Please explain the difference in price with these 2 resales

[arrosen]

2 auctions recently closed on eBay - both were for Mandatory properties

1. VV-Key West, 2BR LO, Gold Season 81,000 SO annual - $4,500 (eBay Link)

2. WKV, 2BR LO, Gold Season 81,000 SO EOY - $5,500 (eBay Link)

These properties seem comparable, yet the WKV sold for $1000 more than VV...by my calculations, it should have sold for 1/2 of what the VV went for because it is EOY.

What am I missing? 2 things I can think of:

1. The WKV trades better in II, although since SVN deposits the week for you, all Gold 2BR LOs should (theoretically) trade for the same on II

2. Looking at the number of points, VV may not be a lockoff (I think a lockoff in VV is like 90+k points).

Any ideas?

 

[DeniseM]

You can't really do a direct comparison - most people don't buy just for Staroptions or exchanging - they also buy for location, and since these resorts are on opposite coasts, the market value of one, doesn't really impact the market value of the other. With all other things equal, West Coast timeshares sell for more than Florida timeshares, maybe because Florida is over-built.

And yes, the 2 bdm. lock-offs at VV are 95,700 Staroptions.

Also - the ratio of MF to Staroptions (remember, it's not points) is better at WKV, than at Key West.

Here is a comparison of 2 bdm. lock-off MF vs Staroptions:
http://www.tugbbs.com/forums/showpost.php?p=614843&postcount=27

 

[sjuhawk_jd]

It is the location!

2 auctions recently closed on eBay - both were for Mandatory properties

1. VV-Key West, 2BR LO, Gold Season 81,000 SO annual - $4,500 (eBay Link)

2. WKV, 2BR LO, Gold Season 81,000 SO EOY - $5,500 (eBay Link)

These properties seem comparable, yet the WKV sold for $1000 more than VV...by my calculations, it should have sold for 1/2 of what the VV went for because it is EOY.

What am I missing? 2 things I can think of:

1. The WKV trades better in II, although since SVN deposits the week for you, all Gold 2BR LOs should (theoretically) trade for the same on II

2. Looking at the number of points, VV may not be a lockoff (I think a lockoff in VV is like 90+k points).

Any ideas?

EOY generally go for more than the half price as many people do not want the hassle of dealing with maintenance fees, etc every year and are just looking for an EOY contract. They can still use it every year due to lock0ff being deposited as two units. Arizona is also difficult to get into during the winter months via exchange (March, early April), whereas Florida has availability year around, including holidays. Therefore, people are paying premium for the Arizona staroptions over florida.

 

[tomandrobin]

Florida timeshares are a dime a dozen.

WKV L/O, VV is not...so in II you get two WKV deposits, not one. MF's are alot higher in Florida.

Westin Kierland (factoring the hotel) is a top rated resort and Vistana Village does not even come close, in comparison of the two.

 

[James1975NY]

Florida timeshares are a dime a dozen.

WKV L/O, VV is not...so in II you get two WKV deposits, not one. MF's are alot higher in Florida.

Westin Kierland (factoring the hotel) is a top rated resort and Vistana Village does not even come close, in comparison of the two.

Depending on what you want the timeshare for (just StarOptions?), I would go for the SVV property.

Am I missing something? The SVV ad says that it IS a lock-off. Also, the maintenance fees are lower at SVV versus Kierland. Closing in Florida is also faster (typically)

 

[DavidnRobin]

I could be wrong - but MFs are lower for WKV than SVV for a similar unit type/SOs (if I recall correctly). SVV is cheaper to buy.


We own 2 weeks at WKV (1Bd Prem/Plat - 81K SOs) - MFs are ~$630. The 2Bd LO at WKV is ~$1100.

 

[DeniseM]

Depending on what you want the timeshare for (just StarOptions?), I would go for the SVV property.

Am I missing something? The SVV ad says that it IS a lock-off. Also, the maintenance fees are lower at SVV versus Kierland. Closing in Florida is also faster (typically)

It says it's a lock-off, but the number of Staroptions listed is for the regular 2-bdm. non-lock-off.

And the MF is higher in proportion to the Staroptions:

Maintenance fees for standard 2 bdm. M resorts from the Developer Prices in Owner Resources (2009):

Harborside Atlantis $2,433 - Staroptions - 148,100

WKORV-N $1,768 - Staroptions - 148,100

WSJ $1,631 - Staroptions - 148,100

SVV: Bella $1,232 Key West $1,321 - Staroptions - 95,700

Not in current sales so amount from 2008 MF thread in Owner Resources:

WKORV: $1,599 - Staroptions - 148,100

WKV: $1,207 - Staroptions - 148,100

 

[nodge]

Also, the maintenance fees are lower at SVV versus Kierland. Closing in Florida is also faster (typically)

Maybe so, but according to this post, the timeshare developers in Florida have all schmoozed the Florida legislature so much, that, at least in Florida, homeowner associations can apparently do whatever they want in terms of creating special assessments and increasing maintenance fees, even if such actions are contrary to the original terms of the timeshare plan recorded for each property.

As a result, despite the current economy, Vistana Resort’s various boards, which are all really just run by SVO and its people, just like Vistana Villages, just implemented an OUTRAGOUS and MASSIVE special assessment at VR without any advance notice or discussion with owners and without any vote or approval from those owners. How outrageous and massive you ask? Well, the cost per square foot of the state side located VR special assessment is 51% higher than a recently announced assessment for major interior renovations at the remote island side Westin St. John Villas.

Given this data point, who would ever buy an SVO timeshare in Florida with the current SVO management “team” in charge and the Florida laws being what they are?

In contrast, Arizona has no such laws that allow HOA’s to ignore express terms of their recorded timeshare plans. Moreover, WKV’s recorded timeshare plan expressly caps maintenance fee increases and special assessments at no more than 20% of the previous year’s maintenance fee without first gaining approval from the owners.

I'd pay more for a resale for that protection from SVO management.

-nodge

 

[BradC]

And yes, the 2 bdm. lock-offs at VV are 95,700 Staroptions.

...but only during "Prime" season.

Based on the eBay listing, this looks like it's a "High" season ownership (which is actually low season ... at least relatively anyway), which would only be 81,000 StarOptions.

 

[DeniseM]

...but only during "Prime" season.

Based on the eBay listing, this looks like it's a "High" season ownership (which is actually low season ... at least relatively anyway), which would only be 81,000 StarOptions.

I completely missed that - thanks!