Misc. SVO Sales Tidbits

[Kildahl]

Just recieved a call from a home office sales rep. I had called him last week to inquire about Princeville and doing a retro. He said it will be hard to do any bargaining with a Princeville purchase due to the sell out of inventory at Maui-North (" except for a few EOY units" )and higher than expected sales at Princeville.
He clearly wanted to change the discussion to Cancun and expounded on the alternatives available there to retro and acquire a developer purchase and identical option points at a lower cost. Incentives were minimal, btw.:zzz:
Take this with a grain of salt.

 

[SDKath]

Just recieved a call from a home office sales rep. I had called him last week to inquire about Princeville and doing a retro. He said it will be hard to do any bargaining with a Princeville purchase due to the sell out of inventory at Maui-North (" except for a few EOY units" )and higher than expected sales at Princeville.
He clearly wanted to change the discussion to Cancun and expounded on the alternatives available there to retro and acquire a developer purchase and identical option points at a lower cost. Incentives were minimal, btw.:zzz:
Take this with a grain of salt.

Thanks. My sales rep tells me there are hardly any points given as incentive at Cancun these days due to strong sales.

We are wating for Riverfront to come out.

Katherine

 

[twz]

I'm new to the TUG boards (this is my first time posting), but thought I'd add something to this thread since I attended my owner's update at WKORV on Sunday, 2/17. Here are the prices and points I was quoted:

WKORV-N
EOY IV - $31,500 and 125,000 StarPoints
EY OV - $68,900

Princeville
EOY - $26,500 and 70,000 StarPoints
(maintenance on the EOY is $1,100/year)

WKORV (when available)
EY OF (not deluxe) - $89,000
EY OF Deluxe - $104,000

An interesting tidbid I didn't know (although I'm sure all you well-informed tuggers were already aware), is that the Princeville property converts into a higher number of StarPoints than other resorts -- 86,400 StarPoints for 148,100 StarOptions.

Cheers!
Teresa

 

[DeniseM]

Hi Teresa - Welcome to TUG! That is interesting news about the Starpoints for Princeville. I hadn't heard that before! Did they say why?

 

[tonyh]

Princeville doesn't get the honor of having the most Starpoints upon conversion (for a 2 BR worth 148,100 StarOptions). That "honor" goes to Harborside. The reason these two resorts (especially Harborside) have higher Starpoints is the higher maintenance fees at these two resorts.

 

[Catazog]

We are wating for Riverfront to come out. Katherine

Anyone have any news about when Riverfront will be for sale and what the StarOptions will be?

 

[Catazog]

WKORV-N
EOY IV - $31,500 and 125,000 StarPoints
EY OV - $68,900

Teresa

WKORV island view is $31,500 EOY???? Good grief, we paid $34,500 for EY IV in March 2004. If only we could sell it at such an appreciation!

 

[SDKath]

Anyone have any news about when Riverfront will be for sale and what the StarOptions will be?

I heard March 1st. No info on SOs yet. Expect it to be $$$$$ from the sound of it.

Katherine

 

[stevens397]

Catazog-

Look at the bright side. You can probably get your initial purchase price back! How many owners who bought throught the developer can say that?

 

[mirish]

I'm new to the TUG boards (this is my first time posting), but thought I'd add something to this thread since I attended my owner's update at WKORV on Sunday, 2/17. Here are the prices and points I was quoted:


Thanks for the update. I am heading out tomorrow and have an owners update Saturday at VV, great to have some $$ in mind before I get there. Anyone have any other current $$ amounts for current developer resorts. We are looking to buy and requal at the same time.

Thanks,
Marilyn

 

[DavidnRobin]

Catazog-

Look at the bright side. You can probably get your initial purchase price back! How many owners who bought throught the developer can say that?

An EY WKORVN IV just sold on eBay for $20K. (if true)
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&rd=1&item=320206077126&ssPageName=STRK:MEWA:IT&ih=011

 

[SDKath]

Is that a lot? I don't have a good sense for how much these are going for usually. I have seen the EY OV for $35,000 but I am not sure if $20k for IV is good or not.

Katherine

 

[DavidnRobin]

Whether that is good price or not is relative. The point was the SVO buyer paid $35K for a EY WKORV-N that sold for $20K on eBay (if true). btw, I have seen WKORV-N OVs go for much less than $35K on the resale market. I also know someone who paid ~$47K for an IV from SVO - so relative to that - $35K looks great in that they would lose less if they resold.

Getting 148.1K SOs for $20K at WKORVN may (from some buyers point-of-view), be better than paying about the same for 148.1K SOs at WKV since it is considered a better Home Resort. Of course the MFs are about $600 more per year (and rising at a faster rate than WKV).

Also - as I have said many times before - be careful with those SVO prices of VOIs at resorts that are close to sold out (or sold out) - they are based on fuzzy math. Goes back to the same thing - for example - if our WKORV Dlx OF is worth ~$100K - why doesn't SVO excercise their ROFR at $50K and resale. Same holds true for the above case - for $20K - why wouldn't SVO used ROFR and pick-up and sell for >$60K as they claim this is the current selling price. Just because it is their 'paper' price - doesn't mean they are actually selling them.

Perhaps they do or have - but no one has found TUG to say that they just bought from SVO at these prices - and no one has stated that SVO has used a ROFR on WKORV-N or WKORV.

 

[SDKath]

I often wonder about the ROFR too. With DVC, they have a very active ROFR and the prices on resale reflect that (resales are much higher priced -- about 90% of developer prices rather than 50% for some other companies).

I wonder why on earth Starwood would not start buying back their more in demand resorts, esp the M ones like Kierland and WKORV. And SBP for that matter since they are actively selling the Palmettos there. They can easily just add those units to their current inventory and sell it at a profit.

My guess is that they are not selling as well as they would like overall (I think this was in that NY Times article) and they just can't afford to buy back as more inventory would just sit there -- particularly for the more expensive resort weeks like Maui.

I think ROFR would probably save them from the huge downturn they are starting upon right now (raising prices, less SO with purchase, SP devaluation, economy going South, etc). Then again, I am sure Starwood is considerlying this...

Katherine

 

[oneohana]

The sales manager at the Sheraton Waikiki said that a WPORV on ebay would not pass ROFR at $45k.:hysterical:
He also said that Starwood excercises ROFR on almost all WKORV units.:hysterical:
The only things he was correct on were the Aruba being put on hold and the price increase at WPORV.
He mentioned that all weeks at Hawaii resorts will have a 12 month priority window to book at the other Hawaii resorts.

 

[DavidnRobin]

He mentioned that all weeks at Hawaii resorts will have a 12 month priority window to book at the other Hawaii resorts.

also - not true - the 12 month priority is only for Home Resort (as we all know) - can you imagine the clusterf**k if this were true???

 

[GrayFal]

ROFR has to be written into the original deed/sales agreement.
Starwood can't just arbitrarily impose that condition on a re-sale.

I know this because I used to to own at Marriott fairway Villas and that resort dos NOT have ROFR in the deed....and not at Marriott Dessert Springs I - but they do have it at Marriott Dessert Springs II and Aruba Surf Club....but not at Marriott Boston Custom House.

The newer properties all have ROFR in writing - it is still up to Marriott to decide whether they want to exercise the right and at what price point - but it must be in the original paperwork for the resort.