Thursday, September 23, 2010

Pismo Coast Village RV Resort–the return visit

We stay here for free.  I told you in yesterday’s post I’d explain that.  It isn’t exactly free.  Nothing in life is free.  We do, however, pay NO daily fees while we stay here….for up to 90 days per year, every year.  No fees of any kind.

DSCF6627 

Pismo Coast Village is a corporation owned by shareholders.  We are shareholders.  You can buy a share of “stock” which will then permit you to stay here for 45 days per calendar year, at no charge.  According to the corporate bylaws you may purchase up to 3 shares of stock and you get 45 days…FREE….with each share.  We own 2 shares, so we can stay here for 90 days each year. 

                                            All classes of RV’s are permitted to stay at P.C.V. Resort.DSCF6667

This corporation is governed by a Board of Directors elected by shareholders and served by shareholders. The bylaws also limit the number of shares that can be issued.  I think the number is 1,800.  That way the shares cannot be over-sold.  The shares are completely transferable or you can sell them at any time.  For instance, our first share was purchased by Bruce’s parents back in the early 1980’s and we inherited it when they passed away.  Cost to us:  nothing.  In 2008, we purchased the second share.  We can will these shares to our kids or grandkids and (if they were campers) they could come here for the rest of their lives without paying a single cent for that privilege.

                                           Many large 5th wheels call this place a “temporary home.”DSCF6673

If, or when, you decide to sell a share it will sell for the going rate.  We learned that, since 1974 when the park opened, the shares have only decreased in price once.  Every year, other than the one, the price of a share has increased over what it was purchased at. 

                       Older RV’s, as long as they are in good condition, are permitted to come here, too.DSCF6668

Even though this operates like a timeshare, there are no dues, no maintenance fees, no charges of ANY kind.  We have never paid out one penny other than the purchase price for our one share.  How do they do that?  The park is not a members only park.  Pismo Coast Village is open to the general public.  Half of the 400 sites are reserved for shareholders and the other half are available to the general public…and they can also make reservations just like shareholders.  So, the money that comes in from the general public camp fees, plus the money taken in from the store, laundry, arcade, RV storage fees, propane sales, restaurant and bike rentals covers operational expenses.  Shareholders pay for things they buy here just like the general public campers do. 

                                            Plenty of room for the big guys, too.DSCF6670

This resort sits on 26 acres of oceanfront property developed for the use and enjoyment of its shareholders.  The resort is owned, not leased, by shareholders and is free and clear of mortgages. 

                                         There are some smaller sites just waiting for the little guys.DSCF6674

So, here we are now in 2010.  We have 2 shares in the corporation, only one of which we had to pay for.  If we come here, great….we stay for free.  If we do not come here, that’s fine too.  There is no penalty for unused days but you cannot roll them over to the next year.  If you don’t use them, you lose them.  We went for about 7 years where we didn’t come here at all.  No problem with that and no charges, dues or assessments either.

We do not expect to make a “killing” as an investment.  Our thoughts are, if we get the money back that we paid for our share in 2008, that’s good enough.  So far in checking on the current sales price of a share, we are up about $4,000.  Of course, since we didn’t have to pay for the first share that will up the profit margin when we someday sell the 2 shares.  We aren’t planning that for anytime in the near future.  Even with the current recession, the share price has increased. 

The average daily rate for non-prime time days (based on small increase for 2011) will be $44.00.  So if we multiply that daily rate times our 90 days, we save $3,960.00 per year, not including the added city tax and lodging tax.  That takes a chunk off of our yearly rent budget total. 

The most important factor though, is that we really love it here.  We enjoy the town of Pismo Beach and we enjoy the resort.  We don’t snowbird down in the desert like most folks, we would rather come here for January and February.  The weather is still good and the resort isn’t very crowded then either.  It is a terrific place to hang out instead of those cold winter months we get up in Washington. 

In 2008 we looked into buying a deeded lot down in Palm Springs.  We didn’t think we wanted to be a desert snowbird, but wanted to explore an opportunity.  We looked at a lovely park there that had lots for sale.  The cost of those lots began at $49,900 (in 2008).  Then we would have to improve our lot with landscaping, parking pad, etc.  Some lots were done with minimal upgrades (a cost of approx. $5,000) and some lots were finished with fountains, storage sheds, extensive brick and patio work, etc.  Plus, we would have a $200.00 per month (I think that was the figure) assessment.  By paying out that much money, all combined, I know we would feel obligated by that investment to go there every year.  Here at Pismo Coast Village we own nothing except that piece of paper as a shareholder…no deeded lot.  That is what we decided we preferred.  If we choose not to come here for a whole year, we don’t feel any pressure.  Our investment here was a lot less than that lot down in Palm Springs, even though it was a beautiful resort park.

I hope this explains everything to your satisfaction.  If you have any further questions, just ask!  This certainly isn’t the type of park/resort/campground everyone prefers.  It does work beautifully for our way of fulltiming.  You have to live somewhere, right?

Until next time…..so long for now!

30 comments:

Karen and Al said...

What a deal that is. I especially like that you have no annual fees.

When you go there, do you have one particular site you stay at? So you don't own a site, but a share, so are you always guaranteed a site? Very interesting system...I wish they had some of those in this area.

Rick and Paulette said...

That sounds like one heck of a deal and I know we'd have absolutely no problem staying at the Pismo Beach Resort for 90 days, or more, each year.

It's a great beachfront location and close to all kinds of attractions and activities. Throw in some nice sunny, hot weather and it's pretty hard to beat.

You have a great deal there.

Margie M. said...

Karen and Al: thanks for leaving a comment. No, we do not have a permanent site at PCV Resort. We can make reservations 6 months in advance and have never had a problem getting in on our requested date if it is mid-week. We have found that asking for a check-in date mid-week has always gotten us in. We can request a particular site, but no guarantee.

Thanks again.

Carol K said...

Thanks for the update about your stay at Pismo Coast Village. Your arrangement there sounds like a good deal. Not having to pay monthly or yearly dues is a big advantage!

Judy and Emma said...

Great explanation Margie! Can you tell us what the current selling price for a share is? Do you have to wait for some one to die, or decide to sell to buy one?

Happytrails said...

Boy, you and Bruce are in a terrific win-win situation there!! It is a very nice RV park and in a great location. You can't beat the fact that it cost you nothing with no annual dues. Sit back and just enjoy, enjoy, enjoy!!!

Mike & Gerri (happytrails)

Me and My Dog said...

What a great plan that is. Something I'll look into when I'm on the road. I wonder if there are similar opportunities in other areas?
Barbara

Margie M. said...

Barbara: I have no idea if there are other places like this one in other places. I haven't heard of any, but we haven't looked either. :) The only other types I know of are those where you buy a lot or lease one for a specified period of time. If you find any, please let us all know.

JODI said...

Loving your header pic of the beach!

Sam&Donna Weibel said...

Margie & Bruce, that is a great deal, When Donna & I bought our lot at Lake Sherwood we got it really cheap from someone wanting to get out from under the assessment. They were really elderly and didn't go out there anymore, but we still have a yearly assessment to pay , for the use of the campground and beach & clubhouse and other anemeities,much like the old fashioned Country club. Only saving grace is it's close, always available spots for lot owners, and I will have no trouble selling it when we decide to move on.I like th idea of a shareholder plan like you have for a once a year stopping place. Be safe out there. Sam & Donna...

www.travelwithkevinandruth.com said...

Sounds like a great deal for you, especially when you really like the place to begin with.

Enjoy you time there!

Kevin and Ruth
www.travelwithkevinandruth.com

John and Carol said...

It looks like a little bit of heaven...and you can't beat the price.

Freely Living Life said...

Pismo Beach Resort sounds wonderful! Thanks for giving us the review and the run down. Is this resort family friendly or is it another one of those 55+ parks? =)

{{hugs}}

KarenInTheWoods and Steveio said...

Nice explanation and how wonderful it works out for you guys. I like that they allow any camper or rv in as long as its in good repair. We hear of too many "10 year and newer" parks that we would never be allowed in at 14 years old on our rig, no matter how shiny and pretty and well kept it is.

~*~*~*~*~*~*~*~*~*~*~*~*~*~*~*~
Karen and Steve
(Our Blog) RVing: Small House... BIG Backyard
http://kareninthewoods-kareninthewoods.blogspot.com/

pidge said...

Did I miss it, or did you ever say how much your 1 share cost was. We may very well be interested in something similar, but would like to know the appx cost. Great post Margie, thanks for sharing.

The Gypsy G-Mas said...

Sounds like a great deal in a beautiful location. And to know that you have a place to stay for a portion of the year rent-free really helps with the budget. I think you're smart to hang on to those shares for as long as you can!

Dennis and Donna said...

Dennis asked the same question Judy asked..how much would 1 share cost??? (Boy, we are a nosey bunch, eh???)

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Marty said...

We have been going to Pismo with our 5th wheel for years, and thinking of storing it down there vs buying a share. So when I got online to see what I could find out I came across your blog.
I have called the sales office many times to find out about shares as there doesn't seem to be anything online. All I get is a garbled recording no matter what time of day I call. It does say at the end to leave your name and number and they will call back. I just left another one since they didn't return the one I left last week. Perhaps they are no longer selling shares so not taking calls.
I also sent an email to the office to see if anyone was in the sales department. Anxiously waiting...
Marty rvinduo@yahoo.com

Anonymous said...

Seems like several folks have asked what a membership costs - no answer. Several people mention what a good deal this is but how do they figure that out not knowing what the cost is? I guess it's a good deal no matter what the cost? Reminds me of just pass it, we'll read it later. Am I missing something?