DRI pre-purchase questions

[Rich S]

Hey guys and gals, I am looking to get into the Lake Tahoe Vacation Resort. Resale of course. I currently live 2 hours from there and thought it would be nice to add to my timeshare portfolio. Since it is only 2 hours away, it would not be a chore getting there, which means usage would not be an issue. I am looking at a 2 bedroom lock off, annual program floating weeks 1-50, deeded interest.

I currently own Marriott (deeded week) and Wyndham (points) so trading this new property would not be a priority, but options never hurt.

I have done some research and have answered most of my own questions, but there are some that I could not find.

Here are my questions to the experts:

As I understand, I would be able to book into this resort without issue (availability not withstanding) but I would need to pay an annual fee to trade to certain resorts. Is this accurate?

What do the maintenance fees usually run for this property? I have gathered that it is around $1,500. Is this accurate? Do they increase each year, and by how much usually?

Is it true you may split a week by booking 4 nights one stay during the week and then book 3 weekend nights during another stay? Is there a fee for that?

What are the benefits (if any) of acquiring this?

What are the drawbacks?

Is there anything I should be wary of?

Are there any potential deal breakers?

I know some of the last questions are subjective, but I would like to hear the opinions of those who actually own before I make the decision.

Thank you for your input.

 

[mjc775]

Someone please correct me if I'm wrong - I think you can only buy points into a "collection" of resorts. LTVR is in the U.S. Collection: https://tugbbs.com/forums/index.php...tions-of-diamond-resorts.240706/#post-1876223

I too was wooed into LTVR about 4 years ago, and the idea of being able to go Tahoe anytime I want - it's about an hour away from my home in Reno. I purchased 8500 points, and pay about $1850/yr in MF. Would I do it again - no. Several times I've tried to get last minute (a few months out) summertime reservations and there was no availability, but then I was able to book the room through Expedia for a rate slightly more than the MFs that I pay for the points I would have used. I've since learned that they have a certain percentage of inventory available for Diamond owners, and another percentage available for "hotel" rentals. Now I make my reservations exactly 13 months in advance, anytime less is likely available via Expedia if it's not available when I search the Diamond Resorts website.

 

[Rich S]

Someone please correct me if I'm wrong - I think you can only buy points into a "collection" of resorts. LTVR is in the U.S. Collection: https://tugbbs.com/forums/index.php...tions-of-diamond-resorts.240706/#post-1876223

I too was wooed into LTVR about 4 years ago, and the idea of being able to go Tahoe anytime I want - it's about an hour away from my home in Reno. I purchased 8500 points, and pay about $1850/yr in MF. Would I do it again - no. Several times I've tried to get last minute (a few months out) summertime reservations and there was no availability, but then I was able to book the room through Expedia for a rate slightly more than the MFs that I pay for the points I would have used. I've since learned that they have a certain percentage of inventory available for Diamond owners, and another percentage available for "hotel" rentals. Now I make my reservations exactly 13 months in advance, anytime less is likely available via Expedia if it's not available when I search the Diamond Resorts website.

First, thank you for your reply. Were you ever able to get summertime reservations through your "ownership" less than 13 months? How much has your maintenance fees increased since you first acquired the property? Availability notwithstanding, are you pleased with the resort otherwise? Thanks so much for your input.

 

[chemteach]

I own with Diamond, and can use my points to stay at Lake Tahoe, but I actually usually stay there using II or RCI exchange companies with my other ownerships. Diamond deposits many LTVR summer weeks into both II and RCI about 18 months in advance. My cost to stay there using my other ownerships is about $800 for a 2 bedroom, but the cost would be $1500 if I used my Diamond points to stay there. Of course, there is no guarantee that Diamond will continue to deposit LTVR summer weeks into RCI/II. If you are willing to pay the higher maintenance fees in order to ensure that you have can stay at LTVR every year, buy LTVR. (There are deeded LTVR weeks out there that are not part of the US collection - but you can also reserve at LTVR if you purchase US Collection points. The maintenance fees are higher with the Collection - but I'm not certain how much higher.) In the meantime, you can always rent from someone on redweek. There are several 2 bedroom summer weeks on redweek right now that are available to rent for under $1500.

 

[DRIless]

From the description, it looks like the OP is looking at buying a FLOATING week at LTVR, a pre Club Sunterra/DRI product. If so, any reference to points or collections has no bearing.

 

[mjc775]

First, thank you for your reply. Were you ever able to get summertime reservations through your "ownership" less than 13 months? How much has your maintenance fees increased since you first acquired the property? Availability notwithstanding, are you pleased with the resort otherwise? Thanks so much for your input.

We go to LTVR once per year in August, so I now make it a practice to book in July the prior year (13 months out).

For last year's stay I was unsure we'd be making the trip until early April (about 4 1/2 months out). I tried to book our 3-night August stay, but there was no availability using Diamond points - so I booked through Expedia. Another example, I just looked up current availability through September. There's nothing available for 7-night stays, and for a 3-night stay there's only about 6 dates available clear out in mid-to-late September. But on Expedia there's currently plenty of availability for 3, 4 or 7-night stays in mid-August at up to "45% off".

MFs for our 8500 club points have gone up an average of $25/year. The resort is nice, great location next to the beach or a short drive to lots of dining and shopping options. Parking sucks - there's a limited amount of on-property parking. If you arrive after 6PM or so, you park kitty-corner across the street atop a reserved garage. Even though we reserve a 1-bedroom each year, it seems like every room has been a slightly different layout. One year the bathroom had a huge jacuzzi tub and large walk-in shower, but unfortunately we haven't gotten that room again. We've never had a lake view from our room, only mountain views overlooking the parking lot. Cell phone reception is poor at the resort (unless you have AT&T which has antennas on the roof of the property). Verizon has plans to put about 2 dozen "small cells" throughout SLT - I'm not sure if they will be done in time for our stay this summer. Wi-Fi is slow - about 5M down/1M up.

My suggestion is to book a stay this summer through Expedia, and be prepared to be wooed into a "presentation".

 

[Rich S]

I own with Diamond, and can use my points to stay at Lake Tahoe, but I actually usually stay there using II or RCI exchange companies with my other ownerships. Diamond deposits many LTVR summer weeks into both II and RCI about 18 months in advance. My cost to stay there using my other ownerships is about $800 for a 2 bedroom, but the cost would be $1500 if I used my Diamond points to stay there. Of course, there is no guarantee that Diamond will continue to deposit LTVR summer weeks into RCI/II. If you are willing to pay the higher maintenance fees in order to ensure that you have can stay at LTVR every year, buy LTVR. (There are deeded LTVR weeks out there that are not part of the US collection - but you can also reserve at LTVR if you purchase US Collection points. The maintenance fees are higher with the Collection - but I'm not certain how much higher.) In the meantime, you can always rent from someone on redweek. There are several 2 bedroom summer weeks on redweek right now that are available to rent for under $1500.

Thank you, this is exactly the type of information I am looking for.

I have to be honest, I would never "trade" or "exchange" my other properties to stay at Lake Tahoe. I have an opportunity to get the property for free and only pay the ensuing maintenance fees. My thinking is, if I own it, the family would actually use it. I would split the week (if possible) each year with some time in the summer and the other in the winter.

I would never book it as a full week, as we would "vacation" other places. I view this as an opportunity for yearly family "getaways". I realize that maintenance fees are more than finding deals, but the flexibility and guaranteed spot is alluring. The parking is bad from what I am hearing, but it appears everyone is happy with the location, accommodations, and upkeep of the property.

 

[Rich S]

We go to LTVR once per year in August, so I now make it a practice to book in July the prior year (13 months out).

For last year's stay I was unsure we'd be making the trip until early April (about 4 1/2 months out). I tried to book our 3-night August stay, but there was no availability using Diamond points - so I booked through Expedia. Another example, I just looked up current availability through September. There's nothing available for 7-night stays, and for a 3-night stay there's only about 6 dates available clear out in mid-to-late September. But on Expedia there's currently plenty of availability for 3, 4 or 7-night stays in mid-August at up to "45% off".

MFs for our 8500 club points have gone up an average of $25/year. The resort is nice, great location next to the beach or a short drive to lots of dining and shopping options. Parking sucks - there's a limited amount of on-property parking. If you arrive after 6PM or so, you park kitty-corner across the street atop a reserved garage. Even though we reserve a 1-bedroom each year, it seems like every room has been a slightly different layout. One year the bathroom had a huge jacuzzi tub and large walk-in shower, but unfortunately we haven't gotten that room again. We've never had a lake view from our room, only mountain views overlooking the parking lot. Cell phone reception is poor at the resort (unless you have AT&T which has antennas on the roof of the property). Verizon has plans to put about 2 dozen "small cells" throughout SLT - I'm not sure if they will be done in time for our stay this summer. Wi-Fi is slow - about 5M down/1M up.

My suggestion is to book a stay this summer through Expedia, and be prepared to be wooed into a "presentation".

Your information is very helpful! I will be staying in Tahoe in November, but my summer is already booked up. While up there I will definitely check it out if I haven't pulled the trigger already, although admittedly I am leaning toward pulling the trigger now.

 

[DRIless]

I just looked up current availability through September. There's nothing available for 7-night stays, and for a 3-night stay there's only about 6 dates available clear out in mid-to-late September. But on Expedia there's currently plenty of availability for 3, 4 or 7-night stays in mid-August at up to "45% off".

DRI has inventory unsold and 'reserve' prime rental time for retail rental through OTAs.

 

[mjc775]

I just did a price comparison for a 1 BDR, 4-night midweek stay at LTVR in mid-August.

Diamond: (currently unavailable - using information based on my booking 13-months in advance)
2400 points * .218/pt MFs = $523.20
Expedia: (currently "40% Off") = $488 (includes resort fee)

 

[pedro47]

Just be careful. Read the contract.

 

[Rich S]

I just did a price comparison for a 1 BDR, 4-night midweek stay at LTVR in mid-August.

Diamond: (currently unavailable - using information based on my booking 13-months in advance)
2400 points * .218/pt MFs = $523.20
Expedia: (currently "40% Off") = $488 (includes resort fee)

Thank you for doing the comparison. This is great to know and I would have no way of knowing that. Is this a common occurrence? It costs more to use the timeshare and there is no availability, and there is availability and costs less to rent it? Now, all things being equal, $488 is 40% off and I can't always count on getting that deal. Do we know the breakdown of distribution between owners availability for booking compared to the developer's? 50-50? 70-30? 60-40? Just curious.

 

[mjc775]

To correct my earlier post, my previous comparison didn't include taxes - I should have clicked through to next page to make the reservation. Expedia's total including taxes and fees is $559 - so the rental vs. points is a bit more for this reservation. I just checked Diamond's own rental website - the same booking is currently available for $528: https://www.diamondresortsandhotels.../22/2019&adt=2&chl=0&rm=1&step=1&sn=False&cn=
Again there is no availability until late September for the property when trying to book as an owner.

Thank you for doing the comparison. This is great to know and I would have no way of knowing that. Is this a common occurrence? It costs more to use the timeshare and there is no availability, and there is availability and costs less to rent it? Now, all things being equal, $488 is 40% off and I can't always count on getting that deal. Do we know the breakdown of distribution between owners availability for booking compared to the developer's? 50-50? 70-30? 60-40? Just curious.

I just looked up last year's 3-night stay which I wasn't able to book with points because of no availability 4 1/2 months out - I paid $508 through Expedia, the 1800 points equivalent would have been $391. It has come to my opinion over time that when you factor it the tens of thousands of dollars for the initial buy-in, and the limited-to-non-existent availability when booking "last minute", I would not have made that initial investment.

I recall seeing the percentage for this property posted on another thread within the past year. Of course it's in their best interest to have lots of rental/developer's inventory available because that's how they draw in and grow the guaranteed income with new owners.

 

[Rich S]

To correct my earlier post, my previous comparison didn't include taxes - I should have clicked through to next page to make the reservation. Expedia's total including taxes and fees is $559 - so the rental vs. points is a bit more for this reservation. I just checked Diamond's own rental website - the same booking is currently available for $528: https://www.diamondresortsandhotels.com/Availability?mkc=DRHADP2&property=LTR&checkin=08/18/2019&checkout=08/22/2019&adt=2&chl=0&rm=1&step=1&sn=False&cn=
Again there is no availability until late September for the property when trying to book as an owner.


I just looked up last year's 3-night stay which I wasn't able to book with points because of no availability 4 1/2 months out - I paid $508 through Expedia, the 1800 points equivalent would have been $391. It has come to my opinion over time that when you factor it the tens of thousands of dollars for the initial buy-in, and the limited-to-non-existent availability when booking "last minute", I would not have made that initial investment.

I recall seeing the percentage for this property posted on another thread within the past year. Of course it's in their best interest to have lots of rental/developer's inventory available because that's how they draw in and grow the guaranteed income with new owners.

You have brought up the perfect point. Given the the tens of thousands of dollars in the initial investment, and the limited-to-non-existent availability, you would not have made the initial investment.

Knowing what you know now, considering the accommodations, location, availability or lack thereof. Would you take it if it were given to you? If all you had to pay were maintenance fees moving forward, would it be worth it in your opinion?

 

[mjc775]

You have brought up the perfect point. Given the the tens of thousands of dollars in the initial investment, and the limited-to-non-existent availability, you would not have made the initial investment.

Knowing what you know now, considering the accommodations, location, availability or lack thereof. Would you take it if it were given to you? If all you had to pay were maintenance fees moving forward, would it be worth it in your opinion?

Even if I just had to pay the MFs, I wouldn’t do it again. My wife and I feel that our choices of resorts and cities are limited because we feel obligated to stay within the system because we are paying for it anyways. For example we’d like to stay at Caesar’s in Las Vegas, but we’re “stuck” with Polo Towers. Perhaps we’d like to take a trip to New York, or attend a wedding Denver - sure we might be able to trade into a limited availability over-priced accommodation, but otherwise we’re not able to stay there using our points.


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[Rich S]

Even if I just had to pay the MFs, I wouldn’t do it again. My wife and I feel that our choices of resorts and cities are limited because we feel obligated to stay within the system because we are paying for it anyways. For example we’d like to stay at Caesar’s in Las Vegas, but we’re “stuck” with Polo Towers. Perhaps we’d like to take a trip to New York, or attend a wedding Denver - sure we might be able to trade into a limited availability over-priced accommodation, but otherwise we’re not able to stay there using our points.


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Thanks again for your perspective and insight, your thoughts and information will help in my decision.