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East Ender
(@east-ender)
Expert
Joined: 15 years ago
Posts: 5337
March 28, 2014 1:01 pm  

He/they bought the mortgage in 2003. Bayside abandoned the property in 2005. Foreclosure filed in 2011. Beachside obtained ownership at auction in December.

a. It is too bad the homeowners did not own their common property.
b. I would think it will be difficult for them to come up with $300,000 cash, let alone a million.

If St Thomas loses more accomodations, we will be up a creek. Look how long the former Renaissance has been empty. Remember how long Grand Pallazo was empty? Is Beachside going to be a good neighbor?

P.S. In buying condominium property, find out who owns the pool, the wastewater treatment plant, the RO, the parking lots, the roads.


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Future Islander
(@Future_Islander)
Advanced Member
Joined: 15 years ago
Posts: 384
March 31, 2014 4:29 pm  

At the Point Pleasant Resort the Association (we) own the infrastructure (roads, pools, restaurants, spa, tennis court, nature trails, lobby, laundry, water R/O plant, waste facility, etc.).

F.I.


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rotorhead
(@rotorhead)
Trusted Member
Joined: 14 years ago
Posts: 2457
April 9, 2014 8:21 pm  

V.I. Superior Court Judge Adam Christian dissolved the temporary restraining order at Sapphire Resort on St. Thomas on Monday, allowing the property owner to cut off sewage treatment to the condominium association starting at 5 p.m. today.
http://virginislandsdailynews.com/news/judge-clears-way-for-sapphire-owner-to-close-wastewater-treatment-plant-1.1664256

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They say there's a heaven for those who will wait
Some say it's better but I say it ain't
I'd rather laugh with the sinners than cry with the saints
the sinners are much more fun...
You know that only the good die young.
BJ


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OldTart
(@the-oldtart)
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Joined: 8 years ago
Posts: 6523
April 9, 2014 8:27 pm  

V.I. Superior Court Judge Adam Christian dissolved the temporary restraining order at Sapphire Resort on St. Thomas on Monday, allowing the property owner to cut off sewage treatment to the condominium association starting at 5 p.m. today.
http://virginislandsdailynews.com/news/judge-clears-way-for-sapphire-owner-to-close-wastewater-treatment-plant-1.1664256

And this was all anticipated, arrangements have been made and there will be absolutely no disturbance or inconvenience to visitors or Sapphire residents.


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East Ender
(@east-ender)
Expert
Joined: 15 years ago
Posts: 5337
April 9, 2014 10:19 pm  

Yes, I understand they are pumping out. That is going to be pretty expensive over the long haul. Maybe it doesn't affect visitors, but it does affect the owners.


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Alana33
(@Alana33)
Expert
Joined: 8 years ago
Posts: 12211
April 9, 2014 11:00 pm  

"Beachside indicated that it costs about $13,000 per month to operate the sewage treatment facility, according to court documents."

Seems like a ton of money to operate this system. $156K per yr.? Does that not seem excessive?


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noOne
(@noOne)
Trusted Member
Joined: 9 years ago
Posts: 1495
April 9, 2014 11:05 pm  

Hrm a ton of money for a ton of sh@t. There has got to be a joke somewhere in here...


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