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Foreclosure Units Available Hyatt Beach House

brdweb

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Just received the latest newsletter and here's the units that are up for sale. Not bad pricing. Only $500 more than I paid for my Plat week on ebay last year.

RESALE UNIT LISTINGS AND APPROVED PRICING The board of the Beach House Condominium Association approved (on Aug. 10, 2020) the following Association unit weeks at the prices listed by category as outlined below. The units are sold by Realty Executives, Florida Keys Realtor, Stephen Hammond, cell number +1 305.766.991

UNIT WEEK PRICE
D14 01 $4,000
C24 02 $4,000
A33 03 $4,000
C22 05 $4,000
B11 10 $4,000
D23 11 $4,000
A21 12 $4,000
C33 12 $4,000
E12 14 $4,000
C13 22 $3,000
C14 22 $3,000
A23 24 $3,500
A13 25 $3,500
D12 25 $3,500
D32 26 $3,500
C15 28 $3,500
C14 30 $3,500
C12 34 $1,500
E11 34 $1,500
E31 36 $1,000
E31 37 $1,000
B31 37 $1,000
D12 40 $3,000
E11 40 $3,000
F31 41 $3,000
D13 42 $3,000
F22 43 $3,000
C24 44 $3,500
E13 46 $3,000
A32 47 $3,500
C25 47 $3,500
C23 48 $3,000
B24 49 $3,000
F21 51 $4,000

The approved pricing for the sale of foreclosed unit weeks is as follows:
TYPE POINTS WEEKS PRICE
Diamond 2,200 pts 1–17, 51–52 $4,000
Platinum 2,000 pts 18–21, 23–30, 44, 47 $3,500
Gold 1,880 pts 22, 31, 40–43, 45, 46, 48–50 $3,000
Silver 1,400 pts 32–35, 39 $1,500
Bronze 1,300 pts 36–38 $1,000
 

JanT

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Wow! That is stunning to see those prices. I’m trying to acquire 2 Sunset Harbor weeks right now otherwise I would be mighty tempted.
 

Luvscoffee

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Just received out MF statement and it’s $1,496 for our week 2 @ Beach House
 

TravelTime

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Just received the latest newsletter and here's the units that are up for sale. Not bad pricing. Only $500 more than I paid for my Plat week on ebay last year.

RESALE UNIT LISTINGS AND APPROVED PRICING The board of the Beach House Condominium Association approved (on Aug. 10, 2020) the following Association unit weeks at the prices listed by category as outlined below. The units are sold by Realty Executives, Florida Keys Realtor, Stephen Hammond, cell number +1 305.766.991

UNIT WEEK PRICE
D14 01 $4,000
C24 02 $4,000
A33 03 $4,000
C22 05 $4,000
B11 10 $4,000
D23 11 $4,000
A21 12 $4,000
C33 12 $4,000
E12 14 $4,000
C13 22 $3,000
C14 22 $3,000
A23 24 $3,500
A13 25 $3,500
D12 25 $3,500
D32 26 $3,500
C15 28 $3,500
C14 30 $3,500
C12 34 $1,500
E11 34 $1,500
E31 36 $1,000
E31 37 $1,000
B31 37 $1,000
D12 40 $3,000
E11 40 $3,000
F31 41 $3,000
D13 42 $3,000
F22 43 $3,000
C24 44 $3,500
E13 46 $3,000
A32 47 $3,500
C25 47 $3,500
C23 48 $3,000
B24 49 $3,000
F21 51 $4,000

The approved pricing for the sale of foreclosed unit weeks is as follows:
TYPE POINTS WEEKS PRICE
Diamond 2,200 pts 1–17, 51–52 $4,000
Platinum 2,000 pts 18–21, 23–30, 44, 47 $3,500
Gold 1,880 pts 22, 31, 40–43, 45, 46, 48–50 $3,000
Silver 1,400 pts 32–35, 39 $1,500
Bronze 1,300 pts 36–38 $1,000
I am surprised there are so many in foreclosure. This is shocking. These are selling for less than MVC paid me this year to buy back a platinum week at Windward Place.
 

brdweb

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I'm actually thinking about picking up a Diamond week to add to my plat. $4k and one of the more reasonable fees in the system......
 

Islnd

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Wow $4K for a diamond week ..... looks like I way overpaid.
 

bradj

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I am surprised there are so many in foreclosure. This is shocking. These are selling for less than MVC paid me this year to buy back a platinum week at Windward Place.
I just closed in August on my Beach House Platinum week 20, 2000 points for $6150 plus the return of my prepaid MF of $1486.53 minus $489.90 in closing costs. I got check for $7146.63 from " Beach House Development Partnership, a Florida general partnership." When dealing with the Hyatt Exit program representatives, they sometimes responded as Marriott Vacation Club. I just figured, at that time, (March 13,2020) Hyatt was trying to stock up on units for their Portfolio program. Shortly after I got my confirmation letter in March, the Exit Program offers abruptly stopped making any monetary offers and went to ZERO. No proceeds. I know because I tried to sell 2 more of my Beach House weeks at a later time. Nothin' doin'! I was told that it was due to the Covid panic and Hyatt no longer had to pay anything for units and were accepting deeds in lieu of foreclosure only. I wonder why the listed units for sale at these low prices are not being converted by Hyatt/Marriott for the HPP program? Over flooded with inventory now? Anybody know?
 

TheTimeTraveler

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I just closed in August on my Beach House Platinum week 20, 2000 points for $6150 plus the return of my prepaid MF of $1486.53 minus $489.90 in closing costs. I got check for $7146.63 from " Beach House Development Partnership, a Florida general partnership." When dealing with the Hyatt Exit program representatives, they sometimes responded as Marriott Vacation Club. I just figured, at that time, (March 13,2020) Hyatt was trying to stock up on units for their Portfolio program. Shortly after I got my confirmation letter in March, the Exit Program offers abruptly stopped making any monetary offers and went to ZERO. No proceeds. I know because I tried to sell 2 more of my Beach House weeks at a later time. Nothin' doin'! I was told that it was due to the Covid panic and Hyatt no longer had to pay anything for units and were accepting deeds in lieu of foreclosure only. I wonder why the listed units for sale at these low prices are not being converted by Hyatt/Marriott for the HPP program? Over flooded with inventory now? Anybody know?


Maybe they just ran out of "available" cash...........


.
 

TravelTime

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I just closed in August on my Beach House Platinum week 20, 2000 points for $6150 plus the return of my prepaid MF of $1486.53 minus $489.90 in closing costs. I got check for $7146.63 from " Beach House Development Partnership, a Florida general partnership." When dealing with the Hyatt Exit program representatives, they sometimes responded as Marriott Vacation Club. I just figured, at that time, (March 13,2020) Hyatt was trying to stock up on units for their Portfolio program. Shortly after I got my confirmation letter in March, the Exit Program offers abruptly stopped making any monetary offers and went to ZERO. No proceeds. I know because I tried to sell 2 more of my Beach House weeks at a later time. Nothin' doin'! I was told that it was due to the Covid panic and Hyatt no longer had to pay anything for units and were accepting deeds in lieu of foreclosure only. I wonder why the listed units for sale at these low prices are not being converted by Hyatt/Marriott for the HPP program? Over flooded with inventory now? Anybody know?
I sold to weeks back to MVC right before Covid hit and they just closed in August also. It was a Hyatt Windward and a Westin Princeville. I also got good prices on both of them. But more important to me, I got rid of the MFs. I suspect they stopped paying for weeks after Covid hit because they do not need to pay and also they are probably short of cash due to Covid.
 

jules54

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Will Hyatt take a lower offer? What is your opinion? If you read your stock proxy board election balance sheet you will see bad debt column. Not to mention attorney fees On most of my resorts that number is very very high. I think more resorts should sell off foreclosures and give backs to cover the debt and receive a paying owner for maintenance fees.
 

Sugarcubesea

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Wow, Thanks for posting, this is a really great deal
 

Sugarcubesea

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Will Hyatt take a lower offer? What is your opinion? If you read your stock proxy board election balance sheet you will see bad debt column. Not to mention attorney fees On most of my resorts that number is very very high. I think more resorts should sell off foreclosures and give backs to cover the debt and receive a paying owner for maintenance fees.
I would offer a lower price and see what happens, all they can do is say no
 

AJCts411

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I would offer a lower price and see what happens, all they can do is say no
Why not just dump the association owned units? My thoughts are that the weeks listed above, seems long is a small fraction of the total weeks at HBH, and while the maintenance fees are passed on to the owners, it is a relatively minor expense on the per week maintenance fees. Also the association IMO has a duty to the owners not to "devalue" the property...even though timeshares can be a huge risk. Not sure if one can find out what a unit sale actually closed for versus the asking price, but low ball offers might actually help the bad debt budget, in that it gets sold or possibly Hyatt takes it on ROFR. Just an interesting observation, seems like a good portion of the Sunset Harbor association owned weeks have been sold, no Idea whom to but it sure has the look of a single entity grabbing up cheap weeks. Wonder if this will happen at HBH?
 

Hnaga

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i read in another forum that if The timeshare is damaged due to hurricane, we are liable. Is that true for all timeshares?
 

bbakernbay

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Imagine what the future is for lesser quality timeshares. There will be a big increase in foreclosures as many people refuse or cannot pay their MFees and then the dominoes start to fall at an ever increasing rate. This will be repeated in hundreds of timeshares, particularly those older HOA’s where they are approaching sunset.
 

Larry M

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Will Hyatt take a lower offer? What is your opinion? If you read your stock proxy board election balance sheet you will see bad debt column. Not to mention attorney fees On most of my resorts that number is very very high. I think more resorts should sell off foreclosures and give backs to cover the debt and receive a paying owner for maintenance fees.
It's not Hyatt. This offer is being made by the Association. The overdue fees are gone. Money is still draining out. If they can sell the units (or even give them away), they turn that annual maintenance fee spigot back on.

There are a couple of posts that confuse the two.
 

dioxide45

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What often happens with these types of sales is that all the weeks or large chunks are bundled up and sold as a lot, not necessarily as individual weeks. When that happens, usually the only bidder with enough money is the developer.
 

Hnaga

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Yes. However, a good Insurance Policy makes all the difference in the world.......


so The hoa should have a good insurance? Your not saying that individual owners should buy extra insurance?
 

Hnaga

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Yes. However, a good Insurance Policy makes all the difference in the world.......


.
so The hoa should have a good insurance? Your not saying that individual owners should buy extra insurance?
 

TheTimeTraveler

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so The hoa should have a good insurance? Your not saying that individual owners should buy extra insurance?


A good (and likely expensive) Insurance Policy purchased by the HOA will rebuild a resort due to a bad storm.

Without that, then the owners would have large assessments to rebuild or repair a resort which is damaged.




.
 

bdh

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I was told that it was due to the Covid panic and Hyatt no longer had to pay anything for units and were accepting deeds in lieu of foreclosure only. I wonder why the listed units for sale at these low prices are not being converted by Hyatt/Marriott for the HPP program? Over flooded with inventory now? Anybody know?
Hyatt/Marroitt can not convert the units to HPP as the units for sale are HOA owned. Hyatt/Marriott was going to buy the units from the HOA and convert them to the HPP, but then Covid hit and Hyatt/Marroitt backed out of the deal.
 

bdh

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What often happens with these types of sales is that all the weeks or large chunks are bundled up and sold as a lot, not necessarily as individual weeks. When that happens, usually the only bidder with enough money is the developer.
Hyatt/Marriott was going to buy the units from the HOA and convert them to the HPP, but then Covid hit and Hyatt/Marroitt backed out of the deal. So the "developer" isn't in a buying frame of mind.
 

Dennis Smith

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Just wanted to make sure because I'm new to HRC and looking to make my first purchase. This seems like a really good price on the diamond weeks. Anything I'm missing/not thinking about? Pitfalls to avoid? Thanks
 
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