 PM

We bought a week last year to get day use, Week 18 in a 2 bedroom with a great view. I put it in the rental program and also on CL. Check-in is Saturday and I had a CL inquiry, so I called the resort to see if they have it rented.

Yes they do. $910. We get $682.50, and the annual fee was $499.

So, even a week outside of Snowbird season and before Summer has rental value.

We bought a "better" week at this year's auction, so I have the Week 18 for sale for twice what we paid for it, which is half what they're going for. There is interest in it, also for use by locals as a beach club.

So, having tested the waters, I feel strongly that when next year's auction comes around, it would be a good buy for anyone so inclined.

M. Henley · 05-04-2017, 04:30 PM

An entrepreneur!

JLB · 05-04-2017, 04:49 PM

Originally posted by M. Henley View Post

An entrepreneur!

I figured some OF would take it that way, and pretty much had it narrowed down to two.

My point is that with all the things that are wrong with timesharing, and all the resorts that are being mismanaged by people who attend a meeting once a year, but are not open to what they need to do to save their resorts . . .

there are some that are being managed well.

They do not necessarily have all the bells and whistles, but they have what they need, what their owners want, and they have some capable and concerned people making them work.

They have a real value in the marketplace, even though they are long past the developer/marketing days.

There is a side to me that appreciates a job well done.

That and to let folks know that that is the case with this one if it is something they might be looking for.

JLB · 05-04-2017, 05:16 PM

The resort got a full maintenance fee from us, then they they got 1/2 of a maintenance fee for renting it, in addition to us getting our maintenance fee back and then some.

Plus, for weeks that they take back, they get a full maintenance fee if they rent them to owners and almost two maintenance fees if they rent them to the public.

Those seem like good reasons for a legacy resort to be doing it.

(As opposed to not doing it, and raising everyone's fees.)

tonyg · 05-04-2017, 07:24 PM

JLB is a flipper - give him a fish.

JLB · 05-04-2017, 08:08 PM

Fish would be good. Shrimp better.

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