Event Week = Platinum+ Float week?

[DTD1990]

I am in discussions with an SVN sales rep about a purchase for a ski week at one of the SVN Colorado properties. I understand TUGS' general position against a developer timeshare purchases, but the buy resale to trade to the Westin Mountain Villas or the Sheraton Steamboat does not work as there never any availability at 8 months during the ski season. Moreover, the limited number of re-sales for these specific properties for platinum+ season (ski season) are priced similar to what I imagine were close to original developer prices.

All that being said, there may be some event weeks (51 and 52) released at these properties for sale by SVN. Personally, I am not interested in skiing over Christmas break. We prefer to ski during Spring break, generally week 11 in Texas, but the sales rep stated that a purchase of an event week allows you to book any week in the platinum+ season at 12 months. Can anyone validate this statement?

Second, how much more $$ do event weeks sell for over a platinum+ float week?

 

[SMHarman]

It's generally cost plus 10% to fix a week and amother 10% to fix the unit.

 

[DeniseM]

It's generally cost plus 10% to fix a week and amother 10% to fix the unit.

This is the cost to fix a floating week.

I don't think that it is the same price for deeds that were only sold as Event Weeks.

 

[sjsharkie]

All that being said, there may be some event weeks (51 and 52) released at these properties for sale by SVN. Personally, I am not interested in skiing over Christmas break. We prefer to ski during Spring break, generally week 11 in Texas, but the sales rep stated that a purchase of an event week allows you to book any week in the platinum+ season at 12 months. Can anyone validate this statement?

Second, how much more $$ do event weeks sell for over a platinum+ float week?

Well, it depends which Colorado ski resort you are talking about. For Riverfront and Steamboat, you will be looking at a hefty premium for those weeks. Today, ANY Steamboat ski weeks are rare, although that may change with the upcoming conversion. Both of those properties have a hefty premium on resale or developer purchases -- I'd be scratching my head if you could make it work out economically versus buying a floating or fixed week 11. I do not know the answer to the question, but I'm sure SVN would be happy to exchange your wk 52 for a wk 11 -- however, I would not do this because event rules are generally spelled out in the club documents ... and those can change at any time.

SMV and LT would also have premiums on 51 and 52, but not as large $-wise. Still, not a good investment IMHO. You shouldn't have an issue booking a home resort 12 months out for Week 11 at any of those properties (or even WRF -- Steamboat might be YMMV due to the low inventory pool they currently have). It is at the latter end of ski season, and not everyone has this same spring break week.

Second, how much more $$ do event weeks sell for over a platinum+ float week?

Large difference. I'd imagine you could get a 2BR lockoff for $5K at SMV (or somewhere within that range) versus $10-$15K for 51 or 52 week. Riverfront is worse because it is newer and nicer so I'd imagine the spread is larger.

Again, I think you are better of buying a floating resale and booking 12 months out for all properties except for Steamboat (where I am just unsure of inventory). The other option would be to pay developer prices for a fixed week 11 unit which I don't think is worth the money -- as you know, you are unlikely to find a fixed week 11 unit resale.

For me, if I'm looking for Week 11 every year, I'd probably end up renting. If you are looking at any of the 4 properties, odds are you'll find someone willing to rent you that week at a price close to mfs. Good luck.

-ryan

 

[Marathoner]

I do not own at a SVN ski resort, but I'm posting this in case that you may find it useful.

At my ski property, the week 51 & 52 owners are matched to their requested weeks before everyone else. I confirmed this with the owner services department at my resort who actually handle assigning weeks to floating week owners. At the beginning of the year when ski weeks were being assigned, I was successful in receiving my requested week in lieu of my week 52 ski week, so I know what I was told is accurate from first hand experience.

My suggestion is that you speak to someone outside of sales at your SVN resort to validate what sales has told you. Preferably, speak to someone in the department that handles ski week assignments at your resort.

At my resort, weeks 51 & 52 are about 5x more expensive than the regular floating ski weeks that are available. This is all on the resale market. So, I would expect that it is much more economical at your SVN resorts to buy the floating week from the developer and then fix it than it is to buy weeks 51 & 52. But if the week number of your Spring Break can change, having the event week is obviously superior (if what sales told you is accurate).

At a high quality ski resort, weeks 51 & 52 can run between 50k - 100k from the developer so it is a big commitment. I have seen situations where week 51 and 52 have dropped in value quite a bit in the resale market, but I've also seen other situations were where prices have almost doubled for those weeks in the resale market. It all depends on the specific resort and the supply & demand.

Finally, I don't know if you are only considering Beaver Creek and Steamboat. But if you are good with looking outside of those two mountains and SVN, my view is that Breckenridge has the most timeshare supply (both ski-in/out and walk to lift) so the cost of buying in there is generally most favorable.

 

[DavidnRobin]

+1 to what ryan wrote

 

[SMHarman]

It's generally cost plus 10% to fix a week and amother 10% to fix the unit.

This is the cost to fix a floating week.

I don't think that it is the same price for deeds that were only sold as Event Weeks.

Yes. You make a good point.
Not sure why OP would buy an event week when they can buy a float week and pay to fix week 11

 

[pacman777]

Finally, I don't know if you are only considering Beaver Creek and Steamboat. But if you are good with looking outside of those two mountains and SVN, my view is that Breckenridge has the most timeshare supply (both ski-in/out and walk to lift) so the cost of buying in there is generally most favorable.

Good point on Breckenridge. I've skied pretty much all the major slopes in the Rockies and love the huge mountain and town of Breckenridge. Beaver Creek is too darn expensive and snobby. I almost bought into SMV and LT resale for ski season but they weren't ski in/out properties. Ended up buying two non Starwood timeshares in Breckenridge which are ski in/out: Grand Timber Lodge and Grand Lodge on Peak 7. These are both developed and operated Breckenridge Grand Vacations which seems to be a quality timeshare developer just around Breckenridge. Maintenance fees are very reasonable for the quality you get which is on par or better than Starwood (at least for Grand Lodge on Peak 7)

 

[sjsharkie]

My suggestion is that you speak to someone outside of sales at your SVN resort to validate what sales has told you. Preferably, speak to someone in the department that handles ski week assignments at your resort.

Regardless of what anyone tells the OP, CCRs and club rules can be changed at any time. CCRs are a bit tougher to change, but there is a gamble that rules will change. This is why, coupled with the much higher premium, I don't think it is good advice to purchase week 52 with the intent to trade for week 11 annually.

I have never seen a SVO contract spell out trading rules. This is almost always in the club rules which have changed since inception and will continue to change as time moves on.

-ryan

 

[tschwa2]

According to the 2008 pricing sheet for Steamboat, a 2 BR valley side for platinum plus was $55,900. A week 52 was $89,900. I;m sure the prices are quite a bit higher now. Why would you want to pay $40,000+ more when you intend to exchange it to the regular platinum plus ski season (and a fairly late one at that) through SVN. You don't get any additional SO's. You might as well buy a 3 br platinum plus ski week if you are willing to pay the premium.

 

[DTD1990]

Thanks for the replies.

I would pursue buying just week 11 or preferably a platinum+ float, but none are available through resale or through SVN. There is a $90K 3-bedroom for sale at Steamboat (resale), but this is more than I need or want to pay.

Moreover, I am skeptical of the FLEX program SVN plans on rolling out at Steamboat for the East Tower conversation because, although you have a 12-month reservation window, how many units will be in the inventory verses how many FLEX owners competing for those units is a mystery.

My worse case scenario is to buy into FLEX for skiing at Steamboat and never be able to book a spring ski week due to the demand and competition of other owners even at 12 months. I prefer the old system where I can get the week in my season readily at 12 months.

At Steamboat, with the new development, they are going to sell some weeks under the old model, but they are event weeks only, hence my initial questions. It has been represented to me that only event weeks are available this way, otherwise it will be FLEX.

 

[tschwa2]

I would offer the $90,000 guy $50,000 or whatever you would be willing to pay. SMTN is kind of ridiculous sometimes. They are also going to try to get you in for another $1000-$2000 in closing costs, so know what your are willing to do all in. The funny thing is for that $2000 closing you are going to wait probably twice the time that one of the recommended cheaper ones. It also lists the annual MF;s as $1200 for the 3 br and we know that isn't true. You may also check to see if any brokers (either local CO realestate or timeshare brokers that specialize in Starwood) have any weeks or can find you any platinum plus weeks

 

[DavidnRobin]

I know nothing of SVO CO resorts, but...

I would recommend slowing down and spend MONTHS researching before putting out substantial cash, and taken on MFs for years to come. Plus, too many unknown factors (intrinsic and extrinsic)...

Do I understand that you are going to buy an event week (51/52) for a premium from SVO and exchange into week 11? {bad idea}
or buy fixed week 11 from SVO? {less so, but still a bad idea}
find a resale float and reserve week 11 (not an event week) via SVN at 12 months? {a better idea}

slow down and research more {best idea}
IMO
good luck

{Hey! I just passed 8000 posts!}

 

[sjsharkie]

I know nothing of SVO CO resorts, but...

I would recommend slowing down and spend MONTHS researching before putting out substantial cash, and taken on MFs for years to come. Plus, too many unknown factors (intrinsic and extrinsic)...

Do I understand that you are going to buy an event week (51/52) for a premium from SVO and exchange into week 11? {bad idea}
or buy fixed week 11 from SVO? {less so, but still a bad idea}
find a resale float and reserve week 11 (not an event week) via SVN at 12 months? {a better idea}

slow down and research more {best idea}
IMO
good luck

{Hey! I just passed 8000 posts!}

Agreed. Far better off renting -- except maybe if you MUST have Steamboat to rent.

There is so little inventory at Steamboat (at least right now), that you may not find a Week 11 for rental. That being said, given that there are plans to convert existing Steamboat, I think it is better to wait and see anyway -- who knows what the inventory program and pool will look like and what it will do to resale prices.

-ryan

 

[sjsharkie]

Thanks for the replies.

I would pursue buying just week 11 or preferably a platinum+ float, but none are available through resale or through SVN. There is a $90K 3-bedroom for sale at Steamboat (resale), but this is more than I need or want to pay.

Moreover, I am skeptical of the FLEX program SVN plans on rolling out at Steamboat for the East Tower conversation because, although you have a 12-month reservation window, how many units will be in the inventory verses how many FLEX owners competing for those units is a mystery.

My worse case scenario is to buy into FLEX for skiing at Steamboat and never be able to book a spring ski week due to the demand and competition of other owners even at 12 months. I prefer the old system where I can get the week in my season readily at 12 months.

At Steamboat, with the new development, they are going to sell some weeks under the old model, but they are event weeks only, hence my initial questions. It has been represented to me that only event weeks are available this way, otherwise it will be FLEX.

I agree if you have to have Steamboat with waiting on Flex until you see how it works with reservations.

If you are interested in WRF/SMV/LT, those floating ski weeks pop up from time to time and I am convinced that you will have no issue reserving 12 months out for Week 11 at those properties.

Good luck.

-ryan