A lot of information is out there these days describing what a toxic investment a time share is. If deeded, like ours at the Point at Poipu, the liability can go on through your lifetime as well as your heirs. This is not what we were expecting when we retired and invested in what we thought would be our "home away from home". It was advertised as such at the time.
Diamond Resorts International has increased our maintenance fees threefold since 2007 and pushed through a special water intrusion assessment that is outrageous, almost $6,000 per interval, our piece of the pie being $28,000.in the current economy, retirement doesn't leave much wiggle room for such unexpected expenses. DRI will not take back the timeshare, it is worthless on the timeshare market - some resellers will not even list our timeshares because of the assessment. On top of this, the Assessment billing and collection policy published by DRI basically claims they will sue, foreclose and put you out to dry for non-payment. Only the legal system can sort this out and that means more expenses for the owner of the timeshare.
What I want to address is the unethical way DRI communicates business decisions, etc. To the owners at Point at Poipu. The majority of communiques are sent by email or posted on the website, no physical notification. What happens to older owners that are not computer savvy? Also, the communiques are sent at the very last minute. A notice in July about a change in policy came after it was in effect (DRI will no longer buy back timeshare properties). A notice about prepaying maintenance fees for the next year before you could make a reservation - new rule - in the smallest print possible.
Two meetings to discuss special assessment were held in California in October. Notice to attend came within days of the meetings and for some after the fact. For people living all over the USA, not much time to prepare nor did we have any previous information in order to prepare. I received my bill for the 2012 maintenance fees and special water assessment after middle of November and it was due January 1. To have our good credit ruined by this at this stage of our lives is unconscionable.
Mr. Stephen Cloobeck will be on CBS's UNDERCOVER BOSS on January 15th. Undercover is a good description of some of Diamond Resorts International's business practices.
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