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ROFR Exercised/Passed

brp

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I found the answer I expected in the Hilton Club Disclosure statement. Can do Guest Certificate for family/friends (for a fee), but not for rental or commercial use; failure to comply can forfeit membership, yada yada. So, I guess that just means we have to find a renter who will suddenly become part of the family .
Sean
Or one that is a "friend." And the definition is up to you :)

Cheers.
 

Seagila

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The Hilton Club New York (HCNY)
9,000 deeded interest points for $9,650 listed with RedWeek Full-Service Listing
First year of use and MF payment in 2020
ROFR submitted 11/25/19 and passed 12/20/2019
Closing cost is $1,972 with Grand Vacations Title
, which also includes resort transfer fee, recording fees and title insurance.
It's too late to edit my post above, so doing this follow-up. Apparently, the data point I reported earlier in this thread and on rofr.net is for an RTU ownership.

As it turns out, the HCNY deed being sold to us was in fact RTU that expires in 2032. I'm a bit disappointed that a RedWeek Full-Service Listing missed this important criterion for a real estate property. We were clear at the outset that we were not interested in an RTU ownership at HCNY. It may have been misreported by the seller, but as the broker I would think RW confirms what it is they're selling before advertising it. If I bought a house that I thought I would own in perpetuity and then was told, after signing a contract, that in fact I would only own it for 12 years ... anyway. Contract will be cancelled and deposit refunded, so no harm done.

What irks me more is that I was the one who had to bring it to their attention. Every time I've bought a deeded week, I've always done my own preliminary title search - partly out of curiosity, mostly out of due diligence. I usually check the property's history after signing the purchase agreement and get the seller's information. This gives me ten days to cancel the contract if something was not right. I didn't do it sooner this time because it was a RW Full-Service Listing - a trusted source. When I did check ACRIS (New York's online record of deeds) after hearing we passed ROFR, that's when I saw the original contract sold by HGV was RTU. The original owner of the contract defaulted on dues, so the HOA auctioned it off which the current owner/seller bought and is now looking to sell. I would like to think that RW would have caught it before we got too deep into the process or worse yet before the deed was recorded in our names, but who knows? Semper caveat emptor!
 

brp

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This is quite disappointing. The Full-Service listings on RedWeek are definitely supposed to do the due diligence to check things like this. Definitely a Fail on their part.

Cheers.
 

tombanjo

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What did the current owner pay? It was a pretty good price if you are ok with it going poof in 12 years. I would have thought HGVC would have bought and converted to perpetual and sold off in two pieces.
 

Seagila

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This is quite disappointing. The Full-Service listings on RedWeek are definitely supposed to do the due diligence to check things like this. Definitely a Fail on their part.
I agree.

What did the current owner pay? It was a pretty good price if you are ok with it going poof in 12 years. I would have thought HGVC would have bought and converted to perpetual and sold off in two pieces.
According to records, original owners of the HCNY 9,000-point contract paid $33,850 in 2006. The current owner/seller bought it for $22,942 in 2018. Maybe HGV would have waived ROFR at an even lower selling price given that it only has twelve years left on the contract. Some party might be interested in usage expiring in 2032, but I was looking for something longer term.
 

skibikegokf

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I own a Lagoon Tower 2br plus. We have 8400 platinum HGVC points per year.

What are bHC points?
 

tombanjo

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bHC stands for "By Hilton Club" which is a subsection of HGVC. W57th is sort of a bHC and The District (Washington DC) and The Residences (NYC) are official bHC. Points are more expensive, but have owners lounges with breakfast and appetizers and drinks in the evenings. A better booking window as well. The "AI" feature means you don't pay reservation fees, which is nice if you book several short stays instead of a single 1 week home week,
 

Panina

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SteelerGal

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Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.
 

Panina

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Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.
You thought it out and figured out what would work best for you. Love it!
 

TheTimeTraveler

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Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.



Nice move!



.
 

GT75

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Excited because we are re-establishing w/ HGVC. Although we own @ the BayClub, decided not to Hiltionize. At least this purchase will allow us off season access as well as the cash option. It's half the cost of MarBrisa and do not have to rely on RCI trade in.
Congratulations on figuring it out and making it work for you.
 
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