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FYI - W57th up on eBay

Discussion in 'Hilton Grand Vacations Club / HGVC' started by dayooper, May 17, 2019.

  1. dayooper

    dayooper TUG Member

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    I hope it’s ok I’m putting this up here. I’m neither the owner nor the eBay seller, I just know some of you are are looking for a bHC property and thought I would let you know. If it’s considered advertising, go ahead and take the post down.

    It’s a platinum studio (5250 points). Seller is paying for all the transfer fees and closing costs except for the $609 activation fee. The eBay seller is one that has gotten good reviews from fellow Tuggers.
     
  2. brp

    brp TUG Member

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    Very well priced as well :)

    Cheers.
     
  3. dayooper

    dayooper TUG Member

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    Yeah, every once and awhile I’ll throw me hat in the bidding ring for a decent property that the fees have been paid for. Never win any, but you never know if I can get lucky one time. One of them, the price jumped from $251 to $1400 in the last few seconds. There were two other bids in that same time frame - $800 and $1375.
     
  4. brp

    brp TUG Member

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    Still a great price for W. 57th...and unlikely to pass ROFR.

    Cheers.
     
  5. CalGalTraveler

    CalGalTraveler TUG Member

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    It's clear that someone wants out quickly and hopes it gets taken by ROFR to close quickly. Even though they are paying transfer fees I believe there are no buyer fees when HGVC ROFRs So this is a lure.

    Is there a way to tell if there is a reserve?

    IMO could be worth a try because you dont lose anything if its ROFRed. It could be a very good deal.
     
  6. dayooper

    dayooper TUG Member

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    No, but it can’t hurt to bid. Sometimes these eBay sellers have their way to get it to pass ROFR. I think this will be bid up pretty quickly, though. I was bid on a every other year platinum 2 bedroom plus at Ocean 22. I knew I wouldn’t get it with what I bid, but watched it go all the way up to almost $6000. If it gets up there that high, those upfront fees just might get it to pass.
     
    SteelerGal likes this.
  7. CalGalTraveler

    CalGalTraveler TUG Member

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    IMHO...It has a chance of passing ROFR for lower than normal because HGVC have big inventory with the new NYC properties. Prices usually drop when there is new developer inventory in the area, but then stabilize as the supply of resale inventory reduces back to normal.

    Seans says that they "liquidate developer." This could be trade-ins for people buying the newer Central at 5th or Residence properties. If he gets a fixed fee for selling then he wouldn't care about the final price because his commission is not tied to it so rapid sale or ROFR gets him paid quicker.

    P.S. It appears from prior Tug threads that the Ebay seller seans0302 has mixed reviews - some love him, some have had less than ideal experiences with delays, incorrect deeds, and estoppel unit descriptions that don't match the advertisement. YMMV

    https://tugbbs.com/forums/index.php?threads/seans-timeshare-seans0302.250962/#post-2254775

    https://tugbbs.com/forums/index.php...poorly-advice-request-sean-singletary.275321/

    Could be worth the risk but you would have to conduct due diligence and expect that this will not close quickly. If you have a prepaid legal plan through your employer you could run the contracts and deeds by them to ensure correctness. or purchase title insurance.
     
    Last edited: May 18, 2019
  8. Sapper

    Sapper Tug Review Crew: Rookie TUG Member

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    I used Seans0302 for one of our Hyatt units. While the transaction was excruciatingly slow (six months), he was honest and I would use him again (possibly on this one :)).
     
  9. bizaro86

    bizaro86 TUG Member

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    Given the extensive publicity on Tug (which is a material portion of TS resale buyers, imo) I predict this will go right around the market value for this week. One Tug thread can make a big difference...
     
  10. dayooper

    dayooper TUG Member

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    The nice thing about this sale is that the fees are paid for. I think it will go pretty high too.
     
  11. Panina

    Panina TUG Review Crew: Elite TUG Member

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    I have used Seans0302 for a few higher priced units. They went smoothly and I personally wouldn’t hesitate buying from him again.
     
  12. Cyberc

    Cyberc TUG Member

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    The closing costs seems low on a NYC purchase.

    When we purchased west 57 we got told that by NY law you had to use a lawyer from NY when purchasing real estate there. Therefore the closing cost was also higher than normal.

    Since the seller is paying the buyer shouldn’t care but if the selected closing company is not allowed to perform the closing etc then I would say you are asking for trouble.
     
    CalGalTraveler likes this.
  13. CalGalTraveler

    CalGalTraveler TUG Member

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    As of 6am PT Sun 5/19: 22 bids now $1501. 3.5 days remaining on auction.
     
  14. brp

    brp TUG Member

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    The ROFR database would seem to say that this won't pass ROFR for less than about $14K or so (based on most recent data from last year).

    As a side note: Unless prices went down quite a bit from when we bought resale in 2013 to the first datapoint there for 2017, it would seem that what we were told by our resale company about what it would take to pass ROFR may have been quite over-inflated. And this is one of the ones we all like :)

    Cheers.
     
  15. Cyberc

    Cyberc TUG Member

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    Judi told me last year that a 5250 contract would not pass ROfR if it was under $20k. According to her hgvc had told her so.
     
  16. brp

    brp TUG Member

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    And the real data are clearly contrary to that. Same person who told me that it would take $27K in 2013. Unfortunately for me, I listened.

    Cheers.
     
  17. tombanjo

    tombanjo TUG Member

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    HGVC still has an interest in protecting the existing NYC prices even though they have two new properties to sell. The Quin is not for sale yet, and the central is in pre-construction pricing. (Phase one close to sold out). So maintaining values for W57th make sense. They can sell them for interested buyers who want right now. Not sure if I believe the 20k number though as it seems high to me personally. The Residences are still pretty new, and don't know if they are sold out. Certainly not a big resale market yet for them as most buyers are still pretty new and might have loans against them. My HCNY was under 10k and closed this year. In any case, this will sell either to Hilton or a private party. Interested to see where it ends up, and if possible, which gets it when all said and done
     
  18. JohnPaul

    JohnPaul TUG Review Crew: Expert TUG Member

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    Awhile back (maybe 6 to 9 months ago) we were told that a ton of people were buying back from The Residences to W 57th St and as a result, they had very little W 57th St inventory. I wouldn't count on low ROFR.
     
  19. CalGalTraveler

    CalGalTraveler TUG Member

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    Now 26 bids $1626. Broker said that Owner wants to get rid of it. (i.e. the money doesn't matter - could be that they are wealthy and $10 - 15k doesn't matter, or could be a business owner who used it to house owner/employees in NYC and they want it off their books.) We saw this recently on a Westin Maui unit valued at $15k where the owner had it for many years and "they got their value and were done" so basically gave it away.

    So if they only got $1 and it get's ROFRed owner doesn't care because it's off their hands. An ROFR will close quickly (and they won't have to cover any buyer fees). Any excess cash they receive from the transaction is frosting on the cake. Could be the deal of the year if it doesn't get ROFRed.
     
    Last edited: May 20, 2019
  20. CalGalTraveler

    CalGalTraveler TUG Member

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    As of Tues 5/21 11 am ET/8 am PT now at $4000 ($3950). 1.5 days to go. I would go for this but I don't need more HGVC points right now.
     
    GT75 likes this.
  21. Cyberc

    Cyberc TUG Member

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    1 contract at NYC is enough for me :D

    Might want to add on another with cheaper MF :)
     
  22. 1Kflyerguy

    1Kflyerguy TUG Review Crew: Rookie TUG Member

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    With eBay, many people dont bid until just before the auction ends. You don't gain any competitive advantage from bidding early unless they offer buy now and your happy with that price.
     
  23. Cyberc

    Cyberc TUG Member

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    Price is now at $4,550.

    IMO you can always argue forth and back about the fairness about bidding in the last few seconds. IMO ebay should add an additional 2min to the auction if bids was received within the last 2min of the auction. That way everyone had a fair chance of getting the listing not just those bidding in the last 2 seconds.
     
  24. tombanjo

    tombanjo TUG Member

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    Not to go to far off topic, but if you bid your maximum bid, and it’s the highest when auction ends it’s the winner. If someone outbids you with one second to go, it’s because they had a higher bid. So there is no fairness in saying someone gets a second chance to bid if they are losing from not bidding their maximum bid during the actual auction. In any case, the reality is the highest bid, no matter when it was placed during the auction, wins at the close. And the last few seconds are when the big bids are placed so not to “Telegraph” where the top is.
     
    dayooper likes this.
  25. brp

    brp TUG Member

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    The bottom of the ninth is the bottom of the ninth. If the go-ahead run is scored there, there is no tenth.

    Having just won a signed Neil Young guitar at an auction using this very strategy, I'm quite happy for no tenth inning in these cases :)

    Cheers.
     

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