Tuesday, May 26, 2009

WATERS OWNERS: To keep you full apprised of the situation, we are copying an announcement from The Hollows blog posted on Saturday, May 23, 2009...

You may be aware that the Austin American-Statesman ran an article in today's edition concerning the start of foreclosure proceedings at the Hollows. As we told you in a previous posting, this is an expected step in our negotiation process. We continue to work with all parties toward a favorable resolution and will keep you informed.

We appreciate your patience during this time.

Tuesday, May 12, 2009

Update to April 21st Memorandum

We continue to be optimistic in our efforts to restructure the financing for the Terramesa properties. As we mentioned in last month’s memo, some elements of the negotiations for restructuring might include legal notices. It is likely this will occur for the Texas properties this week. We’ll share more information as we move forward. Thank you all for your patience as we work diligently to restructure the financing for these wonderful communities.

To read the original memo CLICK HERE.

Friday, May 1, 2009

Message to Waters Homeowners

In response to the economic downturn, Terramesa Resort Properties will be consolidating operations amongst its three Texas properties - The Waters, The Hollows and Pointe West. This includes consolidating the base location of our sales force and centralizing the marketing effort specifically to our Texas properties; in order to maintain communication and momentum among Terramesa associates while we weather this economic period.

As several of you have already heard, The Waters staff will now office at our sister property - The Hollows in Lago Vista. This move will allow our sales teams at both properties to combine forces and better market The Hollows, as well as The Waters. We want to make certain all our Homeowners know that operations at The Waters are not ceasing- our office is not closing- it is only being relocated in an effort to reduce overhead and maximize sales & marketing functionality. Those owners who still have units that are under warranty, will continue to be covered by the Terramesa staff.

Our new office location is at:

19503 Old Burnet Rd.
Lago Vista, TX 78645
512.267.9657 (o)
512.267.9329 (f)

For General Information and Sales, please contact Sandra Bradley at the office number above or by email at:

For Warranty, please continue to call or send an e-mail to the customer care department at:


Terramesa remains commited to these porperties and our owners.

Tuesday, April 28, 2009

The Waters Launches its New Website!

We are thrilled to announce the launch of our BRAND NEW Waters website! The site is new, yet still in its infancy. We plan to continue to enhance it in the coming weeks and months to make it as dynamic, interactive, and comprehensive as possible. We want you to be able to experience The Waters, just as you recall it, from the comfort of your own home – and to encourage friends to do the same!

We will be announcing this launch to our full database later in the week, but we wanted to give you, our valued owners, an exclusive "first-look" opportunity.

If you come across anything that needs attention while you are exploring, please let me know at callie.nixon@terramesaresorts.com. Visit www.watersliving.com and start exploring now! Enjoy!

***Also visit our Terramesa sister property's newest website ***
The Hollows – Lake Travis, TX
Bear Lake Reserve - Tuckasegee, NC
South Peak Resort – Lincoln, NH

Thank you,
The Waters Staff

Tuesday, April 21, 2009

Memorandum to Terramesa Owners

Memorandum April 2009

To the owners, friends and staff members of the Terramesa Resorts,

The recent economic meltdown has affected many resorts. The properties of the Terramesa MDR Resorts LP are not immune from these unprecedented market forces. We are increasing our communications with our investors during this time of volatility as we navigate some significant challenges. We are persevering and will continue to do so on behalf of our property owners, equity investors, lenders, professionals, staff, vendors and the communities we so enjoy building together.

We invested in the Centex resorts at good price points and we believe these properties will survive the downturn and emerge with solid performance relative to other similar resorts. This said, it is not new information to recognize that the market for second homes is lagging. In spite of the market, our sales teams are still seeing activity and interest in the properties. As positive as this news is, the sales progress to date has not kept pace with the original business plan. We believe this is a short-term challenge that we can overcome. Specifically, we are working together to renegotiate with our senior and mezzanine lenders to restructure the loans underpinning our investments.

While our conversations with all lenders involved are collaborative and constructive, it is possible that some parties will take steps involving various types of notices and will probably involve their legal counsel. These negotiations will likely happen behind the scenes, but some may surface publicly. This, while alarming, is a normal step in the process of restructuring as the lenders retrench their positions. The banks and mezzanine lender have all indicated a willingness to work with us to restructure and move forward together. We, along with our investors and lenders, are committed to overcoming these challenges.

In light of the economic environment and slow sales, we will be implementing land development reductions in budgets and staffing over the next two to three weeks. It is important to note that we will be continuing to serve our owners with hospitality services and amenities. While we will be evaluating the hospitality budgets, we don’t currently anticipate making significant changes.

Our resort communities have proven to be unique and continue to be desired by discerning resort property owners in spite of the current economic conditions. We expect our resorts to continue to operate with excellence and we’ll share more information as we move forward.


Terramesa Resort Properties

Tuesday, April 14, 2009

Hill Country Happenings

With so much going on in the Texas Hill Country this weekend, one would be hard-pressed to pick where to spend their time. Here are a few events, all within a short drive from The Waters, sure to make the weekend more enjoyable...

You won't want to miss the 24th annual festival held this Thursday, April 16th through Sunday, April 19th. The Festival brings together innovative culinary artisans and wine producers who celebrate the rich traditions that influence Texas wine and food. The Festival includes multiple events at different sites throughout the weekend, so be sure to check the website for more information. If you're only able to make one day, plan on heading out for the Sunday Fair from noon to 5 at The Vineyards at The Saltlick in Driftwood. Enjoy cooking demo's, sample wine and beer from Texas and guest producers, stroll through vendor tents, and enjoy live music all afternoon.

With live music, great food, golf tournament, and more, this annual Hill Country event offers a little something for everyone. Make your way out to Llano Golf Club and Country Park, April 17-18, to enjoy boiled crawfish, bar-b-que, jumbalaya, potatoes, and corn. Be sure to check the schedule for details about live music and other activities.

Thursday, April 16th through Sunday, April 19th in Driftwood- just minutes from Austin. Old Settler’s Music Festival is a nationally known music festival featuring the best in roots and Americana music. The festival is held in the gorgeous Texas hill country, at the height of the Bluebonnet and wildflower season. Old Settler’s Music Festival offers great music and activities for the whole family. Musicians performing including Robert Earl Keen, the BoDeans, The Gourds, BeauSoleil, Ray Wylie Hubbard, and many more. For the full line-up, click here.

The Texas Mesquite Association was established in 1992 by forty lumber mill operators, fine crafters and furniture makers who had an interest in Texas' own exotic hardwood, the pesky mesquite. Their art festival held in San Angelo, April 17th-19th, boasts the largest collection of mesquite art in the world.

Follow the "Wine & Wildflower Trail" through the Texas Wine Country in its finest hour. during the Trail, local wineries will host tastings of newly released wines, and wine and food pairings, seminars, demonstrations and tours. Come and meet the vintners as you tour and taste. Don't forget your camera! www.texaswinetrail.com/events.html

Head out to beautiful Bandera and enjoy bar-b-que at Bandera City Park, on the Medina River. While in town, be sure to stop at Old Bandera Downs Trade Days, located at Bandera Downs Race Track, and shop among over 350 vendors.

For a more complete list of activities in and around the Texas Hill Country, please visit these links:

Wednesday, April 1, 2009

Let's Celebrate...

Happy 1st Anniversary Terramesa!

Today marks the anniversary of the first year of business for
Terramesa Resort Properties. It was one year ago that The Waters
along with The Hollows, Pointe West, South Peak Resort,
Bear Lake Reserve, and "V " at Lake Las Vegas
became a part ofthe Terramesa Family.
The past year has seen many successes and we
look forward to many more yet to come!