BUYING: HGVC Elara Las Vegas

[mrchairman01]

This is the email I got from the sales rep when I filled out a form stating I was interested in the Elara Las Vegas property:


Good afternoon and thank you for expressing an interest in our
listing. Our package comes with 4,000 pt. Annually. Ownership is in the
Gold Season, which provides travel during weeks 1-6, 23-24, and 46-50 in a 1
bedroom + unit. As an owner you will also become a member of the Hilton
Grand Vacation Club. This allows you to travel effortlessly travel
throughout the HGVC network. When doing so, you would book vacations using
your 4,000 Annual allotment of points.

You will receive the property free and clear of any maintenance fees
or encumbrances. In 2015, the fees totaled $821.17.

Our original asking price was $4,000.00. if the unit is
purchased over the next 48 hours, we are willing to REDUCE the price to
$3,000.00. Not only is this price extremely fair but well below fair market
value. At this price the unit won't last long.

Costs of Purchase:
$ 3,000.00 - Purchase Price
$ 250.00 - Deed/Escrow/Resort Transfer Fee
$ 399.00 - Resort Transfer Fee
$ 821.17 - Reimbursement of 15' fees
_________________________
$ 4,470.17 - Total cost to Purchase

Your "out the door" cost will be $4,470.17.


I talked him down to an "out the door" cost of $2900. Is this a good deal? Currently it's just my wife and myself but I figure with the points I have flexibility to upgrade to a bigger or smaller room based on if we decide to invite friends to tag along, ect. I found out about this property from a friend who recently bought the Studio Elara with 1600 points for 13K PLUS interest from financing it AND maintenance fees. My wife and I are looking to utilize HGVC's affiliate network so this seems like a steal but I'm looking to get more experienced people's opinions before I pull the trigger.

 

[TUGBrian]

Welcome to TUG, ive moved this down to the hilton forum for you so other HGVC owners can chime in.

 

[tschwa2]

Is the out the door price for the same package? The last three items, I don't think would change so the only way to drop $4500 to $2900 would be to reduce the base price to to $1400. Elara does have ROFR. I am not sure if $1400 would pass for an EY 4000 point gold.

 

[mrchairman01]

Yes, this is for the same package. The rep did say we are close to the ROFR. I am thinking they cut the transfer/brokerage fee's somewhere, they're inflated most of the time anyways. I can't imagine them submitting $1400 to Elara for approval.

 

[tschwa2]

Hilton charges the $399 can't cut that. MF are what they are and $250 is about as low as the escrow, deed transfer, etc gets.

 

[mrchairman01]

So is this a good price if I am able to secure it?

 

[tschwa2]

It's a good price if 4000 points is enough for you. The MF is not terrible but certainly not the lowest in the system on a per point basis. The MF in all likelihood does not cover the Hilton program fee.

 

[brp]

MF are what they are... .

Perhaps they got a motivated seller to cover the 2015 MFs.

Cheers.

 

[alwysonvac]

This is the email I got from the sales rep when I filled out a form stating I was interested in the Elara Las Vegas property:


Good afternoon and thank you for expressing an interest in our
listing. Our package comes with 4,000 pt. Annually. Ownership is in the
Gold Season, which provides travel during weeks 1-6, 23-24, and 46-50 in a 1
bedroom + unit. As an owner you will also become a member of the Hilton
Grand Vacation Club. This allows you to travel effortlessly travel
throughout the HGVC network. When doing so, you would book vacations using
your 4,000 Annual allotment of points.

You will receive the property free and clear of any maintenance fees
or encumbrances. In 2015, the fees totaled $821.17.

Our original asking price was $4,000.00. if the unit is
purchased over the next 48 hours, we are willing to REDUCE the price to
$3,000.00. Not only is this price extremely fair but well below fair market
value. At this price the unit won't last long.

Costs of Purchase:
$ 3,000.00 - Purchase Price
$ 250.00 - Deed/Escrow/Resort Transfer Fee
$ 399.00 - Resort Transfer Fee
$ 821.17 - Reimbursement of 15' fees
_________________________
$ 4,470.17 - Total cost to Purchase

Your "out the door" cost will be $4,470.17.


I talked him down to an "out the door" cost of $2900. Is this a good deal? Currently it's just my wife and myself but I figure with the points I have flexibility to upgrade to a bigger or smaller room based on if we decide to invite friends to tag along, ect. I found out about this property from a friend who recently bought the Studio Elara with 1600 points for 13K PLUS interest from financing it AND maintenance fees. My wife and I are looking to utilize HGVC's affiliate network so this seems like a steal but I'm looking to get more experienced people's opinions before I pull the trigger.

Your whole experience just sounds odd to me.
(1) "Our original asking price was $4,000.00. if the unit is purchased over the next 48 hours, we are willing to REDUCE the price to $3,000.00."
(2) "I talked him down to an "out the door" cost of $2900"

Normally the seller dictates the selling prices and the resale agent is simply getting commission (typically a percent of the selling price). The seller can decide to lower their price and/or agree to waive reimbursement of their Maintenance Fee. But all of the other prices are fixed such as HGVC transfer fee, HGVC estoppel fee, and closing company fees (which are handled by independent company - escrow, document prep, recording fees, etc).
NOTE: There is also a $315 HGVC Activation/Enrollment fee that you'll need pay to HGVC directly after the deed is recorded.

Hopefully you're dealing with a reputable company. Just carefully review all documents closely before you sign to make sure you're getting the exact resort, unit size/type and season you agreed to buy.

Also, keep in mind Elara is a mixed property. Some weeks are associated with HGVC and others are associated with Westgate. You need to make sure you understand which one you're buying. Westgate owners DO NOT get HGVC membership.

Here are some links that you might find useful.
TUG HGVC Overview Article - http://tug2.net/timeshare_advice/hilton-grand-vacation-club-timeshare-information.html
Online Club Member Guide - http://www.hgvclubprogram.com/resources/

The online Club Member Guide includes
- all of the point requirements for every resort
- the 2015 Fee Schedule (which lists all of the HGVC fees including the HGVC Transfer Fee and HGVC Club Activation/Enrollment Fee).

Good Luck and Welcome to TUG

 

[presley]

Elara has higher MFs than most Hiltons. If you want the home booking advantage, that won't matter, but gold weeks are usually not hard to book.

 

[piyooshj]

Is the out the door price for the same package? The last three items, I don't think would change so the only way to drop $4500 to $2900 would be to reduce the base price to to $1400. Elara does have ROFR. I am not sure if $1400 would pass for an EY 4000 point gold.

I wouldn't worry about ROFR on a gold contract.

 

[jonevans]

maintenance fees same for all seasons

First question is what amount of points do you want each year. 4000 point will not get you a 1 bedroom in most resorts so look at a few point charts to see if that is enough for you. Best case is highest points with lowest cost and yearly maintenance fees.
I believed that a 2 bedroom 7000 point would be more than enough but just bought 1 bed 4800 point at the Vegas Strip for just over 4k.

Is your true question will I use Elera every gold season or will I be happy paying more maintenance fees than most to get less points?

 

[GeorgeJ.]

What kind of Frankenweek are you being offered?

Those weeks (1-6, 23-24, 46-50) are mostly Silver weeks, and are the least in demand in Las Vegas. The regular Gold schedule for Flamingo and Paradise are weeks 5-8, 21-36, and 44-48.

And where are they coming up with a 4000 point week? Is this supposed to be a two-bedroom? Two bedroom in Silver is 3500 points; two bedroom Gold is normally 5000 points. A one bedroom Gold is 3400 points. Is this a one bedroom Plus unit? If so, the use weeks really suck for a supposedly Gold week.

I'm confused on what the hell they're offering you...

 

[holdaer]

Looks like they were pitching a 1BR Plus in Gold season

 

[GeorgeJ.]

Looks like they were pitching a 1BR Plus in Gold season

But that's not really Gold season - it's Silver season with a few extra low-demand weeks thrown in. Are the remaining 40 weeks at Elara Platinum? If so, that's amazing that HGVC can come up with 3 different season charts in Las Vegas, depending upon property - Flamingo & Paradise have Silver season, Strip says that Silver season weeks are Gold there, and Elara says that 40 weeks there are Platinum (and the remaining 12 weeks are Gold?) ?

And anyone who has owned HGVC since the mid 90's knows that there used to be Bronze season (below Silver) too..

 

[holdaer]

Elara only has a Gold and Platinum season. I guess the point structure at Elara is a little different than other HGVC Vegas locations.

Here is a link to the point chart from the member's guide. For some reason, I can't get a screen shot to post.

http://www.hgvclubprogram.com/resort/elara-las-vegas-nevada/

http://www.hgvclubprogram.com/resort/elara-las-vegas-nevada/

 

[GeorgeJ.]

Elara only has a Gold and Platinum season. I guess the point structure at Elara is a little different than other HGVC Vegas locations.

Here is a link to the point chart from the member's guide. For some reason, I can't get a screen shot to post.

http://www.hgvclubprogram.com/resort/elara-las-vegas-nevada/

http://www.hgvclubprogram.com/resort/elara-las-vegas-nevada/

The chart online does not match what the OP listed - unless it was a typo when mrchairman01 listed what weeks went with the offered week.

I still find it ridiculous that HGVC has different season charts for the Las Vegas properties...if the same week is Gold at Flamingo and Platinum at Elara, I'm not going to book Elara..

 

[Duanerice]

That's basically what we did but I purchased 3,400 points for $1,900 I think it was. I was happy with the price and it more than covered for when I used it, mainly 1st week in Dec at the Flamingo. Still had points left over for a weekend in Orlando.

But, doing it over I should have spent a bit more to get more points for the same annual fee. Live and learn.
enjoy

 

[Leebrian]

Is 3500 platinum points/odd years for $2800 + fees a good deal? In points and price?

 

[hurnik]

Is 3500 platinum points/odd years for $2800 + fees a good deal? In points and price?

In general, I'd say "no". You should be able to get a 5000 points unit for $2500, IMO (gold season so maint. fees would be more), at the LV Blvd/Strip. Since points are points (you can use them anywhere unless you really want to use home week at Elara). Oh, and the 5000 points would be every year, not EOY.

 

[Leebrian]

In general, I'd say "no". You should be able to get a 5000 points unit for $2500, IMO (gold season so maint. fees would be more), at the LV Blvd/Strip. Since points are points (you can use them anywhere unless you really want to use home week at Elara). Oh, and the 5000 points would be every year, not EOY.

Thanks!

 

[onenotesamba]

Buying any gold week, just remember that there's someone who owns the same exact unit for a week in Platinum season, and they pay the same exact maintenance fee you do, but they get twice as many points. If you plan on holding on to the unit for any length of time (and you should--otherwise, why not just rent?), you'll be losing out in the long run, even with a reduced buy-in price.

 

[frank808]

Buying any gold week, just remember that there's someone who owns the same exact unit for a week in Platinum season, and they pay the same exact maintenance fee you do, but they get twice as many points. If you plan on holding on to the unit for any length of time (and you should--otherwise, why not just rent?), you'll be losing out in the long run, even with a reduced buy-in price.

Difference between gold and platinum week is about 40% more points not twice as many points. A standard 2br platinum will get you 7000 points and the same 2br gold gets 5000 points. Have never seen a platinum week getting 10000 points when the gold week is 5000 points.

Sent from my SM-N910P using Tapatalk

 

[PigsDad]

Difference between gold and platinum week is about 40% more points not twice as many points. A standard 2br platinum will get you 7000 points and the same 2br gold gets 5000 points. Have never seen a platinum week getting 10000 points when the gold week is 5000 points.

Correct. I think onenotesamba was thinking about the difference between Silver and Platinum seasons, in which Silver is 1/2 the points of a Platinum week at all resorts.

But the point is still valid: the season you own makes a big difference in your costs over the long run.

Kurt

 

[onenotesamba]

Yep. Apologies for the lack of precision, there.