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Resale Question

davidahn

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Hey! I may owe you big!

Here is OF for $49,900. -- I guess you own me a big one...

http://www.transactionrealty.com/html/BestBuy.htm#HAWAII

Hey, I think I just MAY owe you big! The listing you showed me is an OF in WKORV-N (no deluxes in North), but just above that in the WKORV section there was something claiming to be a Deluxe Ocean Front. If this pans out, I WILL owe you big time!

David
 

SDKath

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Hey, I think I just MAY owe you big! The listing you showed me is an OF in WKORV-N (no deluxes in North), but just above that in the WKORV section there was something claiming to be a Deluxe Ocean Front. If this pans out, I WILL owe you big time!

David

And another for $53k asking that you can probably snag for around $50k!
Seen on myresortnetwork.

Float Westin Kaanapali Ocean Resort Villas Lahaina, Maui
Hawaii 2 / 2 8 Michelle Donato GMAC Real Estate $53,500.00 Deluxe Oceanfront 2b2b annual lockoff One of the largest units in Maui.Stay in Luxury. Priced to sell. Timeshare Resales USA/GMAC Lic. Real Estate Agent Michelle Donato
 

davidahn

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Rent/FAQ

From 12 - 8 mos. out you are guaranteed your deeded view IF still available. After 8 mos. you are making a Staroption exchange, you have no right to a particular view, and you could get any old view - even Island/Highway View.

If you own OF, you definitely want to reserve a week at least 8 mos. out! After that you cannot guarantee a renter an OF view, and the rental value will be much less. However, I would not expect $7 - $10K.

Have you had a chance to read the Starwood FAQ at the top of the forum?

Thanks for the well-written FAQ, BTW. I had read it, and it was very informative and got me started on the path to requalification & resales, and rescindment of my developer WKORV purchase and onto my resale search. What wasn't spelled out were the exact mechanics of the reservation system. When you reserve online, does it NOT tell you what view you're going to get? Do you just book the dates, and you get the luck of the draw depending on your priority? I assumed they tell you what you're gonna get, and you can keep trying for dates 'til you get the view you want?

Regarding rental rates, I guess I was fooled by the optimistic rental listings on VRBO.com... I was just hoping that having the Ocean Front Deluxe would fetch higher rates?

David
 

davidahn

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And the debt goes on...

And another for $53k asking that you can probably snag for around $50k!
Seen on myresortnetwork.

Float Westin Kaanapali Ocean Resort Villas Lahaina, Maui
Hawaii 2 / 2 8 Michelle Donato GMAC Real Estate $53,500.00 Deluxe Oceanfront 2b2b annual lockoff One of the largest units in Maui.Stay in Luxury. Priced to sell. Timeshare Resales USA/GMAC Lic. Real Estate Agent Michelle Donato

SDKath, you also may deserve my thanks and I will owe you if this pans out!

David
 

DeniseM

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What wasn't spelled out were the exact mechanics of the reservation system. When you reserve online, does it NOT tell you what view you're going to get? Do you just book the dates, and you get the luck of the draw depending on your priority? I assumed they tell you what you're gonna get, and you can keep trying for dates 'til you get the view you want?

The owner's priority period is 8 - 12 mos. out and you are guaranteed your deeded view if it is available. Most of us call the second the office opens at 12 mos. out, because your time stamp determines your priority for the best view. In your case, that would probably be OF - top floor. The closer you get to 8 mos., of course, the more reservations have already been made, and the less likely you are to get a good view. For instance, the first picture on this page is the OF view from the first floor of Bldg B - WKORV FF B OF

I guarantee your renters would NOT be happy here! As you can see, the second picture, which is from a good ocean view location, actually has a prettier view.

When you make your Resv., Starwood will confirm your deeded view, but they won't confirm anything else until check in and they claim not to reserve the rooms until the day before.

Regarding rental rates, I guess I was fooled by the optimistic rental listings on VRBO.com... I was just hoping that having the Ocean Front Deluxe would fetch higher rates?

This is what happens - you buy a TS and your helpful sales person tells you that you can recoup your cost by renting for big bucks, then the trusting owner actually tries to rent their unit for that amount. You might get 6K for OF week 51 or 52, but I don't think you will see more than that on a regular basis.
 
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DeniseM

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The 5th picture on this page is from the 6th floor, OF Deluxe, Studio, in Bldg. A. This was a fantastic view! Compare that to the first floor view!

So, whether you are renting or using the unit yourself, there can be a tremendous variation within view categories, and you want to reserve early for the best shot at a great view.
 
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DeniseM

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I just noticed something in your post about online reservations. There is NO real-time online reservation system. If you reserve online, all you are doing is sending an email and waiting for someone to get around to responding - plus, they won't allow you to send your email before 12 mos. out (it kicks back) so you can't even get it in early to get in the front of the email line.

Right now, the only effective way to make a Resv. is to call at 8:59 ET at exactly 12 mos. out. Otherwise, your time stamp will be behind all the people who called..
 

wfleish

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The owner's priority period is 8 - 12 mos. out and you are guaranteed your deeded view if it is available. Most of us call the second the office opens at 12 mos. out, because your time stamp determines your priority for the best view. In your case, that would probably be OF - top floor. The closer you get to 8 mos., of course, the more reservations have already been made, and the less likely you are to get a good view. For instance, the first picture on this page is the OF view from the first floor of Bldg B - WKORV FF B OF

I guarantee your renters would NOT be happy here! As you can see, the second picture, which is from a good ocean view location, actually has a prettier view.

When you make your Resv., Starwood will confirm your deeded view, but they won't confirm anything else until check in and they claim not to reserve the rooms until the day before.



This is what happens - you buy a TS and your helpful sales person tells you that you can recoup your cost by renting for big bucks, then the trusting owner actually tries to rent their unit for that amount. You might get 6K for OF week 51 or 52, but I don't think you will see more than that on a regular basis.

Since you are talking rental rates, what is the typical range for renting an IV unit (either at WKORV or WKORV-N). I don' t care so much about views, as i just happy to be in Maui, close to the beach, in a comfortable room.
 

DeniseM

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I don't know about IV, but I rented my OV unit for $3,400K, easily, for 2008. I would think IV goes for less, but not sure how much?
 

davidahn

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Thanks!

The owner's priority period is 8 - 12 mos. out and you are guaranteed your deeded view if it is available. Most of us call the second the office opens at 12 mos. out, because your time stamp determines your priority for the best view. In your case, that would probably be OF - top floor. The closer you get to 8 mos., of course, the more reservations have already been made, and the less likely you are to get a good view. For instance, the first picture on this page is the OF view from the first floor of Bldg B - WKORV FF B OF

I guarantee your renters would NOT be happy here! As you can see, the second picture, which is from a good ocean view location, actually has a prettier view.

When you make your Resv., Starwood will confirm your deeded view, but they won't confirm anything else until check in and they claim not to reserve the rooms until the day before.

This is what happens - you buy a TS and your helpful sales person tells you that you can recoup your cost by renting for big bucks, then the trusting owner actually tries to rent their unit for that amount. You might get 6K for OF week 51 or 52, but I don't think you will see more than that on a regular basis.

Thank you so much for clearing that up! That helps. About online reservations, no wonder people keep talking about calling to reserve (I thought you were all just behind the times!). Anyway, I'm hoping the sellers will be able to grab either August-September or Thanksgiving for me to rent after I get the deeds.

BTW, thanks to SDKath and Myip, I may be able to save some serious dough! I'm cancelling my purchase! We've not yet started escrow, I just submitted a credit card for the deposit. I hope both those leads pan out!

In fairness, the salesperson only mentioned about $5K, I deluded myself on VRBO.com. :)

Thanks to all for your help!

David
 

jkrischt

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Can I ask how long the whole process took, and how much your closing cost was?

I'm in the process of buying a WKORV, the broker is Timeshare Broker Services in FL, they're quoting $850 closing with Transfer My Timeshare for escrow, and 10-12 wks estimated. Anyone have any experience with either of these?

David

Looks like the previous owner acepted our offer on Nov 27 and we offically closed on Jan 28. So it took us about 2 monthes for that...but that doesn't mean anything as far as I'm concerned until Starwood has me in their system...And today is 30 days from when they were sent closing documents.

As for closing costs...I dont' have the paperwork in front of me, but I think we paid $450 for closing...
 
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jkrischt

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I bought from the DEVELOPER in early January and am still not in the system.

That is suprising. We originally bought through the developer (before we recinded) and we literally showed up the next day on Starcentral.com.
 

Denise L

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Since you are talking rental rates, what is the typical range for renting an IV unit (either at WKORV or WKORV-N). I don' t care so much about views, as i just happy to be in Maui, close to the beach, in a comfortable room.

I helped a friend rent out her WKORV-N IV for $4200 (split into two weeks).
 

davidahn

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Thanks.

Looks like the previous owner acepted our offer on Nov 27 and we offically closed on Jan 28. So it took us about 2 monthes for that...but that doesn't mean anything as far as I'm concerned until Starwood has me in their system...And today is 30 days from when they were sent closing documents.

As for closing costs...I dont' have the paperwork in front of me, but I think we paid $450 for closing...

Initially (before I was educated), I thought "1-2 weeks, no problem." But now that I've heard 100-120 days, I'm encouraged by your 2 months. But I hadn't really factored in the "getting into the SVN" part.

But since I'm planning on purchasing from the developer, I wonder if THEY can get them in the system faster if I say "I'll buy as soon as I'm in the system"? The salesperson already knows I'm planning on requalifying resales.
 

SDKath

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Anything can happen in you make it a contingency of the purchase! We bought DVC last month and I told them we would buy if they got me a new year's week reserved at Animal Kingdom. They told me that we could not use our "bonus points" from the developer except at 7 months out so it could not be done, etc, etc.

I said ok, no deal. They quickly called me back (within 2 hours) with a done reservation for a 2BR LO at AKV using our bonus points.

So make everything you want negotiated part of the contract. It works well when they are eager to sell to you. :)

Katherine
 

myip

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Initially (before I was educated), I thought "1-2 weeks, no problem." But now that I've heard 100-120 days, I'm encouraged by your 2 months. But I hadn't really factored in the "getting into the SVN" part.

But since I'm planning on purchasing from the developer, I wonder if THEY can get them in the system faster if I say "I'll buy as soon as I'm in the system"? The salesperson already knows I'm planning on requalifying resales.


If you already have the deed, you can scan it and email it directly to 00SVO-TitleChanges@starwoodvo.com
they are very fast, it takes 2 days.
 

DavidnRobin

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Did you get a big bonus on Friday?!?

If only I knew about that $49.5K OFD then! Or if I was guaranteed that such a deal was right around the corner! I'd wait. But we're still near the beginning of the year, and I still have a chance to rent or use this in '08; that's worth $7-10K right there! BTW, the next time you see an OFD for $50K, LET ME KNOW!!! I'll owe you a big one.

company stock increase...

As I think I read in the responses - and as I mentioned - there are OF Dlx units out there for much less - patience and researching can save quite a bit. Luxury item or not - that saved money can go towards years of MFs (or flight costs, etc.). Be careful of being penny-wise, but pound foolish - even when it come to vacation investment. It is not worth $7-10K just to have 2008 usage - it just isn't... {and I will leave it at that...}.

We were in a similar situation n regards to justifying - we had felt that we saved $1000s after finding TUG and rescinding OF WKORV-N, but with a bit more research and patience - we could easily haved saved ~$5K more. We could justify it a bit by aligning our reservation data with our wedding (like we did) - but saving $5K+ would have allowed us to pay for more family to join us (or at least more expensive champaign...).
 

davidahn

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You're right

company stock increase...

As I think I read in the responses - and as I mentioned - there are OF Dlx units out there for much less - patience and researching can save quite a bit. Luxury item or not - that saved money can go towards years of MFs (or flight costs, etc.). Be careful of being penny-wise, but pound foolish - even when it come to vacation investment. It is not worth $7-10K just to have 2008 usage - it just isn't... {and I will leave it at that...}.

We were in a similar situation n regards to justifying - we had felt that we saved $1000s after finding TUG and rescinding OF WKORV-N, but with a bit more research and patience - we could easily haved saved ~$5K more. We could justify it a bit by aligning our reservation data with our wedding (like we did) - but saving $5K+ would have allowed us to pay for more family to join us (or at least more expensive champaign...).

David, thanks for your MANY patient words of wisdom! They were slow sinking in... OK, I didn't want to listen until I found these spankin' good deals. :) I will slow down, since I most likely won't finish the developer purchases before our anniversary rolls around (5/4). Plus, we're doing a major business expansion right now (signed a lease today), so we should probably do less discretionary spending until that stabilizes in 6-12 months. I'm still leaning toward at least getting resale OFD's if the bargains pan out. Otherwise, I'll sit tight and wait for the good deals to roll around.

David
 

davidahn

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Bummer

Oh well, that $44K "Deluxe Ocean" was a deluxe ocean view, not ocean front deluxe. Misleading, as there IS no deluxe ocean view.

[Edit. I stand corrected; I thought deluxes were only for ocean front, but DavidnRobin and Emuyshondt and DeniseM have all pointed out my error.]
 
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Henry M.

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Actually I think there are a Deluxe Ocean Views at WKORV. They are some of the corner units in building 4 where all the island views are. They have the layout of the Deluxe Ocean Fronts, but way in the rear of the property so they can't call them OF.
 

DavidnRobin

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Oh well, that $44K "Deluxe Ocean" was a deluxe ocean view, not ocean front deluxe. Misleading, as there IS no deluxe ocean view.

This is incorrect - there are 6 OF Dlx OV and 18 IV Dlx units in B4 at WKORV.

Please be careful with statements here that people may take as fact - this was mentioned in another thread. When we make incorrect statements as a source of knowledgable information that people depend upon, then we are no better than the TS salespeople that spew misinformation as fact.
 

DeniseM

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Yes - there are deluxe ocean views. They are larger corner units with an ocean views. The MF is significantly more - not worth it to me. We had a thread about this a while back, I will try to find it. I know that DavidnRobin has the info.

You beat me to it, David! :D We are going to have to call you something else, now that we have 2 Davids!
 

davidahn

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OVD?

Yes - there are deluxe ocean views. They are larger corner units with an ocean views. The MF is significantly more - not worth it to me. We had a thread about this a while back, I will try to find it. I know that DavidnRobin has the info.

You beat me to it, David! :D We are going to have to call you something else, now that we have 2 Davids!

I thought there were only deluxe ocean fronts... I didn't know there were deluxe ocean views too! Just when I thought I had it figured out! I will edit my post. Don't want to confuse anyone.

David
 
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