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With many saying that US is in recession (and maybe we wait one more quarter for it to become official), do you believe that MVC will lower ROFR guidelines (e.g., waive their right?) My thought is that we should see more intervals on the market as owners tighten belts and avoid paying MF, and the number of people buying direct would also drop. I suspect that many who watch resale, and have the means may swoop in and purchase. Finally, I suspect that MVC doesn't want to see its balance sheet blow up with inventory. Thoughts? Perspectives from those buying and selling during other recessionary periods (e.g., 2008 - 2009)?
With many saying that US is in recession (and maybe we wait one more quarter for it to become official), do you believe that MVC will lower ROFR guidelines (e.g., waive their right?) My thought is that we should see more intervals on the market as owners tighten belts and avoid paying MF, and the number of people buying direct would also drop. I suspect that many who watch resale, and have the means may swoop in and purchase. Finally, I suspect that MVC doesn't want to see its balance sheet blow up with inventory. Thoughts? Perspectives from those buying and selling during other recessionary periods (e.g., 2008 - 2009)?
I don't believe so. Much different scenario than 2008 where millions were out of work and desperately needed to dump their weeks. Unless that changes in this "recession" I don't think you will see the desperation that was present in 2009. Especially for the high demand locations, I just don't think we'll see much price erosion.
I don't believe so. Much different scenario than 2008 where millions were out of work and desperately needed to dump their weeks. Unless that changes in this "recession" I don't think you will see the desperation that was present in 2009. Especially for the high demand locations, I just don't think we'll see much price erosion.
With many saying that US is in recession (and maybe we wait one more quarter for it to become official), do you believe that MVC will lower ROFR guidelines (e.g., waive their right?) My thought is that we should see more intervals on the market as owners tighten belts and avoid paying MF, and the number of people buying direct would also drop. I suspect that many who watch resale, and have the means may swoop in and purchase. Finally, I suspect that MVC doesn't want to see its balance sheet blow up with inventory. Thoughts? Perspectives from those buying and selling during other recessionary periods (e.g., 2008 - 2009)?
I don't believe so. Much different scenario than 2008 where millions were out of work and desperately needed to dump their weeks. Unless that changes in this "recession" I don't think you will see the desperation that was present in 2009. Especially for the high demand locations, I just don't think we'll see much price erosion.
I tend to agree with @MOXJO7282 ...despite what the technical numbers say about recession (two consecutive quarters with lower GDP) by most other measures, we are not there yet. Unemployment is still at a historic low and the job market is still very tight. While unemployment claims have recently ticked up slightly, as long as the labor shortages are as acute as they have been since the pandemic, almost anyone who loses a job should be able to get a new one fairly easily, at least right now. Demand in the economy is still strong (many economists say too strong), so unless/until that changes, I doubt there will be much impact to timeshare demand/ROFR. Marriott Vacations Worldwide just reported 2Q earnings that were up 40% year-over-year. That's not an environment where pulling back on ROFR is likely.
With many saying that US is in recession (and maybe we wait one more quarter for it to become official), do you believe that MVC will lower ROFR guidelines (e.g., waive their right?) My thought is that we should see more intervals on the market as owners tighten belts and avoid paying MF, and the number of people buying direct would also drop. I suspect that many who watch resale, and have the means may swoop in and purchase. Finally, I suspect that MVC doesn't want to see its balance sheet blow up with inventory. Thoughts? Perspectives from those buying and selling during other recessionary periods (e.g., 2008 - 2009)?
Actually, the real question is will folks be able to afford and make their December 2022 or January 2023 maintenance fees? If so then there will not be a flood of units on the market for sale.
On the other hand, if folks can't make their payments then you'll start to see a lot more units for sale, and Marriott may relax their current ROFR threshold as they have traditionally have done in the past. Marriott can only afford to buy back so many units depending on their cash flow........
Any season in Colorado that isn’t ski or summer (June to mid-Aug) is actually a liability in terms of maintenance fees. You can rent or book direct with Marriott hotel site for the same timeshare or better for much cheaper than maintenance fees on per night basis.
Actually, the real question is will folks be able to afford and make their December 2022 or January 2023 maintenance fees? If so then there will not be a flood of units on the market for sale.
On the other hand, if folks can't make their payments then you'll start to see a lot more units for sale, and Marriott may relax their current ROFR threshold as they have traditionally have done in the past. Marriott can only afford to buy back so many units depending on their cash flow........
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One thing MVC always mentions in their earnings calls when questions about the economy come up in the Q&A is the relative affluence of their owner base. They always say the more affluent MVC owner profile generally fares much better than average during economic difficulties. The 2008-2010 financial crisis was somewhat of an exception to the norm, though. While we haven’t had inflation like the current surge since MVC timeshares have been in business, most of the things I’ve read from economists about current expectations is similar in that they don’t expect people in the MVC target demographic tier to be impacted as much as some other tiers.
Any season in Colorado that isn’t ski or summer (June to mid-Aug) is actually a liability in terms of maintenance fees. You can rent or book direct with Marriott hotel site for the same timeshare or better for much cheaper than maintenance fees on per night basis.
Marriott Grande Ocean - 2 bed Gold EY Ocean Side. $3,500. Passed ROFR on 8/26/22. Offer accepted on 8/17/2220th. Buying direct from the owner and using a law firm that MVC recommended to file the closing docs. Closing fee is $327 (split with seller) plus the MVC fees.
Marriott Grande Ocean - 2 bed Gold EY Ocean Side. $3,500. Passed ROFR on 8/26/22. Offer accepted on 8/17/2220th. Buying direct from the owner and using a law firm that MVC recommended to file the closing docs. Closing fee is $327 (split with seller) plus the MVC fees.
Marriott Grande Ocean - 2 bed Gold EY Ocean Side. $3,500. Passed ROFR on 8/26/22. Offer accepted on 8/17/2220th. Buying direct from the owner and using a law firm that MVC recommended to file the closing docs. Closing fee is $327 (split with seller) plus the MVC fees.
We got our waiver from Marriott within few days... now going through the final process of the contract... we offered $20k for MGO OceanFront Platinum and passed ROFR... I also updated ROFR.net website with the information.
I was hoping my purchase from EBay would go through for an annual Gold Week back bldg with ocean view--think it was the 9th floor. I won the EBay bid for $1,650. Not surprised but was hoping. Do you think they look up the name buying it---I already have 2 Marriott's I purchased on re-sale.
Thank you. I was also expecting them to take it. But they didn't. I wonder if part of it was that it was a foreign seller. Took forever to finalize and close
Thank you. I was also expecting them to take it. But they didn't. I wonder if part of it was that it was a foreign seller. Took forever to finalize and close
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