Any Las Vegas Polo Towers owners received an offer to repurchase?

[MAZxxx]

Perhaps the offer of $4000 was for a non-strip view unit? Or perhaps they've had enough interest from their e-mail offers like the one they sent me. I turned down their offer of $7000 plus closing costs for my unit, its simply not enough to make it worth my while as these units are now brand new, if they offered me $10000 then I would seriously consider it.
The only thing I am worried about is that, when they buy back enough units, they might hold the majority stake in the resort and will be able to charge whatever MFs they like and us owners will have no say in the matter.

 

[dougp26364]

Perhaps the offer of $4000 was for a non-strip view unit? Or perhaps they've had enough interest from their e-mail offers like the one they sent me. I turned down their offer of $7000 plus closing costs for my unit, its simply not enough to make it worth my while as these units are now brand new, if they offered me $10000 then I would seriously consider it.

If they offered my $10,000 per unit I'd trip over myself getting to them to sign the papers. Of course $10,000 isn't worth a lot when you consider the exchange rate from U.S. dollar to Pound Sterling.

The only thing I am worried about is that, when they buy back enough units, they might hold the majority stake in the resort and will be able to charge whatever MFs they like and us owners will have no say in the matter.

I'm certain that's EXACTLY what they're trying to do. I have heard that DRI is selling any available inventory as DRI US Collection trust packages. If they sell enough of those units into the trust, DRI will have voting control, will have complete control of the HOA/BOD and will be able to do anything they want with Polo Towers as the trust will hold a majority of the voting rights and you KNOW which way the trust will vote.

My worry is the land in front of Polo Towers. There is wording in the original contract that, under certain conditions, the height restriction can be bought out and, I've read that offers have been made to DRI. The only protection PT's owners will have is the points given the units in The Club. Those points have the same value with I.I. no matter what your view is and are an average of the value of all units given to I.I. by DRI. Specific resort ownership does not matter when your trading points.

What does matter is the owners enjoyment of Polo Towers. DRI has already closed the owners lounge because of M.O.N.E.Y. I can see them selling out the height restriction for the same reasons. If that happens, it will be tough to enjoy the view if the view is just a concrete wall. I don't care if they do connect into a new resort casino like the Jockey Club has done with Cosmo (which is in severe financial difficulty BTW). I bought at Polo Towers because of the amenities, the location and the view!

 

[abdibile]

Can any owner call them, ask for a quote and get an offer?

Or did they only send this offer out to owners of specific units?

Thanks!

I called them yesterday and their offer for our 2BR (every year) was $4000. Not what I was hoping for after reading the other posts!

 

[MAZxxx]

I'm not sure but I received an offer to repurchase my unit by e-mail a few weeks ago so I guess they must have targetted certain units. Mine is a high floor and strip view so that may account for it, although it does seem from some of the threads that they have bought back other units too.
As I've only had my unit for two years, I haven't got tired of it yet so I'm not interested in selling just yet.
Give them a ring, following their recent lower offers, it will be interesting to see what they offer for yours. By the way, what size and location is your unit?

 

[dougp26364]

Can any owner call them, ask for a quote and get an offer?

Or did they only send this offer out to owners of specific units?

Thanks!

In reading through the thread, you'll see a link posted that you can call for a quote.

I'm not sure but I received an offer to repurchase my unit by e-mail a few weeks ago so I guess they must have targetted certain units. Mine is a high floor and strip view so that may account for it, although it does seem from some of the threads that they have bought back other units too.
As I've only had my unit for two years, I haven't got tired of it yet so I'm not interested in selling just yet.
Give them a ring, following their recent lower offers, it will be interesting to see what they offer for yours. By the way, what size and location is your unit?

I do not think they are targeting specific units as we have a 2bedroom Skyview unit, top floor facing the strip.

 

[vicki]

Can any owner call them, ask for a quote and get an offer?

That's exactly what I did after reading this thread. No one ever contacted us -- I initiated the contact with them. I used the toll free number posted earlier in this thread. They gave me the $4000 quote after just a couple of minutes.

 

[chris5]

That's exactly what I did after reading this thread. No one ever contacted us -- I initiated the contact with them. I used the toll free number posted earlier in this thread. They gave me the $4000 quote after just a couple of minutes.

I did the same thing but in late April, but after I spoke with Polo, I did receive the written offer and later I received numerous calls from them asking to buy-back the week. The offer they made to me was $5200 for my one bedroom, tower I, high floor unit, which was $300 less than the prior offers mentioned here. I asked them why not $5500 and they said that was yesterday's offer and today's offer had changed. Well, that was ok with me, as I was getting the benefit of my 2008 week anyway since I had already deposited it for an exchange and my week 18 was already used by II.

I find the Polo/DRI folks very disorganized. After correcting my address for them on several occasions, including, with payment of my 2008 fees and other stuff, they sent the written offer to the wrong address; then after telling them about that, the Title Company sent the documents to the wrong address; then finally, I get the Title Company to send me the documents to the right address and promptly send them back on May 20th, I get two calls from Polo/DRI asking me if I if wanted to participate in the repurchase program. Last week, I get another call from Polo/DRI about the Title Company not receiving my documents and about whether my banked 2008 week was still mine for the deposit. I was told that the offer would be revoked unless they received the documents by June 19 and I had to check with II about whether it would honor my deposit/exchange request. Well, eventually stuff got sorted out -- they found my documents, the Title Company is supposed to be waiting for funds from Polo/DRI for my closing, and I still have my banked week for an exchange. But WTF, this was a mess and it aint over till it's over.

 

[vicki]

Scottsdale Villa Mirage offer

This story continues! Today I received an e-mail from DRI offering to buy back my Scottsdale Villa Mirage 2BR unit for $7700, which is almost double the offer they made to buy back our Polo Towers unit.

 

[Aussiedog]

I just called and they said "no dice"

Maybe I called the wrong place or is it because I am not in the Club?

I just called about the buyback and was told that there is no buyback at this time. I spoke to owner services for non-Club members.

Ann

 

[dougp26364]

Maybe I called the wrong place or is it because I am not in the Club?

I just called about the buyback and was told that there is no buyback at this time. I spoke to owner services for non-Club members.

Ann

Owner services is who you want to talk too. There is an E-mail on page 1 of this thread. Owner services at Polo Towers often can't find their back sides with both hands. I was told by owner services and the president of the HOA/BOD that the DRI buyout of Sunterra would have NO effect or benefit to Polo Towers owners. You may get a completely different answer by contacting them at the devbuyback address.

Or, they may have repurchased enough inventory for whatever their objective was. Either to have inventory to sell or to take voting control to make whatever changes they wanted to make.

 

[chris5]

This story continues! Today I received an e-mail from DRI offering to buy back my Scottsdale Villa Mirage 2BR unit for $7700, which is almost double the offer they made to buy back our Polo Towers unit.

Vicki, I'd call the number on the email and mention that you want to sell your Polo Towers back to them for that price. They also sent me a letter asking me to sell them my unit in HI -- I don't own a unit there. When I called them up about that, they told me they made a mistake and they really meant Polo Towers.

 

[Aussiedog]

How about 770k for 700 square feet?

I just hope in two years when the City Center is running

How about this price? I have an acquaintance who is paying 770k for a 700sf condo in City Center!!

But thanks to everyone for the help. I just took the developer up on the buyback. $2000 for mine but it is EOY and I bought it for less than 10% of this price. Like many, I am focusing my TS portfolio a bit and a TS in Las Vegas is just not worth it to me.

Hmmm...I may clear enough for a deposit on one of those condos at City Center.....not.....:hysterical:

Ann

 

[dougp26364]

Maybe I called the wrong place or is it because I am not in the Club?

I just called about the buyback and was told that there is no buyback at this time. I spoke to owner services for non-Club members.

Ann

...........
But thanks to everyone for the help. I just took the developer up on the buyback. $2000 for mine but it is EOY and I bought it for less than 10% of this price. ...........
Ann

This is but another example of the ineptness of DRI. One phone call you're told there isn't a buy back program but, if you know the secrete number you get an offer that's acceptalbe to you.

I'm almost starting to think that $8,000 for my two units is worth letting them have them. Lord only knows what DRI is planning on doing with Polo Towers once they have enough units to control the vote.

 

[MAZxxx]

As your aware, I started this thread in April when I received an offer from DRI to repurchase my unit. They then offered me $7000 plus costs.

After reading the last few responses, I contacted them again via e-mail to see what offer would be available now. Today they have offered me $3000 plus I must pay all costs. This is quite a drop in 2 months which makes me think that they must definately have bought enough units to take control. I am now wishing I took their original offer - not because I don't like the units but because I am now very concerned as to what the future may hold with these units.

 

[timeos2]

What does the law say?

As your aware, I started this thread in April when I received an offer from DRI to repurchase my unit. They then offered me $7000 plus costs.

After reading the last few responses, I contacted them again via e-mail to see what offer would be available now. Today they have offered me $3000 plus I must pay all costs. This is quite a drop in 2 months which makes me think that they must definately have bought enough units to take control. I am now wishing I took their original offer - not because I don't like the units but because I am now very concerned as to what the future may hold with these units.

I can't believe NV timeshare law would allow a developer to retake control of an HOA after it is turned over to the owners but I don't know enough about NV law to comment. If its allowed then that is a fatal flaw for owners and reason enough to never own a timeshare in that State. If it isn't allowed than no matter how many units they take back they should never be able to hold the majority control of the HOA Board(s).

If I were an owner there this type of activity would make me very uncomfortable.

 

[dougp26364]

I can't believe NV timeshare law would allow a developer to retake control of an HOA after it is turned over to the owners but I don't know enough about NV law to comment. If its allowed then that is a fatal flaw for owners and reason enough to never own a timeshare in that State. If it isn't allowed than no matter how many units they take back they should never be able to hold the majority control of the HOA Board(s).

If I were an owner there this type of activity would make me very uncomfortable.

Polo Towers HOA has never been in control of the owners. DRI has always kept enough of it's own owner/members on the board to maintain control. The problem has been the rules set out in the original documents that allows owners to vote on certain improtant matters. For instance, the height restriction in front of Polo Towers that protects owners views. If enough units vote to remove the height restriction, something anyone who own at Polo Tower would never do, then the developer can sell the rights for cash and the view is gone. Then there was this last SA that was very difficult to get passed (the vote was suspicious as it was). If DRI has enough Polo Towers units placed into the trust, they won't have to worry about what the owners really want. They'll just vote their trust units that way they want and it will be done.

Essentially, if DRI buys back enough units and gets them into the trust, the owners at Polo Towers will no longer have any control. They'll just be along for the ride.

And yes I am very uncomfortable about this possiblity. Perhaps I'm just chicken little screaming that the sky is falling but, over the last 10 years I've learned to be skeptical when it comes to DRI management.

 

[CA Richard]

I own two weeks at Polo Towers. Could someone explain the "height restriction" issue referenced in a couple of the posts above? I am not familiar at all with what that issue is about.

Thanks,
Richard

 

[MAZxxx]

Doug is probably best placed to explain but, from what I gather, there is currently a height restriction on building in front of the towers. However, this restriction can be bought out under certain conditions thus allowing someone to build as high as they want directly in front of the towers.
I'm concerned that, if DRI own enough units in tower 1, they will have overall control in deciding what happens.
I have heard on the grapevine that there are two big resorts wanting to build at the front of tower 1 so this could be the reason for the recent buy back drive from DRI? I don't know what but there's definately something going on there.

 

[dougp26364]

I own two weeks at Polo Towers. Could someone explain the "height restriction" issue referenced in a couple of the posts above? I am not familiar at all with what that issue is about.

Thanks,
Richard

Doug is probably best placed to explain but, from what I gather, there is currently a height restriction on building in front of the towers. However, this restriction can be bought out under certain conditions thus allowing someone to build as high as they want directly in front of the towers.
I'm concerned that, if DRI own enough units in tower 1, they will have overall control in deciding what happens.
I have heard on the grapevine that there are two big resorts wanting to build at the front of tower 1 so this could be the reason for the recent buy back drive from DRI? I don't know what but there's definately something going on there.

MAZxxx has said it all.

There have been several changes of ownership for the land that once held Polo Plaza and now holds the Hawaiian Marketplace. The latest word in the newspapers (if you can believe them) is that the current owner wants to build a new Elvis Themed mega resort/casino but, they want to build it taller than the present height restriction that Polo Towers holds on the land in front of the resort.

At the present there are enforcable easments on both height and access to the land in front of Polo Towers. Owners documents apparently allow those restrictions to be sold out for a price. That price is small enough per unit I wouldn't want to consider it and, I believe if sold would all but destroy the exchnage power of Polo Towers. Who wants to take a vacation with a view of a concrete wall?

I'm sure they'd try to add amenities and access to the "mega resort/casino" for Polo Owners to sweeten the deal, much like what Cosmo has offered to JC owners. But keep in mind that Cosmo is in financial trouble and the market isn't that great for large building loans right now, especially for tourist destinations like Vegas, which is heavily built up. IMO, the risk:reward ratio isn't strong enough that I, as a strip view owner in tower 1 wish to sell out the easements of height restriction and property access (the driveway from the strip onto Polo Towers).

 

[CA Richard]

Thanks Max and Doug! I also own strip view on the 11th floor in tower 1, and that's why I bought it!

Does anyone know exectly what that height restriction is?

 

[dougp26364]

Thanks Max and Doug! I also own strip view on the 11th floor in tower 1, and that's why I bought it!

Does anyone know exectly what that height restriction is?

I believe the present height restriction is 4 stories.

Please keep in mind that the information I have about the right to buy out the height restiction comes from statements the developer of the Elvis themed hotel made in a trade magazine. Exactly how accurate that is I can't say and I haven't gone through my original documents to see if there is wording that allows the developer to sell out the height restrictions and, if there is such wording under what conditions it can be sold and who gets the cash from the transaction.

Eventually, when I have time and the desire, I'll look though my project documents to see if/what/how the easement and height restrictions can be modified. I have read the easement and height restriction wording but, it's been some time and I don't recall reading any conditions that allowed for those to be forfited or sold by the owners or developer. I really need to re-read that section.

 

[CA Richard]

Thanks again, Doug. I checked my deed. It has the easement for the driveway but nothing about the height restriction.

 

[cruiserdoc]

I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use. Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money. My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008. However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows. As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.

 

[JoeMid]

I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use. Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money. My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008. However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows. As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.

I would try and use them and see what happens, but from what I hear from people over at TS4Ms DRI forum, once you sell on their buyback, you have nothing.

 

[bobcat]

I have a question to ask. A little background: We owned a 2BR Polo Towers Suite, a week in October. I paid the dues for 2008 and in April of this year, we joined the Club, depositing our week in exchange for points. We received acknoweldgement that our points in the Club were available to use. Right after that, we received the infamous offer for buy-back email. The offer was for $7000 and closing costs. We opted to sell & have recently received out money. My question is as follows: what is the opinion on this forum as to whether I can use my points this year throught the Club? I paid the dues for the club this year, I paid my mainenance fees for Polo Towers; it seems to me I should have access to the points for 2008. However, technically speaking, I no longer own a timeshare that would qualify me to be a member of THE CLUB, so who knows. As has been mentioned on this forum, DRI is soooo disorganized; they wouldn't understand a question like this!!! And, no matter what answer I got, I wouldn't trust it!!
Thanks for any help/discussion regarding this. I'm tempted to just try & use the points & see what happens.

f you did not use the points before you sold, you are out of luck. I know you paid MF's. however, you do not own it anymore. You should have tried to make the deal after you used your points. That will be their stand.