Update #16 – June 5th 2024
I know you have all been patiently waiting for an update on the sale of the property. While we wish we were able to provide regular updates this is a slow process and everything takes time. We do want to share the current status of the sale:
- We currently have a group interested in purchasing our property, however, they have yet to provide proof of funds. We have been stuck at this part of the process for roughly a month and are anxiously awaiting their proof of capital.
- As we are waiting our agent has been in contact with other potential buyers, including a company based out of Naples. These would include two potential buyers looking to build a hotel and a third wanting to construct condos. If the above sale were to dissolve, we are already in the process of finding our next buyer.
- We are also working with our attorney to get all of the titles cleared and eligible for sale. This is a much larger undertaking than originally anticipated and the law firm doing this work for us is actively doing what is needed for a smooth sale in the future
To summarize, while we wait for proof of capital from a potential buyer we are actively trying to get all titles ready for sale and seeking other potential buyers. Though we wish we could provide a timeline it is not possible at this point in the process.
Update #15 – August 31st 2023
Lahaina Owners,
We are still working diligently to sell Lahaina Property. This article was released December 28, 2023. We wanted to share it with you so you can see recent sale comparisons.
Update #16 – October 31st 2023
We received an offer of $13M at the beginning of this month. All board members felt this offer was far too low and decided not to accept this offer. There are still a lot of inquiries about the property, but no other written offers. LSI suggested that we lower the sale price from $30 million to $25 million. Board members decided against doing this.
Update #15 – August 31st 2023
To those questioning if the annual meeting is still taking place. Yes it is at the Bonita Springs Public Library at 10:00am on Saturday September 9th. You can attend in person or via Zoom. Many have also asked about 2023 maintenance fees and if we are foreclosing on them. No. The foreclosures are about those who haven’t been in touch with us for years. We sent them notices trying to get current contact information. We even heard back from some who owe thousands of back maintenance and we took them off the foreclosure list. This is about being able to sell the property. We need clear title to sell the property and get a title insurance policy. We don’t want funds sitting here for people who we are unable to contact or who have passed away. Feel free to email us at [email protected] or call (239) 463-4414 with questions.
Update #14 – August 8th 2023
Last of the insurance checks went out to owners August 6th. USPS can take time, please be patient. Once the property sells we will refund 2023 maintenance to those that paid. Remaining funds will then be mailed to owners. We have listed the property with LSI.
Update #13 – June 15th 2023Current zoning for building has been an issue for the buyers. The buyers suggested applying to change zoning through a Planned Development. This process typically takes 14 – 18 months. The planned development idea raised was the idea of shifting to a hotel being built. They would bring in a hotel company. That hotel company would have to do a financial study of that idea. They have said we would become fellow investors in this idea. But the timeline for payouts would be extended until after the hotel is built. The buyer asked for an extension on their due diligence payout in order to get their numbers on this.
The Board of Directors decided not to extend the due diligence time period. Due to this, the contract has been cancelled. We will continue to look for prospective buyers.
As for as the insurance payout, Ron spoke to a gentleman handling one of the claims. He said that the checks were sent out on May 26th. However, we had not received any of these checks. Ron called back and was told that the checks were returned, stating they were undeliverable because the building unit numbers were added to the address. We were told the checks have been resent. Hopefully we will receive them soon.
Update #12 – May 16th 2023
We have been having regular discussions with the insurance company. There are 12 different claims: one for each building. We have different adjusters for each claim. Last week, we received checks for 2 claims. According to the insurance company, the others are still being worked on.
As far as the sale is concerned, we are arranging a meeting sometime during the week of May 24th, with our Realtor, the Buyers, the Town of Fort Myers Beach, and we are hoping the Beach Mayor will join. The topics we wish to discuss are recent codes & restrictions, and what the town of Fort Myers Beach will allow to be built on the property. Dublin, the buyers, have requested this meeting because they are having zoning issues for the project they have planned.
Update #12 – April 6th 2023
Ron and our adjuster were able to get a new claim examiner assigned to our flood claim after voicing concerns about lack of movement on our file. We expect to get more regular updates with this new examiner in place.
We are getting communication from some of you about how your deeds are titled. This is very important because any distribution will be made out to the names listed on the deed. Please check that things are set up correctly with Lee County at: https://or.leeclerk.org/LandMarkWeb You enter your name last name first. It also defaults to 2010 for date.
This would also be a good time to confirm your contact information with us. Please send us an email at [email protected].
Thank you all for your patience as we are all in new territory as we navigate this.
Update #11 – March 14th 2023
Many of you have reached out for an update:
We have not heard back from the insurance company as of yet. We are not sure if they will pay out individually or send the funds to us to distribute. We asked our agent, but he did not know. They did ask for a list of owners, however. We have been calling them regularly for any updates.
As for as the sale of the property, we are in the process of finding a Title Company/ Attorney to help with dissolving the association and take care of the Titles and transfer all deeds. We are finding it is going to be a bigger job than anticipated.
According to the Bylaws, each unit /week is considered one share of ownership regardless of unit size or time of year purchased. Each owner will get and equal share. If you own multiple weeks, you will receive a share for each unit/week owned. We are anticipating that each share will be around $13,000- $16,000 with the insurance payout and proceeds.
Update #10 – Feb 1st 2023
The property is under contract as of 1/31/23. Please see the documents tab for details.
Update #9 – Jan 9th 2023Lahaina Family-
Sorry for the delay in updates. We have been busy between the holidays and meetings on the property.
The City of Ft Myers and Fire Department notified us that the partial structures remaining had to be demolished because they represented a safety hazard. That was done this week, Wednesday. That contractor is also working to clear debris.
We have the city coming out next week to evaluate if we qualify for assistance with fill to level out the scours left by the receding water.
We are still waiting on an update on our insurance settlement.
We unfortunately have to announce the passing of long time board member, Frances Stehman. Lahaina shares so many fond memories with Fran and her family. Ron says he will always have a seaweed sandwich for her granddaughter. Fran thank you for your service.
Please join us in welcoming new board member, Kyle Josefiak.
We are still working on getting the property listed.
Update #8 – Dec 5th 2022
The result of the vote last Sunday was to not rebuild. Ron is has meetings Monday to get more information on what to list the property for. We finished the contents list for the flood adjuster today. We are now completing the 2022 audit.
Update #7 – Nov 23rd 2022
We have added the Zoom Meeting information to the documents page.
There are 2 ways to vote in the special meeting on rebuilding this Sunday, November 27th @ 1pm EST. In person or with a submitted proxy. You cannot vote over the webinar. We can take your proxy at [email protected].
Update #5 – Nov 10th 2022The special meeting for the vote on whether or not to rebuild is scheduled for Sunday, November 27th at 1pm. We will be mailing the notice to the last address of record. The notice will contain the location. We will also post to the website the details to log into the webinar if you would like to attend virtually.
Update #4 – Nov 7th 2022
Lahaina Family,This week’s update:After much thinking we have decided the best thing to do regarding maintenance fees is to have everyone pay them at this time. We do not know how long this process will continue. It is not fair to have the few who have sent it in carry the rest who have not. Bills continue to come in. The hurricane wiped out everything. We have had to buy a new computer, printer , we still have to maintain our website, server, taxes, licensing fees, accountant, lawyer, 4 employees are still working here. We continue to have to meet with adjusters and builders. We will have to pay for a meeting site. The costs for the notification mailings that have to go out for meetings will add up. Property clean up fees will be coming.We are meeting with the association lawyer next week to discuss possibly delaying our vote on whether or not to rebuild until we can get more details of costs.We will be completing the itemized inventory of each units contents for our insurance claim within a week.The donation campaign and t shirt sales were incredibly generous. We greatly appreciate what you have done for our staff. Thank you all soo very much. Ron was able to deliver the goFundme dollars to everyone last week. It sounds like the t shirts will be going out to everyone by thanksgiving.Thank you all for your well wishes and support during this. We will continue to keep the updates coming.
Update #3 – Oct 28th 2022
Lahaina Family,This week’s update:
Our flood adjuster informed us that it would be at least 6 months until we hear anything about our claim. The number of claims in the area is causing a delay. We have started on our lists of contents for each unit for the insurance company. Our claim should be somewhere between $5 and $6 million.
We are also working with local builders to get an estimated cost of rebuilding the resort. The preliminary numbers are in the range of $31 and $35 million. So a special assessment in the range of $16,000 to $20,000 per week is what we are looking at potentially. We are also getting information on the value of the land. Initial numbers put it somewhere between $25 and $35 million.
The rental deposit refunds have been completed. Checks went out Monday and Wednesday this week.
We are nailing down a location for the special meeting to hold the vote for whether or not to rebuild. You will get the notice in the mail along with your proxy. We are trying to hold this meeting within the next 30 days. The mailing will go out 14 days ahead of the meeting.
Thank you all for your patience and understanding through this process.
