CCHE liquidation?-- Cape Cod Holiday Estates Timeshare Mashpee, MA

[newbie88jo]

The timeshare will likely close and be liquidated. Options are:
1. Pay about $500 to deed back for attorney's fee. (seems high to me).
2. Pay $950 for 2024 yearly and maybe share in profit or loss on the closure and sale of the property.

a. How to find out if there's an loan or other liens on the property?
b. How much is the property worth?
c. Are the sale gear toward benefiting the management company and not the owners?
d. There are about 500 intervals to foreclose on at a cost of $2000 each.
d. Which one to choose (1 or 2)?

33 units with 1/3 acre plus club house. So at least 10 Acres. In my opinion the cost of remodeling seems also high and should have come out of the yearly assessments instead of a special assessment.
Any advise?

 

[wackymother]

The timeshare will likely close and be liquidated. Options are:
1. Pay about $500 to deed back for attorney's fee. (seems high to me).
2. Pay $950 for 2024 yearly and maybe share in profit or loss on the closure and sale of the property.

a. How to find out if there's an loan or other liens on the property?
b. How much is the property worth?
c. Are the sale gear toward benefiting the management company and not the owners?
d. There are about 500 intervals to foreclose on at a cost of $2000 each.
d. Which one to choose (1 or 2)?

33 units with 1/3 acre plus club house. So at least 10 Acres. In my opinion the cost of remodeling seems also high and should have come out of the yearly assessments instead of a special assessment.
Any advise?

If you pay the $950, can you use your week in 2024? What week do you own?

We owned a week 30 at Briarwood and they gradually started selling off the townhouses as condos. When they wanted to sell our unit, they called us and offered either to move us to another unit during the same week, or to pay us $2500 for our ownership. We took the $2500. I heard the units were selling for a serious chunk of change, but I was pretty happy with the $2500.

 

[scootr5]

0.912 Acres of vacant land a couple blocks away sold for $382,000 in 2001; that would make 10 acres about $4,000,000.

 

[bnoble]

d. Which one to choose (1 or 2)?

Do they seem enthusiastic to get you to take Option 1? If so, there is probably money behind Door #2.

If it were me, I'd pay the extra $450 to see if it generated a return. It will only take a year or two, and even if you get $1K out of it, you've doubled your money in two-ish years. Seems like a good bet.

 

[wackymother]

Do they seem enthusiastic to get you to take Option 1? If so, there is probably money behind Door #2.

If it were me, I'd pay the extra $450 to see if it generated a return. It will only take a year or two, and even if you get $1K out of it, you've doubled your money in two-ish years. Seems like a good bet.

That's what I would do too.

 

[newbie88jo]

If you pay the $950, can you use your week in 2024? What week do you own?

We owned a week 30 at Briarwood and they gradually started selling off the townhouses as condos. When they wanted to sell our unit, they called us and offered either to move us to another unit during the same week, or to pay us $2500 for our ownership. We took the $2500. I heard the units were selling for a serious chunk of change, but I was pretty happy with the $2500.

Thanks wackymother,
The week is 21 of a two bd cottage (can sleep 8 with the den as an extra bdrm) but not on the application. We usually trade it for RCI points (75,000 to 85,000 points per year). They have it will likely take 17 months or more to do the foreclosures. I don't know if I will get the points during those two years. They have the resort will likely be closed to conserve money and labor shortage. But summer is the hot booking season. Seeing the individual cabins with 0.3 Acres might be better to get the maximum price. Zillow has the cabin valued at over $500k each.

How long did you have to pay before they released you from the MF and gave you the money?
Did you get to use it until the sale or how many years of paying the MF and not being able to use the resort?

 

[newbie88jo]

Do they seem enthusiastic to get you to take Option 1? If so, there is probably money behind Door #2.

If it were me, I'd pay the extra $450 to see if it generated a return. It will only take a year or two, and even if you get $1K out of it, you've doubled your money in two-ish years. Seems like a good bet.

The $500 option is to walk away without any more MF.
The option 2 with a $950 MF may generate money but may be a continued loss of MF for years.

 

[bnoble]

If the resort is closing during the foreclosure process, then there will be no use.

I sill think it's worth viewing the $450 as a high-risk/high-reward investment. Maybe it turns into nothing. Maybe it generates a nice return. I would not miss $450 if it evaporated into the ether, so I'd be willing to gamble it. If you'd miss the $450, that's different, and then it would make more sense to cut your losses.

Would you miss $450 if it disappeared from your bank account? If not, roll the dice. If so, then just end it.

 

[wackymother]

Thanks wackymother,
The week is 21 of a two bd cottage (can sleep 8 with the den as an extra bdrm) but not on the application. We usually trade it for RCI points (75,000 to 85,000 points per year). They have it will likely take 17 months or more to do the foreclosures. I don't know if I will get the points during those two years. They have the resort will likely be closed to conserve money and labor shortage. But summer is the hot booking season. Seeing the individual cabins with 0.3 Acres might be better to get the maximum price. Zillow has the cabin valued at over $500k each.

How long did you have to pay before they released you from the MF and gave you the money?
Did you get to use it until the sale or how many years of paying the MF and not being able to use the resort?

We paid and used the weeks right up to the year they offered to buy us out of our week. And then when they called and offered to switch us or to pay us the $2500, and we took the $2500, it happened very fast--I think we got the transfer papers within a couple of weeks, and the money within a month or so.

I still agree with bnoble--I would pay the $950 for the first year, certainly, even without use, and then see where they are. I do think they have a lot of nerve asking you to pay maintenance when use will not be available.

It's a pity--we stayed at Cape Cod Holiday Estates a few years ago and thought it was very very nice. Loved the private little houses and the pretty setting.

 

[TheTimeTraveler]

The timeshare will likely close and be liquidated. Options are:
1. Pay about $500 to deed back for attorney's fee. (seems high to me).
2. Pay $950 for 2024 yearly and maybe share in profit or loss on the closure and sale of the property.

a. How to find out if there's an loan or other liens on the property?
b. How much is the property worth?
c. Are the sale gear toward benefiting the management company and not the owners?
d. There are about 500 intervals to foreclose on at a cost of $2000 each.
d. Which one to choose (1 or 2)?

33 units with 1/3 acre plus club house. So at least 10 Acres. In my opinion the cost of remodeling seems also high and should have come out of the yearly assessments instead of a special assessment.
Any advise?

This grandfathered zoning (if left alone) is a gold mine if someone purchases the property at a bargain basement price, and that is very likely to happen.

States all over the USA are renting hotel,, motel, and apartment complexes for big $$$ and placing the less fortunate into them (i.e. homeless) so the landlord really makes out if he/she controls 100% of the property and rents it out to the State of Massachusetts.

It will be a loss for the timeshare owners, but a big win for the new owner of the entire nut.




.

 

[Greg G]

It's a pity--we stayed at Cape Cod Holiday Estates a few years ago and thought it was very very nice. Loved the private little houses and the pretty setting.

Agree, we really liked it when we stayed there on an II exchange in May of 2022. Everything was pretty much fine in our private house when we were there. Check-in/registration area looked good and staff polite, indoor pool was being used by kids. When we had a problem with the heating in our unit , the maintenance guy came over right away and fixed it. Apparently the cleaning people had played with the thermostat settings and goofed something up.

The timeshare will likely close and be liquidated. Options are:

Didn't have any idea they were close to closing and liquidating. Was this just financial issues, or what?
What were your maintenance fees normally?

 

[newbie88jo]

Thanks for the wise advise.
They have that there was not enough support for remodeling assessment and large number of non-paying members. I don't know who gets the pro-rated portion of those that got foreclosed.
The yearly fee was about $950, so should of had plenty for capital improvements unless the ones paid the yearly MF also paid for those in the rears (~30%? that I only found out last week).
I don't know when the last remodeling occurred. The CCHE cabins didn't look as if they need $200k plus for remodeling or updating. Looked like a new roof shingles, siding and furniture and carpet replacement to me.

What year did the Briarwood Timeshares close and convert to condo's?
Did each unit occur at the same time or was it essentially one by one?

CCHE was lots of room for my daughter, wife and I. We tried some other Cape Cod timeshares and they were just too small even for two and not worth the points and booking fees.

 

[Greg G]

The CCHE cabins didn't look as if they need $200k plus for remodeling or updating. Looked like a new roof shingles, siding and furniture and carpet replacement to me.

I agree. Wonder how they arrived at $200K plus per cabin?

 

[TUGBrian]

what did the last annual budget numbers look like? they should provide those to all owners every year!

id agree with above, unless there is some staggering dark cloud somewhere regarding the finances, id think rolling the dice on $450 to get your cut of the sale is a good bet

 

[wackymother]

What year did the Briarwood Timeshares close and convert to condo's?
Did each unit occur at the same time or was it essentially one by one?

They did it very slowly--starting maybe ten years ago now? They started by changing the resort from year-round to seasonal, so they were only open in the spring, summer, and fall. That saved some money because they only needed minimal staff in the winter and just upkeep on the units and grounds.

Then they started selling off individual units as townhouses. (Briarwood was originally intended to be townhouses and then became a timeshare.) One thing that surprised me was that they sold off one unit here and another unit there--they have about ten buildings with four or six townhouses each, but they didn't sell off all the townhouses in one building at a time; they sold off one here and another over there.

Here's a real estate page that shows a couple were sold earlier this year for $280,000 and $340,000.

Briarwood Condominiums For Sale in Falmouth - Falmouth MA Real Estate

See all Briarwood condominiums for sale in Falmouth, 60+ units, built 1979. Listings include large photos, local school info, tours, maps, street view and more.

www.massneighborhoods.com

But there are still timeshares there. I don't know if they continue to sell off the townhouses. It must be strange to have your home in the middle of a timeshare resort!

 

[newbie88jo]

sell them off in small blocks make the most sense for the owners but not the management company. With a longer time more MF can be spend on themselves and a sweetheart deal be made with a special buyer.

 

[newbie88jo]

I need yo know if they will keep it open for spring to fall but it doesn’t sound like it.

 

[wackymother]

Is it too late to change their minds? The Briarwood model seems to have worked well enough to keep them going for a long time.

 

[e.bram]

Look what happened to The Wellington in Newport RI. A beautiful location on the bay with beautiful buildings with breathtaking views!

 

[wackymother]

What happened to the Wellington?

 

[Greg G]

What happened to the Wellington?

https://www.newportri.com/story/new...t-hotel-as-timeshares-model-dies/70081692007/

From the article "Providence-based Paolino Properties, have plans in the works to reconfigure the interior, removing the kitchens and living rooms from their two-bed two-bath units, to convert the building into a 152-room traditional hotel."
Ughhhh.

 

[newbie88jo]

in the article on wellington resort, the 51 unit property was old for $12+ million dollars but the timeshare owners are offered only $1500 for the float share. 12 million divided by (51 unit x 50 week) would be over $5000 per owner. With 30% owners in default, presents the question how much in default (number of years) and debt of the TS. At $1500 buyout that seems like a raw deal.

 

[dioxide45]

in the article on wellington resort, the 51 unit property was old for $12+ million dollars but the timeshare owners are offered only $1500 for the float share. 12 million divided by (51 unit x 50 week) would be over $5000 per owner. With 30% owners in default, presents the question how much in default (number of years) and debt of the TS. At $1500 buyout that seems like a raw deal.

Thare will also be loads of legal fees, recording fees, filing fees and just about anything else. As you say, they may have also had to borrow money against the asset (the land and structures) in order to get to the end game of a sale. Once all expenses are paid, those remaining as owners would get a slice.

What you sometimes find is if there is expected to be decent value in each week after the monies are divvied up, certain people with inside knowledge and privilege take advantage of that and buy defaulted weeks or even convince other owners to sell to them. This sometimes results in litigation after the fact.

 

[newbie88jo]

Thare will also be loads of legal fees, recording fees, filing fees and just about anything else. As you say, they may have also had to borrow money against the asset (the land and structures) in order to get to the end game of a sale. Once all expenses are paid, those remaining as owners would get a slice.

What you sometimes find is if there is expected to be decent value in each week after the monies are divvied up, certain people with inside knowledge and privilege take advantage of that and buy defaulted weeks or even convince other owners to sell to them. This sometimes results in litigation after the fact.

That are the typical cost to close a time share? It looks as if 30% delinquent is the tipping point for closure.
I didn't find any outstanding loans recovered in the county recorders office, but don't know if they have liens or loans not reordered. I also don't know the specifics of the contact with the management company on cost to terminate the contract.

 

[cavspoo]

The timeshare will likely close and be liquidated. Options are:
1. Pay about $500 to deed back for attorney's fee. (seems high to me).
2. Pay $950 for 2024 yearly and maybe share in profit or loss on the closure and sale of the property.

a. How to find out if there's an loan or other liens on the property?
b. How much is the property worth?
c. Are the sale gear toward benefiting the management company and not the owners?
d. There are about 500 intervals to foreclose on at a cost of $2000 each.
d. Which one to choose (1 or 2)?

33 units with 1/3 acre plus club house. So at least 10 Acres. In my opinion the cost of remodeling seems also high and should have come out of the yearly assessments instead of a special assessment.
Any advise?

Any owners at Cape Cod Holiday Estates out there who wish to discuss letter of December 18 from CCHE?