[ 2015 ] Westin Nanea on sale now

[JasonM]

If you buy at the existing Maui resort - both north and south phases, on the resale market, you get Staroptions - they work the same as home options, for a fraction of the developer cost.

-You can use them to make reservations at other Starwood resorts.
-You can use them for variable length stays.

Of course, the sales person isn't going to tell you that…

Please read our FAQ, while you are still in the rescission period:

http://www.tugbbs.com/forums/showthread.php?t=63224

Except that Star Option reservations can only be booked beginning 8 months prior to arrival. This is a key issue for us in considering whether to buy additional VOI's via resale.

In other words, how easy or difficult is it actually book what you want, when you want, using Star Options? If its a royal PITA, it may not be worth it if I am buying an additional VOI for the primary purpose of staying places other than my home resort (for example).

BTW, for clarification I am no longer in the recision period and have read extensively on TUG during and after the recision period. I have read and understand my contract and am working through the 800 pages of disclosures. And while I reserve the right to change my mind we are, on balance, happy with our decision. YMMV.

Cheers,
Jason

 

[JasonM]

Is that on the usage EOY years or every year?


Sent from my iPad Mini 4 using Tapatalk

I updated my post above to reflect the actual amount of $1371 plus SVN fees each year for a 150K EOY RV package. In other words, it would be a bit under $3K for a 150K EY package.

My apologies, I was working from memory earlier. I won't do that again...

Cheers,
Jason

 

[JasonM]

It's every other year: So one use year is about $2,926…

Here is the other thing - buying at the Maui resort and using the Staroptions at other resorts is a poor value, because you are trading a really expensive timeshare with high maintenance fees, for a much less expensive timeshare, with lower maintenance fee, in most cases. In other words, you are trading a Mercedes for a Chevy...

If you don't want to go to Maui every other year, you should not buy there at all, because you can buy at a resort with Staroptions somewhere else for far less money, to use for Staroption trading.

For instance, on the resale market, you can acquire deeds with Staroptions at Sheraton Vistana Villages for $0-3,000, to use for trading.

But if the Chevy is in St. John, and I only need it for the occasional week, I will leave the Mercedes in the garage in California and rent the Chevy in St. John.

Point taken regarding Maui being an expensive place to exchange from, but we do intend to visit there regularly. Without the benefit of actual booking experience, it would seem to me that if using SO's to book an exchange in places like Maui and St. John worked so well, no one would buy in Hawaii or St. John. Rather, they would buy something like Sheraton Vistana Villages and go to Hawaii or St. John every year. I suspect this strategy doesn't work so well on a consistent basis, which is why Westin is building a new resort in Ka'anapali. I am of course, open to feedback on this.

Cheers,
Jason

 

[DeniseM]

I suspect this strategy doesn't work so well on a consistent basis, which is why Westin is building a new resort in Ka'anapali. I am of course, open to feedback on this.

Actually, it works quite well, but new buyers usually don't know about their other options, until it's too late.

However, even if you prefer to buy on Maui for the owner's priority to make a reservation at 12 mos. - and that's a good strategy - you can do far better on the resale market.

For what you are paying, you could buy an every year, ocean front, 2 bdm., and have a lower maintenance fee. ($2,421.)

Then if you didn't want to go every year, you could rent every other year for around $4,300 - $4,500 for a prime week, and pay for most of your maintenance fees.

 

[SmithOp]

I updated my post above to reflect the actual amount of $1371 plus SVN fees each year for a 150K EOY RV package. In other words, it would be a bit under $3K for a 150K EY package.

My apologies, I was working from memory earlier. I won't do that again...

Cheers,
Jason

No worries, I just wanted to be sure you understood the true usage cost, and anyone else who may search and read this. It sounds like you are happy with the purchase and have the money to spend. Some people get misled by the sales speil which understates the cost by quoting the annual fee on an eoy.

I have a totally different approach, trading in through Interval for a parking lot view in the off season, it suits us fine and my cost is under $1100 trading Vistana.

Sent from my STUDIO ENERGY using Tapatalk

 

[JasonM]

Thanks Denise!

The flexibility of being able to book any LOS and check in any day of the week with Home Options at 12 months is only available at Nanea and was one of the key reasons we bought from the developer. I respect that this may not seem worth the delta relative to the secondary market for some folks, but it isn't always just about the money. Who would go to Hawaii if economics were the prime consideration!

We could have waited a few years for Nanea to show up on the secondary market, or bought WKORV/N on the secondary market and maybe even requalified it with a later Nanea purchase, but we aren't getting any younger and felt the time was right. I suspect our journey won't end with this purchase, so perhaps I will have the opportunity to redeem myself down the line with a resale purchase.

Thanks for engaging with me and I sincerely look forward to being a part of the community and continuing to learn from you all.

Cheers,
Jason

 

[DeniseM]

If I can't talk you down off the ledge - welcome!

FULL DISCLOSURE: Many moons ago, I bought from the developer the first time, too.

 

[JasonM]

If I can't talk you down off the ledge - welcome!

FULL DISCLOSURE: Many moons ago, I bought from the developer the first time, too.

Thanks Denise! Very much appreciated.

 

[DavidnRobin]

Thanks Denise! Very much appreciated.

Didn't know you were beyond rescission period. Enjoy.

 

[elleny76]

Jason congratulations! and enjoy it. Its good to read new buyers are happy with their timeshares...

But if the Chevy is in St. John, and I only need it for the occasional week, I will leave the Mercedes in the garage in California and rent the Chevy in St. John.

Point taken regarding Maui being an expensive place to exchange from, but we do intend to visit there regularly. Without the benefit of actual booking experience, it would seem to me that if using SO's to book an exchange in places like Maui and St. John worked so well, no one would buy in Hawaii or St. John. Rather, they would buy something like Sheraton Vistana Villages and go to Hawaii or St. John every year. I suspect this strategy doesn't work so well on a consistent basis, which is why Westin is building a new resort in Ka'anapali. I am of course, open to feedback on this.

Cheers,
Jason

 

[LisaRex]

Point taken regarding Maui being an expensive place to exchange from, but we do intend to visit there regularly. Without the benefit of actual booking experience, it would seem to me that if using SO's to book an exchange in places like Maui and St. John worked so well, no one would buy in Hawaii or St. John.

You've kind of made a point against yourself here, because if that was truly the case, it'd been far more economical for you to buy in Hawaii on the resale market, even upgraded to ocean front...and then just enjoyed the heck out of your home resort!

Anywho, since you're past the recission period, there is really nothing left to do than to enjoy your ownership. Providing unbiased data to people like you, so that you can make informed decisions, is one of the primary reasons we long-timers stick around. So congratulations on owning a great resort! Wishing you many happy vacations in the future!

FYI, I used to own at WKORV-N, so I really do understand why you fell in love with Maui. Just wish it wasn't sooo far away from the Midwest. A few years ago, I downgraded to SVV, and I don't regret it for a minute. Owning EY on Maui w/ 148,100 (now 176,700, argh!) SOs was just too much for us because we like to explore the world, not just the SVN network.

FTR, since 2007, I've successfully landed all but one SO exchange attempt (February ski week). I exchanged to WKV, SVVx2, SDO, WKORV, HRAx2, and WSJx3. (Hint: I've discovered that HRA gets the best response in the direct exchange section of the Tug classifieds, if you want to explore other timeshare systems.)

I will admit that the best exchanges seem to be getting harder, in part because SVN seems to be monkeying around with the system, but overall it has worked just fine for me, with the caveat that I am no longer chained to a school calendar.

 

[serendip7]

We were told we had to spend at least $70,000 in new money. Sounds like you spent $40,000?

Yes, 40k in new money. The 2BR Nanea annual resort view was around 58k. (don't have the exact number in front of me atm) and got 17.5k equity for the Key West I bought for 6k.

 

[Denise L]

We were told we had to spend at least $70K in new money. Maybe that is for the OF units?

 

[capjak]

Here is the deal that made me think about developer purchase.

145,000 star options at nanea $55100
Equity upgrade SVV $18320 resale purchase so $37625 after equity trade
0 cash out of pocket for 90 day
Plus 60,000 star points plus 4x90000 cents at $1875 each purchase within 2 years

Than to get to 4 star additional 74000 star options at nanea retro WKORV North OF $28120 plus 80,000 star points plus 4x90000 Cert T $1875 each

Total star option 395700

Explorer package 50,000 star points 7 nights in studio $2800

 

[okwiater]

Here is the deal that made me think about developer purchase.

<...>

There are definitely cases where a developer purchase can make sense... depending on the individual's goals and whether it is part of a strategy to achieve a certain goal. The rules of thumb stipulate that a developer purchase without a retro or equity trade is almost never a good idea.

 

[bizaro86]

Here is the deal that made me think about developer purchase.

145,000 star options at nanea $55100
Equity upgrade SVV $18320 resale purchase so $37625 after equity trade
0 cash out of pocket for 90 day
Plus 60,000 star points plus 4x90000 cents at $1875 each purchase within 2 years

Than to get to 4 star additional 74000 star options at nanea retro WKORV North OF $28120 plus 80,000 star points plus 4x90000 Cert T $1875 each

Total star option 395700

Explorer package 50,000 star points 7 nights in studio $2800

Would they not let you do both a requal and a equity trade on the same purchase?

 

[okwiater]

Would they not let you do both a requal and a equity trade on the same purchase?

Not sure this is the case for all purchase combinations, but I was told that requal and equity trade are now mutually exclusive. You can only do one or the other.

 

[Denise L]

When Nanea is available for resale and since SOs don't transfer, what will a person get since check-in days are any day and different days have different values? If someone bought enough SOs for 5 night in a 3 bedroom OF, what would the new owner get? Sorry if this question has been answered already. This is the first time SVO is selling less than or more than a week, so I am curious how a resale would work.

 

[DavidnRobin]

When Nanea is available for resale and since SOs don't transfer, what will a person get since check-in days are any day and different days have different values? If someone bought enough SOs for 5 night in a 3 bedroom OF, what would the new owner get? Sorry if this question has been answered already. This is the first time SVO is selling less than or more than a week, so I am curious how a resale would work.

They will be buying HomeResort Options that can only be used to reserve Nanea.
The usage will depend on the 2 available view types, and number of HomeResort options purchased.

 

[capjak]

Not sure this is the case for all purchase combinations, but I was told that requal and equity trade are now mutually exclusive. You can only do one or the other.

I did not push it but they wanted it to be two separate transactions. There may have been room for negotiation but I had already determined I was not going to do it so did not push it.

 

[JasonM]

Jason congratulations! and enjoy it. Its good to read new buyers are happy with their timeshares...

You've kind of made a point against yourself here, because if that was truly the case, it'd been far more economical for you to buy in Hawaii on the resale market, even upgraded to ocean front...and then just enjoyed the heck out of your home resort!

Anywho, since you're past the recission period, there is really nothing left to do than to enjoy your ownership. Providing unbiased data to people like you, so that you can make informed decisions, is one of the primary reasons we long-timers stick around. So congratulations on owning a great resort! Wishing you many happy vacations in the future!

FYI, I used to own at WKORV-N, so I really do understand why you fell in love with Maui. Just wish it wasn't sooo far away from the Midwest. A few years ago, I downgraded to SVV, and I don't regret it for a minute. Owning EY on Maui w/ 148,100 (now 176,700, argh!) SOs was just too much for us because we like to explore the world, not just the SVN network.

FTR, since 2007, I've successfully landed all but one SO exchange attempt (February ski week). I exchanged to WKV, SVVx2, SDO, WKORV, HRAx2, and WSJx3. (Hint: I've discovered that HRA gets the best response in the direct exchange section of the Tug classifieds, if you want to explore other timeshare systems.)

I will admit that the best exchanges seem to be getting harder, in part because SVN seems to be monkeying around with the system, but overall it has worked just fine for me, with the caveat that I am no longer chained to a school calendar.

Thanks for the insight and good juju! I am encouraged by your success with exchanges LisaRex, but it does seem that when these things change, it's often not for the better. We do plan to settle in and enjoy what we've bought. While we believe the flexibility of Home Options at Nanea was worth it for us; we'll have the benefit of more experience with TUG, actual use with Nanea, and using SO's before we buy anything additional. We're still working for a good while longer and do lots of other travel, so also want to be careful how much SVO we have.

Cheers,
Jason

 

[paluamalia]

Mandatory resort resale value

Does any one think that the mandatory feature of WKORVN will influence resale value? We will probably sell ours for 2018 and 2019 use. Prefer cruises to Hawaii at this point.

 

[SMHarman]

Does any one think that the mandatory feature of WKORVN will influence resale value? We will probably sell ours for 2018 and 2019 use. Prefer cruises to Hawaii at this point.

The mandatory plus the rofr both influence resale value. Starwood creates a potential floor, through if you agree a price below that they only pay the price you agreed. Also your buyer still has exchange opportunities and to HRA and WSJ and the other HI Westin they are equivalent value.

 

[DeniseM]

Does any one think that the mandatory feature of WKORVN will influence resale value? We will probably sell ours for 2018 and 2019 use. Prefer cruises to Hawaii at this point.

Absolutely - Look at the price difference between Princeville, and WKORV-N/S to see the impact of Staroptions.

But what do you mean by "sell for 2018 and 2019"? Do you mean "rent"?

Staroptions have no impact on renting.

 

[paluamalia]

We will probably sell
One annual and one eoy