How do you guys feel about Starwood's MF Increases?

[steve1000]

After seeing Negma's post that the MFs at WMH increased very slightly I went back to look at my information and found that I mis-transcribed some numbers and was incorrect that my WMH MFs went up by a double digit rate for 2009. In fact, they only increased appx 3%. I was relieved to see - for the first time since I have been an owner - that my MFs did not increase by a double digit rate. I hope that going forward this type of an increase will be more the norm than the prior year increases. I have always enjoyed my stays at the SVO resorts - so I retract my rant (at least for now) about the aggressive rate of MF increases at WMH.

 

[bruwery]

For my unsolicited two cents, see post #32 in this thread:

http://www.tugbbs.com/forums/showthread.php?t=90160&page=2

Please note that my comments pertain only to WKORV-N. I haven't done any comparison for other Starwood resorts.

 

[starnight]

2009 Mf

MF's started @ $1685 in 2004
WKOFV (2bd OF Deluxe)

2009 Maintenance Fee Details

Due Date 01/27/2009
Prior Balance Due
View Prior Year Balance Detail $ 0.00
Current Year Charges
Maintenance Fee(s) $ 2,459.73
Tax - If Applicable $ 0.00
Membership Fee - If Applicable $ 34.38
Other* $ 0.00
Interest $ 0.00
Late Fees $ 0.00
ARDA ROC PAC Contrib.** $ 0.00
Sub-Total
Current Year Charges $ 2,494.11
Less Payments*** $ 0.00
Total Due $ 2,494.11
Projected Fees for Next Year $ 2,494.11

Sheraton Mountain Vista (SMV) (2bd)
MF's started @ $685.19 in 2003

Due Date 01/20/2009
Prior Balance Due
View Prior Year Balance Detail $ 0.00
Current Year Charges
Maintenance Fee(s) $ 1,048.23
Tax - If Applicable $ 60.58
Membership Fee - If Applicable $ 109.00
Other* $ 0.00
Interest $ 0.00
Late Fees $ 25.00
ARDA ROC PAC Contrib.** $ 0.00
Sub-Total
Current Year Charges $ 1,242.81
Less Payments*** $ 0.00
Total Due $ 1,242.81
Projected Fees for Next Year $ 1,217.81

I couldn't resist posting to this blog. I unfortunately bought two of these things and am having trouble understanding the large increases in MF in the short time I have owned them. The SMV is projecting a 15% increase for 2010, and even though the WKORV is showing no increases for 2010, they always project slight increases & then up the fees by more than 10% when the statements are posted. I am really having a hard time seeing any value in my purchase and really wish someone would have tackled me before I bought the WKORV. AND one more thing; we purchased our units with the expectation of being able to recoup our MF by renting if we decided not to use the unit one year; I am a total idiot! I have only been able to rent the WKOFD unit for $2000 (1 year); this is the 1700 sqft beach front unit. How is everyone else getting the high $$ for rent? We had both sides rented this year for $3000 & had to return the deposit because the renters got cold feet. Now I have a reservation that was made 1 year in advance to get floor preference that no one wants because it's May 30th. I'm starting to wonder if some individuals on this blog are less than truthful about the large rent $$ to compensate for their embarrassment in their timeshare purchase.

 

[DavidnRobin]

The MF projection for 2010 is just the same as the 2009 MFs - it means nothing.

The MFs for WKORV Deluxe (large) w/o SVN fee is as follows (year, amount, % increase from previous year):
2005 $1,623.77
2006 $1,813.16 (11.7%)
2007 $1,954.27 (7.8%)
2008 $2,203.79 (12.8%)
2009 $2,459.73 (11.6%)

per year average increase of 11.0% since 2006


I have rented the studio side of our WKORV OFD for $1700 (in 2007), $1850 (in 2008) and $1950 (in 2009). One of those years the renters never showed up due to a family issue - I only knew about it because I checked up on their intended visit. They never asked for their $ back, and I would not have given it to them since it was a last minute cancelation. The prevous year (2006) my folks stayed in the studio side - we got married while at WKORV that year.

I have also rented WKV for ~$900 and ~$1000 over MFs ($1550 and $1650)

I wrote a thread about renting SVO VOIs to assist others in getting full value (and protection and processes) - not sure if you have read it, but I would suggest reading it if you are attempting to rent. In one part there is a discussion about getting deposits and full payment - which others do differently based on their specific requirements. I did have a renter who backed out (weirdly they sent money to my PayPal account before an agreement was in place - I returned a partial amount of their deposit).

A contract that I drafted - with the help of others - that is listed in the Rental Thread - deals with deposits and full payment.

PS - this is a BBS and has many contibutors of varying viewpoints that ask for nothing in return except for kindness, consideration, and respect - a blog is something that one person generates from their own singular viewpoint that is driven by their personal agenda - that others may (or may not) contribute to...

 

[stevens397]

I'm as upset as the rest of you about not only where the MF are but where they are going. What will they be in 10 years. When you divide them by 7, what will that come out to one night.

Funny thing is that part of the sales process involves telling the prospect about how hotel rates will increase with inflation (and they probably haven't increased anywhere near inflation) yet buyers would be fixing their costs. Gee, they never mentioned maintenance fees.

Even more amazing, how are they going to sell these things in a few more years when MFs are $2000 at a resort?

 

[DeniseM]

we purchased our units with the expectation of being able to recoup our MF by renting if we decided not to use the unit one year; I am a total idiot! I have only been able to rent the WKOFD unit for $2000 (1 year); this is the 1700 sqft beach front unit. How is everyone else getting the high $$ for rent? We had both sides rented this year for $3000 & had to return the deposit because the renters got cold feet. Now I have a reservation that was made 1 year in advance to get floor preference that no one wants because it's May 30th. I'm starting to wonder if some individuals on this blog are less than truthful about the large rent $$ to compensate for their embarrassment in their timeshare purchase.

Welcome to TUG!

I have rented my 2 bdm. for 2 years in a row for $3,500. However, I would never return a deposit. My terms state that the renter has to pay a nonrefundable $100 deposit to put the reservation in their name, and the balance is due in full, within 24 hours of receiving the confirmation from the resort. No refunds, no cancellations - I make that very clear.

Now, in this economy, who knows about next year. But I did just have someone who wanted 2 weeks in March and was willing to pay $3,500 per week - but it's too late to get a Resv.

I think if you advertise widely, and price your TS competitively, you can rent it. I would check and see if you can get a prime summer week (min-June to Mid Aug.) and cancel the May reservation.

Besides the FREE Tug Marketplace, I personally use these cheap or free websites to post my Ads:

www.craigslist.org (free)

www.redweek.com
* Membership $14.99 for 12 Months
* Timeshare Rental Postings - $19.99/ea for 6 Months - $49.99/ea for 12 Months

www.myresortnetwork.com
$19.95 posting fee ($24.95 for a float week ad)

Before you post your Ad, look at the competition on each website - many of the medium and higher priced rentals are unrealistic and will never rent. If you are serious about renting, price your rental a few dollars lower than the lowest price for the same season/unit at your resort.

For lots more info. about renting, see the "How to rent your TS" article at the top of the Buying, Selling, Renting Board, and the article that David mentioned.

I am going to send you a pm with some more info.

 

[DavidnRobin]

The MFs for a 2Bd Townhouse WSJ - Virgin Grand (Hillside) are as follows (Year, MF, % increase from prevous year):

2005 $1,052.87
2006 $1,204.13 (14.4%)
2007 $1,322.98 (9.9%)
2008 $1,521.17 (15.0%)
2009 $2,465.82 (54.1%) - includes $865.17 special assessment (otherwise it would have been 5.2%)

an average increase of 23.3% per year since 2005 (11.1% if special assessment is not included)

 

[DavidnRobin]

MFs for a 1Bd Premium (large) WKV w/o SVN fee are as follows (Year, MF w/tax, % increase from previous year):

2006 $577.53
2007 $629.35 (9.0%)
2008 $674.41 (7.2%)
2009 $698.47 (3.6%)

an average increase of 6.6% per year since 2007

 

[Ken555]

WMH 2Bed EOY

2006: ~$550 (I don't have exact numbers for this year at the moment)
2007: $580.48; 5.25% increase (I don't believe this includes SVN fee)
2008: $649.36; 10.61% increase (no SVN fee)
2009: $669.28; 2.98% increase (no SVN fee)

All over the map with this resort. Happy that it's only a minor increase for this year, of course!