Per broker Michelle Donato - Marriott exercising ROFR on Platinum Units?

[EducatedConsumer]

I bought from Michelle this spring and she was outstanding to deal with. I feel I got a good deal and she handled everything very quickly. I have recomended her to others. I think she does tend to call a spade a spade though. So if you are a low baller or a dreamer, she will probably move on to more serious buyers. As they say, time is money. She knows the Marriott properties very well and owns a wack of them herself.

JMHO

Does anyone know if real estate agents in Florida have a regulatory obligation to present "all offers" to a Seller?

 

[Sunbum]

I have no idea if they must present all offers. What constitutes presenting an offer? If the seller says to the the agent, "I won't look at anything under $18,000" and the agents gets an offer of $15,000, has the offer already been rejected????

I have no idea.

 

[infamazz]

My next correspondence with Ms. Donato:

Hi Michelle,

Unfortunately, I can't come close to those prices. Some other sellers on Redweek are offering 1BR Platinum weeks for $9K and 2BR Platinum for $14,500 - I am not looking to spend close to those amounts either. I figured that since you have a large inventory, there would be a greater chance that one of your client's would be willing to come down significantly on their price.

If it helps, I would certainly take the risk of Marriott exercising its right of first refusal if a buyer would be willing to come down on their price. Please let me know if any sellers would be willing to come down substantially from their price-point. Thanks!

Regards,

XXX
_________________________________________________

Response:

No one sells more Aruba Marriott then myself. Your are incorrect. Good luck if you find you can come up let me know.
I would recommend renting for you.
You mistaken on the inventory. There actually isn't much.
Thanks


Michelle Donato
Licensed Real Estate Agent
321-206-6293
Sent from my iPad
_____________________________________________________

Is it just me, or is she being pretty rude, and dismissive, considering there are 70 units for sale on Redweek for Surf Club and 30 for sale for Ocean Club.

Oh well, figured I'd get her name out there so she takes the hit to her business that she rightly deserves.

 

[ondeadlin]

Yes, she seems rude and dismissive (and with typos and poor punctuation no less).

Go to eBay, be patient, buy for a fraction of what she's asking, and then post the results here. That's really the best revenge you can have.

 

[jimf41]

I have no idea if they must present all offers. What constitutes presenting an offer? If the seller says to the the agent, "I won't look at anything under $18,000" and the agents gets an offer of $15,000, has the offer already been rejected????

I have no idea.

It seems they do but in reality it may be different. Here's a link to an answer

http://answers.yahoo.com/question/index?qid=20080501073759AA0zWNC

Personally I would not deal with a person who conducted business in this manner.

 

[SpikeMauler]

My next correspondence with Ms. Donato:

Hi Michelle,

Unfortunately, I can't come close to those prices. Some other sellers on Redweek are offering 1BR Platinum weeks for $9K and 2BR Platinum for $14,500 - I am not looking to spend close to those amounts either. I figured that since you have a large inventory, there would be a greater chance that one of your client's would be willing to come down significantly on their price.

If it helps, I would certainly take the risk of Marriott exercising its right of first refusal if a buyer would be willing to come down on their price. Please let me know if any sellers would be willing to come down substantially from their price-point. Thanks!

Regards,

XXX
_________________________________________________

Response:

No one sells more Aruba Marriott then myself. Your are incorrect. Good luck if you find you can come up let me know.
I would recommend renting for you.
You mistaken on the inventory. There actually isn't much.
Thanks


Michelle Donato
Licensed Real Estate Agent
321-206-6293
Sent from my iPad
_____________________________________________________

Is it just me, or is she being pretty rude, and dismissive, considering there are 70 units for sale on Redweek for Surf Club and 30 for sale for Ocean Club.

Oh well, figured I'd get her name out there so she takes the hit to her business that she rightly deserves.

Wow, that's definitely a rude response to a polite inquiry. That e-mail looks like it was typed by someone illiterate and looks nothing like the ones I've recieved from her. As I've stated in an earlier post I corresponded with her by phone and e-mail over a weeks time trying to negotiate a deal. The deal never got done but she couldn't have been nicer on the phone and in her e-mails. We actually had a verbal agreement for her sellers week and she faxed over the contract but before I signed and faxed it back a second broker I was negotiating with suprisingly came back with final price of $2,000 less than Michelle's sellers. I kind of felt bad knowing we had a verbal agreement but I called Michelle and told her that a lower offer was accepted by the second broker and asked if she could match the price. She said she couldn't match it and she understood. She then said to "jump" on the other deal as it was a great price. This was after a week of negotiating with her. She was very nice till the end and wished me luck with the other deal and to keep her in mind if it(the deal) fell through. I guess what I'm saying is I never saw a rude or deceptive side to her in our correspondence.

 

[BocaBoy]

The broker indicate that Marriott was/were, meaning they are, exercising ROFR at $11K and $18K for one and two bedroom units. My point was that this clearly is not the case even with the fact that they have bought back some select inventories. Your post indicated that they would be stepping up ROFR activity, but that isn't what the broker indicated, she indicate that they were exercising, meaning now. Which is clearly not the case.

Wow, what an agenda you seem to have. "Clearly" not the case? Again, I'm not so sure since I have heard of some. Some have even been identified on TUG. And "stepping up" I thought implied both current exercises plus a likely increase in the future. I obviously don't know how many, but I guess you do--apparently none.

 

[GregT]

Wow, what an agenda you seem to have. "Clearly" not the case? Again, I'm not so sure since I have heard of some. Some have even been identified on TUG. And "stepping up" I thought implied both current exercises plus a likely increase in the future. I obviously don't know how many, but I guess you do--apparently none.

BocaBoy,

I don't believe Dioxide has an agenda. I believe he is just reflecting the database of recent transactions (posted voluntarily by buyers/sellers), but which shows only 3 properties (out of 226) that did not pass ROFR since Jan 1, 2009.

So, while I'm sure Marriott is probably selectively purchasing properties and probably exercising more ROFRs than before (which was basically none), it still hasn't risen to a level that has been noticed by the TUG community (contrast with Starwood and Hilton boards, where it is big news for a ROFR to occur).

It is very possible that the broker merely exaggerated the level of ROFR activity that Marriott is conducting, in the interests of negotiating a good price for her client. The broker does suggest an active ROFR program, based on OPs comments.

Thanks.

Greg

 

[cruisin]

I think the days of Marriott ROFR'ing Weeks resales on at least a semi-regular basis are over simply because the introduction of the DC changes their entire product. I do think it's possible that years down the road they may use ROFR more frequently to re-stock the DC Trust with selective Weeks, but that's only if the overall economy improves to the point where many people once again have discretionary income that they can afford to play with in the timeshare market. If/when that happens, I wouldn't expect the Aruba properties to be on that selective list unless their valuations in the DC are increased - right now the Points allotted to enrolled/converted Aruba Weeks are among the lowest in the entire MVCI portfolio.

All that said, like BocaBoy has said repeatedly on TUG, Marriott Resales is now fishing for very specific properties, and Marriott is ROFR'ing specific resales on a very infrequent basis. Since the DC intro, though, there haven't been enough reports on TUG for us to make an educated guess as to which properties/Weeks Marriott considers valuable today.

I agree, points are points, as long as Marriott has a ton of points to sell, they are not buying more. They would be better off picking up free lower tier marriott properties than paying for them. I think they would sooner place hotel units from lower vacancy hotels into the trust than start any significant ROFR. It does not matter where they create points, they will keep selling them in the hottest sales office wherever that is. I heard a rumor that the next resort under construction will be a beautiful resort in Aruba "close to the beach" This Resort will not have a sales office, but they will sell points at the existing Aruba beachfront resorts.

I have a hard time believing this kind of rumor, because this would maximize Marriott's profits. :hysterical:

 

[Sunbum]

Sorry folks, but i agree with Michelle. Lots of brokers list weeks that they don"t have. When you e-mail them for details, there are no responses. (they go looking for inventory, hoping someone else may have some). Let me know if you can buy a 2 bdrm Plat at the Ocean Club for $14,500. I will take all I can get. Seriously.

 

[ilene13]

Michelle has contacted me about selling my 3bedroom platinum Surfwatch unit. I told her to try. We had some miscommunications, once we straightened it out she has been nothing but pleasant and professional.

 

[pacheco18]

Report the Broker to the local real estate licensing board.
She will be fined, suspended or otherwise penalized.

 

[PinkLady]

Michelle

First of all I am sure there is more to the conversation. I have only known Michelle to be very honest and easy to work with. She is very knowledgeable of the Aruba market. I have sent numerous friends and family that have bought from her. It sounds like others have their own agenda to me. I noticed many ads are no longer available when I was looking or never had the property they were advertising.

 

[ml855]

I bought from Michelle this spring and she was outstanding to deal with. I feel I got a good deal and she handled everything very quickly. I have recomended her to others. I think she does tend to call a spade a spade though. So if you are a low baller or a dreamer, she will probably move on to more serious buyers. As they say, time is money. She knows the Marriott properties very well and owns a wack of them herself.

JMHO

I was a serious buyer!! she won't get my business the way she responded to my offer, when you negotiate with someone most people will start off with a lower offer then the asking price. She wouldn't even consider mine.

 

[mdonato]

Michelle

Wow!Never thought my comments would get this much attention. I had 4 clients email me in regards to this thread. First of all I, Michelle Donato DID have a clients 1B platinum week bought back by Marriott a few weeks ago.I am happy to furnish the Exercised letter from Marriott for anyone who would like to see it. You can also call David Chapman in the Marriott resales Buy back Dept for verification.I have no reason to fabricate such a thing. I also was told by 2 other agents their 1 B units also were bought back by Marriott.
In regards to this gentlemens offer I get those types of low ball offers hourly.What people find on MRN, redwk or any of the sites out there are "advertisements" not "listings". In Florida yes you need to present all offers to your "listings". However timeshare is a bit different in that these are all advertising sites not a listing site. If that were the case they would be run differently. Most agents in the timeshare industry do not take listings. I actually take very few listings. The other advertisement on redweek the gentlemen is referring to is Angie's H.advertisement. I told him that one was sold the reason I know that is because after Marriott bought my customers week back I used hers for my buyer to purchase instead. He didnt mention this email.That week was also put through FROR and as of now we have not heard what Marriott will do.I did just get off the plane from my first trip to NYC(fantastic place ). When I was responding to this gentlemen I was brief because I was on my Ipad and where I couldnt give a long response.Obviously it came off wrong my apologies.( My Ipad also makes weird corrections I dont always catch.)
In the resale world today I would say many agents dont have the inventory readily available they are advertising. Most know they can find it if need be.Most TUG users wouldnt know but the market has recently been flooded by a few buyers that have wanted to buy as many as 25 platinum weeks each. Their offer is $17900 2B plat. I have sold them around 10 weeks thus far and they still want more. I have not been able to find any lately at or under that price. So when I receive an offer for $14500 2B plat and you are an owner to which I have recently made the $17900 offer to what is the responce going to be? No thanks! In earlier emails I did mention I have been receiving higher offers which is the absolute truth. I have an offer of $10500 1B plat that I cant find a seller to accept currently. So while it may sound like I am being rude or dismissive but I am being to the point and honest.The market is much busier then I think people realize. At least when it comes to the Marriott Aruba's.
I would also suggest EBAY for those cheap deals but becareful as there is much schill bidding on ebay with many of the companies OR get in touch with those post card companies that deal with more desperate owners. If the low numbers were truely possible I would have no problem selling them to any buyer. In the interest of everyones time and energy I like to be direct and to the point which doesnt always come across in the best manner I suppose. Again my apologies this was not my intent. My advice to rent I thought was great advice as you can get some great deals on rentals in todays market place. I am happy to answer any question about any timeshare. Hopefully this helps with some of the concerns. Thanks Michelle

 

[mdonato]

I agree, points are points, as long as Marriott has a ton of points to sell, they are not buying more. They would be better off picking up free lower tier marriott properties than paying for them. I think they would sooner place hotel units from lower vacancy hotels into the trust than start any significant ROFR. It does not matter where they create points, they will keep selling them in the hottest sales office wherever that is. I heard a rumor that the next resort under construction will be a beautiful resort in Aruba "close to the beach" This Resort will not have a sales office, but they will sell points at the existing Aruba beachfront resorts.

I have a hard time believing this kind of rumor, because this would maximize Marriott's profits. :hysterical:

Marriott is not building in Aruba as far as timeshare goes. They are building a Ritz Carlton next to the Marriott Hotel. I just returned from Aruba a couple of weeks ago.

 

[mdonato]

Does anyone know if real estate agents in Florida have a regulatory obligation to present "all offers" to a Seller?

Yes we do on all "Listings". Unfortunatley becasue timeshare doesnt have a MLS yet with per say listings you will only find "advertisements" in today's marketplace. Hopefully someday it will be different so consumers can get more accurate knowledge of the market place. One of the challenges with that is that it would have to be a national program. Myself and a few other well respected agents are trying to get such a thing together.

 

[Sunbum]

Thanks MD

So much for me buying them up at $14,500 Maybe after the next recession!

 

[taffy19]

So much for me buying them up at $14,500 Maybe after the next recession!

Please, don't wish that on us. I hope that you are kidding.

Interesting thread. We were recently in Palm Desert and went to see a resale broker. I was under the impression first that it was the broker who posts here on TUG but it wasn't. It is still another broker and they have an office in the shopping center where we bought our groceries.

We asked him about resale prices for the MDSV-I since we owned there before we upgraded to Maui. He gave us a list. He had only a few listings for the Marriott resorts in Palm Desert but he told us that he had sold quite a few since the new trust points' system was introduced. These buyers are mainly buying for use rather than for exchanging which makes sense as it isn't far from Los Angeles.

Numbers go in one ear and out the other for me but I remember the number of 40 resales at one resort alone and quite a few too at the others and that was by this broker alone. He also said that it seems to go in cycles for which resort is the most popular one.

I would rather list with a resale broker than trying to sell a week myself on eBay unless we would have to sell in a big hurry.

 

[EducatedConsumer]

Yes we do on all "Listings". Unfortunatley becasue timeshare doesnt have a MLS yet with per say listings you will only find "advertisements" in today's marketplace. Hopefully someday it will be different so consumers can get more accurate knowledge of the market place. One of the challenges with that is that it would have to be a national program. Myself and a few other well respected agents are trying to get such a thing together.

I'm confused, Michelle.

Do you mean to tell me that if I approach you as a Marriott timeshare owner and "Seller" and you enter into a Business Agreement with me to sell our timeshare that that does not constitute a Listing Agreement and that you are not bound to present an offer to the Seller?

Wow!Never thought my comments would get this much attention. I had 4 clients email me in regards to this thread. First of all I, Michelle Donato DID have a clients 1B platinum week bought back by Marriott a few weeks ago.I am happy to furnish the Exercised letter from Marriott for anyone who would like to see it. You can also call David Chapman in the Marriott resales Buy back Dept for verification.I have no reason to fabricate such a thing. I also was told by 2 other agents their 1 B units also were bought back by Marriott.
In regards to this gentlemens offer I get those types of low ball offers hourly.What people find on MRN, redwk or any of the sites out there are "advertisements" not "listings". In Florida yes you need to present all offers to your "listings". However timeshare is a bit different in that these are all advertising sites not a listing site. If that were the case they would be run differently. Most agents in the timeshare industry do not take listings. I actually take very few listings. The other advertisement on redweek the gentlemen is referring to is Angie's H.advertisement. I told him that one was sold the reason I know that is because after Marriott bought my customers week back I used hers for my buyer to purchase instead. He didnt mention this email.That week was also put through FROR and as of now we have not heard what Marriott will do.I did just get off the plane from my first trip to NYC(fantastic place ). When I was responding to this gentlemen I was brief because I was on my Ipad and where I couldnt give a long response.Obviously it came off wrong my apologies.( My Ipad also makes weird corrections I dont always catch.)
In the resale world today I would say many agents dont have the inventory readily available they are advertising. Most know they can find it if need be.Most TUG users wouldnt know but the market has recently been flooded by a few buyers that have wanted to buy as many as 25 platinum weeks each. Their offer is $17900 2B plat. I have sold them around 10 weeks thus far and they still want more. I have not been able to find any lately at or under that price. So when I receive an offer for $14500 2B plat and you are an owner to which I have recently made the $17900 offer to what is the responce going to be? No thanks! In earlier emails I did mention I have been receiving higher offers which is the absolute truth. I have an offer of $10500 1B plat that I cant find a seller to accept currently. So while it may sound like I am being rude or dismissive but I am being to the point and honest.The market is much busier then I think people realize. At least when it comes to the Marriott Aruba's.
I would also suggest EBAY for those cheap deals but becareful as there is much schill bidding on ebay with many of the companies OR get in touch with those post card companies that deal with more desperate owners. If the low numbers were truely possible I would have no problem selling them to any buyer. In the interest of everyones time and energy I like to be direct and to the point which doesnt always come across in the best manner I suppose. Again my apologies this was not my intent. My advice to rent I thought was great advice as you can get some great deals on rentals in todays market place. I am happy to answer any question about any timeshare. Hopefully this helps with some of the concerns. Thanks Michelle

 

[dougp26364]

Never mind, the link was to information two years old (2009).

I wouldn't bother this broker with my business anymore. If it were me, I'd move onto another broker who would propose my offer to the seller. If Marriott exercises ROFR so be it. There's to many people looking to sell and not enough people looking to buy.

 

[m61376]

Interesting thread. Out of curiosity I looked at Redweek myself, and something I did find very interesting is the rental rates posted have climbed precipitously, looking more like 3 years ago than the past 2 years. Aruba rates have historically been high, but over the past couple of years there were several lower rates posted and rented, which I didn't see in my quick look.

I know there are many owners who lock off and stay 2-4 weeks over the winter, but am surprised that there are several people looking to buy multiple weeks, as many as 25 weeks each. That's approaching a half million dollar investment, in which case I'm surprised they are not just interested in buying a condo.

 

[dioxide45]

I'm confused, Michelle.

Do you mean to tell me that if I approach you as a Marriott timeshare owner and "Seller" and you enter into a Business Agreement with me to sell our timeshare that that does not constitute a Listing Agreement and that you are not bound to present an offer to the Seller?

That would constitute a listing agreement. However, as indicated, not all "advertisements" are listings. They advertise weeks for sale and when a buyer comes along they go out and find the week to sell. There was never a listing for sale.

 

[FlyerBobcat]

... Most TUG users wouldnt know but the market has recently been flooded by a few buyers that have wanted to buy as many as 25 platinum weeks each. Their offer is $17900 2B plat. I have sold them around 10 weeks thus far and they still want more. I have not been able to find any lately at or under that price....

Hey TUGers, any thoughts on what's up with these few buyers that are looking for so many weeks?

 

[floyddl]

Interesting thread. Out of curiosity I looked at Redweek myself, and something I did find very interesting is the rental rates posted have climbed precipitously, looking more like 3 years ago than the past 2 years. Aruba rates have historically been high, but over the past couple of years there were several lower rates posted and rented, which I didn't see in my quick look.

I know there are many owners who lock off and stay 2-4 weeks over the winter, but am surprised that there are several people looking to buy multiple weeks, as many as 25 weeks each. That's approaching a half million dollar investment, in which case I'm surprised they are not just interested in buying a condo.

I have been following the Aruba rentals on Redweek for a few months. While the rates asked are high a large percentage go unrented. Some lower their rates dramatically at the last minute but it appears many are either making last minute deposits in interval or canceling. It is summer season there but there is a lot of excess supply on the rental market.