ONE-A-DAY
Well-Known Member
- Joined
- May 21, 2010
- Messages
- 18,097
- Reaction score
- 25,628
Lots of watering goin on today.Just got back to havasu
They were watering everything on friday and the pond was filling back up
Lots of watering goin on today.Just got back to havasu
They were watering everything on friday and the pond was filling back up
Looks like I was on to something here............Seems like there's plenty of people with serious dough in town that have to be chomping at the bit..
Greens are coming back to lifeAre they still watering the course?
There is at least one employee out each morning driving the course and turning on the valves manually, seen him out a few times this week when im out early walking the dog.Greens are coming back to life
View attachment 1051920
I’m actually at the old FALLBROOK Country Club today checking on a project it’s turning into a really nice winery one I think the homeowners will be proud of!
That’s the way I understood it, the bank is basically saying take over payments so to speak and they solve their problem quick and easy and we get the course for 1.9 which is a bargain. I’m not sure how the contributions that home owners elected to make figure into it, ie if we own a share based on the amount given. That amount gathered from the owners was pretty large so it could also be used for needed capital improvements. At the end of the day it looks like we have a resolution. The course is getting watered daily and starting to come back and the liquor licensed was secured for the bar (most important to us )Notes don't sell on the courthouse steps unless they are foreclosed on whereby the note is paid off. Purchasing a note bank direct prior to foreclosure is viable and doable, banks can't sell for higher than what's owed any surplus belongs to the borrower.
True, but the purchase price is at 1.9 now, down from 4.9 and the money raised can be used for capital improvements to make the place more marketableI guess they are trying to be proactive asap which is why it went from a purchase of the actual asset to a purchase of the note in a minute. Unfortunately for those homeowners that voted in favor of attempting the asset purchase were duped and the HOA is now going after the note. The way I see it
You can't capitally improve an asset you don't own, and owning a note doesn't make you the owner. There's a little bit of smoke & mirrors going on here. The HOA will have zero ability to improve, upgrade, maintain, or facilitate any changes whatsoever.
Ya they don't have a right to go in and remodel the restaurant, change the outdoor tenting venues, add poolside service etc etc which is what the HOA is talking about doing. Those are capital improvements...watering the grass so the shit doesn't die is a different story.The owner of the note (lender) has the right under most standard notes to incur expenses to maintain the condition of their collateral.
Secondly the owner of a note (lender) has the right under most standard notes to petition the court to insert a receiver if the asset is not being maintained.
Purchasing the note is a rational strategy. It does have a ways to go including most likely a bankruptcy filing by the borrower. But it is most likely a single asset entity and the stay will eventually be lifted. Given the Arizona courts have already ruled that it has to be a golf course, If I was the HOA I would not worry one bit that someone else is going to show up and bid on that asset once it goes to Trustee's sale. I suspect that thing as a golf course is an economic liability and the only people who have an economic interest in keeping it green and subsidizing the losses are the homeowners who live on the course.
I agree its confusing as fak, I have learned more about the process and the behind the scenes on RDP then I have being on the zoom calls. If it just gets watered we are ahead of the game. My wish is that we, aka the HOA bring in a third party management company to run the place, like a Troon or similar. If that happens they will fix the place up and property values / ability to sell more lots should go up.I'll reiterate, a little bit of smoke & mirrors..
I agree its confusing as fak, I have learned more about the process and the behind the scenes on RDP then I have being on the zoom calls. If it just gets watered we are ahead of the game. My wish is that we, aka the HOA bring in a third party management company to run the place, like a Troon or similar. If that happens they will fix the place up and property values / ability to sell more lots should go up.
I also think the existing home and property owners should be grandfathered but whenever a property changes hands there should be a built in mandatory course membership fee included in the selling the price, again I am not sure that is possible but it would make sense that if you want to live in golf course community you should chip in.
That makes sense, bank wins and HOA wins getting the course below market. $1.9 is owed to Horizon bank and there are 830k in current liabilities and a 348k cart lease which I am assuming would all have to be assumed by the HOA if they get the place from Horizon as discussed. Monthly dues are only supposed go up to $215 per month and $115 of that could be redeemable at the bar and restaurant which is a pretty good idea to get the money back into the organization.The HOA probably just wants a resolution as quickly and as cheaply as possible. So if they have the will, financial resources and the lender was agreeable, the HOA could buy the defaulted note for a fraction of what the owner/borrower wants for the asset and put the asset in foreclosure as well as petition for a receiver by this afternoon. Ends all the BS negotiating with a seller.
Just another way to skin the cat.
That makes sense, bank wins and HOA wins getting the course below market. $1.9 is owed to Horizon bank and there are 830k in current liabilities and a 348k cart lease which I am assuming would all have to be assumed by the HOA if they get the place from Horizon as discussed. Monthly dues are only supposed go up to $215 per month and $115 of that could be redeemable at the bar and restaurant which is a pretty good idea to get the money back into the organization.
That makes sense, bank wins and HOA wins getting the course below market. $1.9 is owed to Horizon bank and there are 830k in current liabilities and a 348k cart lease which I am assuming would all have to be assumed by the HOA if they get the place from Horizon as discussed. Monthly dues are only supposed go up to $215 per month and $115 of that could be redeemable at the bar and restaurant which is a pretty good idea to get the money back into the organization.
So old owner files BK to deal with the cart lease and the 830 in liabilites?I'd have to see all the docs but in general, the note may be where the entity/borrower has pledged the asset/golf course as collateral. It is just a mortgage on the golf course and not also a revolving line for the golf course operations. That would typically be a separate loan. The owner of the note is foreclosing on the golf course asset and/or any assets securing that note. It is not taking on the operations of the entity that runs the golf course but starting a whole new golf course operation de novo.
If the 830 in current liabilities is a debt owed by the entity for its operations, it might not be secured by the golf course asset or will at minimum remain an obligation of the old entity that lost the golf course asset and not a liability of the successful new owner of that specific golf course asset.
Cart deal is most likely the same. The cart lease is between the old operator that lost its golf course asset and the cart leasing company.
So old owner files BK to deal with the cart lease and the 830 in liabilites?
Yup……course is coming back nice, watered and mowing daily.Looks like they dropped the price and got a buyer on the hook
3275 Latrobe Dr, Lake Havasu City, AZ 86404 - MLS 1017948 - Coldwell Banker
Sold - 3275 Latrobe Dr, Lake Havasu City, AZ - $2,950,000. View details, map and photos of this commercial property with 0 bedrooms and 0 total baths. MLS# 1017948.www.coldwellbankerhomes.com
Some of the non course or view lots are priced pretty well, some are waaay up there, one isn’t for sale but the owner has refused one million for it. I think it’s the best view of the lake lot left in Havasu.I see have seen some lots that are priced right if not lower then normal. Would it be good to pick up one and have a house built there now?
I don’t really understand all of this but best I could tell is that this is a bit of a long shot? If the owners are able to secure a buyer, POA owning the note is essentially irrelevant, right? It’s more of a last ditch effort to get a deal on the assets should it come to that?Word on the street is the Refuge POA has purchased the 1.9 mil note for the golf course.
Lot of questions to be answered, hope to get most of them this Thursday evening!!!I don’t really understand all of this but best I could tell is that this is a bit of a long shot? If the owners are able to secure a buyer, POA owning the note is essentially irrelevant, right? It’s more of a last ditch effort to get a deal on the assets should it come to that?
If a sale to private party occur, will the incurred watering and maintenance costs be recovered?
Any update?Email came out today explaining alot.
HOA assumed the loan on the property, interest only for 3 years. Price has been lowered to 3.8 million and there are several buyers looking at it. HOA is one of them, if its not the HOA that gets the property then they would get paid back by the buyer since they hold the loan now. HOA is paying the $8000 a month in water and hired back some additional staff to get the course back in order. No mention if they are going to open it or not, likely not, rather the water and the employees were brought back to protect the investment. All the greens and tee boxes are back to green now. Have another zoom call on Friday to fill in some blanks. All in all its going well.Any update?
Saw something on the newspaper email this morning that there was a buyer? any update?HOA assumed the loan on the property, interest only for 3 years. Price has been lowered to 3.8 million and there are several buyers looking at it. HOA is one of them, if its not the HOA that gets the property then they would get paid back by the buyer since they hold the loan now. HOA is paying the $8000 a month in water and hired back some additional staff to get the course back in order. No mention if they are going to open it or not, likely not, rather the water and the employees were brought back to protect the investment. All the greens and tee boxes are back to green now. Have another zoom call on Friday to fill in some blanks. All in all its going well.
Who ever wrote that article needs to do some research.This was in yesterday's local paper
This is a havasu paper. What do you expectWho ever wrote that article needs to do some research.
You legally can’t refer to the course as a signature AP designed course. They lost that ability when they modified the course without AP approval.
This is a havasu paper. What do you expect
If you follow federal gov then you have no rules. Lie to peoples faces until they believe it.Guess they are following the federal government “lower your expectation” mantra
Great pictures of the Refuge Golf Course, thank you for sharing. I heard a rumor the course is being sold to a man from Big Bear Lake. He hase done some amazing things for that town, Big Bear Lake Brewing Company, The Boneyard BBQ, The Cave, as well Lodging . Hopfully the magic will ruboff for Havasu. Eyota - Waya shall rise againJust learned the current owners have decided to close the Refuge. And that includes the golf course. The restaurant was closed a couple of weeks ago. Figured the golf course would be next. And now it is.
I as well as many others would like to hear more about the rumors?Great pictures of the Refuge Golf Course, thank you for sharing. I heard a rumor the course is being sold to a man from Big Bear Lake. He hase done some amazing things for that town, Big Bear Lake Brewing Company, The Boneyard BBQ, The Cave, as well Lodging . Hopfully the magic will ruboff for Havasu. Eyota - Waya shall rise again
First buyer backed out after due diligence, second buyer now conducting their own DD. If it doesn’t sell then the homeowners buy it out of foreclosure. HOA already assumed the loan and is paying for the watering and basic maintenance until that timeI as well as many others would like to hear more about the rumors?
Some additional information regarding the buyer from Big Bear.
Havasu's The Refuge Golf & Country Club may sell to Big Bear Lake developer
The sale of The Refuge Country Club and Golf Course is set to close this month and new information has been released about the course’s potential buyer.www.havasunews.com