Old Mayan Palace Contract Nuevo Vallarta Question

[kyeraco]

Hi, I have an old Mayan Palace 2 br/2ba contract out of Nuevo Vallarta from 3/2000 (registered week plus VF week - maint is 3% and renewal for 25 years at 5x MF). Is it worthwhile to upgrade to Grand Mayan or next level and what would be a reasonable expectation of price to pay? Second, is it better to just hold out on this contract bc of all the development going on at Nuevo Vallarta? The past 2 times they have given a comp upgrade to GM but the last time I tried to make the reservation they would not upgrade it.

Thanks!

 

[pittle]

The MF will be significantly higher and will go up 5% each year. They start at this year's MF for your new beginning price. We had 3 2-bedroom MP contracts that started in different years and the 2004 one was $100 more per MF than the ones bought in 1999 & 2000. The February 2000 one was $15 per MF more than the November 1999 one. They can start wherever they want.

The GM & GB units are nicer because of the decks and bathrooms. The interior space is basically the same size. (I measured the tiles one year when we stayed in both - the MP kitchen/LR area is one foot wider.) The Grand Bliss deck is bigger than the GM one.

New contracts tend to have the no pay unless you go, but your registered week will only be good for 10 years and then you will have Residence weeks (think VF week).

Prices are all over the board. You have to be willing to stay most of the day and have a price in mind before you go. We had 5 contracts consisting of 4 MP weeks and 2 GM weeks when we upgraded to GL. (Only 2 of the contracts were bought or upgraded at a Mayan World resort.) We figured up how much we were obligated for counting the 5 year renovation fees before our 25 year renewals came up - we did not plan to renew for 25 years. We did not count MF because we only had one with mandatory MF and we aways went several weeks a year. So, when they offered us 2 weeks of 2-bedroom GL with 4 Residence/VF weeks for about $2500 more than the cost of all the renovation fees, we considered it just pre-paying what we would over the next 8-18 years in renovation fees and having nicer digs.

We were fortunate enough to have we had the Senior Certificates and they kept those. We would not have upgraded if they did not. Hubs is now old enough for us to go 1/2 price and in 2022, we can go for free.

 

[kyeraco]

Thank you so much for your detailed reply. What is a reasonable target price through for an upgrade to GM or GB? I had heard or read somewhere that these old contracts are better to hang on to due to the registered week? Not sure if that has any validity though. thanks!

 

[pittle]

I sent you personal message. Look at the Mail symbol up at the top to open it.

The registered week is good. You need to see if what the details are for a Residence week are - especially from years 10-100. What is your reservation window? Can you go at anytime of the year?

 

[Eric B]

My understanding of the current modus operandi of the Vida Vacations sales from discussions with former members is that they have a set amount of capital they are trying to raise right now and the "equity" you have is really only an input into what level they will attempt to sell you. Lately they have been selling the Parks contracts as well as one of the GM towers in NV upgraded to a "Deluxxe" oceanfront. They have a bit of a cash crunch due to the resorts being closed for so long and the reduced occupancy, so you can probably negotiate just as good a deal without giving up the MP contract as if you were to give it up. There are some benefits to having a registered week that don't come with the residence weeks.

 

[kyeraco]

Pittle, Thank you so much for taking the time to reply. I will read it after work today! Eric, Thank you as well. with the virus situation, I won't go there now because too scared. lol. Thanks!

 

[T-Dot-Traveller]

I have an old Mayan Palace 2 br/2ba contract out of Nuevo Vallarta from 3/2000 (registered week plus VF week - maint is 3% and renewal for 25 years at 5x MF).
Is it worthwhile to upgrade to Grand Mayan or next level an.... be a reasonable expectation of price to pay?
Second, is it better to just hold out on this contract bc of all the development going on at Nuevo Vallarta?
The past 2 times they have given a comp upgrade to GM but the last time I tried to make the reservation they would not upgrade it

Thanks!

Plittle - Phyllis & Eric B are giving you good information.

I would add this : you have time - since the contract has 5 more years until the 5x MF renewal.
I would assume your current MF ( 3 % cap) is slightly below $ 800 ( my educated guess )
<My 2006 - 1 one bedroom is now $ 780-ish>
Your 2 bedroom can be split into 2 weeks of use / 4 weeks using VF week.

Currently ( Fall 2020 /low season - they are upgrading Mayan Palace reservations to Grand Bliss
( see recent thread started by (musictom) probable because the MP building isn’t being used this month due to resort occupancy levels.

If it was me - I would keep the contract / renew it,
and separately negotiate your best deal on a new contract as Eric B mentioned