WorldMark BOD letter about Special Assessment

[dioxide45]

What will be interesting is that because of club rules they can only raise MFs a maximum of 5% or inflation. So what happened this year was inflation was less than 5% but expenses were more than 5%. They had to conduct the SA to cover expenses above the 5%. This means next year, if expenses are once again above 5% growth (which seems likely), we are certain to get another SA. This could snowball if taxes and insurance continue to skyrocket. While that does certainly suckith, it is at least not driving up the permanent MFs. So if/when things stabilize our MFs will be a better value than other brands.

The rules state that inflation is based on the calendar year immediately preceding the year for which the increase is being made. How can they know that for 2024 fees? We won't know inflation statistics for 2023 until sometime in 2024. If they used 2022 CPI numbers, I believe that number was more like 6.5%.

 

[Mongoose]

The rules state that inflation is based on the calendar year immediately preceding the year for which the increase is being made. How can they know that for 2024 fees? We won't know inflation statistics for 2023 until sometime in 2024. If they used 2022 CPI numbers, I believe that number was more like 6.5%.

Each year it’s based on the available data.

 

[CO skier]

The rules state that inflation is based on the calendar year immediately preceding the year for which the increase is being made. How can they know that for 2024 fees? We won't know inflation statistics for 2023 until sometime in 2024. If they used 2022 CPI numbers, I believe that number was more like 6.5%.

As I recall, maintenance dues used to increase in April each year. A number of years ago it was changed to January 1 each year. That would make sense if Wyndham has a January fiscal year.

The Consumer Price Indexes are reported on a monthly basis. Maybe Wyndham is using September to September 12-month "calendar years" now for the budget that comes out in October each year. The September, 2023 y-o-y CPI for All Urban Consumers increased 3.7%, which would limit the max dues increase to the 5% owners will see in 2024 (plus the 0.6% for property taxes).

It is clear that the budget is the budget in any year regardless of what CPI index "calendar" is used, and whatever budget deficiencies there may be will be funded through special assessments from now on. It all comes out in the wash.

 

[easyrider]

Can we really compare WM to the likes of Marriott, Vistana or even Hilton? Are the resorts a "full scale" as other timeshare systems? Walked past the WM Victoria the other day and it just looked like a condo complex. Perhaps other WM properties are on the same scale as the premier resorts in other systems?

I think so. Having stayed at Marriotts, Hiltons and Worldmarks , I think the rooms are similar but often times the resort grounds at a Hilton or Marriott are nicer. Worldmark provides a mid-week maid service. Our recent stay at the Sedona Hilton had no maid service unless you ask. Large city resorts are usually smaller than out in the rural areas so Victoria's Worldmark is smaller but it is on the water with great views and does have mid-week maid service.

Some Worldmarks have golf courses, restaurants and convenience centers. The Running Y is one of those. So is Eagle Crest.

Some Worldmarks are just a dozen or so units in a condo and these feel like a condo. Many Worldmarks resorts are all Worldmark and they have more of a resort vibe.

Bill

 

[easyrider]

One thing I like about Worldmark is the cost and this new assessment and mf increase hasn't changed the fact that these costs are still much lower than what other systems cost.

Bill

 

[rickandcindy23]

Received my notice for the second installment on the SA for 2024. It's due in a month. I thought I paid the other one online. I would hope to do that again.

 

[Mongoose]

Received my notice for the second installment on the SA for 2024. It's due in a month. I thought I paid the other one online. I would hope to do that again.

I paid mine online a few weeks back. Easy, as long as you can log in and it works....

 

[easyrider]

I have never stayed at a WM, but for some reason I get the impression they are more like a condo complex than other timeshare resorts we have stayed at. The staffing levels are not nearly the same as what we would see at a Marriott, Hyatt, Westin or HGVC?

You aren't wrong in that the units are more like a fully equipped condo with a midweek cleaning. Some of the resorts are in the WM system are very nice compared to others in the WM system. All are at least kind of nice. Many of the locations are fantastic. Some are hotel conversions. Most are as nice as Marriott KoOlina regarding building features. Most are as nice as the Sedona Hilton at Bell Rock.

Bill

 

[easyrider]

Received my notice for the second installment on the SA for 2024. It's due in a month. I thought I paid the other one online. I would hope to do that again.

I had a hard time figuring the second assessment out. Mostly because I had already paid the first assessment and the website wasn't working. WM started texting me about it so I texted back and then called. I told them I paid the assessment. They said there are two. Fortunately the website started working while we spoke and I was able to pay online.

Now the website decided to replace my name on the main account with my wife's. This has been a problem they said they were going to fix. They haven't yet.

Bill

 

[Mongoose]

You aren't wrong in that the units are more like a fully equipped condo with a midweek cleaning. Some of the resorts are in the WM system are very nice compared to others in the WM system. All are at least kind of nice. Many of the locations are fantastic. Some are hotel conversions. Most are as nice as Marriott KoOlina regarding building features. Most are as nice as the Sedona Hilton at Bell Rock.

Bill

Some locations are very well equipped resorts. Some are limited and like an apartment. What matters is each is selected for the destination.

 

[VacationForever]

You aren't wrong in that the units are more like a fully equipped condo with a midweek cleaning. Some of the resorts are in the WM system are very nice compared to others in the WM system. All are at least kind of nice. Many of the locations are fantastic. Some are hotel conversions. Most are as nice as Marriott KoOlina regarding building features. Most are as nice as the Sedona Hilton at Bell Rock.

Bill

I think midweek cleaning is now history. Before COVID, WM included weekly cleaning without additional housekeeping token/fee if your stay is longer than a week. Now they will include a full clean midway through a 30-day stay at Oceanside. At Marina Dunes, I was told that they would throw in a mid-stay tidy since we are going to stay for 4 weeks.

Some of the properties are very good. Indio has as many amenities as MVC properties - pool, bbq, Starbucks, marketplace etc. 2 golf courses on site. Oceanside is about its location, not alot to write home about. Marina Dune is prime property and it's part of Sanctuary Beach Resort which has a very upscale restaurant. It is right on the beach, 30 seconds walk and you can be wading your feet in the cold sea water. Sanctuary Beach Resort rents out a studio for $500 a night or more.

My biggest gripe is that most of the WM properties do not have walk-in shower. Shower over tub is annoying.

 

[easyrider]

Some locations are very well equipped resorts. Some are limited and like an apartment. What matters is each is selected for the destination.

The locations are one of the things I love about WM. Seaside is one of the well equipped and better locations, imo.

Bill

 

[easyrider]

My biggest gripe is that most of the WM properties do not have walk-in shower. Shower over tub is annoying.

I haven't been in one of the designated accessible units. You would think it would be roll in shower to be ADA accessible. What do they do, place a tub chair in the bathroom ?

Bill

 

[dioxide45]

I haven't been in one of the designated accessible units. You would think it would be roll in shower to be ADA accessible. What do they do, place a tub chair in the bathroom ?

Bill

There are different levels of ADA rooms. Roll in shower is one of the highest levels. Others may just be a shower seat and other accessible features, lower countertops or special doorbells or ringers in the room if someone is at the door. It is possible that some of the ADA rooms have roll in showers, but I think the prior poster was just saying in general they wished they had walk in showers vs bathtub with showers in most rooms.

 

[VacationForever]

I haven't been in one of the designated accessible units. You would think it would be roll in shower to be ADA accessible. What do they do, place a tub chair in the bathroom ?

Bill

They just add grab bars in ADA bathrooms at some of the ones that I have been to. They are still shower over tub.

 

[Mongoose]

They just add grab bars in ADA bathrooms at some of the ones that I have been to. They are still shower over tub.

There are different types of assessable rooms for different needs. Typically they are visual impairments, hearing impairments and mobility impairments.