Here in the Keys, it was reported that 80 employees have been let go.
The vice president of operations, Frank Rego, made the layoffs sound like they were more closely tied to their upcoming merger with Keys Hospitality Acquisition Corp. ( a "blank-check" company formed to acquire assets). Rego was quoted as saying: "We are reorganizing to get structured as we need to operate as a public company," he said. "There are certain ways a company has to act as a public entity. We need to get things in a way that will be accepted by shareholders."
But later in the same report, Rego seemed to be pointing to bigger problems in the real estate developer arena. He was quoted as saying, "It is a down market. Several developers across the country are going out of business," Rego said. "We need to make sure we can prosper through a down market so we're one of the companies that stay in business."
No doubt that the real estate market has become treacherous for developers. Widespread reports of overbuilding of condos and condo prices crashing in South Florida have scared and bankrupt some developers. Projects that failed to get pre-construction buyers have been cancelled or abandoned on the mainland. And here in Key West, the change is evident as well. Major condo-conversion projects, like the Atlantic Shores, Hampton Inn, and others have found that they will be better off as hotels - and have, as I have heard, cancelled plans to go "condotel".
Cay Clubs is now among the largest developers in the Florida Keys. The question that we should be asking: "Have they bitten off more than they can chew?. And what effects will it have on the Keys should Cay Clubs and it's new parent company become financially unstable?"
Cay Clubs, only recently formed in the past decade, is betting that people will continue to buy expensive second homes, boat slips, and condominiums. Plus, they recently acquired the Turtle Kraals, Half Shell, and A&B Lobster House restaurants.
Remember, during the go-go-go real estate craze of the past few years, hotels in Key West were being bought up, closed, and turned from transient rentals to condominiums. Now that buyers are nearly non-existent, what will happen to the hundreds of hotel rooms stuck in limbo? What if the whole enchilada goes belly up....will we be left holding the bag?
With most of the Cay Clubs holdings in Florida, aren't they particularly sensitive to market shocks? Since Florida is suffering the biggest declines in real estate, should we worry about one of the largest developers here in our backyard? Think about this: in only the past 2.5 years, Cay Clubs has acquired at least 8 Florida Keys locations.
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309 comments:
«Oldest ‹Older 201 – 309 of 309And it IS YOUR fault that the merger did not take place.The news media killed the deal
Wrong.
The deal died because the shareholders of Keys Acquisition Corp voted against it. It was apparent that the deal was not in their best interest.
Don't shoot the messenger.
The messenger thinks this is a game. It is people lives that you are playing with. The message is wrong. You are responsible. You are to blame. You are causing suffering and misery. You have to live with that. You are wrong. You have hurt many people with your words. "The pen is mightier than the sword". Live with that.
I am amazed at the previous commenter's unwillingness to place blame where it belongs - with Cay Clubs management.
Did I cause them to not pay their leasebacks?
Did I cause them to go on a buying binge at the top of the real estate market?
Did I cause them to hire a director of sales that irresponsibly sold investments?
Did I cause them to have no plan for when the downturn came?
The answer is NO.
You can defend yourself all day, but you know that what was said is true. The media is irresponsible. You do not have all the facts. You do not tell the whole truth. You are playing with peoples lives and you are guilty. You are arrogant. You use your words to make money for yourself and your words hurt and kill many people. You and people like you are the problem. You have no compassion for anyone but yourself.
The entire real estate market downturn was fueled by media speculation. There was not enough "sensational news" out there, so they keep referring to the "bubble" and when the "bubble" was going to burst. --All media fueled. Well, if you talk about it long enough it does happen. --The bubble burst. But in Florida? People come here in droves. There is only so much land to sell. People are not buying because of the media hype. The media hype has ruined sales everywhere. Your media hype has ruined your friends and neighbors lives. You are to blame. The heartless media who will sell their souls for a good story to make money!
Do you have anything good to say, or do you just make your money off the misery of others? Negative news sells, right?
The reason for Cay Clubs failure rests with Dave Clark and David Schwarz. You need to examine their history. In a former company that they controlled "Premier Development of Orlando" they mismanaged that company into failure resulting in an FBI Investigation, millions of dollars in judgments and investor losses. Wake up and realize you are witnessing irresponsible management from people with a history of the same.
IF DAVE CLARK WAS ON THE UP AND UP HE WOULD HAVE NOT TO HAVE 11O LLC TO HIDE BEHIND.
BIG CORPERATION DOESNT HAVE ANYTHING LIKE THIS
SO HIS TRACK RECORD SPEAK FOR ITSELF AND THATS WHY THERES SO MANY LLC
Re: premier What you are saying is not true. It is slanderous. What is your agenda? You are hurting many people with your lies. You are cruel and you have an agenda for sure. I hope your name gets out there and people spread lies about you. You are a coward to say such things and hide.
Does anyone out there invest in the stock market? Ups and downs are totally fueled by the media. Just like this. Our money and lives controlled by the biased media out to make a buck off of our blood.
Your gossip is not helping me get my money. You are just bitter and trying to "get a pound of flesh". That won't help anything. The only thing that will help is if Cay Clubs gets back on track. I am not interested in anyone's past. I am interested in the future. I'm sure every writer out there has an interesting past. I am not bitter. I am interested in success. I think we just have to ride this storm out. Next year the real estate market will be better.
Does Michael Rosen work for Cay Clubs?
Michael Rosen is the CEO of Earthmark which is a company Dave Clark was a partner in but ended in litigation.
Google Earthmark to learn more.
Michael Rosen does not work for Cay Clubs. Dave Clark use to work
for Michael Rosen who owns Earthmark.
If Dave Clark is so unhappy with the media coverage, why won't he talk to the press to tell his side of the story.
I am surprised that there have not been any responses to the question regarding the letter sent out to Clearwater owners...
Just wanting some thoughts on the validity of the claims.
Just wondering... if you join a lawsuit that takes time and money, you can't get blood out of a turnip. This is not Dave Clarks first rodeo. Do you think he is really stupid enough to leave anything in any account that anyone can get. Think about it. The lawyers may not like this question, but it has to be given some consideration. Trust me I would like to sue his pants off, but I just don't think this is a realistic solution as far as actually getting anything. In the meantime I have a mortgage to pay and that is where my money needs to go, unless and until someone has a better suggestion.
I am surprised that there have not been any responses to the question regarding the letter sent out to Clearwater owners...
Just wanting some thoughts on the validity of the claims.
Feel free to post the letter here. You may get more of a response.
I am all for Cay Clubs getting back on track, this is the only option that can help us as investors see our investment survive. What can we do to help each other and Cay Clubs? Any ideas?
I have read all of the negative blasts,as well as defenses, we re where we are....this last blog post is something that makes sense. How do we help Cay Clubs and ourselves?
Would love ideas!!!!
Cay Clubs has the luxury of hiding behind Sunvest Communities.
APRIL...Regarding this comment: "Does anyone have any comments (good or bad) about the letter Clearwater owners received from April?? Just wondering about the validity of her claims and the reality of it working?" I SAY THIS: You have already been burned. Now you want to hand over MORE MONEY to the same sales people that sold these units to you, when you can go directly to the Attorney General or better yet, hire a good real estate lawyer who will also file a claim with the Attorney General. Please DO NOT hand a woman who is not a lawyer, or an investigator, or with law enforcement MORE MONEY! It is easy to understand how you got burned if you are willing to hand another "Sales Person" more money to help you! She sounds like another CON ARTIST asking for your money to represent you and she is not a lawyer! I view her as losing her income stream of selling Cay Clubs and now she is asking you to write her a check. Wake up people and get to a lawyer! Not very smart thinking.
YES THERE IS A LAWYER IN LAS VEGAS. Regarding APRIL and this comment: "I am surprised that there have not been any responses to the question regarding the letter sent out to Clearwater owners...Just wanting some thoughts on the validity of the claims." Do yourself a favor and see a lawyer. To the best of my knowledge, April is a really good salesperson (Like Barry and Ricky) if she has no legal background and you are willing to write her a check to file a claim for you. Please be careful, haven't you had enough of con artists yet? And yes, there is a law firm in Las Vegas taking this on. I will get you the information, keep checking back. And thank you CAYO DAVE for allowing everyone to gain the knowledge of what is really happening so they can get help. I think we all weed through the Cay Clubs staff and lovers comments to get to the real concrete information and I thank you for this opportunity. If someone did commit suicide it would be because they do not see an out or feel they could do anything about this situation. You are providing us with options and knowledge and I beg you to keep this blog open. People need to stop day dreaming and get to the law firms and authorities and take action.
LETTER FROM APRIL...From what I know, April wrote a letter to the Clearwater owners saying for a mere $1,500.00 from EACH owner, she will file a claim with the Attorney General for each owner and share her back up paperwork and "Evidence" with the authorities. (1) If April was such a decent person, she would share the "evidence" for free (2) You can file the same claim she is filing for free (3) April is trying to make hundreds of thousands of dollars from the Clearwater owners ($1,500.00 per owner-times hundreds of owners). Doesn't that sound like a con to you? A lawyer can supeona her and her documents anyway. April is not the only person that has information, but she is the only one asking for money for her information. Take her letter to a lawyer and ask the lawyer what they think. There are four attorneys nationwide to choose from. Get to one of them. Or, wait, I guess everyone could send me $1,000.00 to help you :) Hurt me once, shame on you. Hurt me twice, shame on me. Last word on the subject.
To CAY CLUBS OWNERS.
I BELEIVE IF YOU CHECK WITH FREC LAWS A REALTOR CAN NOT GIVE LEGAL ADVICE CAUSSE YOUR PRACTICING LAW
The Clearwater owners that received
the letter know exactly what I discovered. I am not hidding anything from them. Unlike the Cay Clubs....!!!!!April
Who is April?
Who the hell was told there were already nightly rentals at Clearwater? I personally have been to all the HOA meeting regarding the "potential" for that! You lie- looking for fuel for the fire, fishermen!
How is anyone supposed to know the answers right now with everything up in the air? Keep pounding them, Cayo and others. Then you'll finally get your answers which you so eagerly and anxiously await: Any percent of nothing= nothing. Any way you look at it. Keep pounding. Keep smearing. It's working. Go to bed tonight knowing hundreds of people could have been employed, and even more would have the $$ for their rental incomes, had men like you and your cohorts not taken every possible opportunity to slam their faces in a door. You have more power than anyone. Media over-hype is all over the place searching for the Real Estate crap. Cay Clubs was one of your biggest victims- now all their investors and employees are, too. But look! Now youll finally be able to afford that nice, ocean-front condo down the road...oh, wait- no, it went bankrupt...maybe that one over there- no...wait- it looks like it stopped mid-construction. Damn it. Keep slamming, soon you'll get a $3mm property for $500,000...Great!! Don't worry about the fall-out. You made a name for yourself!! Now the Key Noter and Free Press want you, too!! Yippee!! If you're lucky, Miami Herald will want you to move there- soooo many more people to target. And you'll start finding a recurring theme everywhere. And you might feel a little rock in your stomach. You, mr. cayo- who cannot and will not post his real name as he worries about what people will say about him (oh, no!!)- have much to celebrate. The information you've shared has been very productive. If you consider mass-layoffs, loss of $$, and financial wreckage productive.
Are you saying Dave Clark didn't do anything productive in the last 20 years? You're really funny. He left EarthMark because one of the big investors wanted his little boy to run the show- and Dave worked hard for 17 years to build that company- only to have gotten NOTHING from his departure- they sold Heron's Glen for $56 million and gave him NOTHING- that's the litigation, smear agents. Research that one. And the Rosens also didn't pay their real estate agents MILLIONS of dollars for deals closed- that's another lawsuit...they also didn't give any of the purchasers at "Little Harbor" in aka "Bahia Beach" their deposits back when they decided to not build their properties- that's another lawsuit...they also can't sell any of their remaining mariners club units and refuse to give anyone their deposits back, even though they went over their building timeline allowance- another lawsuit- I could go on but I'm sure you get the message. But good thing Rosen is pals with you guys- $$ given to the press makes for wonderful fair weather friendships...good thing theyre old money- Michael Rosen is a great trust fund kid who spent the 17 years Dave worked his ass off for them on vacation, touring Argentina, France, Colorado, etc. Then Daddy wanted him to take the bat. If Dave was a trust fund baby, he could ask Daddy and Mommy for more and more $$- even though they still aren't handling their responsibilities to their agents, buyers, or owners, either. And they raised HOA fees at mariners club to $1,500+ per month...Is that new-worthy, cayo?
APRIL: You are not a lawyer and have no knowledge of Federal Law or State Law pertaining to real estate matters. In my eyes, you are trying to victimize these people AGAIN and you should be ashamed of yourself for trying to extort these victims for more money. Cay Clubs Buyers: Call a lawyer. April, Ricky and Barry and BILL LEE should all be looking for real jobs about now and forget about screwing anyone else...oh yeah, they don't have to work ever again! What was I thinking? They have our money!
I could write a long winded message to everyone on this but I really only need to say a few things.
1. To the employees who got laid off and worked hard I am sorry. I truly wanted better for you.
2. To the buyers who bought from us and are unhappy, I am sorry. I really wanted to finish all of the projects and make them successful. I truly believed in my business plan and still feel today it can be successful with the capital to finish the job.
3. To my friends and people who still believe in me. Thank you. I will continue to do everything I can to make it through this tough time. I will never give up.
There are a lot of unfair and uninformed comments on this blog but there are also many points that are correct. I have learned a great deal from my mistakes. Hopefully the lessons I have learned will enable me to do a better job going forward.
Dave Clark
To the comment from April. You can't blame anyone that has been involved with this mess for being skeptical or for a lack of trust right now. I think you may have something but I'm not sure it is enough to produce the results you have stated. It would help your cause if you had someone that has done this successfully don't you think??
What about the Sunvest employees that got fired? No one seems to be talking about that.
It is really a simple analysis as to why Cay Clubs has failed.
When the top management of a company use funds for the next project that should be used for obligations they made on past projects they run the risk of not being able to fund the commitments they made. That is what has happened here. Clark and Schwarz wanted to grow Cay Clubs aggressively and made bad decisions about the use of cash that they were in control of. They should have been using the cash to follow through on commitments they made for improvements and lease back payments to buyers of units in Clearwater and other projects. Instead they used the funds for new projects and overhead. When the money ran out and new sales stopped and other funding sources washed out the house of cards fell. This is nothing new for Clark and Schwarz as they have done this before with Premier Development of Orlando. It is all a matter of the Public record if you want to look and see the reality of why Cay Clubs has failed. Blaming the press may divert some peoples attention to the facts for a while but the reasons for this failure rest with Clark and Schwarz not the press.
Dave, you have our support. We are glad that you are committed to not giving up. We are sorry that you and your family have suffered so much in the press. We are on your side and hope that you bring your company and ideas back on track to be successful for the future. You and your company provided many jobs in the Keys and Florda that would not be there if you had not taken a risk.It is our hope that the jobs will be restored, we investors will make money, and your family will not be subject to these hurtful accusations any longer. You had enough money at the start and you have lost more money than anyone. We hope your children are able to live and go to school in peace and not be affected by all this. Some people out here still want the best for you. Some people are still your friends.We know that you can succeed again, despite some of those who would wish you ill will. But, knowing you, you aren't even upset about that. You just want all to benefit. And in the end, those who help you rebuild will benefit. They will help everyone of us who have invested. We are again sorry that you are under such pressure. You really do care about so many people. We have seen this in your life.
Please do not put me in the same category as Stokes and Graham. I did not sell any Cay Club properties nor did I ever sell a
hotel/condo to any investor....April
Mr. Clark,
Did you formerly go under the name Fred D. Clark, Jr.? And were you a Director in the defunct Premier Development of Orlando?
We were told by SEVERAL people in the company that there was nightly rental in Clearwater. We did not get this info from any HOA meeting but we also did not make it up. It was a huge contributing factor in our purchase, it was basically our plan B if something happened and we could not sell our unit. Now we can't sell our unit due to the market ( chance you take) but now we don't have a plan B either. We did think through this investment prior to making it, however we did not calculate for the false things that were said and/or promised.
It's interesting that April posted a comment but did not address the comment made to her regarding results from her claim...hmm..
Everyone knew Clearwater was in the proccess of trying to get nightly rentals- and that the city was doing everything it could to stop them...which is odd given how much more taxable income they could make...? Someone knew someone who didn't want that to happen, probably. They're still working on that. Who told you it was already passed?
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To Cayo Dave: I realized after I wrote my last comment that it was inappropriate and I am actually happy that you did not post it since I was naming names. Thank you. I will be more careful.
I keep trying to tell you to go to the Attorney General, and this is one reason why:
http://www.oag.state.ny.us/press/2007/nov/nov1a_07.html
http://www.reuters.com/article/businessNews/idUSN0749786120071107?feedType=RSS&feedName=businessNews
Does anyone know if the REITs are still interested? Also, is Golden Petunia still in play?
I'm looking for reliable sources, including former employees/brokers, who are knowledgable about the financial and managerial inner workings of Cay Clubs. Anyone willing to share their experiences and/or factual information should contact Anne-Margaret Sobota, Business Editor at The Citizen newspaper, at amsobota@keysnews.com.
I believe any company dealing in secondary homes and real estate right now is facing the same battles. Every one I know in the industry has pretty much the same story. Between the years of 2002 and 2006, everything was red hot. Everyone (the buyers) could get financing, easily, and did so, whether or not they could really afford it. I think this is because everyone wants a chance to to make money. It is hard to get ahead on an average salary and this seemed to be the perfect time for people of any means to get the financing to buy properties that had potential to increase in value or be rented out. Many of my friends and family members tried to do the same thing. They all took out financing on their homes to invest into something that could make them better off down the road.
As long as the economic conditions stayed strong, I believe it would have really worked out for everyone. They hired me because it is obvious that Europeans and people in other growing economies want real estate in Florida and many countries currency is much stronger than the US Dollar. People throughout the world love Florida and there is only so much of it that can be had, especially in places like the Keys. The IMG Academy situation also had a lot of potential and if the company had the ability to go public, they probably would have had the funds necessary to keep it together even in the downturn. Cay Clubs is a privately held company so the money needed to move forward is compromised greatly when the market sours and people stop buying. I think these guys were all pretty much on the same team with the last development company they had or worked together in called Earthmark. They developed, managed and sold thousands of properties for about 20 years, I think. I know my manager worked with Mr. Clark for at least 15 years as a salesperson and he did really well for himself. So I don't think that these guys are a bunch of clowns with no abilities. I think they just got into bad timing and luck with todays downward market spiraling and mortgage and economic slumps. If they were the only ones hurting, I would say that it is all their fault, but they're really not the only ones. Even billion dollar companies are going down and fast. I pretty much research everything for my career knowledge.
They were doubly hurt from the negative press, in my opinion. When people research a company online when they are thinking of buying, they always go to the internet. 10 years ago, their short term lease back problems would probably not have been a huge deal but because everything gets blown up and recorded forever on the internet, I don't think anyone could get past that. I think that any company with as much growth as they had would be scrambling to keep up with it all. They had to hire more and more people to take care of all the things necessary for the strong real estate demand. I think the executives were overall good family guys as I am. They all have kids, some have grand kids and it seemed that they were trying to do what was necessary for the future sustainability and growth of the company. They all put all their money into it and I think they are all pretty much broke now since the sales have stopped but the bills keep coming.
I think it is a sad situation because a lot of people loved their jobs and the company but are now out of luck. If you want to hear that I think everything was due to poor management, I am sorry, but I think that is incorrect. They sold thousands of units and handled the paperwork and flow of information as best as they could and everything worked out while the market was good. I think thousands of people did get their lease backs so it was a good plan or so it seems. The business plan was good but I think that the ability to keep the ball rolling when people stop buying, the banks take more than they promised and the press had a way to make more sales from their struggles, are what really hurt them overall.
I think one day they will either become strong again as Cay Clubs or they will have to change their name due to the internet and press negativity. I really hope they call me back to work because I cannot get a job in this industry right now, no matter how much experience and credentials I have. Everyone is firing and no one is hiring right now in this business. So I am having to do a menial job to barely pay my bills now. I am also looking for a second job- are you hiring?
For many people this blog is the only source of current information about what's happening with our Cay Club properties. I'm sure many of us would appreciate any information that anyone knows of. For instance - Is IMG Academy still looking at Orlando and partnering with Sunvest instead? Has Celebrity decided to make Orlando units available for time shares? How would that impact our units? How are the various lawsuits doing?
I know there are other properties, i.e. Las Vegas where people are still in the dark. Can we pool any information we have? I think the hardest part about being in this situation is the unknown.
Dave Clark is purchasing A&B Marina, and all it’s restaurants & Bars in Key West on Friday November 16, 2007. I guess the money is still good!
How could Dave Clark possibly purchase anything at this point?
Isn't his credit damaged due to the
delinquent payments?
How much longer will this drag on? Every Investor I know is headed for Foreclosure and or Bankruptcy!
Dave, if you or any of your employee's are reading this Blog, you should really address the concerns written here by all your Investors, you know, the ones that made you Millions in the past couple years, the ones that you are walking out on and leaving them to face Foreclosure and Bankruptcy!
You should really be ashamed of yourself!
Why don't you schedule another conference call to address us all on the phone?
X-Mas is comming soon, why don't you give us all the gift of repaired credit by taking these
inflated, overpriced units back!
All I can say to the previous comment is AMEN. It is ridiculous that he can owe so many people money and still go around buying things. UNBELIEVABLE! But then reality sets in and we all know that he will never make this right with the investors, as this is not in his own personal interest or agenda. He has no use for us now and that is obvious by the fact that he is moving on to the next thing.Basically, we are screwed!!
If you are facing bankruptcy and foreclosures, obviously you, the buyer, could not afford to buy a second, third, fourth, fifth, sixth, or seventeenth home in the first place. How is Dave Clark supposed to determine your financial viability? Has he ever met you? Probably not. Did you tell your sales person you couldn't really afford to buy additional real estate and that if you didn't get your lease back and sell it right away afterward or get your lease back right away or rent it out for 500 bucks a night right away and often that you'd go bankrupt? Did your sales person know the market was going to come to a screeching halt, that lenders would stop lending and that everyone would jump on the band wagon to crucify the company they hoped would come through for them? You sought out your own financing arrangements and told your mortgage broker your financial information- stating that you could afford to buy your condominium. Your sales person did not. You signed probably 200+ documents at the closing table (of which I'm sure they were not present to twist your arm to do)stating that you had the financial where with all to handle your financial decisions and responsibilities. Now the real estate and mortgage markets have collapsed, real estate values and prices have all accross the board been reduced by up to 50% in most markets. At the time you bought, the real estate market was hotter than an August day in Key West. Then you sue the company for your pickle- creating them publicity and strain that is most likely not likely overcomeable- then expect them to rise above the fire and smoke to make everything great. What's wrong with this picture? Obviously, there are people out there who believe they can make things happen and have money at stake in helping make things happen. 120 people out of 1,800 didn't get their lease backs and you call them crooks. Maybe you and I could help them rise above the flames and we may see our hopes pan out. Or keep suing them, bashing them and adding fuel to the fires and you'll likely get nothing but a bigger pickle. It's a very basic equation. Cay Clubs doesn't have money anymore. But many big investment groups believe that a group who made many things happen for 20 years has hope of getting through the nightmare of todays real estate and economic slumps and creating something worthwhile in the long run. Those people probably had nothing to do with the bakcing of the projects you are associated with but at least there are efforts being made to try to continue moving things ahead at all the properties. Some of them have been taken over by the financial backers who backed Cay Clubs and they also want to do what the previous owner planned as everyone knows his plans were good and do able- but with everything going the way it is we can continue having so much fun watching them get smeared in the papers and on the blogs. I'm hoping my purchases pan out in time. I am able to hold on to my units (like many are) not happily, of course because of all the pickles, but here I still am. It was my choice to buy my condo and I cannot blame anyone for short term havoc especially in todays market fallout. But it was my choice to buy. Dave Clark or Ricky Stokes did not force me. It sounded like a perfect deal but no deal is perfect at all times. A couple of years ago, it may have turned out to be a perfect deal but everyone I know right now is facing hardships with their real estate purchases and investments- not just the poor lads who think they are in the only sinking ship in real estate called Cay Clubs. The longer the bashing continues the more likely the rest of us who really can afford our condo purchases in the long run will hurt. No one is paying thier HOA fees at these properties so now they have to keep my rental income to pay the insurance premiums (condos pay all insurance for the entire properties) and for the upkeep and maintenance. So its a bigger picture than everyone might assume. I hope they can keep plowing forward to enable me to hold on through the down turn. It's like anything you put your money into- theres good times and bad times but I don't think anyone set out to screw us I thing we've helped screw ourselves in backlash attempts to find a scapegoat because things didn't work out exactly as planned. Did you sue anyone when you lost your $$ in 2001 in your mutual funds and 401ks? I have the sinking feeling that the people who already went down financially are really the ones creating all the additional pressure and that is understandable but not right given you are all adults who knew they were buying a condo in a pretty good place with a lot of potential and because it didn't work out immediately for you you are going to take us all down too.
PRIVATE AND CONFIDENTIAL INFORMATION: We do not allow the unauthorized publishing of people's private and confidential information, such as credit card numbers, Social Security Numbers, and driver's and other license numbers.
It is fine to post your thought and point fingers, but you need to follow the guidelines much like you are yelling at others for breaking. Post all the names you like, but remove the personal information.
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The following comment, originally submitted 11/13/2007, has been edited to remove the license numbers.
License numbers are public information - and if interested, as the comment mentions, visit www.myfloridalicense.com for license information.
LOOK WHAT I FOUND ON THAT WEBSITE AT THAT PERSONS SUGGESTION:
Name: GRAHAM, BARRY J
License Type: Real Estate Broker or Sales
NameType: Primary
LicenseNumber/Rank: /Sales Associate
Status/Expires: Revoked
EverDisciplined? Yes
Las Vegas Cay Clubs: I absolutely laugh at these friends and family of Cay Clubs when they try to defend their actions and place the blame on us, the investors. I laugh when Cay Clubs say that the press blew the deal with the merger. Wall Street does not care about the Enquirrer gossip sheets, they care about numbers. Don't blame us for your failures. Cay Clubs always try to control the issue too. They want to make it a market condition issue and always avoid the hundreds of other issues. Did we know CC had their own appraisers using high end finished products as the comparable to bump the appraisal 400% +? No. Or we certainly would not have bought a ghetto condo with worth $140.00 psf at that time for $400.00 psf. Did we have control over the finance department at CC talking to the lenders and telling them what ever they had to say to get the loan, before Cay Clubs brought title, escrow and mortgage in-house so they could control everything to their benefit? No. I have documents from CC in-house finance department at my lawyers office showing the extent of what they would say and do to get the loan approved; they signed a document to the lender saying the project was not going to be a condo-hotel and lied about the square footage because you cannot get a loan on a unit under 600 sf, so they said a 450 sf unit was 600 sf. Have you measured your units folks? I had no idea that I paid $400.00 psf for a 600 sf unit that should have been a $140.00 psf on 450 sf. How much extra money did Cay Clubs make selling higher square footages than were actually there? According to calculations, Cay Clubs made about $18,000,000.00at the Las Vegas Cay Clubs alone by overselling the square footage. Go measure your unit! I also recommend that you hire a home inspector to look at your unit and check for mold and water damange (mine had mold and no one disclosed it to me). Some of the investors, especially the church goers under the trust of snake oil salesman Jim Jones, bought sight unseen based on marketing materials and the salespersons word of what a nice project it was and I have marketing materials that do not say "Proposed" but give a definite impression that these plans were complete or in the works. Did anyone tell us that the architectural renderings were just that, renderings and that no plans were ever submitted to the counties and cities for permits? No. They told us they bought the surrounding land, that the railroad was removing the train (not true) and that the Rio Hotel was to have a tram from the Las Vegas CC to the Rio Hotel and after an investigation by my attorneys', it turns out that was never true either. The Rio never talked to anyone at Cay Clubs about a tram and said they would not do something like that with a low end property by unknown developers. I was told that the Rio said they would send their overflow to this property for rentals and the Rio said they would never send their customers to a dump like that. Cay Clubs management instructed everyone to say and do whatever it took to get the sale and now they want to blame us? The Attorney General will come down on them so hard for a multitude of intentional deceit, especially now that those mortgages are bought up in the market and everyone is seeing these were bogus deals. Go ahead Cay Clubs, keep insulting us by saying we should not have purchased if we could not afford it and I will keep gathering evidence and nail you to the wall. I think once a few people like your secretary, sales staff and mortgage employee are arrested, everything will come to light because everyone will start pointing fingers. The investors need to stick together. I have an idea of which of you are going to prison if I have anything to do with it. Enjoy your insults now and keep thinking you are bullet proof. Florida investors: There are several attorneys handling the investors in Florida and you can find them on a Google search on the Internet. Here is one: www.BeltLawFirm.com. Las Vegas Cay Club Investors: Call my lawyer in Las Vegas because he has documentation, witnesses, names and dates and you should use him instead of trying to explain all of this with a new person. Do you have your documentation? Please share it with my attorney who is handling 100+ investors and clients in Las Vegas. Attorney Michael Roberson, www.LawRosen.com, (702) 386-8637, MRoberson@LawRosen.com.
No one can "control" an appraisal since the banks lending the money to the buyer sends their own appraisers. And where are you talking about a condo being 450 square feet? Definitely not in Las Vegas as those are all apartment style condominiums- not hotel style. It sounds like you are the lawyer in Las Vegas looking for more customers. It costs usually less than $300 to fly out to a project (especially Las Vegas...you can usually fly there on Spirit Airlines for less than $200)to see something you're about to spend hundreds of thousands of dollars on. I can't imagine that someone would buy something they have never stepped foot on or googled. The Las Vegas Cay Clubs is around the corner from the Strip and accross the street from the RIO. Is that the Ghetto? That's pretty funny to say that. Any other Condominium project near the strip (especially apartment style) is probably not considered the ghetto, as you suggest. There are many unts there which are complete but, if you spent $300 or less to see it, you would most definitely know what was there or not. Cay Clubs spent a lot of money from architects to draw up the renderings for the planned additional buildings and they were approved by the county. Rio did talk with Cay Clubs on several occasions- who is your contact person? Your accusations are quite substantial but your back-up statements are not accurate. You are obviously trying to create business for yourself. I hope you work on contingency basis so people don't lose any more. For pictures of your so called 450 square foot moly hotel unit, please see this weblink: which I gound by googling Las Vegas Cay Clubs.....http://travel.hotels-and-discounts.com/hotels/photos.jsp?locale=en_US_US¤cyCode=USD&photo=0&hotelID=257868&cid=59562&additionalDataString=vrBookingSource%7ChotInfo It is always good to research everything. What a beautiful ghetto.
Note from Cayo
Recently, someone objected to the comments that included a lawyer's contact info - calling it "advertising", which this blog has requested commenters refrain from.
I've considered this. As a result, I have deleted the duplicate mentions of this lawyer's contact information multiple posts.
But I don't have a problem with ONE mention of the lawyer - since it is on-topic and relevant to the discussion here.
As a reminder: feel free express your OPINION. Add something relevant to the discussion. But DO NOT SIMPLY HURL INSULTS. If Those commments will not be published.
Especially, if your comment asserts something that is unsubstantiated, make sure you word it as your OPINION.
Further, should you have a problem with any comment, please let me know which comment is a problem - and why, and I'll review it and consider removing it.
Cayo Dave,
how may i contact you directly your profile is hidden? I would like to request information removed.
...how may i contact you directly your profile is hidden? I would like to request information removed.
If you would like to request a comment removed, then post a new comment referencing the date of the comment you object to (all comments are time stamped).
Please let me know why you think the comment is inappropriate.
I am sure there are a lot of things Cay Clubs would like to see you remove Cayo Dave. Belt law Firm told me that Cay Clubs representatives asked them to remove their paid advertising in the Google Search because it was hurting sales...anything I said I can substantiate, so please check with me before you remove anything if you think it is questionable. For example, if investors look at their sales contracts, they will see one square footage. If they go here: http://www.co.clark.nv.us/ASSESSOR/Disclaim.htm and put in their address (4200 Valley View) they can verify their square footage is a less than they were sold and I doubt the county assessor in Las Vegas is wrong. They can call the Rio Hotel and Casino Executive Office (702) 777-7777 and ask about the tram to the Cay Clubs and get that information. Cayo Dave, I am sorry that you felt pressure to remove attorneys information. People in Florida need to know who to call in Las Vegas and we are doing them a favor by posting it repeatedly.
Is anyone signing the new rental agreement with "Desert Tides" in Vegas? This seems so one-sided with very little benefit to the owner and lots of fees payable to the management company. Why do they insist on having power of attorney?
Las Vegas Cay Clubs: Nevada's Zoning Department said no one, including Cay Clubs (Flamingo Palms Villas, LLC) has ever applied for any permits to build towers, gaming, rooftop pool, NOTHING at 4200 South Valley View Boulevard. The architectural renderings were just drawings with no purpose other than to sell units. However, when I spoke to the County Zoning Department, I learned that Cay Clubs did get approval to go Time Share in June 2007, which no one had the authority to do on my behalf and I will talk to my lawyer about this too. Call Zoning to confirm for yourself that trams and towers and gaming was never applied for. While you are on the phone, ask them your square footage. As far as the Time Shares, the applicant was Flamingo Palms Villas, LLC signed by Dave Schwarz. Land Use Approval: UC-0326-07. They do not have the proper documentation to represent all 360 owners in time shae approval. They represented themselves as the owners of our units. I had no idea they did this.
Cayo Dave: I forgot to add the Las Vegas Zoning Number:
(702) 455-4314 ext. 2, ext. 1.
Does anyone have an opinion on the P.T. Phoenix property management agreement in Vegas? IMO, Desert Tides looks to further open up my checkbook and bend me over.......farther!
Does anyone have a copy of the Desert Tides property management agreement, where they will furnish the unit...My Las Vegas unit was never furnished..
The time share approval issue had to do with getting approval to rent on a nightly basis..It had nothing to do with timeshares...That part is OK...I plan to sign the agreement..What other choice do i have?..I don't want to have to furnish the unit and rent the unit myself..Other than the power of attorney issue, there are a number of fees to be paid to management. Does anyonwe know the cost of these fees?
"I will keep gathering evidence and nail you to the wall. I think once a few people like your secretary, sales staff and mortgage employee are arrested, everything will come to light because everyone will start pointing fingers."....Cayo, don't you think this sounds a little bit like a threat? What exactly does, "Nail you to the wall" suggest? Could Mr. Rosen (most likely familky of the famous EarthMark Rosens, who want CC to fall) please say something more specific and objective like "I will sue you", "I will enable my clients to sue you and I will make a lot of money doing so"...This seems like he is threatening people with violence. And to speak about people being arrested is by far a slanderous and libelous thing to do. I hope you won't be held liable for this type of information being posted on your blog. As you said, people can place their concerns and opinions but slashing someone's worth, reputation and hurling threats is scary, to say the least. I hope no one gets hurt by this man or the people he counsels. He seems to be promoting violence. I'll get the word out that they may need to watch their backs.
You apparently have not looked into or run any numbers but default to say being bent over further. I am a unit owner in Vegas and are due lease monies like many others. I spoke to the property manager today and was upset to think the new property management was being run by Cay Clubs but under a different name. This is not the case, it is being run by a separate person and entity all together (pick up the phone and call the property). The terms feel step but after understanding it makes sense. It is a 60/40 split. The agreement states 35% but fees are added on like marketing, housekeeping...i know this because i also own a unit in Tranquility Bay. If you look at the history of this property it was much like Vegas is now. The property management needs money to market the property properly to get occupancy at rates that are justifiable. The entire project is renovated. Running full occupancy Friday and Saturday night and about 40% Sunday-Thursday. This is not great but this used to be an ordinary apartment complex. The rent rates will increase as popularity spreads much like Tranquility. I rather get $1 then $0. If you don’t like the agreement, have you attempted to get an outside source to rent it? The furnishing will be included if your unit is not furnished, i am a lucky one and have furniture. The new agreement will put furniture in the unit if you do not have it. They are apparently working on a percentage of time in the rental program to own the furniture out right. This may not seem fair but again this is not a Cay Clubs run property anymore, which is better news for everyone. This is not an out but does help manage the bleeding. This is real estate is carries risk like the developer going belly up. It is like most flippers bought a home with pure speculation that the market would increase at the same rate. People stop looking for handouts and start being proactive to help yourselves. The bottom line is Cay Clubs is not going to bail you out, so you have to do the work...yes real estate requires work. All the people that are attempting to sue...guess what you are probably being taken for another ride by a lawyer looking to make yet another dollar off of you. If you look at Cay Clubs they have no assets left, i can probably figure out that if Cay Clubs execs took me for a ride knowingly (which in my heart i don’t think they did) are they dumb enough to let millions sit in a bank account for you to sue them for...think about the bigger picture here. If all the unit owners pulled together and found a solution (international buyers) we all may win, but i guess we are all just looking out for number one though now (funny how easily we can point the finger though). Sorry if this is all over the place but something needed to be said of all the bashers....there are no problems only solutions.
By the way, I have never seen anything near the Las Vegas strip for less than $500 per square foot. There seems to only be the pro-Cay Clubs employees, friends and family members left to support them on here...and lawyers and media to fight them. Violent man (Mr. Rosen- Las Vegas CC attorney), why don't you just call Dave? Or email him- he's posted his info on here. Why do you hide behind your blog- promoting vicious threats and accusations? Again, I hope you work on contingency basis. You make $$ off everyone's troubles, so you will create trouble (that's what an attorney friend of mine told me)to fill your pockets. Lovely. Google Las Vegas Cay Clubs and see what you get. It's actually better that they didn't build the high rises yet because then your unit couldn't rent due to all the construction. You bought a condo and got a condo. At least you're better off than people who bought pre-construction units from EarthMark and will never get them or their money back (see Little Harbor). Pat your cousin on the back for that one. Or "Nail him to the wall", too. Yikes.
Actually, the zoning was passed two years ago to allow the Las Vegas Cay Club project to be included in the surrounding area allowing high rises to be built. Your supposition that it is not, is incorrect. There have not been permits pulled yet because you do that when you are ready to begin building.
If the only way owners at Las Vegas Cay Club can make money right now is to rent out their units, aren't they happy that construction is not in the immediate plans for that project? If there was a bunch of construction, do you really think they would rent out for $200+/- per night? Why is anyone mad that they are renting these units out? And, if the market is dead for general real estate, aren't they happy to possibly one day have the opportunity to sell their units as fractionals? Doesn't that open up marketability for those condominiums in a big way? As far as I know, fractionals are selling like hotcakes- not regular real estate. Many more people can afford 1/10th of a condominium than 100%. If that really happens, you'll probably be able to sell in todays dead market. Where else can you stay in a 3 bedroom condominium around the corner from the strip? The Turnberry- but you cannot rent those out nightly or weekly- and if you could, I'm sure it would have cost you $1.5 million plus for the same square footage plus $2,000 per month in maintenance fees. Keep slamming and suing. Call any realtor and ask how much per square foot any unit NEAR the strip with a kitchen and non-hotel-look, which feels comfortable and small-scale (you can walk to the pool without passing through a big, stinky casino, 500 shops and shadows of naked women writhing around). I heard the rentals were doing well, too.
I bet more people would stay at Las Vegas Cay Club than a big, crowded, tiny bed-only-room hotel on the strip if they knew it was there. Wouldn't you? No long, tedious check-in lines, no $20 per day parking fee, no 1/2 mile jaunt through crowded casinos and corridors, tracking luggage and (possibly) screaming kids to get to your tiny, 450 foot hotel room (don't forget the $17 burger you have to order from the room service menu since you cannot stock your own food because if your tiny hotel room has a fridge, it's filled with $5 candy bars and Perriers that, if you touch or move them in any manner, they charge you for). What a terrible, terrible ghetto-like farce. What's their number, again, Mr. Rosen? I want to sue them, too.
"I will keep gathering evidence and nail you to the wall. I think once a few people like your secretary, sales staff and mortgage employee are arrested, everything will come to light because everyone will start pointing fingers."....Cayo, don't you think this sounds a little bit like a threat? What exactly does, "Nail you to the wall" suggest? Could Mr. Rosen (most likely familky of the famous EarthMark Rosens, who want CC to fall) please say something more specific and objective like "I will sue you", "I will enable my clients to sue you and I will make a lot of money doing so"...This seems like he is threatening people with violence. And to speak about people being arrested is by far a slanderous and libelous thing to do. I hope you won't be held liable for this type of information being posted on your blog. As you said, people can place their concerns and opinions but slashing someone's worth, reputation and hurling threats is scary, to say the least. I hope no one gets hurt by this man or the people he counsels. He seems to be promoting violence. I'll get the word out that they may need to watch their backs.
In response to this commenters concerns: This does not appear to be promoting violence since the commenter's focus is on "gathering evidence" and working within the law (mentioning "arrested"). The likely interpretation of the words "nail you to a wall" is in the context of future legal proceedings.
If the property management agreement for Vegas does not resemble any faucet of CC why then is the attorney used in the contract(page9) the same one that CC uses/used based out of Ft. Myers, Fl. Does anyone have the answer as to why they need/want our power of attorney?
Go to Expedia.com and check the reviews of people who have stayed at the Las Vegas comlex...They are uniformly positive...With time, this will be a great condo to rent...It wil do well..
I, to, spoke with Craig Holt. who is working for the property management company..It is 100% occupancy every weekend, and 40% occupancy Mon-Thurs..And, this is slow season, with few conventions..
I plan to sign the rental agreement. There really is no other choice...With time, this will bring in revenue and with time, the property will appreciate, once the real estate market settles..
Does anyone know what the terms are if they will provide the furniture for a unit? Does anyone have a copy of the rental agreement with furniture provided?
what does it matter which lawyer they used to draft the rental agreement. Maybe they got it half price, who cares it is a standard rental agreement. Stop complaining and contact the property manager instead of using this one sided blog. Maybe you deserve (in my opinion) to loose your shirt.
I understand that they are still working with the current property management to figure out the terms on the furniture. I know it has to do with bulk purchasing and cost of the furniture of course leveraged against what the PM is making. I will assume it would be a vested 4 year thing, every year you own 25%.
Cayo Dave, please remove the personal information posted at this time stamp At 11/18/2007 2:23 PM
Why don't you try and follow this link, tell the realtor the location (address), square footage and amenities of Las Vegas Cay Club and see what he shoots back. His CMA is actually higher than I bought my unit for.
http://www.lvhomehunt.com/Las_Vegas__home_sales.shtml
Sorry- here's the link to the realtor
Clearwater...Orlando...Vegas...with lawsuits from each of these locations, there obviously are some serious problems. I purchased a unit in Clearwater and have also filed a lawsuit. My attorney, Bruce Barnes of Clearwater took the case early in July based on violations of securities laws. However, what he and his assistant have uncovered over the last few months is very interesting, to say the least. You all need to look at your appraisal very closely, the history of your comps, and who ordered your appraisal. I believe there is a reason why we were steered towards PREFERRED LENDERS. In my lawsuit I allege that I was a victim of appraisal fraud and that I was sold a unit far in excess of its true value and have included as defendants in my case the lender, Fifth Third Mortgage Company, the loan officer, Roger Windey, and the appraiser, Joseph Goenner. I am glad to see others taking legal action as well. It will take time, but I truly believe everything will unfold as it should. Really look at your information investors!
Cayo Dave, please remove the personal information posted at this time stamp At 11/18/2007 2:23 PM
What specifically would like removed?
11/20/2007 2:17 PM Please remove the names and home addresses.
REGARDING THIS COMMENT FROM CAY CLUBS: Go to Expedia.com and check the reviews of people who have stayed at the Las Vegas complex...They are uniformly positive...With time, this will be a great condo to rent...It will do well..I, to, spoke with Craig Holt. who is working for the property management company..It is 100% occupancy every weekend, and 40% occupancy Mon-Thurs..And, this is slow season, with few conventions..I plan to sign the rental agreement. There really is no other choice...With time, this will bring in revenue and with time, the property will appreciate, once the real estate market settles..
Does anyone know what the terms are if they will provide the furniture for a unit? Does anyone have a copy of the rental agreement with furniture provided?
GUYS, YOU ARE VERY TRUSTING. THERE ARE 360 UNITS AT THE LAS VEGAS CAY CLUBS AND ONLY MAYBE 20 AVAILABLE FOR RENT. SO THAT MAY BE WHAT CRAIG IS SAYING IS 100% OCCUPANCY EVERY WEEKEND, 20 UNITS! AS FAR AS EXPEDIA.COM, DON'T YOU THINK CAY CLUBS COULD HAVE ENTERED THAT INFORMATION? THE PLACE IS A TOILET. CRAIG IS THE GENERAL MANAGER FROM SARASOTA CAY CLUBS AND DEFINITELY A CAY CLUBS INSIDER. YOU NEED TO VISIT THE LAS VEGAS PROPERTY OR, CONTACT A REAL ESTATE AGENT IN LAS VEGAS AND TELL THEM YOU WANT TO LIST YOUR UNIT. ASK THEM TO VISIT YOUR UNIT AND GIVE YOU FAIR MARKET VALUE. HAVE THEM GIVE YOU PHOTOS OF THE GROUNDS, THE WASH ADJACENT TO THE PROPERTY AND THE RAILROAD BEHIND IT. GET PHOTOS OF THE REAR OF THE PROPERTY AND WALK THE GROUNDS THOROUGHLY. THAT OUGHT TO SHOCK YOU TO TEARS. YOU GUYS HAVE TOO MUCH TRUST FOR PEOPLE WHO HAVE BEEN TAKEN ADVANTAGE OF. YOU SHOULD HIRE AN APPRAISER OF YOUR OWN AND A HOME INSPECTOR TO REVIEW YOUR PROPERTY. CALL YOUR BANK AND HAVE THEM REFER THEIR APPRAISER TO YOU IN LAS VEGAS.
There are approximately 100 units furnished and ready for renting..
Where did you come up with 20 units?..
Have you been to the property?
To presume that the Expedia reviews are bogus is absurd..Read them...
The Las Vegas property will eventually rent well and substantially increase in value...It would not be surprising if, at some point in the not too-distant future, some entity will buy the entire property, including our units for a substantial profit...
This property and the land it sits on are extremely valuable and desirable..
My guess is that investors/developers will eventually make an offer to owners and will tear the entire place down and build a mega-million dollar resort on this land..
Just wait and see..
The above comment is an obvious attorney looking to bleed more people by telling be the sky is falling. Where did you base your OPINION from? The entire property units have been renovated. The grounds are continuing to be updated and create curb appeal. The occupancy is not on 20 units ignoramus! It is full Friday and Saturday night, i know because i showed up to get into my place and sure enough it was all booked up. Try calling on Friday and seeing what the availability is. Why would they say full on Friday-Saturday and 40% Sunday-Thursday? Stop with the complaining, you are only hurting those that are trying to rent and eventually re-sale their units.
Cayo Dave how about put a handle on this, you are single handed creating all this drama, ruining honest peoples lives who worked and put their reputation on the line. You want to vent, vent about the developers and only them because i am sure all the information came from them that was sold to the clients. Nice buyers remorse.
Regarding this comment:
GUYS, YOU ARE VERY TRUSTING. THERE ARE 360 UNITS AT THE LAS VEGAS CAY CLUBS AND ONLY MAYBE 20 AVAILABLE FOR RENT. SO THAT MAY BE WHAT CRAIG IS SAYING IS 100% OCCUPANCY EVERY WEEKEND, 20 UNITS! AS FAR AS EXPEDIA.COM, DON'T YOU THINK CAY CLUBS COULD HAVE ENTERED THAT INFORMATION? THE PLACE IS A TOILET. CRAIG IS THE GENERAL MANAGER FROM SARASOTA CAY CLUBS AND DEFINITELY A CAY CLUBS INSIDER. YOU NEED TO VISIT THE LAS VEGAS PROPERTY OR, CONTACT A REAL ESTATE AGENT IN LAS VEGAS AND TELL THEM YOU WANT TO LIST YOUR UNIT. ASK THEM TO VISIT YOUR UNIT AND GIVE YOU FAIR MARKET VALUE. HAVE THEM GIVE YOU PHOTOS OF THE GROUNDS, THE WASH ADJACENT TO THE PROPERTY AND THE RAILROAD BEHIND IT. GET PHOTOS OF THE REAR OF THE PROPERTY AND WALK THE GROUNDS THOROUGHLY. THAT OUGHT TO SHOCK YOU TO TEARS. YOU GUYS HAVE TOO MUCH TRUST FOR PEOPLE WHO HAVE BEEN TAKEN ADVANTAGE OF. YOU SHOULD HIRE AN APPRAISER OF YOUR OWN AND A HOME INSPECTOR TO REVIEW YOUR PROPERTY. CALL YOUR BANK AND HAVE THEM REFER THEIR APPRAISER TO YOU IN LAS VEGAS.
================================
First off, stop screaming...You sound angry...For those of us who have units in Las Vegas, the best, maybe only, choice is to rent them out through the property management..They have done a good job getting out the word, marketing the property, and geting the property on all the major travel websites...They are genuinely trying to make this a successful venture for all..
I am one of the lucky ones who recieved my leaseback money...I have no furniture...
So, for me, the best choice is to sign the agreement...
The more people that sign, the better off all the owners will be..
That's my opinion.
Leave these people to do business and try to make you whole. The more waves you create, the more likely your properties will fail. That's my guess. The only ones standing to make money are the media and the lawyers from all the lawsuits, and garbage slinging.
Maybe you all should stick to stocks and mutual funds, CDs, or dog breeding to make money. Anything you choose is going to have its ups and downs. Sometimes you win and sometimes you lose. But you always learn.
TO ALL THE CAY CLUB OWNERS...!!!
HAPPY THANKSGIVING..MY HEART AND
MY PRAYERS ARE WITH YOU....!!!
THIS NIGHTMARE WILL COME TO AN END.
Happy Thanksgiving everyone- give thanks for our opportunities and blessings. There will always be hurdles and issues but we'll all get through them.
thank you can you additioanly delete the reference line to it on time stamp:
11/21/2007 5:10 PM
Please remove my name from the time stamp
11/20/2007 3:16 PM
as i have not been mentioned elsewhere in the blog and this is being construed as being tied to these agents.
Name:BRECHBILL, COLIN MICAH
Real Estate Sales Associate
Primary Status: Current
Secondary Status: Active
License Number:
License Expiration Date:09/30/2009
Original License Date:03/31/2004
Main Address*:
Employed By:CRISTAL CLEAR REALTY LLC
Please remove this comment. Calling Ricky Stokes a crook is unfounded and considered malicious.
Listen to this presentation from Ricky Stokes...someone is stepping over the line. What a crook!!!!!!
7/17/2007 2:40 PM
To Whom It May Concern:
I read this daily and it just keeps getting better and better, I don’t understand why people can’t just be honest and stop all the bad stuff. This is not helping the situation; it’s not going to make things better. Lets talk about Las Vegas, I have worked for Cay Clubs for year and half, I am the General Manager of one property and have done sales and marketing for several others including Las Vegas, I help open that property.
Las Vegas is a tricky market when it comes to hotels; there are lots of factors that go with running a property in Las Vegas
Location
Gaming on site
Transportation
Full Service Hotel, i.e. restaurant, etc
Amenities
Rate
If you look at Expedia.Com/Hotels.Com/Travelocity.Com, what do you see? Different rates every time you look, you can look at 9:00 am and again at 9:10 am and it’s different, you can find rates at $30.00 a night and as high as someone willing to pay. (Thousands)
Have you look at the other hotels, in the area, everyone is full Friday & Saturday and most hotels run 80-88% on Thursday. Sunday – Wednesday is always a slow time unless there is a convention or city wide sell out going and believe me there is a lot of rooms to fill in Las Vegas.
Total Hotel Rooms Las Vegas
132,605
Average Daily Rate
$135.00
Occupancy Rate mid Week
67.6 %
Occupancy Rate Weekend
91%
When you look at the numbers above it’s not such a bad picture.
The Las Vegas Cay Club has a total of 360 units at this time 102 of them our up and running. So the 20 units that people keep talking about are incorrect. Mr. Holt has done a great job getting things going out there, if it wasn’t for him that property would not even be renting 102 rooms. Mr. Holt lives in Florida and has been leaving his family for 25-30 days a time to stay out in Vegas to get things done. Let’s stop all the bad and start talking about the good.
For those of you confused enough to think 100+ units are being rented you are seriously mislead. Most of the owners who paid for furniture packages didn't even get any furniture. So how are you going to claim that that many units are being rented? without furniture??? thats a lie... ms. priday (daes assnt) is having way too much to say on here.
I see the former sales agents from Cay Clubs are selling for Sunvest in Orlando.
I guess Sunvest does not mind hiring lying sales agents without ethics.
http://www.marketwatch.com/news/story/federal-investigators-open-subprime-mortgage/story.aspx?guid=%7B2A2E4663%2DA0CC%2D4589%2D9858%2DF90D593337BD%7D&siteid=bnb
click and copy/paste from marketwatch.com to see some interesting finds going on all around.
JOHNK . I am not sure what ZION's did to upset you but your ignorance shows when you accuse them of being part of the Sub-Prime fiasco. ZION's has -0- sub prime exposure because they were never involved in originating anything but A Grade Residential paper. All of ZION's exposure is from Commercial Loans to Developers and Contractors who are suffering due to the downturn. Maybe you should spend a little more time on your Due Diligence.
http://www.nytimes.com/2008/01/03/business/03abandon.html?scp=2&sq=Levittown+
And Cay Clubs is the only tumbler?
http://cbs2chicago.com/local/neumann.homes.bankruptcy.2.411240.html
I know B. Graham personally and know 1st hand of his deceptivness. He WAS convicted of securities fraud ( i beleive in Texas) and had to pay restitution for years.. I was amazed to find out that he is still in the business of ripping people off and living a lavish lifstyle (2 million $ waterfront house) all the while professing to be a upstanding member of the community and Mcgregor Baptist. DO NOT trust this guy!!!
Cay Clubs has been accused by the SEC as being a $300 million dollar ponzi scheme.
Key West Chronicle sounded the warning in 2007, and now six years later the authorities are catching up.
You can read the entire SEC complaint here.
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