to be more specific about the ROFR...does Hilton look at the total cost to purchase when deciding to exercise ROFR or not? Or do they just look at the net purchase price (purchase price less closing cost )?
Thanks for your response...you said "ROFR will decline near the end of the year " does that mean it's more likely to have a purchase for less money go through at the end of the year?
Thanks for your response...you said "ROFR will decline near the end of the year " does that mean it's more likely to have a purchase for less money go through at the end of the year?
to be more specific about the ROFR...does Hilton look at the total cost to purchase when deciding to exercise ROFR or not? Or do they just look at the net purchase price (purchase price less closing cost )?
also you mention to "check out ROFR.net "...where do I find that?
Thanks for your response...you said "ROFR will decline near the end of the year " does that mean it's more likely to have a purchase for less money go through at the end of the year?
obtw "closing cost" are as follows:$4,500 closing costs sounds expensive:-(
obtw "closing cost" are as follows:
Closing cost $1,765
Estoppel Fee: 64 - For the benefit of the buyer
Resort Transfer Fee: 409
Admin Fee: 99
2019 Maintenance Fee 1500
Activation fee 609
Club dues 176
Total Fee's due at Closing $4600.approx
I got a break down of closing cost like this (actual text) for a similar unit that i am also looking at :coordination fee $350.00 Attorney $850.00 Fee Premium is $342.00 NYS Transfer Tax $50.00 NYC RPT Tax $85.00 Deed Recording Fee $ 177.00 Unit POA Fee $47.00 Deed Recording $150.00 POA Recording $150.00 ACRIS Prep $125.00Everything looks normal except for the closing cost. Does it cost more to close on a unit in NY? Does that include title insurance? As an example, when I purchased my Flamingo unit last summer, I paid around $750 and that was higher than I wanted too and I had title insurance too. Since I bought in Vegas, I'm not sure if it costs more to purchase in NY.
Two ways to look at it.Is it better to list buyer as myself or to include my children as buyers too since they will inherit it anyway to save future cost to them if any when that time comes?
I own hgvc NYC Residence Club and NYC Hilton Club. Here is what I understand.
There are two kind of by HC. 57 th Street is not the same as Residence Club. As Residence Club member, I can book any existing or future Residence club in 75 days window and enjoy any Residence Club owner’s lounge I booked into. This is reciprocal. We can not use 57 th street owner’s club while they can not use Residence Club owner’s club.
We can book the owner’s week 12 months in advance. It has to be exact category in the deed (for us, one week at penthouse one bedroom in platinum season and using up the points, 16,800, in one reservation.) or I can book home resort 1 nights minimum 9 months to 75 days as club reservation or any other hgvc Resort 9 months window with 3 nights minimum. We can convert to Hilton Honor points for next year before 12/31 got 50/1 with all deeded pints (for us 16,800) or nothing. We can convert partial for current year @25/1. To reserve our own Residence club or 75 days window for other Residence Club, we have to use Residence Club point. You can borrow future point the same way. But to reserve home week, it has to use the points of reservation year. If you borrow next year’s point, you lost the right to reserve next years home week. (The sane of hgvc)
Our Hilton club is different animal. It is owner’s only. I can book home stay for minimum two nights 13 months in advance for any unit (deed is by points, not unit or season). So I could reserve different units for Thanksgiving for two or three nights with multiple units. I could convert any portion of point to 50/1 for next year. Minimum 1 night reservation from 9 months to 1 day. Since there is owners only, we usually can book next week to NYC without much problem. We can book HGVC with Hilton club points at club reservation. There is a separate Hilton club club due. (We pay two club due, hgvc and Hilton club).
I am not speaking for 57th street by HC since I do not own it.
Which resorts on Oahu are bHC. We have stayed at all of them and always though that the 4 are straight HGVC.
Sorry that is not entirely correct. No bHC ownership will give you reciprocal access to owners lounge anywhere else. So owning the residence will not give you access to any other lounge in the HGVC/bHC system. If you buy The residence you get lounge access there and nowhere else. If sales weasels told you this - as their lips are moving their are lying.
I have to see a use case for converting and it actually made sense financially.
Give them the option of refusing the timeshare deed after your death if they see it as a burden rather than a bonus. If their name is on the deed, they have no choice - they are on the hook for maintenance fees ongoing.
In the NYC owner’s lounge, we met some owners from DC district residence owners quite often.
It is all current and future Residence club by HC can reciprocally access all other Residence Club owner’s lounge. I only know currently has NYC Residence club, DC district Residence Club and Chicago Residence Club. We were told that there are more Residence Clubs to come. They are all by metropolitan area.
Wait, there can be a Residence Club at an HGVC property? I thought those were only at bHC? Since Chicago is a regular HGVC, how do they work that? Do you have to book your home season to get access to the owners lounge? I'm confuzzled by this.
No, you can access owner’s lounge, if you are a owner and you stay in there. I exchanged into NYHC with my other Resort with RCI and I can access owner’s lounge. The rule did not say that staying there by using NYHC points. Just tell them we are owner when checking in.
LOL, My favorite thread! I have to laugh at all the confusion as I see I am not the only one. Many here know that I have rambled on in the past about many of the above issue. My favorite is that 57th St. is a bHC.
If not, then it is not bHC. We were told it was going to be a bHC of Residence Club in Chicago. Not sure if it is still coming.Didn’t know Chicago had an owners club?