Fire Sale - SVV

[hefleycatz]

Just received this morning:

Limited-Time Offer


A Limited-Time Offer from the Villages Key West Condominium Association, Inc.

Dear Villages Key West Owner,

Greetings from your Board of Directors! We are pleased to announce an owner resale program which will allow owners like you the ability to purchase Association owned timeshare weeks. As you know, over the past few years a number of owners have failed to pay their maintenance fees. As a result, these owners were denied the use of accommodations at the resort and their timeshare weeks were eventually foreclosed or they were offered a deed in lieu of foreclosure. The Association now owns approximately 79 timeshare weeks.

As an Owner, you are being offered the opportunity to purchase an Association owned timeshare week at a substantially reduced cost. This offer is subject to the following terms:

Timeshare weeks are offered on a first come, first served basis. Please visit mystarcentral.com, “Your Owners Association” on the left side of the screen. Then click on “ownership opportunities” on the right side of your screen. This will take you to a listing of available timeshare weeks, associated price and instructions. If you own weeks at other resorts, please select the link for your Villages Key West timeshare week and you will be directed to the resale offer for this resort. Owners who are interested in purchasing a timeshare week must submit a request to purchase as detailed on the website.
Qualified Requests to purchase available timeshare weeks will be processed in the order received. A purchase contract and related disclosure documents will be mailed to owners with further instructions. An initial deposit of 50% of the purchase price will be required at time of returning the executed purchase contract.
Requests will only be deemed as Qualified Requests if the person submitting the request is an owner in good standing with no outstanding balances due to the Association.
Timeshare weeks offered by the Association will be automatically enrolled in the Starwood Vacation Network (“SVN”).
Timeshare Weeks offered by the Association do not count toward SVN Elite status and may not participate in the SPG Conversion Program (exchanging the timeshare week for SPG or Starpoints). The Elite and SPG Conversion programs are funded by the Developer and are not available for this Association resale program.
This offer is limited to timeshare weeks owned by this Association.
The Association is not offering to take back any timeshare weeks. This is an offer to resell timeshare weeks already owned by the Association.
Please note that this is not a public offering but a limited term internal offer to Owners. This offer begins October 15, 2012 and ends November 14, 2012. Please note that the Association website will only be active beginning on October 15, 2012 at 12:00 P.M. EDT, until November 14, 2012 at 5:00 P.M. EST. Any inquiries should be addressed to the email address listed on the website.



Sincerely,
Villages Key West Condominium Association, Inc.
Board of Directors





This email was sent by SVO Management, Inc. You've received this email as a convenience
in the general course of communication regarding your ownership.

To ensure you receive your SVO Management, Inc. emails, please add
svomanagement@svomanagementinc.com to your address book.

Please do not reply. You may email the Association Management Team
at AssociationMgmt@starwoodvo.com.

SVO Management, Inc.
9002 San Marco Court,
Orlando, FL 32819
CID 2002

 

[hypnotiq]

Are the prices the HOA is listing them at reasonable?

 

[sb2313]

Are the prices the HOA is listing them at reasonable?

They're not up on the site yet. It will be interesting to see what they've priced them at.

 

[hypnotiq]

I just saw that they aren't listing them until October 15, my bad.

 

[DavidnRobin]

They did this (I believe successfully) for WSJ VG villas. I put in an offer for an adjacent week to the ones we own and it was already taken. Of course, some Owners felt that is was under-handed (in some manner?) - but a lot of WSJ VG owners seems to have some disconnect with reality.

 

[hypnotiq]

Hell, I wish I had access to make an offer on the SVV fire sale.

Nothing underhanded about trying to get weeks into the hands of people willing to pay the MF's.

 

[Quadmaniac]

I thought I saw a lot of these going for next to nothing on eBay ???

 

[hypnotiq]

My experience has been the ones that are going for next to nothing are in the non-mandatory sections (Bella/Key West are mandatory), so they don't get StarOptions.

 

[Quadmaniac]

Ah, maybe that is why. I haven't followed SVV much, but wasn't there some kind of upgrading or something going on there as well ??

 

[vistana101]

Ah, maybe that is why. I haven't followed SVV much, but wasn't there some kind of upgrading or something going on there as well ??

Well, the Bella phase was refurbished a couple years ago(flat screens, slightly different decor) and the Key West phase was also refurbished recently.

 

[Ken555]

If the similar sale at WMH is any indication, the units with StarOptions will be priced higher than the resale market.

 

[sb2313]

Prices aren't bad. From $750 for eoy 1 bedrooms(plus $400 closing) up to $3500 for annual prime 3 bedroom lockoff. I submitted interest in a unit and that brings up a screen saying ill hear back in 7 business days

 

[Ken555]

Prices aren't bad. From $750 for eoy 1 bedrooms(plus $400 closing) up to $3500 for annual prime 3 bedroom lockoff. I submitted interest in a unit and that brings up a screen saying ill hear back in 7 business days

"Bad" is relative. Those prices are much higher than resale.

 

[LisaRex]

"Bad" is relative. Those prices are much higher than resale.

There are probably tons of people who have no idea what the going resale price is.

 

[Twinkstarr]

There are probably tons of people who have no idea what the going resale price is.

Bingo, plus they probably don't know there is a resale market.

 

[PamMo]

"Bad" is relative. Those prices are much higher than resale.

Ken, I'm not so sure. If the units offered are in the SVN mandatory phases of Sheraton Vistana Villages, those prices don't look too bad - especially if they are mandatory and prime season. eBay is pretty good at bottom floor pricing, and here are the closed sales prices for mandatory SVV units since mid-August. (The non-mandatory SVV units in Amelia and St. Augustine have been selling for $1.)

$1,288+ (2/2 Annual 67,100 SO's)
$722+ (2/2 EOY 67,100 SO's)
$3,300+ (2/2 Annual 81,000 SO's)
$4,500+ (2/2 Annual 95,700 SO's)
$600+ (1/1 Annual 37,000 SO's)
$51+ (2/2 Annual 67,100 SO's)
$1,075+ (2/2 Annual 67,100 SO's)
$676+ (2/2 Annual 67,100 SO's)
$3,300+ (2/2 Annual 81,000 SO's)
$1,780+ (2/2 Annual 81,000 SO's)
$680+ (2/2 EOY 67,100 SO's)
$1,500+ (2/2 Annual 67,100 SO's)
$2,425+ (2/2 Annual 81,000 SO's)
$1,500+ (2/2LO Annual 81,000 SO's)
$1,476+ (2/2 EOY 81,000 SO's)
$1,175+ (2/2 EOY 67,100 SO's)
$1,226+ (2/2 EOY 81,000 SO)
$1,500+ (2/2 Annual 67,100 SO's)
$2,325+ (2/2 Annual 81,000 SO's)

 

[sb2313]

$1000(plus closing)for eoy 81k dedicated 2 bedroom isn't a bad price. Fees are around 1k per usage so not a bad buy for a mandatory unit.

 

[hypnotiq]

I would have tried for the Annual 3bd if I had access.

 

[Ken555]

Ken, I'm not so sure. If the units offered are in the SVN mandatory phases of Sheraton Vistana Villages, those prices don't look too bad - especially if they are mandatory and prime season. eBay is pretty good at bottom floor pricing, and here are the closed sales prices for mandatory SVV units since mid-August. (The non-mandatory SVV units in Amelia and St. Augustine have been selling for $1.)

$1,288+ (2/2 Annual 67,100 SO's)
$722+ (2/2 EOY 67,100 SO's)
$3,300+ (2/2 Annual 81,000 SO's)
$4,500+ (2/2 Annual 95,700 SO's)
$600+ (1/1 Annual 37,000 SO's)
$51+ (2/2 Annual 67,100 SO's)
$1,075+ (2/2 Annual 67,100 SO's)
$676+ (2/2 Annual 67,100 SO's)
$3,300+ (2/2 Annual 81,000 SO's)
$1,780+ (2/2 Annual 81,000 SO's)
$680+ (2/2 EOY 67,100 SO's)
$1,500+ (2/2 Annual 67,100 SO's)
$2,425+ (2/2 Annual 81,000 SO's)
$1,500+ (2/2LO Annual 81,000 SO's)
$1,476+ (2/2 EOY 81,000 SO's)
$1,175+ (2/2 EOY 67,100 SO's)
$1,226+ (2/2 EOY 81,000 SO)
$1,500+ (2/2 Annual 67,100 SO's)
$2,325+ (2/2 Annual 81,000 SO's)

Do they all include StarOptions? If so, I'd agree. Otherwise, nope.

 

[YYJMSP]

Do they all include StarOptions? If so, I'd agree. Otherwise, nope.

Didn't the original post say:

Timeshare weeks offered by the Association will be automatically enrolled in the Starwood Vacation Network (“SVN”).

SVN membership implies SOs, right?

 

[sb2313]

Do they all include StarOptions? If so, I'd agree. Otherwise, nope.

They're all key west units which is a mandatory phase.

 

[jarta]

They're all key west units which is a mandatory phase.

Yes, but it's a resale with the resort association as the seller. Just like every other mandatory resale.

Although Key West is mandatory and StarOptions come with the week, there is no counting the week toward SVN Elite status or conversion of StarOptions to Starpoints allowed.

Timeshare weeks offered by the Association will be automatically enrolled in the Starwood Vacation Network (“SVN”).
Timeshare Weeks offered by the Association do not count toward SVN Elite status and may not participate in the SPG Conversion Program (exchanging the timeshare week for SPG or Starpoints). The Elite and SPG Conversion programs are funded by the Developer and are not available for this Association resale program.

 

[sb2313]

Yes, but it's a resale with the resort association as the seller. Just like every other mandatory resale.

Although Key West is mandatory and StarOptions come with the week, there is no counting the week toward SVN Elite status or conversion of StarOptions to Starpoints allowed.

Correct. The question was about staroptions not other portions of the svn/svn elite program, nowhere was there a discussion about starpoint conversion, ect.

 

[jarta]

Correct. The question was about staroptions not other portions of the svn/svn elite program, nowhere was there a discussion about starpoint conversion, ect.

From YYJMSP:

SVN membership implies SOs, right?

From Ken:

Do they all include StarOptions? If so, I'd agree. Otherwise, nope.

So what's your point?

SVN membership can imply convertibility or Elite status - or not. I just pointed out there are StarOptions and, then, there are StarOptions. All are not the same. Some people care about the difference; some don't. Salty

 

[Valmiki]

I am also an owner at SVV --- I have a 2 bedroom in Bella and another in Key West. --- 81,000 staroptions each.

If this offer is not allowing conversion to staroptions or starpoints, I can't see the benefit of purchasing even for $1.

You would still have to pay mtce fees for around $1,000 and since you have no flexibility, that mtce payment will only allow a stay at svv or maybe a trade on Intervald. If I am missing something, please advise.

Anyway I got an email today that indicated that an offer is being sent by Fed Ex to me.