Marriott BUYBACKS AND TAKEBACKS [2012 / Ongoing]

[SueDonJ]

I simply don't think that MVW should be criticized for the amount of money that they do make available for buyback offers, when the fact that they offer a buyback service at all isn't something that any owners or buyers have a right to expect. Granted, the buyback system as it works now isn't as lucrative for owners as the system that was in effect fifteen years ago, but it's light years ahead of the system that was in effect five years ago.

I don't know if I'm saying this correctly because I don't mean to make light of or belittle owners who find themselves in desperate situations. I understand that the entire industry is forced to re-invent itself on a regular basis as existing owners reach a point where they want/need to relieve themselves of the ongoing MF's financial burden. But I don't know why we owners don't accept at least some of the responsibility for the dismal resale market returns, when we're the ones who drive the market. Why is all of the criticism directed at the developers/managers - who suffer no legal imperatives to institute or support a resale market - yet none of it is directed at the buyers/sellers who actually form the market?

Think like a shareholder for a minute - if there's any group that has a right to question how MVW justifies its buyback actions, it's them. They can rightly claim that MVW's buyback allowances are funds that could instead be re-invested in the company. The only reason it's continuing is because MVW is re-investing the inventory it's getting from buybacks to fuel the DC Trust and/or encourage sales of the Weeks/Points bundle packages. As soon as that inventory isn't needed for those purposes we can bet that the buyback activity will slow to a crawl, and then we'll be nostalgic for these good old days.

 

[AlmostRetired]

They may be charging 40% commission and only sold 3 garden view summer weeks in the last 12 months, but I doubt anyone else (agency or individual) was able to sell 3 garden view summer weeks at a price that the owner received $9000.

In reading my post, I agree with you on this point. my main point was my disapproval of option 3 and this may have been an over reaction because I own there and know I can rent for more than they offer to buy. Fact is there are still 3 options and if someone takes option 3 it is by choice even if it is a low ball number.

 

[Cal357]

For anyone interested, Marriott just exercised their ROFR on a 2BR lockout at Grand Chateau for $6000.

 

[dioxide45]

For anyone interested, Marriott just exercised their ROFR on a 2BR lockout at Grand Chateau for $6000.

Thanks. Once the ROFR database is back up, you should be able to add it. It will take a while though, but it is being worked on.

 

[channimal]

Marriott responded.. albeit delayed. Offered me $4,500 - $500 (admin & processing fees) so net $4000. Not bad for a $0 purchased off of eBay. We then subsequently got a great offer for our HYC - NY RTU and so we will end up keeping the Marriott.

 

[dneveu]

Marriott responded.. albeit delayed. Offered me $4,500 - $500 (admin & processing fees) so net $4000. Not bad for a $0 purchased off of eBay. We then subsequently got a great offer for our HYC - NY RTU and so we will end up keeping the Marriott.

That is really good news. Congrats! Would you mind sharing what season your Harbour Lake unit is which Marriott offered to buy back and is it a lock off or dedicated unit?

 

[channimal]

Thanks We have decided to hang on to it.

Plat floating 2br lockoff.

 

[Saintsfanfl]

So I'm here to tell you that YES, Marriott is exercising ROFR frequently. In my case, I think my name on the contract was bringing up a red flag because they didn't want me buying up weeks. But the four sellers I worked with were probably pretty happy because they ended up with a sale of their property, some of which had been on the market for almost two years.

There is no conspiracy to prevent you from buying weeks from third parties. Trust me, Marriott has better things to do. I have purchased 10 weeks from third parties and then turned right around and sold them to Marriott or through Marriott. Your issue is targeting high value weeks for low prices. Marriott will gobble up high demand weeks all day long and add them to the trust. Medium value weeks for low prices sometimes squeeze through the ROFR "need" or threshold.

 

[Saintsfanfl]

Marriott just ROFR'd my purchases for a 2BR MGV Gold for $1,600 and DSV White 2BR for $2,100. It was expected but I figured I would try. I think they would have passed if they were EOY for half the purchase amounts.

 

[mauialoha]

Duplicate posting in error. opps!

 

[mauialoha]

Received this email few days ago from MVC Resale Office. This offer to buy our weeks is the same as almost 2 years ago when we out of curiosity registered interest in the sales department. We own 2 weeks every year (original towers, 2 BR/3bath, OF) so the final price would be for each week. I looked on Redweek and same type of weeks are selling for around $23K ~ $25K. Guess their offer isn't so bad when looking at what they are selling for on the re-sale market like RWeek. Just makes our heads spin when we think of what we paid for these weeks. We are not interested in selling as we split the lock-off and book consecutively for 4 weeks now that hubby is retired. Just tossing this out there for FYI...


Dear Marriott Vacation Club Owner:

You are receiving this communication as a result of registering an interest to sell your ownership with our Resale Operations Department. At this time, Marriott Vacation Club (MVC) is extending an opportunity to list your**** Platinum Season 2 Bedroom Ocean Front View ownership at Marriott’s Maui for $35,400. MVC has established pricing to remain competitive with sales on the external market. The brokerage commission for the transaction is 40% of the contract price; at closing, approximate net proceeds would be $21,240.*

In order to qualify for this opportunity to list, any applicable loan, maintenance fee balance and/or taxes must be current. This opportunity is valid through October 27, 2015. Should you choose to list your week with MVC, respond to this email and provide your current contact information. We will prepare and send listing documents within 3 business days. If you have any questions or would like additional information, please do not hesitate to contact us Monday through Thursday 9:00 a.m. to 5:00 p.m. and Friday 10:00 a.m. to 5:00 p.m. Eastern Time.

* Additional Information:

Usage: Your week will be listed starting with the first year occupancy 2016, 2017 or 2018. If you have not already secured usage reservations for the prior years, please contact Owner Services at
1-800-845-4226.
Commission: MVC’s commission for its efforts to sell your ownership is 40% of the current sale price.
Cancellation Fees: Be aware that fees may be charged if you decide to cancel the sale after a buyer is identified.
Maintenance Fees:
· The party taking usage for a given year is responsible for the maintenance fee payment. However, if you are still the owner of the week at the time maintenance fees are due, you are required to maintain a current account and pay the maintenance fees. If applicable, it will be refunded after closing.
· Every-other-year owners are still required to pay maintenance fees annually. These fees equate to ½ of the annual maintenance fee that every-year owners pay. For example, if the every-year owner pays $1,500 maintenance fee annually, the every-other-year owner pays $750 annually.
Proceeds: If applicable, net proceeds will be applied to any outstanding loan, maintenance fee balance and/or taxes.
Taxes Withheld:
· If the week being sold is at a resort in Hawaii and you are not a Hawaii resident, 5% will be withheld from your contract price and paid to the State of Hawaii pursuant to the Hawaii Real Property Tax Act. For more information, or to request a refund, you may visit the website www.hawaii.gov/tax.

 

[Quadmaniac]

Received this email few days ago from MVC Resale Office. This offer to buy our weeks is the same as almost 2 years ago when we out of curiosity registered interest in the sales department. We own 2 weeks every year (original towers, 2 BR/3bath, OF) so the final price would be for each week. I looked on Redweek and same type of weeks are selling for around $23K ~ $25K.

That's a pretty decent price since I helped my brother buy one last year for $16,000. It was originally $18,000 but knocked off an additional $2000 when there was a screw up with usage that year.

 

[Quadmaniac]

Oops duplicate

 

[Safti]

Marriott's Aruba Ocean Club

Would you expect Marriot to find a gold Aruba Ocean Club to be desirable? Intrested in selling this unit. Also, have a MCV gold which I would like to upgrade to plat. Does the resale dept. have the ability to upgrade? If so, any ideas on what kind of pricing they might offer?

 

[Saintsfanfl]

I am very surprised to learn that Marriott passed on a Plat WR EOY unit for $400. I sold them one a year and a half ago for $1,500 net and they have exercised annuals for well over $2k. Perhaps they have finally gotten their fill of WR.

 

[Saintsfanfl]

Would you expect Marriot to find a gold Aruba Ocean Club to be desirable? Intrested in selling this unit. Also, have a MCV gold which I would like to upgrade to plat. Does the resale dept. have the ability to upgrade? If so, any ideas on what kind of pricing they might offer?

They do not broker Aruba. Not sure about buyback. They will definitely upgrade your Canyon's unit for you but it will be expensive and not worth it in my mind. Your better option is to have them broker your Gold and then find a Plat elsewhere. They sell Gold for $6k and Plat for $11,900. Your cost for the upgrade would be $8,300 ($11,900 - (60% x $6,000)).

 

[sb2313]

I am very surprised to learn that Marriott passed on a Plat WR EOY unit for $400. I sold them one a year and a half ago for $1,500 net and they have exercised annuals for well over $2k. Perhaps they have finally gotten their fill of WR.

I had one pass at $349 for the same kind of unit. Surprising to see it went through.

 

[Seaport104]

They do not broker Aruba. Not sure about buyback. They will definitely upgrade your Canyon's unit for you but it will be expensive and not worth it in my mind. Your better option is to have them broker your Gold and then find a Plat elsewhere. They sell Gold for $6k and Plat for $11,900. Your cost for the upgrade would be $8,300 ($11,900 - (60% x $6,000)).

The have recently started brokering Aruba but are only selling it in Aruba onsite.

I posted the information I received from Marriott a few weeks ago.

 

[Saintsfanfl]

I had one pass at $349 for the same kind of unit. Surprising to see it went through.

As soon as mine transfers I am going to call and see if they are still offering. I am probably keeping it for a trader but I am curious.

 

[sb2313]

As soon as mine transfers I am going to call and see if they are still offering. I am probably keeping it for a trader but I am curious.

Exact same plan I have. Will likely keep as a cheap trader, but if they'll pay me for it.....

 

[Saintsfanfl]

Exact same plan I have. Will likely keep as a cheap trader, but if they'll pay me for it.....

Crazy thing is I am looking through my purchases and I had one fail last January for $1,000. I gave up even trying to buy but when it's only $400 I can pay that and wait for the refund.

I have a Gold EOY that I know they don't want. I sold all my Plats and annual Gold to them. I have always locked off and the 1BR Gold can trade identical to the 1BR Plat. Since they were taking everything I tried to buy I just kept the Gold EOY as the trader. I am happy it passed but will still probably sell one or the other.

 

[amanda14]

MGV 2 BR Plat EY

Hi.

I went to Marriott to see what they are offering. $4,900 less $500 admin fee. Still a little too low for me.

Thanks

 

[jeff76543]

Today there's a new info link and page related to Resale Operations, linked here. You'll find it by clicking on the "Contact Us: Sales" button at the top right of your myvacationclub.com sign-in page.

I tried the link to the resales listings in the Marriott Vacation Club website and it no longer seems to work. My searches for resale listings also led nowhere. Does anyone have an updated link -- or has Marriott removed the information from the internet and now requires a phone call to get quotes?

 

[JIMinNC]

I tried the link to the resales listings in the Marriott Vacation Club website and it no longer seems to work. My searches for resale listings also led nowhere. Does anyone have an updated link -- or has Marriott removed the information from the internet and now requires a phone call to get quotes?

This link works

https://www.marriottvacationclub.com/resales/index.shtml

 

[SueDonJ]

I am very surprised to learn that Marriott passed on a Plat WR EOY unit for $400. I sold them one a year and a half ago for $1,500 net and they have exercised annuals for well over $2k. Perhaps they have finally gotten their fill of WR.

I had one pass at $349 for the same kind of unit. Surprising to see it went through.

Are these two related to ROFR or buybacks? Thanks!