Just got my Wyndham 2011 Assessment--13% Increase

[regatta333]

Wow! I can't believe the assessment went up almost 13% from last year. The highest I've ever seen since I've owned has been 6%--more than double.

 

[jjmanthei05]

Where was it for or is that across the board?

Jason

 

[regatta333]

Where was it for or is that across the board?

Jason

This was the average for the 4 Wyndham points properties that we own.

 

[Timeshare Von]

Given Nashville appears to be in your portfolio, I'm wondering if that was part of the large increase.

 

[ldw]

Ours went up 17% and with the RCI changes that really makes it hard to see the value in owning verses renting.

 

[vacationhopeful]

Ours went up 17% and with the RCI changes that really makes it hard to see the value in owning verses renting.

I was just last night talking to a guest at Wyndham who regularly rents from this Platimum VIP owner. He was smug about how he has nothing (not $1 dollar) tied up in timeshares either in purchase cost or ongoing MFs. He just calls up his "friend - the VIP Platimum owner", gets all the discounts of the Platimum membership, no hassle with the reservation system or rules, and just pays him for the rental at cost. Said the guy enjoys booking these vacations for him.

Oh, he goes to the owners updates just to get the loot.

Wyndham won't ever convert this guy to becoming an owner or a Extra Vacation renter. And he said he would NEVER buy a TS.

 

[timeos2]

One the weasels can't win

=

Oh, he goes to the owners updates just to get the loot.

Wyndham won't ever convert this guy to becoming an owner or a Extra Vacation renter. And he said he would NEVER buy a TS.

Wise man. Using the system completely to his benefit. More power to him. While we still prefer holding ownership (=better control, given the right system/resort) there is a very strong case to be made for his approach. I especially enjoy the picture of the cocky Wyndham sales weasel pitching his usual line of misrepresentations and general FUD to a potential victim that just may play the game better than the professional.

 

[bnoble]

There have been many threads on whether they could raise the points in the point charts for existing, older Wyndham resorts. The consensus seems to be that that would be next to impossible for them to do.

For converted fixed weeks, it is not hard at all. The conversion contract includes language that specifically allows it (though there are limits as to how far/fast it can change.) My reading is that if they change what it costs to book a particular week, they must also change what they give to the owner who owns it, but change they could. I don't think it has happened yet, but there are a couple of places where they probably should. For example, Orlando has two different seasonal calendars, one for Bonnet Creek, and one for the three older ones. (Reunion may have yet a third, I haven't looked.) They should probably be the same; it is unlikely that there are strong differences between them.

 

[regatta333]

Given Nashville appears to be in your portfolio, I'm wondering if that was part of the large increase.

No, that was in line with the other three.

 

[regatta333]

Do not recall getting any of my Annual Proxies this year.

Now that I think about it, I do not recall having received any proxies from the boards of my Wyndham properties this year, which show the annual budget, etc.

Guess I will need to contact the boards and find out what is going on.

Did any Wyndam owners received proxies this year?

 

[vacationhopeful]

They are not the only business or industry who keeps their heads in a glass bubble.:annoyed: A knowledgeable manager of any business understands that the customer does have limits - just because you put a price tag on something for the amount of money YOU think it is worth, does not make it so.

Some segments of business have a harder time understand that - sales is one. Some sales organizations price items too low for manufacturing, so as to easily make their sales quotas. Others price themselves out of the market, but use false promises to imply a better product with smoke and mirrors, etc.

Timeshare systems seem to believe their own marketing hype. What worked 10 years ago, does not now. The internet, the employment status, morals of owners (i.e.walk-aways), vacationing modes - have been external changes to their business environment. US car manufacturers have been a prime example in the past 15-20 years of failure to adapt.

Yes, I have gotten proxies for my Wyndham units - Ocean Walk, Nashville, and the Pompano properties.

 

[bnoble]

Did any Wyndam owners received proxies this year?

I did for Sea Gardens. I don't recall the exact number, but the increase in the budget (at Waterfalls) seemed reasonable. I don't think it was double-digit percentages, but could be wrong.

 

[richardm]

Great comment...

They are not the only business or industry who keeps their heads in a glass bubble.:annoyed: A knowledgeable manager of any business understands that the customer does have limits - just because you put a price tag on something for the amount of money YOU think it is worth, does not make it so.

Some segments of business have a harder time understand that - sales is one. Some sales organizations price items too low for manufacturing, so as to easily make their sales quotas. Others price themselves out of the market, but use false promises to imply a better product with smoke and mirrors, etc.

Timeshare systems seem to believe their own marketing hype. What worked 10 years ago, does not now. The internet, the employment status, morals of owners (i.e.walk-aways), vacationing modes - have been external changes to their business environment. US car manufacturers have been a prime example in the past 15-20 years of failure to adapt.

Great comments.. Thank you!

As the industry aged, many of the players have simply become too large, too slow to react, and too resistant to change to survive.. They have either disappeared, or been swallowed up by the bigger fish..

The question now is whether or not the bigger fish can survive...

 

[levatino]

is $4.64 per thousand now a decent price for 336k points

i used to be proud of my points/thousand rate (3.95/thousand), however am wondering if it is now worth it in light ofthe mf increase...

What do you think/how do we compare?

thanks,
Paul

 

[bnoble]

Anything sub-$5 is pretty good, IMO.

 

[vacationhopeful]

The question now is whether or not the bigger fish can survive...

And bigger in the timeshare world only meant several years ago ACCESS to larger banking 'lines of credit'. These historic low, low interest rates will go away. When that happens, the timeshare giants cashflow issues most likely implode.

I, personally, find it highly unlikely that a sales-lead company would employ accountants who have practice conservative fiscal policies (ever!).

 

[timeos2]

Do we have a new candidate to be worst of the worst in timeshare?

Now that I think about it, I do not recall having received any proxies from the boards of my Wyndham properties this year, which show the annual budget, etc.

Guess I will need to contact the boards and find out what is going on.

Did any Wyndam owners received proxies this year?

Got ours with the usual sham Wyndham employed or related candidates (and noticeably missing a couple well qualified owners I know put in candidate sheets. The explanation? "We missed them". Yeah, right).

We voted for the two that seemed least beholden to Wyndham but saw no results as we never can see any Board minutes or any other information we should have as owners. Wyndham is doing it's level best to be the "new" Wastegate I'm convinced.

 

[w.bob]

I am trying to understand the assessment letter I received. I own 231000 pts at Kona Hawaiian resort. I purchased resale last year and used it in Sept of this year. I am basically new to the Wyndham system and I want to be sure I am looking at the overall picture correctly.

This past September I received a bill titled CLUB WYNDHAM PLUS ASSESSMENT STATEMENT which was a bill due in Sept 20, 2010.

The HOA fee was $890.96, Program fee $131.67 which was based on .57 cents per 1000 points. The total due was $1022.63.

I recently received a 2011 Annual CLUB WYNDHAM PLUS ASSESSMENT SUMMARY which is not a bill. The summary gave a more detailed breakdown of fees than the bill I received in Sept. 2010.

The fees were listed as follows;
HOA Maintenance Fees $830.15
HOA Reserve Fund $149.47
Property Tax $32.93
Local Tax 39.98
Total $1052.53

Program Fee based on .51 cent per 1000 pts = $117.81

Total of $1170.34

According to this summary the program fee has gone down from 2010. Is the program fee set by the resort you own through and every resort pays a different fee rate or is it set for all Wyndham Plus properties and everyone pays the .51 cents per 1000 pts?

Because I did not receive a 2010 summary and only a bill for 2010 I cannot compare the charges form 1010 to 2011, but it appears that the maint fees went down aprrox. $60.00 along with the program fee but there is now a $149.47 reserve fund charge added. Can any Kona Hawaiian Resort owners confirm this?

Now if I understand it correctly the Summary I received is what my 2011 bill will be based on even though I will not receive my bill until Sept 2011. Actually I am assuming my bill will come in Sept 2011 since I received last years in Sept 2010. None of this was explained when I purchased so I need to understand it.

 

[Tia]

.... It is very apparent that Wyndham is going after every dollar they can. They have suddenly gone from virtually ignoring collections to a new, high intensity push along with some seriously hefty late fees and penalties....

So true as this benefits their bottom line, where the other was spread among all owners. Are you sure they were really paying their maint. fees anyway?

 

[shaun401]

According to this summary the program fee has gone down from 2010. Is the program fee set by the resort you own through and every resort pays a different fee rate or is it set for all Wyndham Plus properties and everyone pays the .51 cents per 1000 pts?

The program fee rate is based on the total number of points you own as well as whether you are part of the plus partners. Don't know if this is changing for 2011, but here are the rates per point level for 2010 for non plus partners/plus partners:
<154k - flat fee 88.12/107.08
154,001 to 299,999 - .57/.69
300k and up - .51/.53

 

[Rob&Carol Q]

I'm almost embarassed...Not only did Kingsgate send me a "no MF Increase" ltr but they also explain (very well, I would add) the $5 daily fee for users.

AND

They included an actual budget and a proposed 2011 budget.

Can't say I have the same feelings as most of the rest of the poster on this thread...

 

[Conan]

I own at Seawatch (Myrtle Beach) and although it's one of the highest cost locations, there's very little increase from 2010 to 2011 (2% on one section of the property and 4/10ths of a percent on the other).

Including the program fees, I'll be paying $5.68 per 1,000 points

 

[WALLstAL]

Monarch Grand Vacations just went up 10%, where does this crap end, never.
They threaten you with ruining your Fico and liens.
3.90ct a point, I have 421 pt. Ouch !

 

[hjtug]

The program fee rate is based on the total number of points you own as well as whether you are part of the plus partners. Don't know if this is changing for 2011, but here are the rates per point level for 2010 for non plus partners/plus partners:
<154k - flat fee 88.12/107.08
154,001 to 299,999 - .57/.69
300k and up - .51/.53

We have contracts, without plus partners, for 105K every odd year and 128K every even year. Last year we paid a total of .57 times (105+128)/2 = $66.41, which might be viewed as consistent with the second category you mention. It would seem that for some reason they switched us for 2011 from the second to the third category, which I don't mind, and stopped dividing by 2, which I don't like. If correct, our new fee will be exactly .51 times (105+128) = $118.83. I have been wondering why some folks with an EOY contract have said that their fee has doubled while ours didn't increase quite that much. Now I am thinking that perhaps Wyndham decided to stop dividing by 2 for EOY contracts but to use twice the number of points to determine the category.

 

[bnoble]

We have contracts, without plus partners, for 105K every odd year and 128K every even year.

Without knowing how anything works, I would assume that the correct fee is $88.12/year. Your "annual" point total is (105+128)/2, or 116.5, which is less than 154K.