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HOA's awash in foreclosed low season weeks

Gophesjo

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If my HOA's could find a reasonable way to split usage of some of the low season fixed weeks they have foreclosed upon, so that such a week owner could get one four day and one three day stay, rather than one seven day stay, I would probably take ownership of at least two such weeks, because it is much easier to get away for a weekend or a long weekend than it is for a whole week (other than my long planned weeks away). Anybody know of any resorts that have tried this with their white/blue weeks to move out backlogged inventory?
 

Gophesjo

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I'm guessing it is perhaps each of the resorts I own, as I guess almost all resorts have low season weeks they have taken back through foreclosure actions, or deed in lieu of foreclosure transactions, that they are wishing they could sell but can't, so are rather offering as rental time.

I would like to see a resort offering to process a reservation of one of these low season weeks by issuing two three night weekend use certificates to the owner of the week for a small additiona housekeeping fee of perhaps $69.00. The certificates could, by definition, be used to reserve either the front end or back end weekend of the unit owners deeded week, and a second weekend coming from a week that is also part of the other inventory that the HOA holds.

Again, if any of my resorts that are not too far away had such a program for marketing its off season weeks, I would buy a couple of them.

As it is, one of my resorts is offering a 'buy one - get one free' white/blue week promotion for resales that isn't attractive to me (as it the requires two annual maintenance fees for unattractive weeks, rather than the possibility of two shorter stays for one maintenance fee payment.
 

rickandcindy23

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A different idea is allowing an owner to take a week of their choice for a reduced price for the week.

This is what Twin Rivers does with blue weeks. The cost of the week just sitting isn't much, so we cannot let owners use the weeks free, but for 1/2 price MF's, owners can rent a week. It helps the resort and keeps housekeepers working more hours (therefore more pay, since they work hourly). We can even deposit those weeks into an exchange company and use them cheaply to get somewhere last-minute. Works very well.

We also have weeks owners aren't paying fees for more than two years. Those weeks are available for 2/3 MF's, one year at a time, and I can deposit 3 bedrooms, red season for PFD in RCI and get 53,500 points for $380. This is available only to owners. It's a bargain for me, and I do take advantage of it on occasion.

It's important for a resort to have a board who is always thinking of ways to improve the budget and keep the resort maintained. I think we lack that at most resorts. Management companies aren't very creative, in my opinion, and they need owners to step up and think outside the box.
 

JudyS

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If my HOA's could find a reasonable way to split usage of some of the low season fixed weeks they have foreclosed upon, so that such a week owner could get one four day and one three day stay, rather than one seven day stay, I would probably take ownership of at least two such weeks, because it is much easier to get away for a weekend or a long weekend than it is for a whole week (other than my long planned weeks away). Anybody know of any resorts that have tried this with their white/blue weeks to move out backlogged inventory?
I think the main problem with this plan is that the mid-week nights would almost certainly sit empty. So, it would probably work better for the HOA to offer their off-season weeks as rentals to owners at a discounted price, as Cindy's resort does.
 

ronparise

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Avenue Plaza in New Orleans according to their budget has over 17% bad debt

But. They offer split weeks and for every week I own I have another right to use week available to me (if I pay a fee equal to another mf and which can also be split). and I can check in any day of the week. Oh and those splits can overlap...

The combination must work,,the budget shows a bad debt Item of about 17% of the total budget, but there is also another item almost as large for other income (the right to use weeks fees)

This place just finished a back to the walls renovation, with new kitchens and baths, even new elevator cars. Everything paid for out of the annual fees...no special assessment, and my fees remain among the lowest in New Orleans. This year they are working outside on the pool and courtyard

I like this place
 
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