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[2014] Skiers Edge Condominium sale Breckenridge CO

tugnut

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My brother (owner) received a letter from Skiers Edge (TS) asking to vote yes or no to a Declaration of Obsolesence and Sale of Condominium Project.

Pursuant to Sect 18.2 (B) of the Amended and Restated Declaration The Skiers Edge Condominium Units are declared obsolete and Skiers Edge Condominium Board of Managers is directed to sell Skiers Edge Condominium Project and to apportion and distribute the sales proceeds to in accordance with Sect 18.6 of the Amended and Restated Declaration.
Does anyone know anything about this? a copy of the declarations? He's already been scammed twice trying to rid himself of this.
 

uscav8r

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Skiers Edge Condominium sale Breckenridge CO

Call the HOA to confirm. TS do sometimes reach an end-of-life. There was a recent thread regarding a different timeshare that was declared obsolete or beyond repair due to a sinkhole or something like that, and the owners were to get some monies back and release from any future MF liability. If this is legit, don't expect much $$ in return. If there is a windfall, consider yourselves lucky.


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Patri

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And it's an easy out if he is ready to be done with the timeshare.
 

uscav8r

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My brother (owner) received a letter from Skiers Edge (TS) asking to vote yes or no to a Declaration of Obsolesence and Sale of Condominium Project.

Pursuant to Sect 18.2 (B) of the Amended and Restated Declaration The Skiers Edge Condominium Units are declared obsolete and Skiers Edge Condominium Board of Managers is directed to sell Skiers Edge Condominium Project and to apportion and distribute the sales proceeds to in accordance with Sect 18.6 of the Amended and Restated Declaration.
Does anyone know anything about this? a copy of the declarations? He's already been scammed twice trying to rid himself of this.

Since it is only asking for a yay/nay vote and not for any money or contract for "service" it leads me to believe it is legit. Still, one of you should call the HOA to confirm. As patri said, this could be a very easy way out if enough of his fellow owners feel the same way he does.


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Robert D

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There are a lot of timeshares out there where the owners would be better if the project went the same way as described above for this one. Pretty rare you see this happen. Some of these places are sitting on valuable real estate and would be worth a lot more dead than alive. I've driven by Skier's Edge but have no idea if the property it's on is worth a lot. From what I remember, it's a ways outside of Breckenridge.
 

tugnut

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Bylaws allow 2/3 of current owners to declare the resort obsolete and distribute proceeds to the current owners. Voted YES.
 

tugnut

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Just read on Facebook that Skiers Edge Breckenridge Colorado has been sold.
It had been listed for $2.3M for 29 units (about $80K per unit).
Summit Cnty CAD shows sold for $1.4M (about $50K per unit). Or $1000 per week gross. Maybe my brother will get a small residual.
Probably be re-developed into wholly owned condos; fortunately not back into the TS sewer.

HOA's should consider this over trying to sell TS weeks. Goes a long way in reducing the oversupply.
 

theo

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Maybe, maybe not...

HOA's should consider this over trying to sell TS weeks. Goes a long way in reducing the oversupply.

I don't know exactly what you mean by the "oversupply" reference above, but dissolution and sale of a timeshare facility may well be a viable option --- IF / WHEN a facility has been allowed to fall too deeply into disrepair, getting so run down that to salvage it really becomes just too steep an uphill financial climb to undertake.
That's generally indicative of a inattentive HOA which has failed to maintain adequate financial reserves for repairs and / or ensure proper routine maintenance.

Attaining a super-majority vote to dissolve a timeshare facility is certainly not an easy task, but if a super-majority of all owners truly believe that their facility is better off just being sold off at a "fire sale" price (with owners very likely seeing little or nothing in the way of "proceeds" thereafter), then it may be an avenue to consider. However, I respectfully submit that such a situation may be something of a statistical anomaly on Planet Timeshare --- although I admittedly know nothing whatsoever about local economy factors in or around Breckenridge, CO and / or at this particular (now apparently former) timeshare facility there.
 
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LannyPC

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That's generally indicative of a inattentive HOA which has failed to maintain adequate financial reserves for repairs and / or ensure proper routine maintenance.

Attaining a super-majority vote to dissolve a timeshare facility is certainly not an easy task, but if a super-majority of all owners truly believe that their facility is better off just being sold off at a "fire sale" price (with owners very likely seeing little or nothing in the way of "proceeds" thereafter), then it may be an avenue to consider.

Another possibility is that this is one of a number of resorts dealing with a huge number of defaults. Perhaps many owners want out realizing that their weeks have zero (or below) value and, despite any bonafide efforts, can't seem to get rid of them.

Maybe the HOA is doing what has been suggested by many and sell of the assets trying to salvage at least a few bucks while dealing with a number of defaults and blue weeks rather than sicking collection agencies on delinquent owners saying "Pay up for your zero-value timeshare, or else...".
 

rickandcindy23

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Does anyone know anything about the supposed sale of Skier's Edge? Curious to know how they went about selling, if indeed they sold. Did they sell individual units, or did they sell out an entire complex to a developer like Wyndham?

It sure wasn't very nice on the inside, because we toured it brand new and weren't even close to tempted.

We have an interested board member [interested in being on the board at Val Chatelle] who inquired if our management company knew the details of the sale. I am unaware of any such plans to sell, then I do a search on TUG and found this thread.

Very interested to know more. Not all that interested in a board member who might want to push for a sale of our Val Chatelle units.
 

Robert D

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I was told that they sold the whole project to a developer (not another timeshare developer) who will either renovate it or tear it down and start over. I think it was managed by VRI but apparently the HOA has been dissolved. I was curious to hear if the timeshare owners got anything out of the deal.
 

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As I reported in Post #8 Skiers Edge TS property has been sold for $1.405M per Summit county Records. Apparently hit has been sold again for $2.25M to Global Connections INC a Kansas corporation. Reception 1071664 12/5/2014 Special Warranty Deed. I see Global Connections is a vacation club of less than stalwart reputation so something smells here.
I talked to my brother who is an owner and he has heard nary a word about any transactions.
He was voted YES to the following.
"Pursuant to Sect 18.2 (B) of the Amended and Restated Declaration The Skiers Edge Condominium Units are declared obsolete and Skiers Edge Condominium Board of Managers is directed to sell Skiers Edge Condominium Project and to apportion and distribute the sales proceeds to in accordance with Sect 18.6 of the Amended and Restated Declaration."
I believe section 18.2 (B) distributes proceeds to current paying owners
I am smelling a rat now and would not be surprised to hear that the MF liability was passed thru on the sale and he's still stuck with MF. If that's the case that will chap my ass to no end. Since I'm in Texas I can't just waltz down to Summit county courthouse and get a copy of the deed. I would appreciate if someone near Breckenridge could get me a copy of the deed.
 

Robert D

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My understanding is that the Skier's Edge HOA was dissolved and if that is the case, there's no way owners of Skier's Edge would have any obligation to the new owners. It does sound shady if the project resold that quickly for 50% more than the original sale but I would think the HOA board would have done some work to determine how much it was worth before selling it. Also seems like your brother should receive some money from the sale.
 

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Interesting and maybe suspicious too......

As I reported in Post #8 Skiers Edge TS property has been sold for $1.405M per Summit county Records. Apparently hit has been sold again for $2.25M to Global Connections INC a Kansas corporation. Reception 1071664 12/5/2014 Special Warranty Deed. I see Global Connections is a vacation club of less than stalwart reputation so something smells here.
I talked to my brother who is an owner and he has heard nary a word about any transactions.
He was voted YES to the following.
"Pursuant to Sect 18.2 (B) of the Amended and Restated Declaration The Skiers Edge Condominium Units are declared obsolete and Skiers Edge Condominium Board of Managers is directed to sell Skiers Edge Condominium Project and to apportion and distribute the sales proceeds to in accordance with Sect 18.6 of the Amended and Restated Declaration."
I believe section 18.2 (B) distributes proceeds to current paying owners
I am smelling a rat now and would not be surprised to hear that the MF liability was passed thru on the sale and he's still stuck with MF. If that's the case that will chap my ass to no end. Since I'm in Texas I can't just waltz down to Summit county courthouse and get a copy of the deed. I would appreciate if someone near Breckenridge could get me a copy of the deed.
 

Gophesjo

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Looks like a lawsuit could possibly be in the offing if the first sale was at less than fair market value...
 
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tugnut

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Looked again for info on Skiers Edge. Bought by Global Connections and now calling it White Oak Lodge and Resort – Breckenridge. There is a White Oak Lodge and Resort – Gatlinburg owned by Global. Apparently trying to rid themselves of Skiers Edge name. My brother hasn't heard anymore. Looks like it's been recycled as a vacation club.
No more details on terms of transaction.
 

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I am an owner at Skier's Edge. We voted Yes to let the timeshare disassociate so that the building could be sold. I hadn't heard anything about the sale until this week when I received a check and a statement. The statement did not spell out the details of the sale of the building just the components of the money coming back to us. Sales proceeds, Refund of excess assessments and refund of delinquent owner's allotment. I don;t fully understand the last two payments. The property was in trouble financially and had a very large delinquent problem. Capital repairs were behind schedule and I do not believe they were carrying a sufficient reserve for repairs.

The news that the building was sold for $1.4M and then resold very quickly (and supposedly without any improvement) for $2.5M makes me suspicious but I do not know what rights we have nor who to contact about the sale of the condo. Is it unreasonable to demand an accounting of the sale and how proceeds were distributed to owners? How do we determine if the people entrusted to sell the property completed the transaction in our best interests (especially given the quick resale for substantially more) or if they violated their fiduciary duty? I don't know who to call since the lodge is closed and I assume the previous timeshare manager is no longer involved. I have until June 6 to deposit check which requires a full release once I endorse it. Suggestions?
 

Robert D

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Sounds Suspicious

If your numbers are correct, it makes no sense that it would be resold that fast at a 79% higher price. I would call the former president of the HOA board and find out what happened.
 

Ken555

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I have until June 6 to deposit check which requires a full release once I endorse it. Suggestions?


You might ask your lawyer about this. IANAL, but I have been advised that when checks have release language on the back, for instance, it is not enforceable (at least in California). If there is an associated agreement that you need to sign then it is likely a whole different situation. Last time this occurred a client sent a check with language stipulating full payment of all outstanding balance (for less than they owe) and my lawyer advised me to deposit the money and still pursue the rest, since they have no ability to limit future claims based on what is written on the check itself. Of course, YMMV and again IANAL. Good luck.


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Tia

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Does make one wonder if the original buyer for $1.4M knew who else would be interested for a nearly double profit in very short order:ponder:

........The news that the building was sold for $1.4M and then resold very quickly (and supposedly without any improvement) for $2.5M makes me suspicious but I do not know what rights we have nor who to contact about the sale of the condo. .............
 

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I believe, if it were me, I'd take the money and run, never looking back. If I still wanted to own a timeshare there are plenty available on the resale market.

This doesn't appear as if there is enough money involved that the expense would be worth what could be gained. And then there's the law of unintended consequences, where a judge might decide the sale was illigitimate and void the entire transaction, putting all owners back on the hook as timeshare owners.
 

tugnut

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I am an owner at Skier's Edge. We voted Yes to let the timeshare disassociate so that the building could be sold. I hadn't heard anything about the sale until this week when I received a check and a statement. The statement did not spell out the details of the sale of the building just the components of the money coming back to us. Sales proceeds, Refund of excess assessments and refund of delinquent owner's allotment. I don;t fully understand the last two payments. The property was in trouble financially and had a very large delinquent problem. Capital repairs were behind schedule and I do not believe they were carrying a sufficient reserve for repairs.

The news that the building was sold for $1.4M and then resold very quickly (and supposedly without any improvement) for $2.5M makes me suspicious but I do not know what rights we have nor who to contact about the sale of the condo. Is it unreasonable to demand an accounting of the sale and how proceeds were distributed to owners? How do we determine if the people entrusted to sell the property completed the transaction in our best interests (especially given the quick resale for substantially more) or if they violated their fiduciary duty? I don't know who to call since the lodge is closed and I assume the previous timeshare manager is no longer involved. I have until June 6 to deposit check which requires a full release once I endorse it. Suggestions?
Thanks for the info. It sounds like there may be a few dollars there after all.
I'll have to call my brother to see if he got a check. As I said in the first post he's been scammed twice trying to escape this pig and will be glad it's done. Hopefully he was up to date on MF but in case he wasn't then they just stole it but still it should be done.
I wouldn't worry to much about not getting enough money. It's tough enough just to get rid of it. I wouldn't begrudge what apparently has been a quick flip. Those doing the deal probably had it lined up from the beginning. It's very unlikely we will know very much about the transaction. They tend to very quiet while lining their pockets. BTW there is no HOA Director; the management company had full authority to do whatever they wished without having to answer to owners.
As I said before Global Connections appears to have bought the place and are using it for underlying assets so they can sell vacation packages. So its lather, rinse and repeat again.
 

tugnut

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I am an owner at Skier's Edge. We voted Yes to let the timeshare disassociate so that the building could be sold. I hadn't heard anything about the sale until this week when I received a check and a statement. The statement did not spell out the details of the sale of the building just the components of the money coming back to us. Sales proceeds, Refund of excess assessments and refund of delinquent owner's allotment. I don;t fully understand the last two payments. The property was in trouble financially and had a very large delinquent problem. Capital repairs were behind schedule and I do not believe they were carrying a sufficient reserve for repairs.

The news that the building was sold for $1.4M and then resold very quickly (and supposedly without any improvement) for $2.5M makes me suspicious but I do not know what rights we have nor who to contact about the sale of the condo. Is it unreasonable to demand an accounting of the sale and how proceeds were distributed to owners? How do we determine if the people entrusted to sell the property completed the transaction in our best interests (especially given the quick resale for substantially more) or if they violated their fiduciary duty? I don't know who to call since the lodge is closed and I assume the previous timeshare manager is no longer involved. I have until June 6 to deposit check which requires a full release once I endorse it. Suggestions?
You asked for suggestions and I gave you my standard rant above. Not sure I can help but is your TS deeded and Recorded in Summit County? If it is then I would find out how it was disposed off without you quit claiming the deed. Lot's of TS of that era were sold as 1/51 interest in as unit with owners as Tenants in common. The TS part was added on top of that as declarations and added fees to sustain a "Hotel" style model. Some TS docs are written so that the TS part may be declared obsolete and ownership reverts to Tenants in common where every owner has an equal 1/52 interest. But with only the costs to "keep the lights on". If it were me I would look at status of the deed to see how it was disposed of.
Most owners rights are wrapped up in the HOA Board of Directors and they have full authority to do anything they wish.
 
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