Las Vegas Cay Club-Is it a Time Share?
This Cay Club project keeps getting more and more interesting! Just yesterday I received a copy of the agenda from the meeting in June when “Flamingo Palms Villas, LLC dba Cay Clubs” requested the use permit change, here are a couple of exact quotes from the request.
“Convert an existing residential condominium complex to a residential time share complex.”
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When the original owners converted the complex and sold the units to the current owners, the owners signed a power of attorney granting Flamingo Palms Villas, LLC, the right to “…apply for, submit or obtain approvals for changes or alterations in mapping, land use, or zoning for all property shown on the final map in which Buyer has or may acquire an interest…”.
Here is a link to see the agenda from the Planning Commission meeting-Las Vegas Cay Club Request for Time Share
I also received a letter showing that the request was APPROVED! Here is the link-Cay Club Time Share Approval
So what does all of this mean? Right now I’m just not sure. I can tell you this is how they moved forward with the “Nightly” rental but they are definitely not a “Condo-Hotel” as I have thought for the past few months, even though on the surface that is how it appears. I guess if you are an owner you can sell a week or two to your friends, it might be a way to make next months mortgage payment! But here is the really big problem that has been rolling around in my head for the past two days. HOW IS A NEW BUYER GOING TO GET A LOAN? I don’t have an answer to this, getting a “Condo-Hotel” loan is a challenge all by itself, getting a time share loan is a different monster all together. I’ve asked a couple of loan officers and they don’t have an answer for me yet, but I think the answer is going to be; “SORRY find a CASH buyer! Oh, and good luck with that! Have a nice day!”
I have to tell you this issue seems to be the straw that has broken the camels back, I mean my back. I’m just starting to see this whole project as a time bomb that is waiting to go off and I’m seriously considering running as far away from it as I can!
About the only option I can think of is finding a “Time Share Developer” and seeing if they would be interested in buying all of the units, then I just have to deal with the 9.44 acres of common area that someone else, Craig Holt or Cay Clubs or Flamingo Palms Villas, LLC or CC704, LLC or Desert Tides, LLC or Band Somebody or who knows, controls or owns.
What a MESS!
If you know a “Time Share Developer” or a “Time Share Lender” have them give me a call, I’m looking for one!
And on that note, I’m off to the bar!!!!!!!!!!!!!!!!!
December 18th, 2007 at 8:44 pm
It is not a timeshare…As you said, this is the standard wording that had to be used in Las Vegas in order to get approval for nightly rentals..
Every owner owns 100% of their unit…There are no fractional owners..
December 18th, 2007 at 11:57 pm
Fred-Thanks for your info, what other projects are like this in Vegas? Are other properties that rent by the night classified as time share? I know each owner has fee simple title to 100% of the unit and the CC& R’s state that there is to be no time share. So please help me to understand this crazy situation. I’m just trying to understand so I know what kind of a loan will work for new buyers.
December 28th, 2007 at 12:50 pm
I was contacted by one of the other owners Jesus, about the “new” Desert Tides and the concerns and outlook of the property, I immediatly got on the phone with the new manager Craig Holt. My unit is now furnished and am anxiously awaiting my first rental income. The feedback on Expedia is great, I am so glad that there is positive progress and am looking forward to turning this investment around. We have a large family and an apartment style resort is much more comfortable for us, I cannot imagine this would not be the case in Vegas. Pulling together makes so much more sense than pulling apart. More info as this unfolds….Would love to hear from others…
Thanks..
December 29th, 2007 at 6:45 pm
My question is: What is the square foot per room requirement for the property to be a Condo/Hotel?
My understanding is that the current square footage in the units does not qualify for a Condo/Hotel and they were forced to submit to a timeshare status. Is this correct?
That is my understanding.
However, my partners and I have retained an attorney to establish the HOA for LVCC! We are anxiously attempting to gain postiive contact with all of the owners. My email address is bryan.sopko@us.army.mil
We also have a Yahoo News Group established for all of us to share information.
I look forward to hearing from all of you.