Grand Mayan resorts- Why so cheap?

[thinze3]

I see Grand Mayan resorts for sell for $1. Why?

What does it mean to pay a "renovation fee" once every five years?
What are the pros and cons of owning at one resort vs. the other?
Can you book any resort at the same time as your home resort or is there a home resort preference period?
Are the Nuevo Vallarta 2BR units lockable?
Can you book a Spring Break week at Cancun and rent it if you own at Nuevo Vallarta?

Thanks,
Terry

 

[drguy]

thinze3;584186]I see Grand Mayan resorts for sell for $1. Why? The transfer fee is 10% of the original developer cost.

What does it mean to pay a "renovation fee" once every five years? 1 extra MF every 5 years. 5 extra MF's every 25 years to renew.

What are the pros and cons of owning at one resort vs. the other? They all count the same. No advantage to owning at any particular resort.

Can you book any resort at the same time as your home resort or is there a home resort preference period? Any resort can be booked.

Are the Nuevo Vallarta 2BR units lockable? Yes, the units are lockable AND lockouts.

Can you book a Spring Break week at Cancun and rent it if you own at Nuevo Vallarta? Yes, though renting GM is tough.

Thanks,
Terry

Guy

 

[aliikai2]

Drguy was right about most

of his post, except for renting.

We routinely rent out GM and MP weeks at a reasonable return. There are those that just try to get their annual fees back to complicate matters, but they are fewer and farther between.

Spring break, is bookable , as long as it doesn't fall on Easter week or Holy Week, as very few GM owners have those preferred weeks.

The same goes for Christmas and New Years.

We don't have any problem renting out any of the other 48 weeks a year.


fwiw,

Greg

 

[thinze3]

10% of the original cost?? Wow!
Any idea what that was? Approximately.


Terry

 

[T_R_Oglodyte]

10% of the original cost?? Wow!
Any idea what that was? Approximately.


Terry

That means resort transfer fees that will often be about $2000 to $3000.

 

[aliikai2]

Actually it has been 5 times the annual fee since

2005, and as most GM's have been sold since , so a 2b annual GM week, the Transfer fee is more like $4200, the few early units sold pre-sale have that 10% transfer. The early MP weeks prior to 2001 have just a single annual transfer fee. There is one on Ebay right now, a 2 bedroom lock out unit.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=260279420329&ssPageName=STRK:MEWA:IT&ih=016

These tend to sell for more as the transfer fee is $$$$ less and the annual fees are also lower.

fwiw,

Greg

10% of the original cost?? Wow!
Any idea what that was? Approximately.


Terry

 

[thinze3]

2005, and as most GM's have been sold since , so a 2b annual GM week, the Transfer fee is more like $4200, the few early units sold pre-sale have that 10% transfer. The early MP weeks prior to 2001 have just a single annual transfer fee. There is one on Ebay right now, a 2 bedroom lock out unit.

http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=260279420329&ssPageName=STRK:MEWA:IT&ih=016

These tend to sell for more as the transfer fee is $$$$ less and the annual fees are also lower.

fwiw,

Greg

On that eBay sale it states that the resort trnsfer fee is $510.

Please contact ******** Closing Services, Inc. with questions about closing at *******. Closing costs are only $299, which include Escrow, Deed preparation, title search and policy and resort notification of transfer of ownership. The resort also charges a $510 transfer fee.

Terry

 

[aliikai2]

Yes, that is the annual fee for this 2 bedroom MP unit

The current MP 2 bedroom units have an annual fee of $694, and it increases 5% per year, they also have a transfer fee of 5 times that annual for or $3470 plus any purchase price and closing costs.

The one I posted is prior to 2001, so the transfer fee is only 1 annual fee.$510

So to compare, if you bought a 2005 or later MP 2 bedroom say for $1 plus closing and transfer cost, you would pay $299+$1+$3470 =$3770 and and extra $184 per year per week of use( most units come with a registered week and a Vacation fair week) so over a 10 year period, you annual costs would be $2208 extra due to the higher annual fee and the higher every 5 year replacement fee( total cost of annual fees estimated $7634.00 plus the $1465 for the 2 five year renewals.=$9099.00)

Your total outlay for 1 week per year in the early 2 bedroom for 10 years would be $5168 less for the same 10 years use.

Now, both of these have something that no other ownership program has, once you ( or your spouse) reaches 75 , you only pay 50% of your annual fees for each registered week, and at 77 you pay nothing, nada, zip, zilch to use your registered weeks.

At this point , when we reach that age , we will be able to spend 4 months in various MP/GM units for free each year.:whoopie:

If you have further questions, just ask. As you can see, I have researched this program rather fully.

Greg

On that eBay sale it states that the resort trnsfer fee is $510.




Terry

 

[pammex]

allikai2- does this over 75 age thing apply to all ownerships at the Mayans. I own a Mayan Palace Regency and I do not see any of this written in my contract...does it just apply in general to all owners.? Thanks

 

[Zib]

Yes, I think it will apply. We own a Mayan Regency and when we got to that age, 77, we got a certificate stating no more Mt fees (except the 5th year renovation fee) We've stayed two years free and coming up on the third. It was not in our contract, or any of the original contracts, I don't think. But you have to get your certificate at one of the resorts when you're down there.

 

[Zib]

drguy When you said there was no difference in owning any of them, did you mean no difference in owning Mayan or Grand Mayan?? Can you book into Grand Mayan if you only own a Mayan?? I know if you have a Grand you can book down to the Mayan or Sea Gardens but didn't know it would work the other way around??

 

[pittle]

I don't think you can book up to a Grand with a MP or SG. We have been given a complimentary upgrade a couple of times in Nuevo. When we first bought a 2-bedroom Sea Garden, our contract said we could book a 1-bedroom Mayan Palace. I doubt that new contracts say that now. When we upgraded from the SG to the MP, the Grand's were not built yet, so there was no statement like that in our MP contract. Our Grand contract does not mention trading down, but I know you can. (I wouldn't do that, but I have several MP weeks that I can use.) We got what is called Sun-Pak & Maz-Pak with our Grand upgrade. It lets us go to a MP or SG by paying the MF for the unit size that you stay in. We also have the accrual feature with our Grand. Unused GM weeks can carry over for one year. The GM VF weeks carry over too.

We have the Senior Certificate and they wrote all of my contract numbers on it even though they originally said it would only be issued for contracts in which we were the original purchaser - that would be our first contract and our GM contract. The only unit we own that is not listed on our Sr. Certificate is the one that we bought this year on eBay. At one time, there was a specific time frame to sign up for the St. Cert. and you had to do it at a MP resort. I will most likely try to get the new one added to my certificate when at NV in November.

 

[drguy]

drguy When you said there was no difference in owning any of them, did you mean no difference in owning Mayan or Grand Mayan?? Can you book into Grand Mayan if you only own a Mayan?? I know if you have a Grand you can book down to the Mayan or Sea Gardens but didn't know it would work the other way around??

I meant that all Grand Mayan ownerships are the same. Sorry if I was not clear.
Guy