Sunnnnie
newbie
- Joined
- Dec 28, 2018
- Messages
- 7
- Reaction score
- 6
- Points
- 3
Hi there!
I'm so glad I found this group! I'm a newbie to timeshare and I was been sold 1.5m Welk Resort points for $127,000 last week @ Northstar Lake Tahoe resort.
If you are an owner of 1.5m points, it would be the VVIP member - Pinnacle level with lots of benefits, such as a dadicated hotline, cheap upgration, longer booking window, etc.
I searched the secondary market and found only 2 offers for resale. 1 is $80,000, the other is around $110,000. I spoke with the agent and he told me he sold two similar this year, and the sales price was around $70,000 - $90,000.
From the Welk sales team told me, and I also found from the contract:
"Welk chooses to implement two significant contractual roadblocks when purchasing private party as a protection to all owners who purchase from the developer."
1. First Right of Refusal in place, giving us the option but not the obligation to step in and remove a buyer.
2. If a private party transaction is allowed to process through, as stated in the attached Buyers Acknowledgement – “I understand that should I transfer my Ownership to an heir or family member, the Welk Platinum Rewards Loyaltyprogram and Platinum Benefits Card discount program will transfer. However, if I sell my Ownership, these programs will not transfer to the buyer…”
This means that the ALL Pinnacle Level Benefits would not be applicable to an owner who purchased on the secondary market. What's worse, not only the pinnacle but also all platinum benefit will go. Benefits such as points use, reservation window, bonus week RCI, points expiration, borrowing, and accrual would be different.
I will probably get back from a sales VP from welk and they might lower their developer price to keep me stay. Let's say it's down to $90,000.
Plus, annual VOA fee is around $5,800 this year, and with a 4% annual increase.
Why I'm buying the timeshare? I spent most of my weekends in winter at Northstar but never live in the welk ski-in-out hotel due to the expensive rental price. And also I love traveling and would like to spend more days in different destinations in the future with my lovely family. FYI, I don't have kids right now and don't have the plan to have kids in the next 5 years. I love luxury resorts and I spend around 10,000 per year traveling around.
My friends here, does it make sense to keep the ownership? Or I should just cancel the contract before it's too late?
Today is the last day to cancel, PLEASE HELP!!
If you have any experience with Welk, please share and I really appreciate all your help.
I'm so glad I found this group! I'm a newbie to timeshare and I was been sold 1.5m Welk Resort points for $127,000 last week @ Northstar Lake Tahoe resort.
If you are an owner of 1.5m points, it would be the VVIP member - Pinnacle level with lots of benefits, such as a dadicated hotline, cheap upgration, longer booking window, etc.
I searched the secondary market and found only 2 offers for resale. 1 is $80,000, the other is around $110,000. I spoke with the agent and he told me he sold two similar this year, and the sales price was around $70,000 - $90,000.
From the Welk sales team told me, and I also found from the contract:
"Welk chooses to implement two significant contractual roadblocks when purchasing private party as a protection to all owners who purchase from the developer."
1. First Right of Refusal in place, giving us the option but not the obligation to step in and remove a buyer.
2. If a private party transaction is allowed to process through, as stated in the attached Buyers Acknowledgement – “I understand that should I transfer my Ownership to an heir or family member, the Welk Platinum Rewards Loyaltyprogram and Platinum Benefits Card discount program will transfer. However, if I sell my Ownership, these programs will not transfer to the buyer…”
This means that the ALL Pinnacle Level Benefits would not be applicable to an owner who purchased on the secondary market. What's worse, not only the pinnacle but also all platinum benefit will go. Benefits such as points use, reservation window, bonus week RCI, points expiration, borrowing, and accrual would be different.
I will probably get back from a sales VP from welk and they might lower their developer price to keep me stay. Let's say it's down to $90,000.
Plus, annual VOA fee is around $5,800 this year, and with a 4% annual increase.
Why I'm buying the timeshare? I spent most of my weekends in winter at Northstar but never live in the welk ski-in-out hotel due to the expensive rental price. And also I love traveling and would like to spend more days in different destinations in the future with my lovely family. FYI, I don't have kids right now and don't have the plan to have kids in the next 5 years. I love luxury resorts and I spend around 10,000 per year traveling around.
My friends here, does it make sense to keep the ownership? Or I should just cancel the contract before it's too late?
Today is the last day to cancel, PLEASE HELP!!
If you have any experience with Welk, please share and I really appreciate all your help.
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