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Diamond Hawaii advice on buying requested

Ronio

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Hello,
I am just new to this forum, and already I have a question I hope someone might be able to help with. I am here at Poipu Point and they pressured me yesterday to buy more points with the hook of removing my recent $6k water damage assessment and moving me into the Hawaii club. I think moving to the Hawaii points system is a good thing actually since WorldMark and Shell which I have have always operated like this and I see no particular advantage to ownership of a particular room and week. The question is whether this might be a good opportunity to get a deal on more Diamond points in Hawaii and not have to pay the assessment (the price of the assessment would be considered part of the deal) ...$16k for 3500 Hawaii Diamond points minus the removed current cost of a $6k water damage assessment due in January).
Anyone else out there familiar with Diamond or this situation? I have to admit to being not up to speed on buying re-sales etc, but would be interested to know if that is an option for this kind of property.
Comments most welcome.
 

Rob&Carol Q

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but you have computer access...

Do an eBay search for the package they offered you. Might be in for a surprise. Diamond Hawaii points shouldn't be too hard to find out there.

Honestly, I know very little about your TS situation as my knowledge is mostly Wyndham. But I do know that Resale for additional points is the only way to go. Literally pennies on the dollar. The smallish package that I own can be had for less than $500 right now...I paid a little more...OK, a lot more. And honestly, do you really expect them to "eat" $6K? Unless you are asking you to spend waaaaay more than that.

Glad you asked the question! Smarter people will chime in but I'm guessing they'll all say "RESALE".
 

kaio

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I'm not incredibly familiar with the Diamond Hawaii Club Collection; however, I would not pay $10k for any ownership. ($16k minus the $6k SAF).. I would just stay with what you have, pay the $6k assessment... and look for your further ownership needs on the resale market which you will prolly be able to get for pennis on the dollar... as long as those needs transfer on the resale market... (again, not entirely familiar with Diamond)...
 

aliikai2

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I guess I have to ask, is it worth $10K to buy points to you? These ownerships are being given away, many with the Special assessment paid for free which makes it hard for me to see how spending another $10K to save $6K makes any sense:shrug:

The annual fees for the points owners is also going up by that $2000 a year for the next 3 years, or more if you own more points than a weeks worth.

Steve will be along soon, he is the resident Diamond Guru,

fwiw,

Greg
Hello,
I am just new to this forum, and already I have a question I hope someone might be able to help with. I am here at Poipu Point and they pressured me yesterday to buy more points with the hook of removing my recent $6k water damage assessment and moving me into the Hawaii club. I think moving to the Hawaii points system is a good thing actually since WorldMark and Shell which I have have always operated like this and I see no particular advantage to ownership of a particular room and week. The question is whether this might be a good opportunity to get a deal on more Diamond points in Hawaii and not have to pay the assessment (the price of the assessment would be considered part of the deal) ...$16k for 3500 Hawaii Diamond points minus the removed current cost of a $6k water damage assessment due in January).
Anyone else out there familiar with Diamond or this situation? I have to admit to being not up to speed on buying re-sales etc, but would be interested to know if that is an option for this kind of property.
Comments most welcome.
 

Ronio

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Reply from Diamond owner

Yes thank you so much for your instant responses. I'm already so impressed with this TUG forum.
I suspected as much; it's such a fish bait and hook situation and they sell the dream you know, of upgrade to more options and earlier booking windows and easy exchanges etc., if it was all as they say it is it is just tempting enough. I'm glad I have sense enough not to just fall in line. Seems like enough people in these presentations do just that, like we all did the first time or two eh?
I do know there is a resale market and I will definitely do a lot more research on this. I need to learn more about what the rights of resale buyers are relative to owners who buy from the management company directly. For example this deal would change my ownership type from deeded single week property to ownership in a Trust which includes a lot more properties...so I still have that situation regardless of where or how I might buy more points. I have wondered if all original rights transfer into their 'Club' if you buy resale. I'm sure 'it depends' on the particular situation. I see there is a lot more information on this site so I will be looking into that.
So grateful for your responses. I can see this is a very good friendly and mutually supportive community. Glad to be here.

..Ron
 

T_R_Oglodyte

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I don't have time right now for a lengthy response, so I'll just offer a few thoughts.

First is to think about getting into the Club separately from all of the other stuff, such as assessments. Simply look at the Club and decide if joining the Club makes sense to you or not in relation to your personal travel plans and interests. If it does, then take the next step of deciding what is the most cost effective way to get in.

In assessing the Club, remember that you can only get into the Club by making some increment of purchase from DRI. You can't be in the Club by buying resale, since Club membership does not transfer on sale. (It used to be possible to add a DRI property to the Club by paying a $2995 fee but I think that program may have been discontinued.)

Second, do not confuse Hawaii Collection trust membership. with membership in the DRI Club. Those are totally independent of each. To be a member of the Club, you need to have a DRI ownership interest - that ownership interest can be either a deeded ownership or an interest in one of the DRI Trusts, such as the Hawaii Collection or the US Collection. People get this confused because Trust memberships are sold by DRI in conjunction with joining the Club in a single transaction. So many owners think the two are one and the same, but they are not.

This really comes into play in the resale market. When you buy something resale, the Club membership does not come along with the purchase - you would then own either a deed or a Trust ownership, but you would not be in the Club. In that case, if you have a deed, you would get whatever the reservation rights are in the deed. If you have a Trust ownership you would have the number of points associated with the Trust ownership, which you can use to book resorts within the Trust.

Third, while the trust does provide "diversity" that cuts both ways. Yes trust owners don't see the full impact of the assessment at Poipu, but they are equally likely to get their share of special assessments at other resorts. And that diversity comes at a hefty price, which is the annual trust operation fee that is passed on to all trust owners.

Fourth, that trust fee is a killer on small Trust ownerships. It's a flat rate, regardless of size of ownership, so with a small ownership it's a whopping increase in the annual fees per point of ownership. With small ownerships (say 5000 points) it pretty much makes the trust membership unsellable since the fees per point become quite large.
 

robcrusoe

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Hello,
I am just new to this forum, and already I have a question I hope someone might be able to help with. I am here at Poipu Point and they pressured me yesterday to buy more points with the hook of removing my recent $6k water damage assessment and moving me into the Hawaii club. I think moving to the Hawaii points system is a good thing actually since WorldMark and Shell which I have have always operated like this and I see no particular advantage to ownership of a particular room and week. The question is whether this might be a good opportunity to get a deal on more Diamond points in Hawaii and not have to pay the assessment (the price of the assessment would be considered part of the deal) ...$16k for 3500 Hawaii Diamond points minus the removed current cost of a $6k water damage assessment due in January).
Anyone else out there familiar with Diamond or this situation? I have to admit to being not up to speed on buying re-sales etc, but would be interested to know if that is an option for this kind of property.
Comments most welcome.
I saw 3500 Hawaii DRI points for free over on the other TS board.
 

Ronio

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reply from Ron

Again, thank you all for your posts. I'm on my last night here and am doing this on my phone so I don't have a lot of time right now but I do want to follow up with you Steve when I get back on shore. Good suggestions and of course its complicated. You did really help me (all of you) so I wouldn't make that very costly decision. Looks like there are a lot of options. Can we follow up later with more details?:zzz:
 
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