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Owners see changes in their investment development #409100
06/02/11 08:43 AM
06/02/11 08:43 AM
Joined: Oct 1999
Posts: 73,384
oregon, spr
Marty Online happy OP

Marty  Online Happy OP

Reef Village responds to rumors

With rumors running rampant online about the status of Reef Village Resort (RVR), The San Pedro Sun contacted members of the Reef Village Executive Committee (RVEC) for some clarifications. President of RVEC, Mr. Bill Nitchmann made contact with us and stated the following clarifications. As per the present situation with Reef Village Resort, Mr. Nitchmann informed, "A Strata Management Company has been registered with the Ministry and the process, as provided for within the Belize Strata Law, is advancing for the owner's controlled Strata Corporation to run the management and maintenance of the resort and residential portion of the development. Any announcement would be premature before the Ministry has approved the Strata Application." To the rumour that RVR is in threat of liquidation and/or bankrupt, the response was "NO". In responding to the question whether control of the entire RVR project was handed over to the Home Owners, Mr. Nitchmann informed, "No. The Strata Committee has taken over the day-to- responsibility for the maintenance, landscaping and security. This is normal as we move forward to form the complete Home Owners Association".

As to the extent of the debt owed by Reef Village to the various utility companies on the island, The Sun was informed, "I am not privy to that information. It is a matter between the companies and the developer. Just as it would be between you and the utility company. However, I do know that the developer and the utilities are working as a team to clear any misunderstandings up".

Mr. Nitchmann further clarified whether Reef Village was stripped of electricity services by stating, "Untrue, we have and have had electric power. Reef Village and BEL are working closely to upgrade the entire Reef Village electric grid and owe a great deal to BEL for their support of the community".

In conclusion, Mr. Nitchmann stated that he sees the future of Reef Village to be a very thriving beautiful resort for all of the owners to enjoy as Mr. Pierce, the developer, envisioned.

154 Sueño Del Mar investors take legal action against BCB

On November 25, 2010, Volume 20, Issue #45 of The San Pedro Sun, we printed a story entitled "Sueño Del Mar closes - Timeshares Act put to the test." Since the article was published, there have been many moves by investors to ensure that they regain what they feel is rightfully theirs: time and access to units they have paid for at Sueño Del Mar.

The property closed its doors in mid-September after falling into receivership. British Caribbean Bank (BCB) appointed Mark Hulse as receiver - and upon his appointment, the resort was closed, staff were let go, and owners of the units were told they could not enjoy their investment. Now it seems that Sueño Del Mar is operating as a hotel. A frustrated homeowner was told that "operating the resort as a hotel is well within the banks rights [...]" It is apparent Sueño has a license to operate as a hotel, and as such, reservations are being accepted for the summer season at "special rates for April 1, 2011 thru December14, 2011". It seems that all units are in the hotel pool of rooms, with prices starting at $99USD.

The questions remain: how did Sueño start operating as a hotel? Many interested parties would like to know how this affects their ongoing suit against BCB. Is the money generated from the rental of units as a hotel being used - at least in part - towards the amount Sueño Del Mar owes BCB? What are the legalities of renting out the units that technically - if the Timeshare Act is to be used as an argument - belong to the investors who bought time at Sueño Del Mar? These were just a few of the questions posed to Mark Hulse of Baker-Tilly Hulse (BTH). As of press time, no response of any kind has been received from BTH.

Click here to read the rest of the article and see more photos!

Re: Owners see changes in their investment development [Re: Marty] #409222
06/03/11 10:28 PM
06/03/11 10:28 PM
Joined: Jun 2011
Posts: 15
disgruntledowner Offline
disgruntledowner  Offline
just curious to know if Mr. Nitchman is a politician as he has an interesting spin on the truth. Perhaps he was unaware that BEL came and shut the power down at Reef Village for several hours due to non payment. This can be verified by talking to any of the permanent residents who were affected by the shutdown.

Re: Owners see changes in their investment development [Re: Marty] #409395
06/06/11 09:58 PM
06/06/11 09:58 PM
Joined: Jul 2010
Posts: 22
Belize Fly Offline
Belize Fly  Offline
Sounds lie he is or buddy buddy with J.P.

Re: Owners see changes in their investment development [Re: Marty] #409772
06/12/11 10:35 PM
06/12/11 10:35 PM
Joined: May 2011
Posts: 47
Fishmonger Offline
Fishmonger  Offline
Time shares are for suckers. Doublspeak is a universal language.

Re: Owners see changes in their investment development [Re: Marty] #409773
06/13/11 12:40 AM
06/13/11 12:40 AM
Joined: Jun 2011
Posts: 1
Maid Offline
Maid  Offline
Trying to find a 1 bedroom place for 3 months, January, Feb. and March 2012. Nothing fancy but walking distance to beach, bar, food and transportation to other parts of Belize.
Hoped to find something for under 500. USD a month.

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