Chetola Condominium Rentals Will Return To Market In April, Report Says

Chetola Condominium Rentals Will Return To Market In April, Report Says
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By David Rogers. March 29, 2017. BLOWING ROCK, NC — By crafting a partnership between Chetola Mountain Resort and local attorney Rob Angle, 100 privately owned condominiums on the iconic Blowing Rock property are returning to the vacation rental market in April, according to a report in The Blowing Rocket on Tuesday.

COVER IMAGE of Chetola Mountain Resort courtesy of VisitNC.com

The press release was provided exclusively to The Blowing Rocket editor Jeff Eason by Chetola’s owners. The information and details have not yet been distributed to other media outlets, including Blowing Rock News.

According to the Rocket’s report, the new rental management company is Watauga Property Management, with Angle named as the broker-in-charge.

Assuming the return of its condominiums to the High Country’s vacation rental market occurs in April, Chetola solidifies its place as one of the strongest sources of occupancy tax revenue in benefit of the Blowing Rock Tourism Development Authority (TDA) and the Town of Blowing Rock, even if that revenue has gone missing for the three months since January 1st.  The Town of Blowing Rock retains one-third of the TDA revenue and it is earmarked for investments in town infrastructure that supports tourism, such as streets and sidewalks, as well as other prospective improvements. In 2016, the TDA reported approximately $1.05 million in occupancy tax revenue, generated from approximately $17 million in lodging sales.

In a conversation with Tarbutton at Chetola on Tuesday, he stated to Blowing Rock News that more than $150,000 had been paid to Chetola condominium owners who had accepted his firm’s offer of payment if they stayed in the rental pool while he and his team got things rectified.

“I made a mistake,” Tarbutton admitted. “I am taking responsibility for that and correcting it. The Real Estate Commission has been terrific in working with us.”

Blowing Rock News published a February 15th report (CLICK HERE) aimed at understanding what had happened and how the suspensions affected Blowing Rock town finances.   Chetola (RSK Mountain Resorts) was found by the Real Estate Commission to not be keeping third party condo rental revenue separate from Chetola operating revenue, as required of property management companies by provisions of the North Carolina Vacation Rental Act, among other deficiencies that were more readily correctable.  Although the Chetola method of accounting constituted co-mingling of funds in the eyes of the Real Estate Commission, all condo owners were receiving the amounts due them per their rental management agreements. There were no charges of fraud, theft, or intentional malfeasance.

In the meantime, Tarbutton reported that his team was being trained in using new software.

“If we have to swipe a credit card twice (for the two different sets of charges) to keep the condo rentals separate, then that is what we will do,” he said.

As reported by The Blowing Rocket, “According to Chetola, the resolution of the non-compliance dispute is the result of, ‘multiple meetings, countless hours, a network of supporters and infinite prayers. It also took an inordinate amount of due diligence and patience. Which in the end, all paid off.’”

There are no details provided in The Blowing Rocket report of any residual financial interest that Chetola might retain in revenue from the condominium-derived vacation rental management business.  The Bob Timberlake Inn, the Chetola Lodge, restaurant, spa, and other business segments were not included in the Real Estate Commission suspensions.

To read the full Blowing Rocket report that was given only to that publication’s editor, Jeff Eason, CLICK HERE.

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