Hyatt Coconut Plantation -Stalled????

[Lingber]

Does anyone know what is really going on at Coconut Plantation? I read that they had stopped construction due to nesting of Bald Eagles. I called there today to ask the status and was told that they are redesigning from 3 - 5 story bldgs. Also there was no one available in sales to speak to. They were "on Vacation" due to low season and room upkeep week. Sounds strange that they would give the entire staff off!

What is WCI's role in this property and how does their bankruptcy filing effect Coconut Plantation. Any info would be helpful. I am still within recission on my purchase here and would hate to buy a resort that stalls and doesn't get finished for many years.

One last question. Is this the largest HVC? Do you think the size will affect the value? I am buying 2200 pts.

Thanks!

 

[Carmel85]

Does anyone know what is really going on at Coconut Plantation? I read that they had stopped construction due to nesting of Bald Eagles. I called there today to ask the status and was told that they are redesigning from 3 - 5 story bldgs. Also there was no one available in sales to speak to. They were "on Vacation" due to low season and room upkeep week. Sounds strange that they would give the entire staff off!

What is WCI's role in this property and how does their bankruptcy filing effect Coconut Plantation. Any info would be helpful. I am still within recission on my purchase here and would hate to buy a resort that stalls and doesn't get finished for many years.

One last question. Is this the largest HVC? Do you think the size will affect the value? I am buying 2200 pts.

Thanks!

Personally,

I would call the resort manage. Also I would find out when the Hoa Annual meeting is (should be coming up). Call Hyatt directly at their offices.Also Siesta Key sales might know.

I heard everything was approved. You cant go wrong with owning a 2200 I have many friends that own CP and love it.

 

[mesamirage]

I am still within recission on my purchase here ... Do you think the size will affect the value?

You should rescind immediately and start your search for a resale week... that will affect your value more than anything else you can do.

CP has already been stalled due to the Bald Eagle issue but it hasn't had an affect on values in my opinion... Hyatt resale values have been strong across the board and should only get stronger (not counting global financial forces that could affect the entire industry) as Hyatt brings more top tier resorts online... New York, Siesta Keys, Northstar and eventually Hawaii.

Just my 2 cents. Rescind and save a bundle of $$$$

 

[Kal]

All the Hyatt resorts have at least one maintenance week a year. During that week all the units are empty. They generally do a thorough cleaning and perform repairs (such as tile replacement) that needs more than a few hours to complete. Since there are no guests at the property, the sales staff have the week off too.

The bald eagle issue stretched out for a LONG time and all construction was halted. Now, to get around the eagle issue the additional new buildings which were on hold are being redesigned from a 3 story structure to 5 stories. This takes time so I wouldn't worry about that as being a "deal-killer".

Right now only one of the three Key West resorts has any inventory for sale and that is expected to sell out within a year or less. Siesta Key is under construction, but will be very spendy. This leaves Coconut as the only "budget priced" resort available. The current prices WILL increase, so you might want to grab it while you can at this price point.

 

[sullco]

Mesamirage--high resale values vs. rescind and buy resale

Your advice seems a little contradictory to me--if resale values are good, then what is the spread between new inventory and resale inventory?

Also--One of the differences with HVC is that you actually own and get to use a specific unit--so in cases where it means something to have one specific unit and one specific time, you might do well to buy developer inventory.

RE: long term value of the resort, if everyone took your advice, rescinded, and bought resale, the resort would never get finished. So that certainly affects the ambience and value of the place, wouldn't you say? Do you want construction activity going on next door for decades to come?

At some point, the knee jerk "rescind and buy resale" makes very little sense in the HVC system. My opinion.

 

[mesamirage]

Sorry for the confusion... and being so direct to the point of ONLY purchasing resale. Couple points below:

1) I will not try to convince you to rescind... that discussion has been a topic discussed thousands of times on TUG... its just a financial fact at this point.

2) Resales values are good... but retail prices increases have been even "better" so no worry about the spread between Retail vs resale closing anytime soon. The good thing about resale prices in my opinion is it really shows the demand and value for your timeshare... there are many willing to just give away their timeshare for $1 on ebay.

3) I fully understand the Hyatt system and how you own your week, it is something I think makes Hyatt somewhat of a Hybrid system and even more attractive. I would suggest that you may have to spend a bit more time shopping resale but that you can eventually get that week/unit VERY close to what you desire. 3A) Reality is that if you are fully enjoying the Hyatt system it is unlikely you will stay in your purchased week very often if at all. We own 3 weeks... for the last 4 years... and have only stayed in our week once.

4) No worries about everyone buying resale... 95% of timeshare buyers (and that is a guess) NEVER find TUG or research what they are purchasing... just think you are one of the lucky ones that can make a fully disclosed and informed decision.

Just a few points to consider.... the math never adds up to purchasing from the developer... however even if you do... CONGRATS!! and welcome to TUG.

 

[Kal]

Resale prices will get very close to developer pricing when you see this happening:

* No incentives to attend a presentation

* No comission to the sales person

* No marketing office

* No back-office staff

* No advertising

* No free stays

* No toll-free phone numbers to sales & marketing

* No fancy brochures

I'm probably missing something but as long as the developer has to spend money to attract buyers, the developer price will be higher than resale.

You can expect the resale price to be at least 50% of the developer price just to accomodate the above AND provide a profit to boot.

 

[YoungCat]

Are there any financial incentives, points for Hotels or something, that would be enough incentive to consider purchasing from the developer? I have read about Starwood/Westin and some TUG members do decide to purchase like one unit from Starwood to get Elite status, does Hyatt offer anything like that? or is there really no way to justify the price difference between resale and developer.

Thank you for any replies.