The negotiations for the Desert Mountain Club turnover are continuing.
The Advisory Board and Crescent Real Estate Holdings are still discussing how to handle the acquisition of the additional assets of the club. These additional assets include the front gate facilities, Fairway Office, Parcel 10, and the unissued memberships. Each of these parties agree that the additional assets should all be handled and purchased at one time so that it will be easier on everybody but cannot seem to meet in the middle with the terms of sale or the cost of sale. According to the AB update the two parties are still nearly $20 million dollars apart on this “global resolution”. That is a very large amount of money and could significantly affect the turnover assessment.
I would not worry just yet. The two parties understand the importance of keeping the assessment as close to their previously projected amount of about $15,000 to $18,000 per member at the time of turnover. They are working hard to meet in the middle and find the best “global resolution” possible so that it will remain a smooth turnover process. It is their goal to keep all members very well informed and will schedule town hall sessions within the next couple of months. During these sessions they will discuss post-turnover finances as well as club operations. If you are interested in reading more about the turnover process or to keep up on the latest updates feel free to visit the Downloads Page of our website. We will keep you up to date on all turnover news.
If you are interested in viewing Desert Mountain Properties feel free to visit my website at www.DesertMountainHomesOnline.com or call me at (602) 791-0536.
Carmen Brodeur BA, LLB
Desert Mountain Real Estate Agent / Former Attorney
Carmen@ScottsdaleExperts.com
1-800-300-0263
www.DesertMountainHomesOnline.com
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Copyright © 2010 by Carmen Brodeur – All Rights Reserved – Negotiations Continue for the Desert Mountain Club Turnover
