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Foreclosure Units Available Hyatt Beach House

Quinte

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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

We are Beach House owners and like the resort. Some things to consider.
  • Are you comfortable with a resort that is not in the "main" action of Key West? We like that feature, but some will not.
  • As a smaller resort, does it have enough amenities for your interests?
  • Is this one you would use every year, or are you thinking of trading? When our kids got older, we started using our Diamond week for other properties (e.g. Hyatt Wild Oak Ranch). You also need to ask yourself, what would happen if we could no longer trade within Hyatt or Interval?
One of the challenges we never thought we would encounter has been the closure of border; we had to cancel one trip this summer and will likely have to cancel one booked for January. It raises the question, of what you would do if you couldn't go there.

The board has been fairly stable, in terms of membership, which can be positive or negative. There are generally several people interested in running for positions, meaning members are active. From what I can tell, quite a number of owners own multiple weeks.

I believe maintenance fees have been fairly well balanced with ongoing maintenance to the building and replacement of appliances, soft goods, etc. Again, as Canadians, the fee we pay is always affected by the exchange rate, so sometimes it looks better than other times.
 

dsmith518

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We are Beach House owners and like the resort. Some things to consider.
  • Are you comfortable with a resort that is not in the "main" action of Key West? We like that feature, but some will not.
  • As a smaller resort, does it have enough amenities for your interests?
  • Is this one you would use every year, or are you thinking of trading? When our kids got older, we started using our Diamond week for other properties (e.g. Hyatt Wild Oak Ranch). You also need to ask yourself, what would happen if we could no longer trade within Hyatt or Interval?
One of the challenges we never thought we would encounter has been the closure of border; we had to cancel one trip this summer and will likely have to cancel one booked for January. It raises the question, of what you would do if you couldn't go there.

The board has been fairly stable, in terms of membership, which can be positive or negative. There are generally several people interested in running for positions, meaning members are active. From what I can tell, quite a number of owners own multiple weeks.

I believe maintenance fees have been fairly well balanced with ongoing maintenance to the building and replacement of appliances, soft goods, etc. Again, as Canadians, the fee we pay is always affected by the exchange rate, so sometimes it looks better than other times.
Great, thank you very much for your feedback!
 

dahntahn

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I sold a Diamond BH week 2 months ago for $4600 [plus closing, plus Hyatt transfer fee], so I think that $4000 would be a very reasonable price to pay now. However, it is possible that if the economic downturn worsens due to the resurgence of Covid, people may be selling at more fire sale prices a couple of months from now.
 

SunsetMaven

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Did you ever try offering less? Any luck?

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.
 

SunsetMaven

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@travelhacker I feel like I should go for one of these units! Thoughts?
 

SunsetMaven

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I think this is a great price for a Diamond Week, and with this deal you pretty much know its passing ROFR

It would be pretty hilarious if Hyatt then exercised ROFR lol
 

SunsetMaven

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Yes, that's a solid price. The maintenance fees are higher than Pinon Pointe, but a 2200 point week is very hard to get there.

For sure, and seems like MFs at BH went down a tiny bit this year lol
 

Sugarcubesea

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It would be pretty hilarious if Hyatt then exercised ROFR lol
Yes, I guess it would be pretty funny if they did but it would defeat their purpose of getting these units into people's hands that will pay MF's
 

bdh

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Yes, I guess it would be pretty funny if they did but it would defeat their purpose of getting these units into people's hands that will pay MF's

There was an agreement in late 2019 where Hyatt would buy all of BH's foreclosed HOA owned units - then Covid hit and that agreement was suspended. So the BH HOA's desire to sell units has prompted them to be a motivated seller with the list the OP posted.

It doesn't matter to BH who buys the units, a private individual or Hyatt, that owner pays the MF in lieu of BH HOA/owners.
 

SunsetMaven

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Anyone know if there are still diamond weeks available? I've both emailed and left Stephen Hammond a voicemail but no response yet.



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
 

SunsetMaven

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Do you know if there are still diamond weeks available?

There was an agreement in late 2019 where Hyatt would buy all of BH's foreclosed HOA owned units - then Covid hit and that agreement was suspended. So the BH HOA's desire to sell units has prompted them to be a motivated seller with the list the OP posted.

It doesn't matter to BH who buys the units, a private individual or Hyatt, that owner pays the MF in lieu of BH HOA/owners.
 

mateo9999

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I spoke to Stephen last week and all of the Diamond units have been sold. There are still Platinum weeks available.
 

cfabar1

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Does anone know if there was any negotiation to be had?

Is there any advantage to buying from them rather than buying from RedWeek, etc
 

alexadeparis

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Does anone know if there was any negotiation to be had?

Is there any advantage to buying from them rather than buying from RedWeek, etc
no negotiation when buying from the hoa - try facebook groups - and post what you are looking for - usually someone has something for sale
 

cfabar1

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Thanks so much! Good to know. The prices aren't too bad, I may see what comes of this.
 

scoutings

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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
The phone number is missing a digit
 

boraxo

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How is the HOA able to sell foreclosed units directly to the buyer? In California and Nevada the law requires a foreclosure auction. Also wondering why Hyatt corporate did not exercise ROFR at these prices - maybe they don't need any more weeks in Key West for the points program?
 

AJCts411

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No direct knowledge of this but I would recon that the HOA was owed maintenance fees and the "owners" walked away from the obligation. (did not contest foreclosure action)
 

bdh

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How is the HOA able to sell foreclosed units directly to the buyer? In California and Nevada the law requires a foreclosure auction. Also wondering why Hyatt corporate did not exercise ROFR at these prices - maybe they don't need any more weeks in Key West for the points program?
When the MF isn't paid, the HOA files a lien with the court and the foreclosure process starts. The unit is then sold at a public auction, if no one bids more than the MF amount owed, the unit becomes the property of the HOA to sell as they deem appropriate. The whole process can take 9 to 18 months - or 2 to 5 years if the reason for not paying the MF is a bankruptcy.

Hyatt has purchased some KW units at the foreclosure auctions. Mostly Sunset Harbor and Beach House (they have enough HPP inventory at Windward Pointe)
 

boraxo

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Got it. So more accurately the title would be “HOA direct sale of units”. The fact that HOA obtained them through foreclosure is not relevant.

Foreclosure sale process for delinquent units as noted above is quite different and requires an auctions.
 

barco13

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Pretty intrigued by this. Have stayed at a couple Hyatt's and found them to be nice. I'll have to check out the maintenance fees. Edit: Assuming purchasing through HOA would come with any Hyatt benefits that purchasing resale may not?
 

cfabar1

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Are there even any units still for sale? This post is a year old at this point. I’d imagine most weeks to be gone.
 

bdh

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Are there even any units still for sale? This post is a year old at this point. I’d imagine most weeks to be gone.

I don't believe so. The Beach House HOA recently made a deal with Hyatt to dispose/return all HOA owned units to Hyatt.

However there are foreclose auctions held in Key West 3 to 4 times a year for Sunset Harbor, Beach House and Windward Pointe units that have not paid their MF. Most units sell for $2K to $3K - prime season weeks range from $5K to $10K (all depends on how many bidders there are).
 
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