Clearwater Cay Club Law Suit
I have been asked to post this document for all to read. I is a copy of the Clearwater suit that was filed in October. I do not believe there is a direct connection between this and the Las Vegas property but it is an interesting read. I think you will find many similarities to experiences you may have had if you own a unit in Las Vegas.
Just to let you all know I am not an advocate or supporter of this suit or any suit that is being contemplated against the Cay Club or it’s representatives. I’m just providing info for all to view.
September 14th, 2008 at 7:50 pm
The two lawsuits are most definitely related. My husband and I owned a condo and boat slip in what was then called Grand Bellagio at Baywatch (the other side was called Grand Venezia) when Del American was the developer. Then these jokers Clark and Schwarz “bought” the contract from Del American. The whole thing was a fraud from the very beginning, and I protested the whole fake-o thing from the very beginning. Unfortunately, our neighbors preferred the “willful blindlesnss” approach. There’s much more besides what’s listed in the complaint; these jerkoffs also did damage to other “new” developments. I investigated all of these people, and found a boatload of stuff about them by researching the public records. Fortunately my husand and I sold before all hell broke loose and our condo sale was the highest sale on record before all hell broke loose.
December 25th, 2008 at 4:32 am
My husband and I are close to purchasing a condo on the Grand Venezia side. Our understanding it is under new management, however, when I research and read these comments I get quite nervous. Do you have an information you can provide re: Grand Venezia? We’re very curious and afraid of future assessments, etc.
Thanks so much.
January 5th, 2009 at 4:40 pm
Jackie,
Sorry, I don’t know much about the projects in Florida. I live and work in the Las Vegas area. Sorry!
February 3rd, 2009 at 12:57 am
Jackie, i sure hope you didn’t go through with the purchase. There’s lots of problems with this property, especially with respect to future assessments. Plus the prior owners convinced the city of clearwater to create a special bond district, which of course the prior owners spent and took off.
I strongly recommend that anyone considering purchasing a unit on the Bellagio or Venezia side consult with their lawyer first.
February 3rd, 2009 at 12:58 am
BTW, the Las Vegas and Florida properties were owned by Cay Clubs. So were properties in Orlando, Clearwater, Manatee County, the Keys, the Bahamas and others. Just google “cay clubs” and you’ll see where all these propoerties
February 5th, 2009 at 3:22 pm
is 2739 Via Capri part of this Grand Venezia at Baywatch? What are the problems with this.. as condos there are selling really cheap
February 26th, 2009 at 3:24 pm
we are planning on a purchase in this lovely devlopment, with thousands of people who own there. How come all of these people are very satisfied with this developement? Is there always someone in this USA who cannot play by the rules and then lose because of that and blame the people who made the rules a requirement to ownership. And any one interested in purchasing realestate would contact their lawyer, they do not need to take the word of a person in a blog or chatroom as to what is really true and not true. Sorry what happened to you, but maybe you should take some ownership in the consequenses that befell you… As I said a educated consumer or potential buyer would know enough to talk with their personal attorney…Thank you
March 25th, 2009 at 10:09 pm
Glad I found this - I was seriously considering buying a couple units there. sounds like a nightmare with the threat of assessments.
May 11th, 2009 at 8:24 am
Kathy, you sound like the only one with something good to say. My husband and I are considering a purchase here because of the current prices. But I don’t want to be assessed astronomically once we buy or find out there are problems with the association etc. Any info you can provide?? Thanks!
June 3rd, 2009 at 3:35 pm
We are seriously looking at purchasing a unit in the Grand Bellagio — the prices are fantastic. What issues does the complex have. Should we be looking else where? Location seems amazing.
Your help and feedback would be greatly appreciated as we are living in Canada.
June 4th, 2009 at 9:41 am
Chad,
I do not know any details about this Florida project. My focus is on the Las Vegas project.
July 3rd, 2009 at 11:28 am
I know that there are really nice units there and every developer went down, recently- including Del American (original developer before Cay Club).
Some bloggers are just full of venom and needing to throw rocks. If you can get a good price, follow your instincts. Obviously someone who made money wouldn’t hate the developer so much as to try to dig up any dirt from other spit and venom bloggers, unless they need negativity to thrive off of.
All condos are worth less than people bought them for lately- or even in the last 9 years. So that doesn’t make the developer or sales people eveil- it makes them out to be up sh–’s creek, just like the resto of us investors, without a paddle.
July 3rd, 2009 at 11:36 am
One more thing- if anyone thought that Las Vegas Cay Club was in a “bad neighborhood”, why is it one of the only places one block from the main Las Vegas Strip? Isn’t it right accross from the RIO? I would think that would have been a bullseye for investors as people want to rent condos not hotel rooms, anymore- and with just a short walk, its a no-brainer. Give it time, it will come back.
July 8th, 2009 at 4:23 pm
The Grand Bellagio complex does not have the $1300/yearly CDD fee (this is added to the tax bill) & the Grand Venezia complex does. The Grand Bellagio complex has a better management company that keeps the buildings and grounds in great shape… the other side (Grand Venezia) has maintenance issues because the mgmt company has been ripping off the owners by taking money and doing nothing. This complex recently had an election and now the COA Board is made up of owners and they fired the maintenance co. and hired a new one today (7/8/09), so things will probably turn around quickly. This is actually a good time to buy. Another difference between the two complexes is that most units in GV come with furniture/tv’s/appliances- GB don’t. Some units in GB come with garages and/or boat slips, while GV units don’t.
September 1st, 2009 at 2:43 pm
Sunvest Resorts, Harvey Birdman, Luis Birdman are all involves in numerours lawsuits in Florida for condo conversions that have left homeowners is very bad shape. The building are having extensive repair bills in the millions. Many of these developments are going quickly into forclosure. See the Las Vegas Lawsuit Donovan VS. Flamingo Palms Villas LLC. now know as the Cay Club
September 7th, 2009 at 8:29 am
I have lived at the Grand Bellagio for two years and have been witness to the gradual deterioration of the the Grand Venezia side. Our side, the GB is beautifully maintained due to a strong HOA. Without grounds maintenance being done, weeds and grass has grown up into all the landscaping around the buildings and most plants are dying. They have cut the grass twice in the last 6 mos, but have not edged or removed the tall weeds and grasses. The new board is trying to clean up with limited funds available because the GV is mostly rentals owned by who? When they get more units sold (and they are going for very good prices -$120 for a furnised 2BR/2BA), there will be more funds available. However, keep this in mind, even though you may get a condo for a really low price, be prepared to pay large assessment fees for several years as the buildings have not had any care either. As long as you go into it knowing this, it could be a good investment. Before I would buy there, I would speak to the board president about furture plans. Remember those who buy here will have to pay to repair what has been let go. Hope this helps.
September 21st, 2009 at 10:26 am
Sandy, is GV really in that bad a shape? We’re looking at buying either there or GB and my sister in law was there over the weekend and said it was beautiful. Are there any other problems you know of at GV? I know about the original investors lawsuit and limited info on some of the recent HOA issues….
November 5th, 2009 at 8:28 pm
We purchased a beautiful unit in GV in March. There have been problems with the last management company but that has changed with the election of a great COA board and wonderful new management company. They are diligently working to make the GV beautiful again. We were just there in Oct. and the grounds are well maintained with the mangroves cut back for tremendous views of the bay. It is a great opportunity to purchase, great location, great prices.While the buildings were neglected under the old COA, fortunately the buildings are new enough to be repaired which is being done as we speak.
November 16th, 2009 at 12:03 am
re: Kathy. I do respect your opinion and do tend to agree that so many people jump into purchases without proper research. However,as a witness to the very similar Vegas situation,it must be noted that if a developer plans extensive projects around a property,then fails to follow through with it-leaving the complex in shambles and broke-this is nothing that hiring even a team of lawyers could have prevented. People purchased units for over $400K,that sold recently for 30-45K. This is way beyond even the Vegas depreciation rate. To blame the purchasers shows a lack of taste and understanding. In regards to location-it can NOT be beat and will come back someday. thanks.
November 16th, 2009 at 12:11 am
p.s. A special thanks to Tim for providing information that many other realtors do not seem to know (or pretend not to).
November 16th, 2009 at 10:23 am
Bruce- Thanks for your kind words! I invite you to visit my other blog site, www.TimMerrell.com
I’ve started to post the same quality content for several other areas of the Las Vegas Valley.
November 23rd, 2009 at 1:55 pm
Hello everyone
I looked extensively at the GV & GB developments in Mar 08, but could not make the decision to go ahead with a purchase. Do you have contact information for the management office so that I can get some information from them. I want to buy but don’t want to have any nasty surprises.
January 27th, 2010 at 7:41 am
We own 3 units at the Grand Venezia. We purchased within the past year. The new BOD have done an excellent job since taking control from Celebrity Resorts. We have an excellent condominium lawyer and highly knowledgeable management company (PCS). We have made tremendous improvements both financially and in the maintenance of the grounds and continue to do so. We believe that it will be a very good investment down the road. Most of the buildings on the Grand Venezia have water views of Tampa Bay, unlike the Grand Bellagio where many of those buildings don’t. Also, the Grand Bellagio sides onto a trailer park. For anyone who wants more info about Grand Venezia, please visit our website:
www.grand-venezia.com
A multiple unit owner