Hyatt Windward Point, Key West on eBay --- week 7

[theo]

I'm certainly not in the market (...and it's not my listing, just for the record), but there is a 2BR fixed week 7 (President's Week) on eBay right now, with the auction closing in under 6 hours, with bidding currently just above $10k. I don't know or much care what it will ultimately sell for (and I don't personally like the resort location at all, which is just one step above that of Coconut Mallory, imho), but I am nonetheless surprised at where this low bidding figure is with the time remaining. I also realize that "snipes" could drive the figure much higher in the closing moments.

My only intended point is that a year ago today (or any earlier), I have little doubt that the same unit / week at the same resort would likely have had bids at TWICE the current figure at this stage of its auction.
Just an indicator of the current times and climate, I suppose...

 

[Robert D]

How many points does this one come with? Seems like Hyatt's prices are based largely on the number of points.

 

[theo]

Listing details...

How many points does this one come with? Seems like Hyatt's prices are based largely on the number of points.

According to the listing, this is a deeded, annual, fixed week 7 in a specifically identified 2 BR unit. Apparently, this particular deeded fixed week also has a value of 2200 Hyatt points, although I know absolutely nothing at all about the Hyatt point system.

The winning bid was $13.2k, which seems like a decent (although no remarkable bargain) price for a guaranteed annual, 2BR fixed week 7 in Key West. The facility itself is actually pretty nice --- it's the location (isolated and too near the airport) that is, in my opinion, undesirable.

 

[cirkus]

I'm assuming the Hyatt has a Right of First Refusal, so we don't know if the successful bidder will actually end up with the unit.

 

[Pit]

I'm assuming the Hyatt has a Right of First Refusal, so we don't know if the successful bidder will actually end up with the unit.

But we do know that it sold for 13.2, and that was the most anyone was willing to pay.

 

[theo]

Dunno...

I'm assuming the Hyatt has a Right of First Refusal, so we don't know if the successful bidder will actually end up with the unit.

I make no such assumption, since I don't know Hyatt practices at all.
The listing entity was one of those eBay "disappear / reappear with a new name" reseller outfits often discussed (including now) on TUG.

Even if Hyatt has a ROFR (again, I do not claim to know), I can't personally imagine that $13.2k is "low" enough for them to actually exercise ROFR on that figure in this economy. But I dunno...

 

[cirkus]

I'll confirm the assumption on their right soon enough. I'm going on a presentation there in a few days. That still won't answer whether Hyatt would exercise the right. Needless to say, I have no intention of buying from Hyatt.

 

[Carmel85]

13.2k is a deal on any Hyatt except San Juan PR (that is a mess).

For 2200 points at 13k is a great deal, Florida (except Sunset Harbor KW) seems to sell for less than other hyatt resorts.

I would buy buy buy a 2200 point week for 13.2k all day long. I know you can not get this deal in Tahoe,Sedona, or Texas like this.

Happy Holidays to All

Let it SNOW SNOW SNOW here in Lake Tahoe

 

[JeffW]

I'll be surprised if it clears ROFR. Hyatt's price for 2200 pt weeks easily is 2x-3x the ebay sale price.

 

[theo]

Subject auction item has now reappeared with a new 7 day listing.
Exact same week, exact same unit, exact same number of points.
Apparently not a ROFR situation; would-be buyer maybe got cold feet.
Location within Key West didn't change or improve via new listing. ;-)

 

[theo]

Here's your chance...

I would buy a 2200 point week for 13.2k all day long.

Well, here's a chance to do so for the next week -- see post above.
Personally I wish it was a fixed week 8 and anywhere else in KW (except Coconut Mallory) instead, but I guess I can wish all I want...

 

[cirkus]

We went on the presentation at Windward Pointe today. Price for diamond week (2200 points) week 52 is $43K. Off season weeks went as low as $17K.There is ROFR. When I told the supervisor that a week 7 just sold for $13.2k on ebay, he told me I should buy it at that price, and left the presentation. He didn't say whether Hyatt was generally exercising ROFR.They also told me that the conversion of points into Hyatt Passport points to stay in Hyatt hotels is not available unless you buy from the Hyatt.

We're in a 2BR here, which is what they all are. It's a nice enough unit, but it's small compared to what I'm used to in other 2BR timeshares (Wyndham, Grupo Mayan shell), and not well designed. The 2nd bedroom has 1 double bed in it, so it wouldn't work for my family of 5. Master bathroom has no door between the bedroom and sink area, and with a small bedroom, the sink is almost right next to the bed.

The presentation did only take 90 minutes, as they promised, and it was not a hard sell.
Bill

 

[theo]

Thanks for that info. With that same week 7 now "relisted" on eBay by the same seller (...clearly NOT due to any ROFR intervention), it will be interesting to see if it sells (and for how much) this time around...

 

[JeffW]

Did anyone look closely at the original listing to see if it sold on a sniped (last minute) bid? If so, those who were 2nd or 3rd in line last time now have an idea what it would go for, and I'd expect them to maybe up their offer this time around...

 

[theo]

Dunno...

Did anyone look closely at the original listing to see if it sold on a sniped (last minute) bid? If so, those who were 2nd or 3rd in line last time now have an idea what it would go for, and I'd expect them to maybe up their offer this time around...

I didn't look and don't know, but if it's a situation where the bidding was close and the winner ultimately backed out, wouldn't the seller likely just offer the week to the "next in line" bidder(s) under a "second chance" offer (for peanuts less than the winning bid), rather than have to pay a relisting fee and have to run a whole new week long auction and go through the whole exercise, start to finish, all over again?

 

[theo]

Another (different) Hyatt Windward Pointe listing...

I recently noticed another listing (non-auction; ad posted by a ReMax realtor on TS4MS) for a fixed week 51, 2BR week at this same facility for $17k. Since that $17k "listing" figure is clearly just an "asking" price, it is presumably negotiable downward. It would clearly seem then that a "prime time", 2200 point, 2BR resale can be bought here these days with relative ease for less than $15k (assuming no exercise of ROFR by Hyatt, but ROFR does NOT appear to have been exercised at $13.2k for the relisted eBay item mentioned previously). Seems like a decent enough value, except for the undesirable location within Key West.

Certainly makes me wonder how Hyatt can ask $43k on site (...nearly 3X resale cost) with a straight face, since there is absolutely no less "value" in the identical 2200 point product which is readily available and openly advertised right now out in the resale market.
That's a bit more than "hungry" --- that seems just flat out greedy.

 

[theo]

Wiining bid this time around (closed 1/1/09) was $14,072. I guess we'll soon see whether this now just gets promptly relisted (for a third time). If so, I would personally suspect some shill bidding going on in this particular listing, trying to drive the price up to some unidentified acceptable minimum.