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Purchase resale from Owners Association

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pacman777

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I just got an email notice from WKV owners association. Just curious to see what these "resales" typically go for compared to individual resales? Especially the popular Platinum Premium 1BR 81K SOs and the 2BRLO 148.1k SOs. Anyone have experience with these? The site doesn't open until Oct 16. Just wondering if it's even worth checking out.

Dear Westin Kierland Villas Owner,

We are pleased to announce an Owner resale program that will allow Owners like you the ability to purchase Association-owned Vacation Ownership Interest (VOI) weeks at a substantially reduced cost.

The Association now owns approximately 122 VOI weeks as a result of Owners failing to pay their maintenance fees over the years. The Owners have been denied the use of accommodations at the resort and their VOI weeks have either been foreclosed or offered a deed in lieu of foreclosure.

If you are interested in purchasing an Association-owned VOI week, please follow these steps:
 
The price will be somewhere between resale, and full retail.

IMNSHO, these resale offers are more valuable at the voluntary resorts, because owners can get the Staroptions, for less than retail.

But since you can buy this resort on the resale market, AND get Staroptions, not so much.
 
My daughter bought an HRA foreclosure thru an agent this year. It was the same price that I had just paid on a non-foreclosure. What she got that I didn't, however, was that she received the 2014 Star Options but she didn't have to pay 2014 maintenance fees.
 
They must also be looking to recoup some of their asset back now - 50% down required.
 
Just some other terms included in the email:

- VOI weeks offered by the Association will be automatically enrolled in Starwood Vacation Network (SVN).

- VOI weeks offered by the Association do not count toward SVN Elite status and may not participate in the Starwood Preferred Guest® program (converting StarOptions to Starpoints®). The Elite and SPG® conversion programs are funded by the Developer and are not available for this Association resale program.

- The offer is limited to VOI weeks owned by this Association. The Association is not offering to take back any VOI weeks. This is an offer to resell VOI weeks already owned by the Association.
 
pacman777 said:
Just some other terms included in the email:

- VOI weeks offered by the Association will be automatically enrolled in Starwood Vacation Network (SVN).

- VOI weeks offered by the Association do not count toward SVN Elite status and may not participate in the Starwood Preferred Guest® program (converting StarOptions to Starpoints®). The Elite and SPG® conversion programs are funded by the Developer and are not available for this Association resale program.

- The offer is limited to VOI weeks owned by this Association. The Association is not offering to take back any VOI weeks. This is an offer to resell VOI weeks already owned by the Association.
Click to expand...

As Denise said above and I agree, I don't see much value here as the same can be had for much less, even on Ebay. No new benefits really. I'd love to own another WKV week, especially EOY odd to go with my EOY even week but why pay a higher price for the same usage value??? No thanks. If WKV were voluntary, which it is not, there'd be more value. I'm curious as to what asking $$ these will go for. :rofl:
 
tomandrobin said:
Before saying no to the deal, I would see what the pricing is for the weeks.
Click to expand...

Absolutely - but at all of the other association sales, the price has been significantly higher than the resale market.
 
...and they usually have very few if any platinum plus weeks 148,100/81,000.
 
The HOA is not really offering anything more than buying resale - so unless their prices are similar to resale prices - I see zero advantage.

The prices have not been posted for the WKV HOA sale.
 
At the owners resale last month for SPB-Palmetto the pricing was way more aggressive than in the past. I picked up a Platinum 1 Bedroom unit for $1,500, at the sale prior that same unit was $2,500. While I know it will have zero resale value I primarily bought it to use/trade the week myself. Using fuzzy timeshare math, because my other units were Mandatory or developer purchased I felt it was worth the $1,500 to get the flexibility of the StarOptions and be able to add it to my Starwood Interval Account.

Since the Platinum+ units at WKV do have considerable value, if there are any available and the price is right does anyone have any thoughts about purchasing with the intent to resell? What is a realistic going rate for the Platinum+ units?
 
Since the Platinum+ units at WKV do have considerable value, if there are any available and the price is right does anyone have any thoughts about purchasing with the intent to resell?
Click to expand...
The association is going to sell their weeks for a lot more than the regular resale value, so I don't see that happening.
 
jeff01 said:
At the owners resale last month for SPB-Palmetto the pricing was way more aggressive than in the past. I picked up a Platinum 1 Bedroom unit for $1,500, at the sale prior that same unit was $2,500. While I know it will have zero resale value I primarily bought it to use/trade the week myself. Using fuzzy timeshare math, because my other units were Mandatory or developer purchased I felt it was worth the $1,500 to get the flexibility of the StarOptions and be able to add it to my Starwood Interval Account.

Since the Platinum+ units at WKV do have considerable value, if there are any available and the price is right does anyone have any thoughts about purchasing with the intent to resell? What is a realistic going rate for the Platinum+ units?
Click to expand...

Except WKV already comes with SOs with resale - unlike SBP. So that part of the fuzzy math equation is nil.
 
In the past, when has the pricing for the available weeks been posted? Is it posted at the same time the weeks are listed for sale, so 12:00 PM EST?
Thanks
 
gtm2011 said:
In the past, when has the pricing for the available weeks been posted? Is it posted at the same time the weeks are listed for sale, so 12:00 PM EST?
Thanks
Click to expand...

Yes, at the past few resale’s for other properties they post the list at the time the sale begins. A while ago when they first started doing these resale's they would post the list in advance but now they will not release it until the sale actually starts.
 
jeff01 said:
Yes, at the past few resale’s for other properties they post the list at the time the sale begins. A while ago when they first started doing these resale's they would post the list in advance but now they will not release it until the sale actually starts.
Click to expand...

Thanks Jeff!
 
I see no listing of available WKV weeks on MSC.
They said 12PM EST on Oct16 - am I missing something?
 
I just got an email:

We are experiencing website difficulties.

Sincerely,
Scottsdale Sonoran Villas Vacation Owners Association
Board of Directors
 
I just received this response after my second email....

There is an emergency call in to fix it. We will send emails to all those who have inquired as soon as it is up and running.

Sincerely,
Scottsdale Sonoran Villas
Vacation Owners Association Board of
Directors
 
"Emails to those who inquired" ?
What email address was used to inquire?
 
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