Rescind and purchase resale for Westin Ka'anapali North? Limitations on resale?

[1320401]

Lisa is 100% correct in her advice. Buying a resale EY 1 BR at WKORV would be a much better deal for you. First, you get a better view for sure as the 1BRs are closer to the beach. Second, you would have a large 1BR EY rather than the small studio the other years. And price is comparable for a resale EY 1Br vs. EOY 2BR LO. Oh, and you get 12 month priority for the time you want. Pay attention.....

Thanks for the advice. We are looking at the 2BR for the added flexibility, not necessarily to use it every year in Hawaii. We may choose to use the 1BR in Hawaii for a week and then bank the remainder for use at another SVO property (as pointed out below, the remainder 67.1k SOs get value elsewhere, i.e. a week in Cancun on the off year). Down the road, we may appreciate a 2BR if we travel with friends or family. We may even trade our 1BR week into the II pool for use at a non-VSN property. There are lots of additional options when considering a 2BR vs. 1BR that justify the additional purchase price and MF.

I would advise to stay away from the 1Bd WKORV resale - it has some of the highest MF per square foot.
The extra studio side is cheap when you compare MFs to the 2Bd LO (Prem), and allows for an extra 67.1K SO which can be used in VSN (at 8 months) to add on vacation days that are no longer confined to a weekly reservation.
(For example - use the extra 67.1K SO to add on 6 nights (e.g. Sat-Fri) in a 1Bd at the 8-month mark)

The studio costs about an additional $360 (approx.) in annual MFs for an additional 67.1K SO - those are the cheapest SO/MF available.
Be careful...

Congrats to anyone who finds TUG in time to rescind - too many do not.

Thanks for the suggestions. This has been our thinking all along - a 2BR property provides great added flexibility regardless of where we choose to use the 1BR. Our initial purchase at WLM was for a 2BR for that exact purpose (actually, our hope was to just use the SO from the WLM purchase for a Hawaii stay every other year). Glad we found TUG though as by rescinding we can get a much better deal at a property we would like to return to frequently with SOs left over for the off year.

 

[PollyAnne]

The mantra here is Rescind, Research, buy Resale.

To answer your questions:

1.) Yes, you can use Staroptions from WKORV-N or WKORV to stay at other Starwood properties.
2.) No, you cannot exchange Staroptions for SPG points when you buy resale. Exchanging for hotel points is not a great value unless you stay at higher end European hotels.
3.) The difference between mandatory resales and developer purchases is the ability to exchange for Starpoints and accumulating weeks to achieve Elite status. At voluntary resorts, such as Nanea, you also lose the ability to exchange via the Vistana network when you buy resale.

Note that Nanea is not a "mandatory" property, so resales at Nanea would not include the ability to exchange into other properties through the Vistana network. This greatly reduces the resale value. You will lose a much greater percentage of the price you paid than if you had bought a mandatory property (like the other 2 properties down the beach). If I absolutely wanted to buy from the developer in Hawaii, I'd buy a mandatory week at WKORV or WKORV-N. Vistana sometimes gets inventory at these older properties. However, resale is your best bet.

Rescind, read the stickies at the top of this forum, and then buy a resale week at WKORV or WKORV-N, if you value making reservations in high demand periods, like early in the year (Jan-March - whale season) or summer. You can also buy at other mandatory locations if you want to lower maintenance fees and then exchange into Hawaii during lower demand periods.

The money you save buying resale (perhaps 3/4 or more of the purchase price for a voluntary property, a little less for mandatory properties) can buy a lot of hotel rooms, compared with exchanging for SPG points.

I prefer to buy where I want to go, even if the maintenance fees are higher. The only thing guaranteed by your deed is usage of your home resort. Program changes can happen at any time. Others prefer to save some money and take the risk that at some point in the future exchanges could become scarce. It has already happened that exchanging into Hawaii during high demand periods has become more difficult than in the past.

Hi,

I purchased a EOY from Westin Nanea and am having a case of major regret! I am
Still within my 7 day rescind period and wanted to see if the the admin cost which amounted to $990 is also refundable.

I felt pressured and sucked in at the moment and am having buyers remorse.

 

[Henry M.]

You should rescind. Even if you were to lose the $990, you'd be ahead, but normally all costs should be refunded. You should not be out any money. Follow the instructions in the package given to you. You can always buy later, after you've done your research.

 

[vacationtime1]

You should definitely rescind. If you are already having major regret now, you know that's the right answer.

You will receive a full refund. Follow the instructions exactly.

 

[taterhed]

This thread has the perfect info for WKORV/N (and VSE in general) that needs to be added to the stickie!

wonderful advice.

 

[PollyAnne]

Thank you all! Another question, do you know of the 7 day period of which I have to rescind is when the letter is postmarked or when they actually receive it?

 

[taterhed]

The details of the right to rescind are spelled out in the state law (statutes). However, it's almost universally based on Postmark date.
(some adjustments for calendar day vs business day or what day does it start; day of contract or day after etc...)

so, postmark date

Hawaii: Hawaii legislation

(c) The contract to purchase a short-term product under this section shall include the date of the contract and contain the following disclosure in conspicuous type on the same page as the short-term product buyer's signature:

"YOU HAVE THE RIGHT TO CANCEL THIS CONTRACT AT ANY TIME PRIOR TO MIDNIGHT OF THE SEVENTH [the short-term product seller may substitute a greater number of days] CALENDAR DAY AFTER THE DATE THAT YOU SIGN THIS CONTRACT. You may exercise your right to cancel by sending the seller a written notice that you are cancelling your contract either by faxing it to [insert facsimile number] or by depositing it into the United States mail, first-class postage prepaid, addressed as follows: [insert specific contact information]. If you properly cancel this contract, you are entitled to receive a full refund of the amount paid by you pursuant to this contract.

If you buy a time share interest, you will have any right to cancel your contract to purchase a time share interest provided by the law governing the sale of the time share interest. However, if you cancel your contract to purchase a time share interest, you will not be entitled to a refund of any amounts paid by you pursuant to this contract [or the seller may specify an alternate refund policy under these circumstances]."

The preceding disclosure is not required to be repeated on any addendum to the contract.

(d) A short-term product buyer may exercise the right to cancel by giving written notice to the short-term product seller in the manner described in subsection (c). A short-term product seller shall cause any deposit given by a short-term product buyer who has exercised the right to cancel pursuant to subsection (a) to be mailed or otherwise delivered to the short-term product buyer no later than the last to occur of: fifteen business days following receipt of the short-term product buyer's written notice of cancellation; or fifteen business days following the date upon which any deposit becomes good and immediately available funds.

 

[PollyAnne]

My husband and I attended a sales presentation for the new Westin Nanea property in Maui while staying at the Westin Ka'anapali-North property on a promotional offer. We ended up purchasing at Nanea and while we like the fact that we own and expect that we will make good use of the ownership, we are questioning whether we would be better off purchasing resale. (I know that Nanea is not available via resale, given that it is a new property, but we would be happy to own at Westin Ka'anapali-North as an alternative.) We are still within the rescission period, so if our questions and doubts below can be resolved, we'd like to rescind and pursue the resale option instead.

The real question for us is whether we will have all of the same rights and flexibility as an owner via resale that we would have as an owner via the developer. If we buy resale at Westin Ka'anapali-North, can we use the associated StarOptions to stay at any other Vistana property? Can we exchange StarOptions for SPG points for hotel stays? Are there any additional limitations or requirements that would be placed on our ability to use our ownership if we became owners through the resale market?

Many thanks in advance to all of the TUG experts out there who might be able to offer advice here!

Hi,
We just got back from a promotional offer and are within the rescind period. We are going the rescind process and wanted to see if you've encountered any issues with the process.


Thank you!

 

[DavidnRobin]

Hi,
We just got back from a promotional offer and are within the rescind period. We are going the rescind process and wanted to see if you've encountered any issues with the process.


Thank you!

No issues. VSE is a forthright corporation (other than Sales - being forthright is not in their job description). Just rescind per instructions.

 

[PollyAnne]

No issues. VSE is a forthright corporation (other than Sales - being forthright is not in their job description). Just rescind per instructions.

Thank you! All paperwork has been submitted and now its wait and see