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Added another contract

Discussion in 'Hilton Grand Vacations Club / HGVC' started by hurnik, Aug 22, 2017.

  1. hurnik

    hurnik TUG Member

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    Yeah, I'm a junkie. but given that I'm all out of 2017, 2018 and all but 1700 points for 2019, I kinda wanted more.

    Just picked up a 7000k Flamingo (no ROFR) for $2500 plus closing costs. I consider that very reasonable. The "downside" (hence the discounted price) is that I'll have to pay 2018 MF but won't get the points until 2019 as the current owners have used up their 2017/2018 points.

    But I knew this going in.

    I'll probably sell my 3400 point in 2019 (when the points get re-allocated). Probably lucky to get $1000 for it by then, but it would then bring my MF price point in total down to about $0.145 from the $0.17 now.
     
  2. fillde

    fillde TUG Member

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    Outstanding! So if you add in 2018 and 2019 maintenance fees of roughly $2300 and closing costs, you did mahvelous. No ROFR is the way to go.
     
    Last edited: Aug 22, 2017
  3. AvianMan

    AvianMan Guest

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    OK - what is ROFR?
     
  4. hurnik

    hurnik TUG Member

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    Right Of First Refusal.

    Basically:
    Hilton can step in and say "we're not going to let you buy it at that cheap price. We'll buy it instead at that same cheap price and resell it for a lot more to some poor uninformed person at developer prices". (BTW, my first purchase was as an uninformed person at developer prices).

    Now, "you" as the buyer are not out any money (you'd get back whatever you had put down eventually). You're only out a "good deal".
    The Seller isn't out anything either because either way, it was sold.

    So right now, Hilton is actively using ROFR. I can't imagine a 7k unit for $2500 being able to pass it (*maybe* $5,000, but again, not sure). Flamingo is an older Hilton that doesn't have the ROFR clause or whatever, so typically the units at Flamingo can sell for more than the other Vegas locations.
     
  5. 1Kflyerguy

    1Kflyerguy TUG Review Crew: Rookie TUG Member

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    HGVC Kings Land, Marriott Destination Club Points
    Sounds like you got a great deal. Congratulations!
     
  6. CalGalTraveler

    CalGalTraveler TUG Member

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    Congratulations. Did you find this on Ebay?
     
  7. hurnik

    hurnik TUG Member

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    Surprisingly, no. I had scoured eBay and the "cheap" ones were either bankruptcies and owed like back taxes/MF and by the time you added in closing costs, it wasn't a good deal. Or they were EOY contracts (no thanks).

    I then checked Diane Nadeau (timesharebrokersales.com) and Judi (judikoz.com) and Seth's websites.
    I stumbled across it on Judi's, interestingly enough. I was looking mainly for 7k and above units and thought I must've misread the asking price (like was it supposed to be with a "1" in the front of it--LOL)?

    So I put the "I'm interested" in it and then an hour later I was like, I'll just put an offer in on it. Ask was $2625, so I offered $2500 (figured about $1k in closing costs plus the HGVC $560 activation fee). It did say first use was 2019, so I kinda figured that the owner was in my same boat (having used all 2017/2018 points).

    So, I cleared all that up with Dana @ Judi's place, and kinda crossed my fingers that nobody else had swooped in and outbid me or something.

    Since it's Flamingo I knew there was no ROFR and was kinda shocked at the price, given that Flamingo's probably go for about 7k normally (in this current timeframe), since they usually go for a little bit more than the other 7k Vegas units due to the lack of ROFR.

    Could I have gotten a better deal? Maybe. But given that I paid like $11k for a 7k unit at the Strip like 4 years ago, (and that was "good" at the time--LOL), I figured it was a pretty good bargain.

    Now I just have to figure out how to keep from using the 3400 points from my 3400 point contract so I can sell it towards the middle to end of 2018.
     
  8. CalGalTraveler

    CalGalTraveler TUG Member

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  9. GT75

    GT75 Moderator

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    Congratulations. It sounds like you got a great deal. I also bought one in 2017 which had 1/3 of the points already used in 2018.
     
  10. CalGalTraveler

    CalGalTraveler TUG Member

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    So your total cost was:

    $2500 Unit
    $1150 MF for 2018 (no points)
    $1000 Closing Costs & Fees
    -------
    $4650 With First Usage 2019 (no points for 2018) - you would pay 2019+ maintenance fees when due

    Is the above correct? If so, great deal, AND you can borrow 2019 points to use in 2018 since there are no 2017/18 points.

    (I imagine that this complicated situation was a deal breaker for many because one had to pay for 2018 maintenance fees without points, and first use was 2019.)

    Nice work.
     
    Last edited: Aug 23, 2017
  11. hurnik

    hurnik TUG Member

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    Thanks!

    Mostly. LOL.
    $2500 Unit
    $975.00 for MF with taxes ($940 MF and $35 taxes)
    Closing costs, including the $560 HGVC Activation fee: $1573.00
    Resort Transfer Fees:$ 399.00
    Estoppels / Waiver Fee:$ 59.00

    Total Estimated Closing Cost: $555.00
    Club Activation Fee:$ 560.00

    So grand total: $5048.

    Still not bad, IMO. I'll be borrowing the 2019 points for 2018 use, so it'll work out nice. Stupid $560 HGVC activation fee. Pew Pew.

    haha
     
  12. CalGalTraveler

    CalGalTraveler TUG Member

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    Thanks for clarifying. It's helpful to understand all of the costs involved in a resale.
    LOL you are laughing all the way to the bank! :cheer:
     
  13. Arimaas

    Arimaas TUG Member

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    Very jealous of your purchase! I just got the following from Judi, but it seems like you got a much sweeter deal. Totally jealous!

    5000 annual Gold season 2br on the boulevard
    $2500 purchase price
    Resort transfer fee $399
    Estoppel $59
    Closing cost $555
    Club activation $560
    Total purchase price: $4073
    annual: $895 maintenance plus $29 taxes plus $159 dues ($1083 total)
     

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