Peppertree Atlantic Beach Phase 1

My husband and I own Week 42 at PAB, Unit 13B, which is part of Phase 1 of the resort. We have been discussing, for the past couple of years, trying to give it away. I hated the thoughts of going through the hassle of transferring it because 1) lack of knowledge and 2) lack of time, and 3) costs involved with deed transfer and transfer of unit which we'd likely absorb just to get out of it.

BUT - this weekend, we received a letter from Member Services! Phase 1 is being closed due to structural issues. This covers buildings 1-14. Rather than going through the process of demolishing and rebuilding and charging several thousand in assessment, which they doubt 50% of the owners are willing to pay, they're offering three options. Option 2 is to deed the unit to the HOA at no cost and walk away. Also, we wouldn't have to pay 2015 maintenance fees. That suits us just fine!!

Option 1 is to stay a member of the HOA and pay a special assessment; the amount would be determined by the number of owners still left in the association but I would expect it to be extremely costly to do so.

Option 3 is to switch to another unit in another phase. An alternate deed for a comparable unit and week would be assigned for a unit in phases 2 or 3. Cost would be $100 to record the new deed.

Effective immediately, owners within Phase 1 are no longer able to deposit their week with an exchange company, as well.

We're very thankful that we've got this option. I wanted to share this information with other TUGGERS who might own or are planning to exchange for a unit at PAB Phase 1.

Thank you so much for posting this information.

This is very timely for me since I am in the final stages of a closing on a week into this resort in a Phase 1 Building. This is most likely not good news for me. I just can't imagine that there are that many open summer weeks in the other two phases to accommodate fourteen buildings worth of summer weeks owners. I believe this is a great "out" for off-season owners and would anticipate many of them taking this opportunity. I, personally, have no interest in either of the first two options.

Congratulations. Your posting was helpful. Knowledge is power and I think you just gave me an edge.

Egret, if you don't receive a letter, let me know and I will PM you the number for Member Services. When your deed has been recorded and the transfer to PAB has occurred, they should have you on record and can look you up. Although I had all my information in front of me, the only thing they asked for when I called to ask a few questions was name, phone number & email address.

By calling and letting them know we were choosing option 2, the rep said I wouldn't need to send in the letter choosing the option; the phone call would suffice.

Glad this information was helpful to you; I wish you luck on switching to another unit!

It's been recorded, but not transferred. I put a stop to that today.

mellie100 said:

Egret, if you don't receive a letter, let me know and I will PM you the number for Member Services.

Glad this information was helpful to you; I wish you luck on switching to another unit!

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I would appreciate the number that you have so that I can get a better feel on how they are handling things with pending transfers. I am a current owner in Phase III, so I did not get a letter.

Thank you again for posting. I imagine that they have a plan worked out, but I don't know that I want to be involved in what's going on. I can't imagine all summer week owners will have an option for a summer week in the other two phases. Few summer week owners will be the ones to walk away and I would imagine the bulk of the available inventory is blue and white weeks. I'll need proof of getting a comparable trade before I'm willing to pay their $325 transfer fee.

I PM'ed you the number. You're probably right about availability of summer weeks and I'd be concerned, too, if I were in your shoes. Good luck!

I did not get any letter yet. I just rented my unit in bldg 10 this Aug. and I assume it was fine, as I didn't hear any complaints back. My friends stayed there the prior year. Why would bldg 10 be closed?

Building 10 is part of the Phase 1 HOA and they have to include all of the buildings in that association, per the letter we received.

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Walk away.....walk away !!!!

Thank God I get to walk away from my week 13 unit 10A at Peppertree Atlantic Beach NC. The maintenance fees continue to go up and the buildings are apparently not worth saving according to the Inspections Dept at Atlantic Beach NC. I owed back fees and they let me walk away Scott free. I am guessing the next buildings to be demolished will be Buildings 15-25 since they look just like Buildings 10-14. If that does happen then there will only be Buildings 26-33. If this happens the complex will definitely fold since there would only be 8 Buildings left. The people who bought weeks for 20,000-30,000 dollars per week will take the biggest hit. I am glad my purchases were only a few hundred dollars. I have gotten my money's worth and I get to walk away. I just love it !!!!

Peppetree Owner

Would love some advice here. I own week 39 in building 18 and am behind on maintenance dues (this is due to death of spouse several years ago). This is a red week. So would you sell the week or just see if Peppertree will take back the deed (has been paid for since 1993)? I am concerned over the property condition and situation that is going on with phase 1. Looks like the resort might actually need my week in order to transfer red week owners from phase1 other units. Thank you in advance!

Week 39 at this resort will have no value and the situation at resort is questionable

ONEOFEACH45 said:

Would love some advice here. I own week 39 in building 18 and am behind on maintenance dues (this is due to death of spouse several years ago). This is a red week. So would you sell the week or just see if Peppertree will take back the deed (has been paid for since 1993)? I am concerned over the property condition and situation that is going on with phase 1. Looks like the resort might actually need my week in order to transfer red week owners from phase1 other units. Thank you in advance!

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If they will accept this week back and you can walk away.....then sign off on the docs and run. Just my opinion. I am an owner at this resort, owning two prime summer weeks. I am considering giving the one week in Phase 1 back to the resort. Yes, a summer week will have value over an early fall week, but I'm almost ready to cut bait and run.

might be some hope for some owners after all?

http://www.carolinacoastonline.com/news_times/article_37b04d8a-5f13-11e5-a781-bfc1e31f1a61.html

Thanks for sharing the most recent update

TUGBrian said:

might be some hope for some owners after all?

http://www.carolinacoastonline.com/news_times/article_37b04d8a-5f13-11e5-a781-bfc1e31f1a61.html

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I ended up staying the course on the one unit I have left at the resort in Phase I. I sent in the paperwork a few weeks ago to accept a Phase II August unit instead of walking away completely.