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Thanks. Pretty happy about the "consolation prize". The closing agent gave me the suggestion that Marriott was not exercising ROFR on anything, so I did not really consider the possibility of ROFR (otherwise, might have submitted a higher purchase price)
Marriott waived on my OceanWatch 2BR platinum oceanfront at $11,000.
ROFR request submitted on Monday afternoon, Marriott's turnaround time <48 hours. I'll add it to ROFR.net
I have been tracking Grand Residence Quartershares and a 2BR/3BA until went under contract and passed ROFR today. I am not the buyer as I am still working with MVC to find a good enrollment option property in Aruba, but wanted to pass along the sale (wish I was the buyer). It cleared at $60k and brings 51k DC points on average annually. With the $5k bonvoy enrollment fee and closing costs, this went for $1.28 acquisition per point. Unreal value with $15,500 annual maintenance fees/taxes.
I have been tracking Grand Residence Quartershares and a 2BR/3BA until went under contract and passed ROFR today. I am not the buyer as I am still working with MVC to find a good enrollment option property in Aruba, but wanted to pass along the sale (wish I was the buyer). It cleared at $60k and brings 51k DC points on average annually. With the $5k bonvoy enrollment fee and closing costs, this went for $1.28 acquisition per point. Unreal value with $15,500 annual maintenance fees/taxes.
You are correct, you need to buy 5k DC points or an Aruba/St. Kitts legacy week at 5k points DC conversion. Either way, you have to pay roughly $50k to enroll the GRC. I realize that changes up front costs when you put the two together, but still keeps it below $2 per acquisition point when you factor in the 10k bonus points they are giving on the enrollment purchase.
I have been tracking Grand Residence Quartershares and a 2BR/3BA until went under contract and passed ROFR today. I am not the buyer as I am still working with MVC to find a good enrollment option property in Aruba, but wanted to pass along the sale (wish I was the buyer). It cleared at $60k and brings 51k DC points on average annually. With the $5k bonvoy enrollment fee and closing costs, this went for $1.28 acquisition per point. Unreal value with $15,500 annual maintenance fees/taxes.
MVC continues to amaze me in its random use of ROFR. How could it have possibly passed up a chance to purchase 51,000 DC points @ $1.28 and to then resell them for $7 --> $14 (hybrid package --> full retail)? That's a 5x --> 10x mark-up -- a foregone mark-up of $291,720 --> $648,720 on a single transaction. Yet MVC exercises ROFR for a few hundred dollars of mark-up elsewhere.
@vacationtime1 - They passed it up because they are picking up the things that will be easily sold. I'm seeing a lot of huge point value or large grouped week purchases in several systems that are being dumped on the market now. The problem is finding a buyer willing to put out the amount of money needed to purchase a very expensive luxury car or (in some areas) a house for timeshare points. That's a very small pool of buyers.
Case in point, I stumbled on a Disney Vacation Club Grand Floridian guaranteed week 52 out in the wild somewhere (I have no idea where) for about $100K. Not very many people have the ability to buy a timeshare week for that cost.
$100K is a lot to pay for any timeshare week, imho.
But 51,000 DC points with total maintenance fees of $15,500/year is not a timeshare week; it is a profit center (I don't want to call it a business). DC points can be rented for approx $0.64/point. That's $32,640 of receipts, or a profit of about $17K/yr. That's a rate of return that MVC should want to internalize.
$100K is a lot to pay for any timeshare week, imho.
But 51,000 DC points with total maintenance fees of $15,500/year is not a timeshare week; it is a profit center (I don't want to call it a business). DC points can be rented for approx $0.64/point. That's $32,640 of receipts, or a profit of about $17K/yr. That's a rate of return that MVC should want to internalize.
That’s with an assumption that people can rent that many points. Renting is not always easy. There are many people who are stuck trying to rent their points or weeks. It’s not automatic, not even in desirable locations with oceanfront views.
That’s with an assumption that people can rent that many points. Renting is not always easy. There are many people who are stuck trying to rent their points or weeks. It’s not automatic, not even in desirable locations with oceanfront views.
I think the issue is that the market for points rentals is pretty small. Injecting that many points into the system and getting them all rented every year may not be easy. I suspect it would be hard to rent them all for $0.64 a point.
Just learned that Marriott exercised my second proposed purchase at $2.25 a point. I'm going to continue to be patient and climb the ladder incrementally.
MVC continues to amaze me in its random use of ROFR. How could it have possibly passed up a chance to purchase 51,000 DC points @ $1.28 and to then resell them for $7 --> $14 (hybrid package --> full retail)? That's a 5x --> 10x mark-up -- a foregone mark-up of $291,720 --> $648,720 on a single transaction. Yet MVC exercises ROFR for a few hundred dollars of mark-up elsewhere.
Can they even put a Grand Residence Quartershare into the DC Trust? Maybe @dioxide45 can answer that since he researched the Trust filings a few years back. So, if they CAN'T or DON'T put Quartershares into the Trust, then exercising ROFR would mean they would have no option other than finding a buyer for the entire Quartershare. They would not be able to just add them to the Trust and resell the points at their standard prices.
Can they even put a Grand Residence Quartershare into the DC Trust? Maybe @dioxide45 can answer that since he researched the Trust filings a few years back. So, if they CAN'T or DON'T put Quartershares into the Trust, then exercising ROFR would mean they would have no option other than finding a buyer for the entire Quartershare. They would not be able to just add them to the Trust and resell the points at their standard prices.
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