Apple Valley, OH

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

I just got an interesting email from The Great Beyond, saying that Apple Valley Resort is closing, shutting down and selling off.

Some of you may remember that we had some Apple Valley things a few times over the years. It was because of an issue at Apple Valley in 1999 that I wound up "meeting" Inside Guy.

Interesting, though, because we occasionally talk about the unlikely situation of a resort closing and selling off. Then one does.

FWIW, it's a nice little place next to a nice golf course and part of a nice rural lake development just east of Mount Vernon, OH. It's great place to get head in the head with a golf ball, knocked out, and have to go to the ER.

Ohio is short on timeshares to begin with, too.

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

Maybe it's a hoax; their website looks like it's an ongoing resort:

http://www.applevalleyresort.com/

http://www.applevalleypoa.com/

Here's a hint of problem:

Noel Berry — This place is bullshit....gonna go bankrupt and keeping all our money....smh

https://www.facebook.com/pages/Apple...17924494899949

http://www.tugbbs.com/forums/showthread.php?p=1870852

http://www.tugbbs.com/forums/showthread.php?p=1883853

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

Did you ever fully recover from being hit in the head with that golf ball ?

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

Did you ever fully recover from being hit in the head with that golf ball ?

No, I've been dead for 15 years.

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

Did you ever fully recover from being hit in the head with that golf ball ?

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

Still dead.

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

So is that horse.

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

So, would it be as funny if I (or someone) really had permanent damage?

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

Of course not - but it could explain a lot.

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

Or . . . it could be really, really sad.

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

I heard more from The Great Beyond. It shuts down May 27th.

I've asked what the plans are . . . like are they going to sell off the units as full-ownership condo. As I recall, they were all duplexes . . . lakey, woody, cabin-style. Large, but Spartan-like, with a hot-tub room.

https://www.google.com/maps/place/Ap...584934!6m1!1e1

If the link works, the resort is the buildings to the right of the golf course. Zoom out to see the lake.

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

The Great Beyond says that only 30% of the owners have been paying fees, and at $1000 per lawsuit, foreclosure has been out of the question.

So they are just shutting down.

I have suggested to The Great Beyond that selling off the condos, and splitting the proceeds, is likely much better than trying to get rid of a week at an ongoing resort, and having to pay someone to take it. I guess it takes enough owners not paying to make the sensible solution a sensible solution.

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

The Great Beyond said the problems stem from "the foreclosure of the early 2000's." He said resale values became zero, people couldn't give them away, so owners just stopped paying fees.

The point is, of course, that no exit strategy hurts everyone, even those still in their timeshare honeymoon stage. It can pull down timeshare lovers with it. It can cause good resorts to fail, and all owners to lose everything.

But, in those cases, total failure, and selling off, may be the only way to recoup anything for anyone.

We had our RCI problem there in 1999, with the newly-instituted 1-in-4 rule at the resort, after trading in the previous four years. There had been financial problems prior to us going there, which started in '95, and they had brought a sleeze-team to sell the two units that had been used for storage.

When we were going there, which ended in 2000 I believe, there was a resident manager couple and things appeared to be stable.

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

If this link works:

http://www.zillow.com/homes/recently...83_rect/11_zm/

That big cluster of yellow dots is all the "Recently Sold" houses around Apple Valley Lake and Apple Valley Golf Course.

So, there is a very active and solid real estate market for property in that rural lake development. There are sizable urban areas not far away, like Columbus, OH.

Apple Valley Resort is a very nice cluster of lakey/woodsy/golf duplex cabins, and they would be very desirable for lake/golf second homes, or condo homes for people living/working in the Mt. Vernon area.

I'd put them in the $75,000-$100,000 value range. Spend maybe $10,000 each in marketing cost and legal expense, and then divide the proceeds of the sale of each unit with the owners of that unit. For the 70% who have not been paying their fees, use their proceeds to offset their arrears, and distribute it to the paying owners.

This is a very desirable, and do-able, sell-off project.

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

The Great Beyond says that because of some property line encroachment, the 32 building have to be sold altogether. Sounds like BS to me, something that could be accommodated with a bit of surveying and easements.

But, that severely restricts the market. Actually, it makes dissolution near impossible.