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ROFR on WPORV

dyi27308

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Starwood just exercised a ROFR on a EOY, ODD resale. What do you make of that? They still have a lot of inventory.
 

DavidnRobin

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depends on the amount - how much was the ROFR for?
 

Westin5Star

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I am the seller and it is $4,700 (odd year, seller usage this year, buyer pays closing and transfer). If posting the price violates any rules please feel free to delete it; I was just answering David's question. WOW I am shocked.

Maybe I will tell Starwood to take a hike and not sell it to them! I really don't need to sell it; my main idea was to then buy at WSJ after selling WPROV. Maybe I will just keep WPROV and still buy WSJ or just trade in???
 

jarta

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Would you have reneged on the contract and told the buyer to take a hike? Then why tell Starwood to take a hike?

It's all the same to you. Same money in your pocket to buy at WSJ. And, you obviously were willing to sell at that price. I'm sort of confused about the economics here. :confused:
 

work2travel

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I would like to believe that this thread was not initiated to prop the price of the WPORV on sale on ebay - which coincidently is also an odd EOY with the the same sale terms as the OP's.

It would be unfortunate if TUG and TUGGERS are "used" by sellers to benefit themselves.
 

Westin5Star

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Would you have reneged on the contract and told the buyer to take a hike? Then why tell Starwood to take a hike?

It's all the same to you. Same money in your pocket to buy at WSJ. And, you obviously were willing to sell at that price. I'm sort of confused about the economics here. :confused:

I actually lowered the price of my unit for the buyer (without any solicitation or negotiation). Prior to my sale, I built a relationship with the buyer. I like him and I really wanted him to be able to buy and enjoy the TS.

I would tell Starwood to take a hike because I do not like them interfering in my transaction. I sold to who I chose to sell to. I understand that my original contract gives Starwood the right to ROFR. I also have the right to now not sell my TS.

It is not all the same to me. YOU ARE WRONG! I do care who I sell to.

Your confusion is in your own your assumption that ecomonics had much of anything to do with this transaction. I don't care too much about the money as I would actually consider a straight gift of the TS.

You probably shouldn't assume so much in your future postings!
 

jarta

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5Star, ... "I sold to who I chose to sell to. I understand that my original contract gives Starwood the right to ROFR. I also have the right to now not sell my TS."

There is an inherent inconsistency in those three sentences.

I'm sure your buyer is a nice person with whom you have developed a relationship. I'm sure from following your posts the past few years that you are a caring and considerate person.

But, the lesson of this thread is this. If you don't want anyone interfering with a later transaction/sale, don't buy a timeshare unit from Starwood (or any other developer) or in the secondary market which is encumbered with a ROFR.

That being said, reneging on the contract might work. It might not be economical for Starwood to enforce the ROFR. However, if you won't honor the ROFR, the resort might not consider you the owner and might not honor your usage rights by removing you as the named owner from the resort records. If that was done, you would be the one forced to enforce rights. That would not be economical for you.

It's just a timeshare - with an agreed to purchase price of $4,700. The ROFR exists. Why swim into the current when you can float downstream?
 

MommaBear

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Wow! I am surprised as well that Starwood exercised ROFR. I guess they think they can make more money by reselling this unit even though they have more inventory that hasn't even been sold once.
 

Westin5Star

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...It might not be economical for Starwood to enforce the ROFR. However, if you won't honor the ROFR, the resort might not consider you the owner and might not honor your usage rights by removing you as the named owner from the resort records.
...It's just a timeshare - with an agreed to purchase price of $4,700. The ROFR exists. Why swim into the current when you can float downstream?

Jarta, I trust your legal knowledge and judgement. You have proven that to me in all of your posts. I guess I am a bit confused based on how I have seen real estate transactions happen in the past:

1. A buy / sell agreement is created and escrow is opened.
2. During any point of escrow (up until the notarized documents are executed), the buyer or seller can exit the transaction.
3. I understand that there can be penalties for such an exit but my buy / sell agreement had none.

Is a TS buy / sell and escrow process different than a normal residential or commerical RE transaction? Unless a TS transaction is different, I see no legal way that Starwood could take possession of my TS if I chose to exit the transaction at this point.

If they chose to take possession of my TS, I would love to fight them in court on this matter; even though it might not be economical for me. To me this is a matter of principle and not economics. I do not see how they can force a transaction which has not yet been completed???
 

LisaRex

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Bummer for your friend. That seems to be a fair price.

I don't know if there's a way to "gift" someone the TS outside of a family member, but it may be worth a phone call. I routinely sell things (e.g. cars that we are selling) to family and friends for cheaper than I'd sell to a stranger. It's a shame that Starwood interfered with it.
 

LisaRex

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I would like to believe that this thread was not initiated to prop the price of the WPORV on sale on ebay - which coincidently is also an odd EOY with the the same sale terms as the OP's.

It would be unfortunate if TUG and TUGGERS are "used" by sellers to benefit themselves.

Well that was a thinly veiled accusation.

Anyone who's paid attention to Westin5Star knows that he's not worried about "propping up the price" of his villa. If he was interested in making money, he wouldn't have agreed to such a low price in the first place. And if Starwood exercised the ROFR on a villa that has active sales, you can guarantee that the final sales price was a bargain for the buyer.

Secondly, because Starwood sold Hawaii as all platinum/float, there will be tons of the exact same units for sale at WKORV/WPORV at any given time. It's not at all unusual for many ebay ads to have the exact same terms and wording and even photographs because many sellers simply cut and paste the verbiage from one sale instead of creating a new ad from scratch. Nothing nefarious, just perhaps laziness.

I think that his explanation (he sold at a bargain price to a friend) is perfectly reasonable.
 

work2travel

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Well that was a thinly veiled accusation.

Anyone who's paid attention to Westin5Star knows that he's not worried about "propping up the price" of his villa. If he was interested in making money, he wouldn't have agreed to such a low price in the first place."...

Well, as it turns out, Westin5star's timeshare price turned out to be about double of the one that just sold on ebay. Good for him!

There is nothing wrong with simply reminding TUGGERS to not allow themselves to be potentially "used", IMHO. I did state that I was hoping that this was not the case here, since I dont have the ability to actually read minds...yet:hysterical:
 
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DavidnRobin

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I am unclear how the OP declaring that SVO just exercised a ROFR at WPORV (and the 3 responses that followed) could be interpreted as someone attempting to jack-up the price of an EOY WPORV :confused: (although - the recent SDO Plat thread sure could have been interpreted that way...).

MB - It seems that even with WPORV inventory - SVO can make a good profit selling an EOY at ~$36K when they get it via a ROFR for $4700. I would if I were them - sales may be slow - but there are still plenty of fish in the sea.

W5* - Buy something at WSJ in June - that way we can party and share a boat to the BVI... and I can cash in on that drink... ;)
 

Westin5Star

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OK so here is the situation. I did not hear back from Jarta regarding my obligation to finalize a TS transaction that I had entered into a purchase agreement on. I personally do not think that I would have any liability in the matter if I chose to bail prior to notarizing the deal but I am not an attorney and I do not know this to be a fact. Jarta's silence on the matter seems VERY odd to me.

With all that said, I decided to go ahead and finalize the transaction with Starwood so that I could (in time) pursue our WSJ week; and yes David and I am considering June so that I could buy your drinks every year- I owe you big time! Voodoo Juice at the pool anyone? My other option that we are considering is to buy a house on St. John and my wife is actually open to this idea??? I have reviewed available properties on the island and many bargains are to be had right now (for $2-3M you can get an awesome place).

Today I finally received documents from SVO on the ROFR. They messed up (which doesn't surprise me) and put the week as an EOY even instead of the EOY odd which is that I had contracted to sell. I called SVO this morning and they will be overnighting the corrections; it did seem odd that no apology was offered even though they did admit to the mistake.

I am leaving in the morning to do a 190 mile white water rafting trip with my oldest son over the next 7 days in the Grand Canyon. I most likely will not be able to execute SVOs updated docs until I return. I will not have any cell phone, email, internet, or TUG, or toilets for the next 7 days either. I will miss you all and I look forward to reading all that is going on in a week.
 

califgal

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Have a safe trip!
To lighten things up I will add that if you do look for a house in St. John sign up for HGTV's House Hunters so we can see you on tv!
 

Westin5Star

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I did see a House Hunters International on the island of St. John. I believe that it was taped about 2 years ago if I remember correctly. That is a great idea for us to do HH and I will be sure to post on TUG if or when it would air.
 

Twinkstarr

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I did see a House Hunters International on the island of St. John. I believe that it was taped about 2 years ago if I remember correctly. That is a great idea for us to do HH and I will be sure to post on TUG if or when it would air.

I think that was the one with the family from my town, not sure if they were looking in St. John or some other island.
 

LisaRex

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I did see a House Hunters International on the island of St. John. I believe that it was taped about 2 years ago if I remember correctly. That is a great idea for us to do HH and I will be sure to post on TUG if or when it would air.

They bought something over by Coral Bay, IIRC.
 

GregT

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DavidnRobin

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As Glorian has linked - there have been a few Intl HH for STJ.

Major considerations - median home cost = 1.5MM, WAPA (energy costs) >$1500 month, Food prices ~30% greater, and always water worries...
 

califgal

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One of my fav shows too. In fact there's too many reruns...so hurry up Wetin5star and go househunting!
 

ada903

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Yeap. We record it and out of 100 episodes, we have seen 99, since it's all reruns.

One of my fav shows too. In fact there's too many reruns...so hurry up Wetin5star and go househunting!
 

califgal

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I record it too and always disappointed when I have to delete all of them! Well, now very off the original topic, but fun.
 
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