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East Ender
(@east-ender)
Expert

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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Topic starter Posted : March 28, 2014 1:01 pm
Future Islander
(@Future_Islander)
Advanced Member

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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Posted : March 31, 2014 4:29 pm
rotorhead
(@rotorhead)
Trusted Member

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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Posted : April 9, 2014 8:21 pm
OldTart
(@the-oldtart)
Expert

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/blockquote >

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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Posted : April 9, 2014 8:27 pm
East Ender
(@east-ender)
Expert

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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Topic starter Posted : April 9, 2014 10:19 pm
Alana33
(@alana33)
Expert

"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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Posted : April 9, 2014 11:00 pm
noOne
(@noOne)
Trusted Member

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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Posted : April 9, 2014 11:05 pm
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