# And The Addiction Continues: Just Bought Polo Towers



## Hoc (Jul 9, 2007)

And here I thought I had my "timeshare monkey" under control.  But when I saw a 2-br., week 8 Polo Towers Unit on ebay for under $500, I just couldn't pass it up.  I figure that, with the $1199 Special Assessment for the upgrade to the unit, the $406.50 price (for a total price of $1605.50 after upgrade) was just too good to ignore.

For icing on the cake, someone please tell me that this is a penthouse unit that's already been upgraded.  I know, I know, no such luck. . . .

Still, a pretty decent deal for a prime 2-br. week in Vegas, even if it is getting overbuilt.  My guess is that I can use it once or twice and then sell it at a profit.


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## Kevin (Jul 9, 2007)

*Great find!*

Hoc,

I want to be like you when I grow up!  

Kevin


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## Fern Modena (Jul 9, 2007)

So, HOC, how about a call sometime when you are here, and we'll get together for breakfast, lunch, or coffee?

Fern


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## Hoc (Jul 9, 2007)

Fern Modena said:


> So, HOC, how about a call sometime when you are here, and we'll get together for breakfast, lunch, or coffee?
> 
> Fern



That works for me!  My first use isn't until 2008, but I was talking with my girlfriend about going out there over a 3-day weekend to see the new Cirque de Soleil show that is a tribute to the Beatles.  Probably over Columbus day or something.


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## dougp26364 (Jul 9, 2007)

Hoc said:


> For icing on the cake, someone please tell me that this is a penthouse unit that's already been upgraded.  I know, I know, no such luck. . . .




Sorry this is an 18th floor tower 2 unit. This unit is included in the SA.

Are you aware that PT's developer bought out Sunterra? PT's sales force will be hitting you up for another $2,995 to join SunOptions from reports I've read here and OY.


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## Bill4728 (Jul 9, 2007)

dougp26364 said:


> Are you aware that PT's developer bought out Sunterra? PT's sales force will be hitting you up for another $2,995 to join SunOptions from reports I've read here and OY.



If the PT is going to be a Sunterra, will owners be able to buy a few more Sunoptions in the trust and include the PT in sunterra just like you can do with other sunterra properties?


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## cluemeister (Jul 9, 2007)

This unit is in tower two, 18th floor facing south towards MGM.  The good news is that this unit is near the back of tower two, so it has a good viewing angle of the strip, and it's high up.

Not as good as my 18105, but not bad.


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## cluemeister (Jul 9, 2007)

Bill4728 said:


> If the PT is going to be a Sunterra, will owners be able to buy a few more Sunoptions in the trust and include the PT in sunterra just like you can do with other sunterra properties?



I know very little about this, but I think availability of PT's units for Sunterra customers will be very low until they get enough PT's current owners to join the club.  Remember, Diamond can't offer what they don't own, and PT's is sold out.


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## taffy19 (Jul 9, 2007)

Hoc said:


> And here I thought I had my "timeshare monkey" under control. But when I saw a 2-br., week 8 Polo Towers Unit on ebay for under $500, I just couldn't pass it up. I figure that, with the $1199 Special Assessment for the upgrade to the unit, the $406.50 price (for a total price of $1605.50 after upgrade) was just too good to ignore.
> 
> For icing on the cake, someone please tell me that this is a penthouse unit that's already been upgraded. I know, I know, no such luck. . . .
> 
> Still, a pretty decent deal for a prime 2-br. week in Vegas, even if it is getting overbuilt. My guess is that I can use it once or twice and then sell it at a profit.


You can't beat the price for a timeshare condo practically on the strip.  I think you did well, Hoc, but I am not an expert in this timesharing game but renting a room alone is getting up there today. Las Vegas used to be so cheap but not anymore.


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## dougp26364 (Jul 10, 2007)

Bill4728 said:


> If the PT is going to be a Sunterra, will owners be able to buy a few more Sunoptions in the trust and include the PT in sunterra just like you can do with other sunterra properties?



Actually, it's the other way around. Sunterra is going to be Diamond Resorts International, except I suspect they'll keep the Sunterra name. There's a Sunterra owner that has posted in the latest Sunerra magazine the newest resort announcement is Polo Towers. 

Right now they are only offering PT's owners SunOptions points and not putting the units into one of Sunterra's trusts, which is as I understand it from other Sunterra owners is an entirely different animal. I'm sure DRI would love for PT's owners to buy more SunOptions points any time they want to shell out the money for them. 

As it stands now they're offering PT's owner the option to convert their PT's units to SunOptions points for $2,995. IMO that's about $2,995 to much. I could lock off my two units that I currently own, trade them with I.I. for $135/trade ($540 year) and it would take a little over 17 years before I'd break even on the $2,995 fee plus the additional $151 yearly club membership dues added on top of our MF's.   I think I'll pass.


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## dougp26364 (Jul 10, 2007)

cluemeister said:


> I know very little about this, but I think availability of PT's units for Sunterra customers will be very low until they get enough PT's current owners to join the club.  Remember, Diamond can't offer what they don't own, and PT's is sold out.



You'd think they'd encourage owners to join SunOptions by offering membership at a ridiculously low price but that's not the case. They'll have to do a LOT better than almost 3G if they want my units in Club Sun and I'd be willing to bet after shelling out over $1,000 recently for the latest SA I'm not the only one that will take a pass on this newest offer from PT's.


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## T_R_Oglodyte (Jul 10, 2007)

dougp26364 said:


> Right now they are only offering PT's owners SunOptions points and not putting the units into one of Sunterra's trusts, which is as I understand it from other Sunterra owners is an entirely different animal. I'm sure DRI would love for PT's owners to buy more SunOptions points any time they want to shell out the money for them.



I expect that when/if they start doing trust conversions in Las Vegas, they will create a Las Vegas trust.  Otherwise, JC and PT will become home resorts for existing trust owners.


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## dougp26364 (Jul 10, 2007)

In the FWIW column, the renovations whish were suppose to start last March have been pushed back yet again. CS is now telling me that renovations are suppose to start on August 27th and go for 9 months. I wonder what they're going to be telling owners come August 27th?


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## Hoc (Jul 10, 2007)

dougp26364 said:


> CS is now telling me that renovations are suppose to start on August 27th and go for 9 months. I wonder what they're going to be telling owners come August 27th?



Now, another TUGGer told me that they said that they have already ordered the new furniture.  Of course, from what I've heard about DRI, I don't know whether I'd trust such a representation.


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## dougp26364 (Jul 10, 2007)

Hoc said:


> Now, another TUGGer told me that they said that they have already ordered the new furniture.  Of course, from what I've heard about DRI, I don't know whether I'd trust such a representation.




To the best of my knowledge DRI has not completed anything on time since we purchased our first unit from them in 1998. You'd have thought by now I would be smart enough to save/print every piece of communication from them to keep track of their inaccuracy's over the years but I haven't until now. 

IMO, we'll be lucky if work starts before the end of the year. Realistically my bet is maybe this time next year and rather than the 9 months CS quoted me to complete the renovations it will be more like two years. But, that's JMHO. 

Still, PT's has a great location and even without the renovations is a pretty nice timeshare for it's age. It does not have all the fancy amenities of the new timeshare now under construction but those timeshare likely won't likely have all the bells and whistles of the newest of the new in another 15 to 20 years either. 

Eventually, DRI has completed the promised work. They have never not completed any work promised that I'm aware of. They just are very bad at getting started, deadlines and communication with owners. If they could improve on those three area's they'd be a very good to excellent management company. 

At the resort we've always encountered some of the most curtious, friendly and helpful employee's who seem to work hard to make guests as happy as possible. If only management followed the example set by their own employee's life would be great. They use to print a quarterly update for owners, then it went to an online update occasionally. Now they don't update anyone about anything that's going on and the website if virtually useless to learn anything new that's going on at the resort. There is still no mention that PT's is now the newest resort to the Sunterra family despite the fact this has been announced to all Sunterra owners. Maybe life will improve if DRI adopts Sunterra's customer service dept's way of keeping owners up to date?


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## T_R_Oglodyte (Jul 10, 2007)

Hoc said:


> Now, another TUGGer told me that they said that they have already ordered the new furniture.  Of course, from what I've heard about DRI, I don't know whether I'd trust such a representation.



They have ordered the furniture, and the specs call for top quality, clear grain mahogany.  The wood supplier went to work immediately. I understand he planted the saplings last week, and the trees should be ready for harvest in seven to ten years.


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## Hoc (Jul 11, 2007)

T_R_Oglodyte said:


> They have ordered the furniture, and the specs call for top quality, clear grain mahogany.  The wood supplier went to work immediately. I understand he planted the saplings last week, and the trees should be ready for harvest in seven to ten years.



That's a relief.  I thought it was Oak.


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## Bill4728 (Jul 11, 2007)

Bill4728 said:


> If the PT is going to be a Sunterra, will owners be able to buy a few more Sunoptions in the trust and include the PT in sunterra just like you can do with other sunterra properties?


The response to this are not answering my question. 

If the PT is like any other Sunterra resort, you should be able to buy a small ( cheap) sunterra resort week from sunterra and get sunterra to convert your PT week into sunterra for free.  Does anyone know if sunterra will do that?


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## dougp26364 (Jul 12, 2007)

Bill4728 said:


> The response to this are not answering my question.
> 
> If the PT is like any other Sunterra resort, you should be able to buy a small ( cheap) sunterra resort week from sunterra and get sunterra to convert your PT week into sunterra for free.  Does anyone know if sunterra will do that?



You can buy, as I understand it, a 2000 point package from Sunterra and add you PT's unit to it. However, I believe that option to be running around $5,000 (to many numbers have been quoted lately for me to be 100% certain on this point). Plus I assume you'll have the additional MF's to go along with it.  

Just converting you PT's unit into SunOptions has been reported as a cost of $2,995. Another poster reported that Sunterra included in the deal (converting PT unit to SunOptions) that they would allow him to convert to additional resale units for free if done within the next 12 months.


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## Hoc (Jul 13, 2007)

dougp26364 said:


> You can buy, as I understand it, a 2000 point package from Sunterra and add you PT's unit to it. However, I believe that option to be running around $5,000 (to many numbers have been quoted lately for me to be 100% certain on this point). Plus I assume you'll have the additional MF's to go along with it.
> 
> Just converting you PT's unit into SunOptions has been reported as a cost of $2,995. Another poster reported that Sunterra included in the deal (converting PT unit to SunOptions) that they would allow him to convert to additional resale units for free if done within the next 12 months.



Please help me understand.  Why would you convert a deeded unit that you own into an unsecured interest in a points system, now managed by a company that has a horrible track record in dealing with owners, and that you could lose in any of a number of ways in the event of management company misfeasance?


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## dougp26364 (Jul 13, 2007)

Hoc said:


> Please help me understand.  Why would you convert a deeded unit that you own into an unsecured interest in a points system, now managed by a company that has a horrible track record in dealing with owners, and that you could lose in any of a number of ways in the event of management company misfeasance?



As it stands now you are not giving up your deed. You would only be joining Sunterra's points based reservation system much like RCI points. You pay them a fee to convert (currently reported as $2,995) and also an additional club fee of $151/year. Your week is then assigned a points value for internal exchanges through Sunterra (no additional fee for internal exchanges) and you have a points value for exchanges through I.I. (you still pay the standard exchange fee). Even though you join SunOptions you still retain your deed, you just a member of what amounts to a travel club for internal Sunterra exchanges. 

Sunterra holds a corporate account with I.I. If you join Club Sunterra  then you become a part of that corporate account. This works much like HGVC whereas you total fee includes your yearly membership fee to I.I. If all you own are Sunterra resorts, there is no need to have an individual account with I.I. Some have reported that the corporate account gives you stronger trade power. Under the corporate account, if you want to exchange outside of the Sunterra system you are awarded a points value for I.I. exchanges. Currently it's been reported that one bedroom PT's unit will have 9,000 points. If memory serves me correctly it only takes 8000 points to reserve a "premium" resort 3 bedroom unit through I.I. Being a member of SunOptions might allow you to stretch you trading value into more than one or two weeks through I.I. 

Through Sunterra some resorts also offer nightly stays (mininum of 2 nights) that can be reserved using points (10% premium generally applies). If you think you might want to make trips to Vegas for only a few nights at a time then points might work out well for you.

But, you are only joining a club and not giving up your deed. You deeded week is simply assigned a points value. As far as I know, that point value can change either up or down depending upon how management feels on any particular day.


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