Any comments or input on the sixty or so Beach Club T/S being sold at foreclosure on 12/20/2011? Honolulu Advertiser published this list on Tues 11/29/2011. Seems like an awfully lot of Foreclosures for this complex. Really sad to read this.
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KoOlina Beach Club Foreclosures
- Thread starter jsfletch
- Start date
TheTimeTraveler
TUG Member
Sixty weeks is really nothing at all. If there are 200 Villas there then there are 10,400 weeks, so 60 weeks is just a drop in the bucket!
.
BocaBoy
TUG Member
There are actually a lot more than 200 villas at Ko Olina. It is the largest Marriott timeshare in Hawaii and on of the largest in the whole system. There will be 750 villas at full build-out, although the current number is probably closer to 400-500.
puppymommo
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Where did you find the list? Can you post a link? I looked at the Star Advertiser website but couldn't find anything about the foreclosures.
Thanks.
Not that I should even be looking at them, but I'd like to...
Thanks.
Not that I should even be looking at them, but I'd like to...
gblotter
TUG Member
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Mountainside x 2
Maui Ocean Club x 2
Ko Olina Beach Club x 1
I think this is probably the list: http://secure.adpay.com/clicknbuyli...orkview=False&catid=1004&pcatid=Legal Notices
ownsmany
TUG Member
I shouldn't be looking at them either . . .
gblotter
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Mountainside x 2
Maui Ocean Club x 2
Ko Olina Beach Club x 1
These are the units listed in the Honolulu Star-Advertiser.
Does anyone have a decoder ring to determine which of these are Mountain View and Ocean View. It would also be good to know if any of these are 3BR units, penthouse units, or Platinum Plus weeks.
I have requested a fact sheet to learn more information. For fact sheets, instructions or further particulars, contact Mary Shumack, Phone 808-679-4903, M-F, 8:00 a.m. to 5:00 p.m.
Annual Usage
==========
KO*0414A14
KO*0513A45
KO*0514A36
KO*0520A35
KO*0621A24
KO*0622A32
KO*0814A07
KO*1005A31
KO*1203A21
KO*2202B06
KO*2202B51
KO*2410B04
KO*2427B51
KO*2507B06
KO*2519B25
KO*2522B02
KO*2618B34
KO*2627B31
KO*2627B41
KO*2631B50
KO*2714B31
KO*2719B02
KO*2830B09
KO*2902B27
KO*2926B13
KO*3002B42
KO*3114B10
KO*3214B20
KO*3223B49
KO*3223B50
KO*3518B32
EOY Even
==========
KO*0422A30*E
KO*2123B01*E
KO*2418B50*E
KO*2623B24*E
KO*2626B43*E
KO*2723B23*E
KO*2723B23*E
KO*2910B46*E
KO*3118B47*E
KO*3518B28*E
KO*3519B24*E
KO*4210C05*E
KO*4306C17*E
KO*5019C13*E
KO*5215C11*E
EOY Odd
==========
KO*0428A38*X
KO*0428A44*X
KO*2231B27*X
KO*2319B35*X
KO*2615B21*X
KO*2706B45*X
KO*2719B44*X
KO*2722B24*X
KO*2726B18*X
KO*3418B41*X
KO*3419B15*X
KO*3515B36*X
KO*5019C05*X
KO*5219C27*X
Does anyone have a decoder ring to determine which of these are Mountain View and Ocean View. It would also be good to know if any of these are 3BR units, penthouse units, or Platinum Plus weeks.
I have requested a fact sheet to learn more information. For fact sheets, instructions or further particulars, contact Mary Shumack, Phone 808-679-4903, M-F, 8:00 a.m. to 5:00 p.m.
Annual Usage
==========
KO*0414A14
KO*0513A45
KO*0514A36
KO*0520A35
KO*0621A24
KO*0622A32
KO*0814A07
KO*1005A31
KO*1203A21
KO*2202B06
KO*2202B51
KO*2410B04
KO*2427B51
KO*2507B06
KO*2519B25
KO*2522B02
KO*2618B34
KO*2627B31
KO*2627B41
KO*2631B50
KO*2714B31
KO*2719B02
KO*2830B09
KO*2902B27
KO*2926B13
KO*3002B42
KO*3114B10
KO*3214B20
KO*3223B49
KO*3223B50
KO*3518B32
EOY Even
==========
KO*0422A30*E
KO*2123B01*E
KO*2418B50*E
KO*2623B24*E
KO*2626B43*E
KO*2723B23*E
KO*2723B23*E
KO*2910B46*E
KO*3118B47*E
KO*3518B28*E
KO*3519B24*E
KO*4210C05*E
KO*4306C17*E
KO*5019C13*E
KO*5215C11*E
EOY Odd
==========
KO*0428A38*X
KO*0428A44*X
KO*2231B27*X
KO*2319B35*X
KO*2615B21*X
KO*2706B45*X
KO*2719B44*X
KO*2722B24*X
KO*2726B18*X
KO*3418B41*X
KO*3419B15*X
KO*3515B36*X
KO*5019C05*X
KO*5219C27*X
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- Marriott: Maui Ocean Club Lahaina Villas (3BRx5), Ko Olina, Shadow Ridge II, Willow Ridge, Aruba Ocean Club, DC Points HGVC: Flamingo, Sea World, I-Drive, Starwood Bella (x4), SDO, TradeWinds, Worldmark
I believe these are accurate, based upon the room numbers from MKO units deposited into the Trust.....For Buildings B (Hale Moana) and Building C (Hale Naia), the pattern is easy: Even Unit Codes numbers are OV and Odd Unit Codes are MV in Buildings B and C. I don't see any 3BR's in the list above (Unit Code 18 in Hale Naia -- don't know in Hale Moana).
I've not been successful in figuring out the View Category pattern of Building 1 from the Ko Olina trust deposits...but I **think** all of the Building 1's above are Mountain View.
I hope this helps some TUGger in Hawaii buy a Ko Olina at the foreclosure.
Best,
Greg
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- Marriott: Maui Ocean Club Lahaina Villas (3BRx5), Ko Olina, Shadow Ridge II, Willow Ridge, Aruba Ocean Club, DC Points HGVC: Flamingo, Sea World, I-Drive, Starwood Bella (x4), SDO, TradeWinds, Worldmark
All,
In a separate thread, Larue has indicated that the room numbers in Hale Naia don't correlate with the Unit Codes in the Trust filings. As an example, in the Trust filings, the 3BR in Hale Naia is Coded as Unit 18 -- but in actuality, they are room numbers 21 and 23 in Hale Naia.
So, I've edited the above to confirm that the room numbers do not correlate with the Unit Code.
I remain confident, however, that the View Categories are correct (in red above) since this is comparing the Unit Code in the foreclosure filings to the Unit Codes in the Trust filings -- which are consistent. I just couldn't tell you which room number it is.
Thanks and good luck!
Greg
In a separate thread, Larue has indicated that the room numbers in Hale Naia don't correlate with the Unit Codes in the Trust filings. As an example, in the Trust filings, the 3BR in Hale Naia is Coded as Unit 18 -- but in actuality, they are room numbers 21 and 23 in Hale Naia.
So, I've edited the above to confirm that the room numbers do not correlate with the Unit Code.
I remain confident, however, that the View Categories are correct (in red above) since this is comparing the Unit Code in the foreclosure filings to the Unit Codes in the Trust filings -- which are consistent. I just couldn't tell you which room number it is.
Thanks and good luck!
Greg
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larryallen
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Probably easier to buy on Ebay.
gblotter
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Mountainside x 2
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Ko Olina Beach Club x 1
Custom House in Boston did a similar foreclosure auction on September 1 - learn more about that here: http://tugbbs.com/forums/showthread.php?t=154467
There is another Custom House foreclosure auction coming up on December 16 - see http://tugbbs.com/forums/showthread.php?t=158701
From the Custom House experience, it seems that just showing up may put you in a good position to get some great bargains. Unfortunately you'll need to add in the price of Honolulu airfare to attend this auction in-person, so that may complicate things a bit.
There is another Custom House foreclosure auction coming up on December 16 - see http://tugbbs.com/forums/showthread.php?t=158701
From the Custom House experience, it seems that just showing up may put you in a good position to get some great bargains. Unfortunately you'll need to add in the price of Honolulu airfare to attend this auction in-person, so that may complicate things a bit.
gblotter
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Mountainside x 2
Maui Ocean Club x 2
Ko Olina Beach Club x 1
I received the information packed about the foreclosure auctions.
As it turns out there are four different auctions to be held, and foreclosed units will be sold from all the Marriott timeshare properties in Hawaii. There is a combination of mortgage foreclosures and lien foreclosures. There are relatively few lien foreclosures (only 8 total) and those are for non-payment of maintenance fees.
December 20, 7:45am in Lihue
Kauai Beach Club Mortgage Foreclosures = 6 units
Kauai Beach Club Lien Foreclosures = 3 units
Waiohai Mortgage Foreclosures = 24 units
Waiohai Lien Foreclosures = 1 unit
December 20, 11:15am in Wailuku
Maui Ocean Club Mortgage Foreclosures = 58 units
Maui Ocean Club Lien Foreclosures = 4 units
December 20, 3:00pm in Honolulu
Ko Olina Beach Club Mortgage Foreclosures = 59 units
December 21, 12:00pm in Honolulu
Assortment of all Marriott Hawaii Timeshare properties
Kauai Beach Club Mortgage Foreclosures = 11 units
Ko Olina Beach Club Mortgage Foreclosures = 75 units
Maui Ocean Club Mortgage Foreclosures = 89 units
Waiohai Mortgage Foreclosures = 46 units
I have not read the details to understand why the fourth auction is being held on December 21, but I'm sure there must be some distinction that separates those sales from the others.
As you can tell, there are a significant number of foreclosures that will be auctioned off. I'm assuming that Marriott may be the only bidder in many cases.
As it turns out there are four different auctions to be held, and foreclosed units will be sold from all the Marriott timeshare properties in Hawaii. There is a combination of mortgage foreclosures and lien foreclosures. There are relatively few lien foreclosures (only 8 total) and those are for non-payment of maintenance fees.
December 20, 7:45am in Lihue
Kauai Beach Club Mortgage Foreclosures = 6 units
Kauai Beach Club Lien Foreclosures = 3 units
Waiohai Mortgage Foreclosures = 24 units
Waiohai Lien Foreclosures = 1 unit
December 20, 11:15am in Wailuku
Maui Ocean Club Mortgage Foreclosures = 58 units
Maui Ocean Club Lien Foreclosures = 4 units
December 20, 3:00pm in Honolulu
Ko Olina Beach Club Mortgage Foreclosures = 59 units
December 21, 12:00pm in Honolulu
Assortment of all Marriott Hawaii Timeshare properties
Kauai Beach Club Mortgage Foreclosures = 11 units
Ko Olina Beach Club Mortgage Foreclosures = 75 units
Maui Ocean Club Mortgage Foreclosures = 89 units
Waiohai Mortgage Foreclosures = 46 units
I have not read the details to understand why the fourth auction is being held on December 21, but I'm sure there must be some distinction that separates those sales from the others.
As you can tell, there are a significant number of foreclosures that will be auctioned off. I'm assuming that Marriott may be the only bidder in many cases.
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Dewnay
TUG Member
From Mary Shumack, the Marriott Broker-in-Charge:
- The first two letters indicate the property.
- The next four numbers indicate the villa number.
- The next letter indicates the building (A=Kona, B=Moana, C=Naia).
- The next two numbers are the week 1-52.
- The last letter after the asterisk is the usage frequency [X=every other year odd, E=every other year even, B=both (every year)].
Oftentimes, every-year usage drops the "B" so if there is no "E" or "X", then one can assume it is an interest with every-year usage rights.
Finally, sales of this nature are treated as an open market, external purchase meaning that it is ineligible for conversion into Marriott Rewards points and enrollment into the MVCD points program. The owners only usage options would be to occupy or deposit with Interval International and exchange.
- The first two letters indicate the property.
- The next four numbers indicate the villa number.
- The next letter indicates the building (A=Kona, B=Moana, C=Naia).
- The next two numbers are the week 1-52.
- The last letter after the asterisk is the usage frequency [X=every other year odd, E=every other year even, B=both (every year)].
Oftentimes, every-year usage drops the "B" so if there is no "E" or "X", then one can assume it is an interest with every-year usage rights.
Finally, sales of this nature are treated as an open market, external purchase meaning that it is ineligible for conversion into Marriott Rewards points and enrollment into the MVCD points program. The owners only usage options would be to occupy or deposit with Interval International and exchange.
SueDonJ
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I think we'll probably be seeing more and more similar auctions for the different resorts, because this past year many (all?) of the BOD's/HOA's elected non-judicial foreclosure processes for non-payment. Seems like it should be a good thing to get them re-sold as quickly as possible with minimal cost to the other owners, but it is a little off-putting to see so many at one time. Thanks for the perspective, TimeTraveler - that helps take the edge off.
When TUGger Beaglemom3 went to the Custom House auction some of those Weeks were offered the MRP-exchange benefit as well as the DC-enrollment option. It'll be interesting to watch and learn why/when those can be offered.
When TUGger Beaglemom3 went to the Custom House auction some of those Weeks were offered the MRP-exchange benefit as well as the DC-enrollment option. It'll be interesting to watch and learn why/when those can be offered.
gblotter
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Mountainside x 2
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Ko Olina Beach Club x 1
I also view this as a good thing. With these auctions being held in December, the buyers (whether they be Marriott or individuals) will be on the hook to pay the 2012 maintenance fees. So that should ease the burden on other owners.
Given that Marriott will likely be the only bidder for many/most of these sales, it probably does not matter much whether the units come with MRP and/or DC benefits.
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rudy
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what about EOY
Do you believe Marriott will buy back any of the every other year properties.... I thought I read somewhere that the every other year properties could not be added to the trust...If this is true I would believe Marriot would not buy them back.... your thoughts?
Do you believe Marriott will buy back any of the every other year properties.... I thought I read somewhere that the every other year properties could not be added to the trust...If this is true I would believe Marriot would not buy them back.... your thoughts?
At Custom House the pattern looked like they are mainly buying back the units where they are owed a lot of money on the mortgage. Probably it does not matter to Mariott if they pay up to what is owed to them or let someone else get the unit and write down the differenc to what is owed to Marriott as a loss on the mortgage.
At Custom House it seemed like they were not willing to pay more than $4,000 for the non payment of MF auctions.
At Custom House it seemed like they were not willing to pay more than $4,000 for the non payment of MF auctions.
OK, it just so happens (well, actually I've planned this for a year . . . ) that I will be in Maui on December 20. Where can I read more about the Maui auction? And, is there somewhere to go to research the process? Thanks!
Beaglemom3
TUG Member
Edited post.
Sorry, did not see the post that said that there are no Rewards points with these. I think that may drive down the prices for those who do not care about the points.
Sorry, did not see the post that said that there are no Rewards points with these. I think that may drive down the prices for those who do not care about the points.
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Maui
OK, I received the Maui packets. How do I find out what the views are and whether they are mortgage defaults or maintenance fee defaults? Also, why are some Maui units being sold in Honolulu and some on Maui? I'm happy to do my own research. But, I'm not sure where to look. Thanks.
OK, I received the Maui packets. How do I find out what the views are and whether they are mortgage defaults or maintenance fee defaults? Also, why are some Maui units being sold in Honolulu and some on Maui? I'm happy to do my own research. But, I'm not sure where to look. Thanks.
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Mortgage and maintenance fee defaults shouldn't matter. They are in the foreclosure sale because of default. When you buy them, you buy them free and clear or these liens.
gblotter
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Mountainside x 2
Maui Ocean Club x 2
Ko Olina Beach Club x 1
Likely Marriott will be the only bidder for most of these auctions. In the event that multiple bidders exist for a given unit, Marriott will bid up the price to at least what is owed on the lien. Because of this, there won't be any bargains to be found for the mortgage lien foreclosures. The amounts owed will be surely be quite high.
However, for the maintenance fee lien foreclosures a much lower selling price is possible. There are only four maintenance fee lien foreclosures at Maui Ocean Club, so your choices will be limited. The amounts owed for the maintenance fee liens are listed in the auction information docs. You can examine those amounts to determine whether they are a bargain compared to what can be found on eBay or Redweek.
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