Marriott now allegedly allowing Vistana (Westin and Sheraton) properties in their Resale Program

[cindylou]

I just attended our Lakeside Terrace Annual Owner meeting yesterday and as of about 2 weeks ago, Marriott is including the Sheraton and Westin properties in their resale program. An owner attended the meeting simply because she wanted to find a way to legitimately get rid of her unit and Chris Colantonio, Director of Finance - Vistana Signature Experiences, Colorado Villas, said he just learned and was happy to supply a new avenue to do so - the Marriott Resale program. Two Marriott Vacation Club corporate guys sitting in the back confirmed this. Unfortunately they have no further info and/or would not share the general ballpark price of what they would buy back units for. The number is 866-682-4547. I don't intend to sell but I gave them a call today just to see what's what. I am 65th in line so I selected the option for them to call me back. I'll report back with what I learn, but in case nothing happens and I forget, I wanted to share the number. This option should be better than a deedback or foreclosure.

 

[SteelerGal]

Will be interested to hear what they offer.

 

[EnglishmanAbroad]

Will be interested to hear what they offer.

Well I'd be happy for them just to give me back what we paid for ours. After all, when we bought 15 years ago they told us it was equivalent to a real estate investment so I'm OK with them keeping the many $K it must have appreciated by now

 

[DannyTS]

it did go up in value when they sell it

 

[cindylou]

I hope no one got their hopes up...

Yesterday I was 16th in line and they said the longest wait was 65 minutes so I pressed 1 so they would call me back. No one did, and I was around for 5 hours. Today I was 7th in line and the longest wait was 71 minutes so I just stayed on hold for 60 minutes, then Ethan came on the line.

Bottom line:
Lakeside Terrace - only eligible for a deedback at no cost to the owner. No proceeds back to the seller.
Westin Ka'anapali Ocean Resort Villas, Oceanfront and Deluxe Oceanfront 2 Bedroom Lockoffs - $15,450 to the seller.

In each case, the owner must pay maintenance fees for 2020 and Marriott would take over ownership for 2021.

You'd probably only want to use this to avoid foreclosure or get out fast. Because I know you could sell on the resale market for at least double that.

Email for the resale office is resale.operations@vacationclub.com.

 

[pacman777]

Wonder what the Platinum WKVs are going for.

 

[DannyTS]

You'd probably only want to use this to avoid foreclosure or get out fast. Because I know you could sell on the resale market for at least double that.

his may prop up the resale value a little bit for many Vistana properties. The desperate owners and those that do not know about TUG, Redweek etc end up dealing with exit companies. Some of those contracts, even those of some value, find their way on the market at fire sale prices hence depressing the overall market. Tuggers noticed that there is not a lot of good resale Vistana inventory available. This may be one of the reasons.

 

[PamMo]

Westin Ka'anapali Ocean Resort Villas, Oceanfront and Deluxe Oceanfront 2 Bedroom Lockoffs - $15,450 to the seller.

What a great deal! (For them.)

 

[SteelerGal]

Thanks for updating

 

[Probity]

New forum member and a novice on current timeshare values (although have own a couple of bi-annual - 1 even year, 1 odd year - island view timeshares at Westin Ka’anapali Ocean Resort Villas for a number of years). Wife had a bad stroke a year ago so looking to unload them. Talked a little with Syed of Advantage Vacations, got some general current market value guidance, but notice on his website and on Red Week that what people are asking $-wise varies greatly even within Island View type properties.

I called Vistana Exit program today (only 15 minute wait time), below is what they are quoting me:

For those of you more knowledgeable on WKORV resale values, is Vistana’s offer in the horrible – low side – average – good price range?

Oh, and they did mention if I wanted to action their by-back offer it would take in the 3-4 month range to finalize.

 

[Mcjohan]

New forum member and a novice on current timeshare values (although have own a couple of bi-annual - 1 even year, 1 odd year - island view timeshares at Westin Ka’anapali Ocean Resort Villas for a number of years). Wife had a bad stroke a year ago so looking to unload them. Talked a little with Syed of Advantage Vacations, got some general current market value guidance, but notice on his website and on Red Week that what people are asking $-wise varies greatly even within Island View type properties.

I called Vistana Exit program today (only 15 minute wait time), below is what they are quoting me:

View attachment 16235

For those of you more knowledgeable on WKORV resale values, is Vistana’s offer in the horrible – low side – average – good price range?

Oh, and they did mention if I wanted to action their by-back offer it would take in the 3-4 month range to finalize.

We were just offered $7,100 (minus $750 transfer fee & 7.25% tax) for an annual 2-BR IslandView Deluxe & were told closing & transfer would take approx 90 days (offer came today via email) It’s a bit less than I’ve seen similar units offered on Redweek, etc. Factoring in how much we’d pay in sales commission, or the hassle of selling it ourselves it’s a tempting offer.

 

[DavidnRobin]

New forum member and a novice on current timeshare values (although have own a couple of bi-annual - 1 even year, 1 odd year - island view timeshares at Westin Ka’anapali Ocean Resort Villas for a number of years). Wife had a bad stroke a year ago so looking to unload them. Talked a little with Syed of Advantage Vacations, got some general current market value guidance, but notice on his website and on Red Week that what people are asking $-wise varies greatly even within Island View type properties.

I called Vistana Exit program today (only 15 minute wait time), below is what they are quoting me:

View attachment 16235

For those of you more knowledgeable on WKORV resale values, is Vistana’s offer in the horrible – low side – average – good price range?

Oh, and they did mention if I wanted to action their by-back offer it would take in the 3-4 month range to finalize.

Syed would probably give best guidance of their values.

WKORV IV Deluxe are tough because of the very high MFs.

The amount being offered by Vistana is low (of course) - you could sell yourself, but may not want the hassle.

Very sorry to hear about your wife.
Good luck to you.



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[Henry M.]

How do those numbers compare with what Syed said? I know OV units are a bit more. I am not familiar with the IV market.

 

[Probity]

How do those numbers compare with what Syed said? I know OV units are a bit more. I am not familiar with the IV market.

Being a novice on current WKORV values, when I first spoke with Syed I explored with him bundling the 2 bi-annuals I have and marketing it as an annual. He pointed out a 2BRLO IV annual on Red Week (new listing a few days ago) for $6.5k. I notice it’s no longer active, maybe it sold. Anyway, with Advantage’s broker fees ($2k or 15% per week whichever is higher), bundling them and asking $6.5k wouldn’t have netted me much. I then asked him about what a reasonable asking price for bi-annual IV’s might be as on Red Week and on Syed’s website they ranged anywhere from $4k to $7k (Syed has one listed for $6.5k and an annual IV for $12k).

I’ve since asked him if in his opinion something greater than $4.6k for a bi-annual IV (with Buyer responsible for all other taxes/fees) would sell quickly but haven’t heard back from him yet.

On Red Week now:

 

[tschwa2]

I think if they would sell quickly you would see those lower priced ones crossed out already.

 

[PamMo]

Like DavidnRobin posted, the high maintenance fees for an Island View 2BR Deluxe really holds down the resale prices. Plus having a view of the ocean in Maui is pretty important to a lot of people (buyers and renters), so demand is less for those units.

Just as an FYI, here are some current eBay listings for a WKORV EOY Deluxe 2BR Island View - https://www.ebay.com/itm/2-BED-LOCK...924632?hash=item48dc9d0a58:g:wL8AAOSwKUxZlJA- and an Annual WKORVN 2BR Island View - https://www.ebay.com/itm/2-BR-WESTI...919871?hash=item48dc9cf7bf:g:wL8AAOSwKUxZlJA-

 

[needvaca]

I would totally take the offer on the WKORV and be done with it. Save yourself the hours of time it will take you to try to sell it on your own. Time is money.

 

[vacationtime1]

I would totally take the offer on the WKORV and be done with it. Save yourself the hours of time it will take you to try to sell it on your own. Time is money.

+1

Additionally, you can rent out your 2020 week. You should make a nice profit against the $1,448.71 MF you paid.

 

[Theiggy]

+1

Additionally, you can rent out your 2020 week. You should make a nice profit against the $1,448.71 MF you paid.

I think it’s $1448 plus last years payment. No?


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[EnglishmanAbroad]

I would totally take the offer on the WKORV and be done with it. Save yourself the hours of time it will take you to try to sell it on your own. Time is money.

I get the sentiment but as someone who paid the developer around $45K for 2EOY IV at WKORVN it would be really galling to 'give' it back to them at this price just so they could make more money out of someone else. Does anyone know if their ROFR applies to you giving away your interest?