Marriott Grand Vista 2br lockout will $5500 get though the ROFR

[buildsmart]

I have a pending Contract for a 2BR Platinum at the Grand Vista for $5500 any feedback on my chances to be able to get by the FROR?

 

[kds4]

Is it a dedicated 2BR or a 2BR Lock-Off? Is it a unit that is part of the "Florida Club"? Many Grande Vista units are, but not all. My opinion is that at $5,500, your contract will probably (51%) pass ROFR.

 

[sjsharkie]

I have a pending Contract for a 2BR Platinum at the Grand Vista for $5500 any feedback on my chances to be able to get by the FROR?

Given the amount of inventory (in general, not knowing what Marriott specifically has) and that Marriott resales is peddling $8900 for the same interval, I think this has a good chance of passing.

Of course, YMMV.

-ryan

 

[GregT]

I have a pending Contract for a 2BR Platinum at the Grand Vista for $5500 any feedback on my chances to be able to get by the FROR?

We've come up with an unofficial metric of what passes ROFR. Most that pass are above 23% of the Trust Points value.

2BR Grand Vista is worth 2,775 points or $27,750 roughly in points value if sold at retail.

An offer of $6,400 or more (I speculate) would have a high probability of passing. Below that, it's much more difficult to predict.

$5,500 is approx 20% ROFR metric, so I think you have risk of not passing. It still may pass if the Trust is deep in 2BR GVs but I do not know.

Please let us know if it passes and I hope that it does.

Best,

Greg

 

[sjsharkie]

We've come up with an unofficial metric of what passes ROFR. Most that pass are above 23% of the Trust Points value.

2BR Grand Vista is worth 2,775 points or $27,750 roughly in points value if sold at retail.

An offer of $6,400 or more (I speculate) would have a high probability of passing. Below that, it's much more difficult to predict.

$5,500 is approx 20% ROFR metric, so I think you have risk of not passing. It still may pass if the Trust is deep in 2BR GVs but I do not know.

Please let us know if it passes and I hope that it does.

Best,

Greg

Yeah, what Greg said :rofl:

Seriously, I'd go with Greg's more scientific approach. I more or less took the Marriott Resales price and multiplied by 60% (since I think Marriott typically likes to have a margin of 40% before expenses). Since your offer is slightly above that ($5500 vs $5340), I said a good chance of passing given that it is Orlando, where general inventory is not as scarce as in other locations.

Good luck!

 

[dioxide45]

Is it a dedicated 2BR or a 2BR Lock-Off? Is it a unit that is part of the "Florida Club"? Many Grande Vista units are, but not all. My opinion is that at $5,500, your contract will probably (51%) pass ROFR.

It really doesn't matter if it it is a lockout unit or not. All 2BR owners can lock off. I am not sure if Marriott puts any weight on the Florida Club or not when determining whether to waive or pass on ROFR.

 

[ScubaKat]

My contract of $5800 got ROFR'd last year. Ended up buying a EOY for less than 1/2 of that and it passed. Crap shoot!

 

[Seaport104]

Mine passed at 6,000 last year.

 

[buildsmart]

Fingers crossed. I will let everyone know what happens. Thanks for sharing your knowledge

 

[thinze3]

Greg, does your metric system take into account maintenance fees?.

For instance Hilton Head platinum vs Hawaii platinum are about the same in DC points value but substantially different in MF costs.

That being said, I would think Marriott would "pay" more for HHI.

 

[GregT]

Greg, does your metric system take into account maintenance fees?.

For instance Hilton Head platinum vs Hawaii platinum are about the same in DC points value but substantially different in MF costs.

That being said, I would think Marriott would "pay" more for HHI.

Terry,

It doesn't -- it's based purely on how many Trust Points Marriott will be able to sell if they ROFR the week and then deposit it into the Trust.

I looked at 2013/2014 ROFR activity to see what was passing and what was failing, and noted that number as an estimation.

I'll see if I can figure out if MFs are a factor in the exceptions from that metric, it's a very good suggestion.

Best,

Greg

 

[Cardinal fan]

I bought the same unit last year for $4500 that passed ROFR. You should be ok.

 

[dioxide45]

Greg, does your metric system take into account maintenance fees?.

For instance Hilton Head platinum vs Hawaii platinum are about the same in DC points value but substantially different in MF costs.

That being said, I would think Marriott would "pay" more for HHI.

I would think that a bigger factor would be inventory that they want for the trust. Hawaii is heavy in the trust where SC is light. They may be willing to pay a bit higher premium to acquire SC over HI just to get more if that inventory in the trust. Just a guess though. I have no numbers to back it up.

 

[SunandFun83]

Just My 2 cents

I think I paid $4,000 for MGV 2BR lock-off in the Florida Club. That was pre-2010 and I was able to enroll in the points program.

I would ask not if the contract will pass ROFR , but why you would want to own this resort for this price. I propose that it is better to rent than own.

1. High demand weeks rent for $1,400 to $1,700
2. You can pick your weeks 3 months ahead instead of reserving 12 months ahead
3. You can exchange a 1BR from someplace else and get a 2br at Cypress Harbor. You can get either property in the summer with a II Getaway or A/C for under $639
4. Your children will grow up, and 90% of sane people would not go to Orlando except the kiddies want to go to Disney and Universal.
5. Winter weather is better at other resorts, summer weather is better at other resorts, and traffic is better at any resort except Orlando (maybe not NY City)

I own MGV 3br units for the purpose of rentals and they are great. I also hope to go with my grand kids or exchange into 3br resorts (like Monarch, Marbella and Crystal shores) I would not want to own another 2br in Orlando.

I actually really like the Grande Vista Resort and have stayed several times, just not at all hard to find a rental for a 2br.

What would Daffy Duck say?


Th-Th-Th-That's All Folks!

 

[samara64]

3BR Platinum GV EOY

Hi,

Any idea what is a price to pass the FROR. Will a price of $3500 do it for a GV 3BR EOY Platinum.

Also anyone knows if they have lots of deeds in the trust for 3BR platinum or are they buying these back.

Thanks,

Sam

 

[dioxide45]

Hi,

Any idea what is a price to pass the FROR. Will a price of $3500 do it for a GV 3BR EOY Platinum.

Also anyone knows if they have lots of deeds in the trust for 3BR platinum or are they buying these back.

Thanks,

Sam

Unfortunately the trust recordings don't provide details as to what size unit has been conveyed, at least for Grande Vista. Just unit numbers and week numbers. Unless someone knew all of the 3BR unit numbers at MGV, there is no way to tell.

 

[samara64]

Thanks dioxide45.

The are reselling it at 12,600 on Marriott resale. Minus 40% will come to $7560. It may be close.

 

[Saintsfanfl]

Thanks dioxide45.

The are reselling it at 12,600 on Marriott resale. Minus 40% will come to $7560. It may be close.

No. That is the 3BR.

A double EOY 3BR just ended on eBay for $6,600. Since its a double EOY I think it will pass.

 

[samara64]

Yes, I am talking about 3BR plat.

Why would a double EOY pass compared to one EY.

 

[SMB1]

I find this thread interesting. It shows how much prices have increased over the past 3 years. In Feb 2012 my brother purchaced a plat 2 br gv for $2700. A year ago I got what thought was a great deal on an MOW plat ov for $9000. Today we're talking about plat 2br GV of 5500-6500 getting ROFRd.

 

[Saintsfanfl]

Yes, I am talking about 3BR plat.

Why would a double EOY pass compared to one EY.

Sorry, didn't notice your reference to the 3BR.

The reason a double EOY has a higher chance of passing at the same price as an annual is because of the double closing costs that Marriott will incur. Marriott books a fairly hefty amount for closing. It's an added expense on their purchase. Some of it is internal and some is 3rd party but they still book that hefty amount as part of the expense on that specific purchase. They do a much more thorough closing than your average company and they will do two of them. I would say it adds $500 to the price. Not a substantial percentage but when it comes to less valuable properties like Willow Ridge Gold it makes a huge difference.

 

[Saintsfanfl]

I find this thread interesting. It shows how much prices have increased over the past 3 years. In Feb 2012 my brother purchaced a plat 2 br gv for $2700. A year ago I got what thought was a great deal on an MOW plat ov for $9000. Today we're talking about plat 2br GV of 5500-6500 getting ROFRd.

It's directly related to Marriott buying back and ROFR'ing. They are buying inventory for pennies on the dollar. Every time Marriott takes a unit the number of willing buyers stays the same with one less unit to buy. More units come up all the time but since the same process repeats itself over and over it drives up the prices.

 

[brigechols]

I own MGV 3br units for the purpose of rentals and they are great. I also hope to go with my grand kids or exchange into 3br resorts (like Monarch, Marbella and Crystal shores) I would not want to own another 2br in Orlando.

Do you know of anyone who used a 3BR MGV to exchange into a 3 BR at Crystal Shores? For an instant exchange, I need to use the entire 3BR MGV just to see a 2 BR at Crystal Shores.

 

[samara64]

Thanks Saintsfanfl

 

[samara64]

Do you know of anyone who used a 3BR MGV to exchange into a 3 BR at Crystal Shores? For an instant exchange, I need to use the entire 3BR MGV just to see a 2 BR at Crystal Shores.

Is this a gold or plat MGV that you are using.