Should we join WaterSound Beach Club??
- Thread starter josebby
- Start date
-
Trouble logging in? Send us a message with your username and/or email address for help.
- Status
josebby said:
(1) You wrote: "Our thinking: we already have beach access, three pools and great view from our porch for cocktails. "
(2) Are you planning on rolling the cost of the club into your rental fee? Not having this additional cost may work in your favor to lure in renters.
(3) "St. Joe takes care of all shortfalls/hurricane costs." Can you be absolutely sure they'll do this within the timeframe and to the standards you would expect. I'll bet there's an "arbitration clause" for any disputes (just make sure the arbitration committee doesn't meet in Salt Lake City, UT).
(4) IMO, JOE's cash flows are going into a ditch--I seriously doubt that this is the last "deal" they'll come up with.
(5) It appears you're really taken by this club--are you looking for someone to talk you out of it, or into it?
I wouldn't do it. The other pool is fine and whoever said that there will be other opportunities is probably right. Their extortionist tactics are pathetic and if the past is any indication, they will change their position many times. I would bet the farm that if you didn't join but listed your condo with St. Joe and it sold, the new owner would gladly get a membership. In fact, I wish I had one just so I could test my theory.
TooFarTampa
SoWal Insider
Santiago said:
I think Santiago is right. The buy-now-or-lose-it-forever sales pitch is appalling. It's no better than those fitness center (or whatever) sales pitches. In fact it's worse, because we're talking about 20 grand.
If they really thought their product (the club membership) was worth that much, they wouldn't put a hard deadline on it. They are just trying to raise funds and they are trying to extort them from established owners who presumably bought early and have a significant amount of equity.Ideally, the vast majority of WaterSound owners will decide to decline. They can't very well run a private beach club with, say, only 20 members will they? They will be forced to change their approach.
I think SHELLY is absolutely right about the reason behind the June 30 deadline.
Is this offer similar to the one JOE is making for membership to Camp Creek golf club which I understand is not drawing rave comments from owners.
Hmmmmm. I know nothing about the Golf memberships. I'll check into it!
Thanks, all, for your thoughtful comments. SHELLY, we really haven't wanted to join, for the reasons you all brought forward. That's why I opened it up to the board for comments: to confirm we wouldn't be making a huge mistake to take a pass.
I agree with Spencer that $20,000, while still a boatload of money and not easy to come up with right now, isn't much when compared with the total investment. I believe we can make up some of the money (maybe just the quarterly dues) over time with extra increases in rent each year, as we intend to keep it for the long haul.
I agree with 30-A Rules and Miss Kitty that many will pass us by if we don't have the membership. We rent to adults, so they may not miss the pool so much, but when they see people at the bar, they will want in and may not chose us the next time down. I don't think charging a couple hundred less for a week than those with a membership will bring us more business, which I'm trying to build.
I agree with SHELLY that if there is wind damage it will be an ugly scene, all the while we are required to pay dues. We already have our tails in the air with a beach front investment. Scares me to add more!
I agree with TooFarTampa and Santiago: a club with few members is not feasible and downright spooky. Will wait staff want to hang around for 1 or 2 tables, at most, even if well paid? I agree that Joe changes course on a whim and can open/change memberships again, which is allowed in the rules and regs, which may also be changed. And if we sell thru Joe, buyers may very well get a membership.
One thought is to join now, see what happens, then sell, if desired, when WaterSound North comes on board (if it does) and new owners are buying. Oh yeah, can't get our money back until FOUR memberships are sold.
Miss Kitty, it is a pickle. One day I think we should join, the next two, not.
If we hope to offer the best beach experience, we should say yes. But Joe has made me furious and we personally are not 'club people'.
I've always tried to keep doors open and this one is closing fast! If not for the deadline, we would wait and see. Joe knows that.
Thanks, all, for your thoughtful comments. SHELLY, we really haven't wanted to join, for the reasons you all brought forward. That's why I opened it up to the board for comments: to confirm we wouldn't be making a huge mistake to take a pass.
I agree with Spencer that $20,000, while still a boatload of money and not easy to come up with right now, isn't much when compared with the total investment. I believe we can make up some of the money (maybe just the quarterly dues) over time with extra increases in rent each year, as we intend to keep it for the long haul.
I agree with 30-A Rules and Miss Kitty that many will pass us by if we don't have the membership. We rent to adults, so they may not miss the pool so much, but when they see people at the bar, they will want in and may not chose us the next time down. I don't think charging a couple hundred less for a week than those with a membership will bring us more business, which I'm trying to build.
I agree with SHELLY that if there is wind damage it will be an ugly scene, all the while we are required to pay dues. We already have our tails in the air with a beach front investment. Scares me to add more!
I agree with TooFarTampa and Santiago: a club with few members is not feasible and downright spooky. Will wait staff want to hang around for 1 or 2 tables, at most, even if well paid? I agree that Joe changes course on a whim and can open/change memberships again, which is allowed in the rules and regs, which may also be changed. And if we sell thru Joe, buyers may very well get a membership.
One thought is to join now, see what happens, then sell, if desired, when WaterSound North comes on board (if it does) and new owners are buying. Oh yeah, can't get our money back until FOUR memberships are sold.
Miss Kitty, it is a pickle. One day I think we should join, the next two, not.
If we hope to offer the best beach experience, we should say yes. But Joe has made me furious and we personally are not 'club people'.
I've always tried to keep doors open and this one is closing fast! If not for the deadline, we would wait and see. Joe knows that.
We intend to join for all the opposite reasons you are speaking of. It is $20,000 up front but 85% refund makes it only $3,000. As for $675 a quarter that is a steal. We paid over $450 a month at our last beach club.
(1) You wrote: "Our thinking: we already have beach access, three pools and great view from our porch for cocktails. "
We too have that access but not that view from the bar. Also want someone else to make my cocktails. I work hard and only get down 6 or 7 times a year. Also heard that dinner will be served on Fri and Sat too!!
(2) Are you planning on rolling the cost of the club into your rental fee? Not having this additional cost may work in your favor to lure in renters.
We do not rent so far but are looking into it. With the beach club membership we can get top $ for our home.
(3) "St. Joe takes care of all shortfalls/hurricane costs." Can you be absolutely sure they'll do this within the timeframe and to the standards you would expect. I'll bet there's an "arbitration clause" for any disputes (just make sure the arbitration committee doesn't meet in Salt Lake City, UT).
This is a little shaky but since our $20,000 is refundable all that is at risk is $3,000.
(4) IMO, JOE's cash flows are going into a ditch--I seriously doubt that this is the last "deal" they'll come up with.
What business are you in? St. Joe has a market cap close to $4 billion. They would need to sell 20,000 memberships at $20,000 to even make a dent in their quarterly earnings report! Stock is at a great value now
(5) It appears you're really taken by this club--are you looking for someone to talk you out of it, or into it?[/QUOTE]
(1) You wrote: "Our thinking: we already have beach access, three pools and great view from our porch for cocktails. "
We too have that access but not that view from the bar. Also want someone else to make my cocktails. I work hard and only get down 6 or 7 times a year. Also heard that dinner will be served on Fri and Sat too!!
(2) Are you planning on rolling the cost of the club into your rental fee? Not having this additional cost may work in your favor to lure in renters.
We do not rent so far but are looking into it. With the beach club membership we can get top $ for our home.
(3) "St. Joe takes care of all shortfalls/hurricane costs." Can you be absolutely sure they'll do this within the timeframe and to the standards you would expect. I'll bet there's an "arbitration clause" for any disputes (just make sure the arbitration committee doesn't meet in Salt Lake City, UT).
This is a little shaky but since our $20,000 is refundable all that is at risk is $3,000.
(4) IMO, JOE's cash flows are going into a ditch--I seriously doubt that this is the last "deal" they'll come up with.
What business are you in? St. Joe has a market cap close to $4 billion. They would need to sell 20,000 memberships at $20,000 to even make a dent in their quarterly earnings report! Stock is at a great value now
(5) It appears you're really taken by this club--are you looking for someone to talk you out of it, or into it?[/QUOTE]
[/QUOTE]onelli2000 said:
The wheels are falling off JOE's wagon as we speak; their glory days have passed and they are in a mad scramble to find any type of revenue at all to justify the executives' outrageous compensation packages and keep the dividends from falling back.
I know Rummell came from Disney, but during the last quarter Conference Call he sounded more like a cross between (Warner Bros') Porky Pig and Foghorn Leghorn--quite humorous if you're not a shareholder. You still may be able to find the audio from that CC somewhere on line (suggest Googling the words: "Most pathetic corporate conference call ever")
If you think the stock is a great value now...it will get even "greater" as the year goes on. The "shorts" are as happy as pigs in mud right now.
Onelli20001!! And thank you for explaining your reasoning for joining the Beach Club. Do you know how many others have joined so far?
- Status