47 Park Street London Info?

[CaliforniaGirl09]

After a stay last month, my husband and I are considering purchasing a membership at 47 Park Street. We are frequent London visitors, and love the idea of a place to call home in Mayfair. I met with the sales guy while I was there who was great, but as a DVC owner, I know that much better deals can be had by buying resale. Unfortunately 47 Park Street doesn't have a robust resale market like DVC, and I'm having a very difficult time finding info on the different types of contracts available as well as what they typically go for. I've contacted agents in both the UK and US, and details are thin with them as well in certain areas. I searched the forum for info and even tried to PM one of the TUG members who purchased a number of years back, but they seem to no longer be following the board.

Does anyone have any ideas for me on how to get resale info from process, to price, to contract specifics? Better yet ... any owners out there who might be able to help?

I figure it's a shot in the dark, but thought I'd try. I don't want to make a misstep with all of this.

Thanks so much!

 

[GregT]

I’ve tried without success to get more information on this property, and I’m not aware of any TUGgers that own there. Please let us know what you find? Just our curiousity, how expensive was it to buy direct? Thanks very much!

Best,

Greg

 

[ljmiii]

Unfortunately all I have is probably non-information for you.

We LOVE 47 Park St...1BRs in London are ridiculously expensive...and incredibly useful for extended stays with kids. Redweek currently has one listing for a 2BR at $150,000. Twice in the past five years I've seen listings on Ebay for 1BRs...both at extraordinarily attractive prices (~$50K-75K if memory serves)...but I just couldn't pull the trigger (mainly because we can't travel that frequently to London until our kids leave high school). I know (at least for 1BRs) that there are different floorplans and different 'seasons' that you can buy. I assume you've looked at https://www.47parkstreet.com/

Good hunting.

 

[CaliforniaGirl09]

Thank you both so much for the quick replies!

I’ve tried without success to get more information on this property, and I’m not aware of any TUGgers that own there. Please let us know what you find? Just our curiousity, how expensive was it to buy direct? Thanks very much!

Best,

Greg

The direct price for an executive 1 bedroom (the cheapest unit) was £118k less a June special at the time of £20k so roughly $130k. I will report back with any info I find out, but even the brokers don't seem all that knowledgeable, which is disconcerting as there aren't that many of them.

Unfortunately all I have is probably non-information for you.

We LOVE 47 Park St...1BRs in London are ridiculously expensive...and incredibly useful for extended stays with kids. Redweek currently has one listing for a 2BR at $150,000. Twice in the past five years I've seen listings on Ebay for 1BRs...both at extraordinarily attractive prices (~$50K-75K if memory serves)...but I just couldn't pull the trigger (mainly because we can't travel that frequently to London until our kids leave high school). I know (at least for 1BRs) that there are different floorplans and different 'seasons' that you can buy. I assume you've looked at https://www.47parkstreet.com/

Good hunting.

I agree! We have been renting two bedroom flats, but with our kids now out of high school (too funny that you mentioned that!) we are thinking a one-bedroom would be good. We loved all the amenities at Park Street. Basically the best of both worlds: a one-bedroom flat with 5-star hotel amenities. That $50k for a one bedroom sounds like a great price! I'll have to keep an eye on ebay. My problem on pulling the trigger is the difficulty in finding contract information. I don't want to put an offer in for something I don't 100% understand. There are three 1 bedroom units: executive, premium and deluxe. There are two two bedrooms units (I can't remember the names). The deluxe one bedroom has two bathrooms, but it is more expensive than the cheaper two bedroom! I guess they are used for business. I have looked at the website, but I'm trying to understand how the different options work. They have old 28-day contracts that Marriott has been trying to phase out that sound intriguing. Most of the resales and what is available direct are 21-day with 14 extended day option. The older 28-day plus 7 extended days are no longer offered by Marriott but are still around resale. I'm trying to find out all the differences between the two and it's not easy. I think there are more restrictions on the 28-day, but I'm not 100% sure.

 

[alwysonvac]

Found some listings via a Google Search but not a lot.

• 9 listings - https://m.timesharebrokersales.com/marriott-timeshares/index.php
• 6 listings - http://www.sellmytimesharenow.com/t...ce+Club,+47+Park+Street/resort/buy-timeshare/

Also found an old 2011 article - https://www.sherpareport.com/prc/47-park-st-london-0811.html

...The residences are located in a historic 1927 Edwardian-style townhome that has been divided into 49 individual one- and two-bedroom suites that range from 549 to 1,023 square feet.

...Owners may purchase 21-day shares that offer flexible usage on either a daily or weekly basis. A dedicated member services team ensures a seamless reservations process for stays at 47 Park Street, which can be booked up to a year in advance. Each share ranges from £114,000 (US$183,500) for a one-bedroom suite to £270,000 (US$434,700) for a two-bedroom suite. Membership ensures the right to use one's residence for a selected number of nights per year (depending on the number of 21-day shares purchased) each year until 2050.

...Currently, annual dues range from £5,735 (US$9,347) for a one-bedroom executive residence to £6,516 (US$10,621) for a two-bedroom residence.​

 

[dioxide45]

If you are renting, why not just continue to do so? It may just end up cheaper in the long run.

 

[CaliforniaGirl09]

Found some listings via a Google Search but not a lot.

• 9 listings - https://m.timesharebrokersales.com/marriott-timeshares/index.php
• 6 listings - http://www.sellmytimesharenow.com/t...ce+Club,+47+Park+Street/resort/buy-timeshare/

Also found an old 2011 article - https://www.sherpareport.com/prc/47-park-st-london-0811.html

...The residences are located in a historic 1927 Edwardian-style townhome that has been divided into 49 individual one- and two-bedroom suites that range from 549 to 1,023 square feet.

...Owners may purchase 21-day shares that offer flexible usage on either a daily or weekly basis. A dedicated member services team ensures a seamless reservations process for stays at 47 Park Street, which can be booked up to a year in advance. Each share ranges from £114,000 (US$183,500) for a one-bedroom suite to £270,000 (US$434,700) for a two-bedroom suite. Membership ensures the right to use one's residence for a selected number of nights per year (depending on the number of 21-day shares purchased) each year until 2050.

...Currently, annual dues range from £5,735 (US$9,347) for a one-bedroom executive residence to £6,516 (US$10,621) for a two-bedroom residence.​

Thanks so much--I had seen those. There were also 28-day contracts listed, too, that are much harder to find info on: https://www.travelandleisure.co.uk/view-timeshare/?730242 I've been on pretty much every resale site I could find in both the US and UK--there don't seem to be too many. I think 7 or 8 brokers. What is really different is that these brokers don't actually seem to have the listings themselves, but they advertise them on their sites. One of the brokers I've been in touch with is one of the ones you listed as that site seemed to have the least expensive resales, but he has to call in to enquire about the properties. It's very very different from DVC, which has caused a lot of my frustration and process confusion. I had seen the 2011 article as well. What a reminder though on how much the pound has dropped. Today that same £114k is $149,600 (not $183,500). The annual dues for a one-bedroom are now £7220 so roughly the same as they started due to the falling pound. Thank you Brexit. But the possibility for currency fluctuations is definitely something I've thought about. It could have gone the other way!

If you are renting, why not just continue to do so? It may just end up cheaper in the long run.

That is definitely an option, and it's what we've been doing for the past 15 year, but depending on buy in price for 47 Park Street it could save quite a bit of money to buy a membership versus renting especially once you get beyond 3 weeks of usage (i.e. once you start using the extended nights). If you do 5 weeks the yearly savings when factoring in rental cost and your buy-in can be substantial. If you go during the summer that savings is even bigger as it's very expensive to rent during the summer. I crunched the numbers, and at a buy in price of $75k or lower (the listed price of some of the executive one-bedrooms so I'm hoping to get even lower than that). I priced out rentals and 5 weeks at various times over the year (one peak week and the rest non-peak) is roughly $19,000. That's how I think we would use it. If you did 5 summer weeks that would obviously be much higher (more in $25,000 range to rent). I was able to speak with an owner when I was there, and she uses it for 5-weeks+ (using last minute availability you can go beyond 5 weeks). She said she's never had a problem getting a booking as long as you plan ahead. Our goal is to spend 4-6 weeks a year in London so that's why I think buy-ing in (at the right resale price) could make sense. The location of this place can't be beat, and the amenities were fabulous. I used the gym at the Park Marriott and the pool there was gorgeous. The fact that they have AC was also a big sales factor for us as we were there during a hot period and our normal flat would have been miserable.

Thank you all so much for the help and comments. Much appreciated.