ROFR metric / Ongoing ROFR Activity

[SueDonJ]

I recently signed a purchase agreement for Surfwatch 2 bedroom Gold Garden View and Marriott exercised their ROFR. I now just received notice that a purchase for 2 bedroom Gold Ocean View (? name of view catagory Tide Mark building) Marriott waved their ROFR same exact price.

I imagine they change their mind each contract and do not feel their is much of a difference in value between garden and ocean view?

I was somewhat surprised Ocean View passed and garden did not.

Here's the property map. Tide Mark (Building 5500) and most units in Ocean Marsh (Building 5100) are designated "Oceanside" at SurfWatch. (Note the short el section of Building 5100 just above the "D" on the map - those units face the lagoon and are designated "Gardenview.")

ROFR is always a moving target, and much of their (Marriott's) activity depends upon their cash flow situation and the demand of the particular resort. Some may pass ROFR and others may not.

Just set your own price target and keep submitting. Eventually (hopefully) one will pass for your own ownership.

HINT: You may have much better luck with ROFR if you buy at a resort which is not fully built out or sold out; i.e. Oceana Palms in Florida and Grande Chateau in Nevada are likely two such resorts.

Best of luck and keep us posted.
.

Hmmmm. I agree, sometimes there's no rhyme or reason with ROFR. But SW is currently refurbing former Sales Gallery space to units; wonder if the OP came up against the "HINT" you mention with his/her second offer?

 

[jd2601]

Hmmmm. I agree, sometimes there's no rhyme or reason with ROFR. But SW is currently refurbing former Sales Gallery space to units; wonder if the OP came up against the "HINT" you mention with his/her second offer?

I would think Sales gallery units would be designated garden units?

We now own a gold at Grande Ocean, Barony, and Surfwatch.

 

[SueDonJ]

I would think Sales gallery units would be designated garden units?

We now own a gold at Grande Ocean, Barony, and Surfwatch.

Yes, the new units at SW are Gardenview.

I know your Gardenview didn't pass and your Oceanside did, but my thought is that your first was processed before the new units at SW came online in the system. IOW, SurfWatch didn't have any "developer" units in the system until after your first ROFR submission.

Just a thought ...

 

[jd2601]

I agree it is all about the timing of the offer. We really liked Garden View at Surfwatch and price point is what I was looking for. I thing OceanView/Pool View is a good compromise and may not seem as far to the Ocean.

We enjoyed the Lagoon and my son fished with hot dogs. I do not believe it is far from the Ocean Side units. I really liked the nature feel of Surfwatch.

We are familiar with all three and there are pros and cons to each. Being in Hilton Head is great!

 

[GregT]

I finally broke down and bought a Ko Olina .

Just passed ROFR at $10K, it is a 2BR OV Annual.

Best,

Greg

 

[Gemini Chica]

Hope I post right......I passed the ROFR last month for a Marbella Beach Resort and the price was 2500€ for a Gold week 2 bedroom!

 

[bazzap]

We have now passed ROFR @ £2000 each for 2x Club Son Antem Gold 2 Bed EY

 

[JeffandJamie]

Points ROFR?

Hi All,

I looked through this thread briefly, and see lots of information on weeks passing ROFR - what about points? What does it take for a resale of MVC Points to pass?

Thanks in advance.

Jeff

 

[Fasttr]

Hi All,

I looked through this thread briefly, and see lots of information on weeks passing ROFR - what about points? What does it take for a resale of MVC Points to pass?

Thanks in advance.

Jeff

The current school of thought is around $4 a point is the tipping point. That said, there are not enough reports, so its hard to tell. Perhaps a little lower, perhaps a little higher. If you find someone offering lower and are ok with tying up a little escrow cash to see if it passes, it may be worth taking a shot. Please post your results if/when you take a shot.

For clarity sake, you do also know there are junk fees of approx $2/point that need to be paid to MVC to open up the points for full system access. Just wanted to be sure you were aware.

 

[JIMinNC]

The current school of thought is around $4 a point is the tipping point. That said, there are not enough reports, so its hard to tell. Perhaps a little lower, perhaps a little higher. If you find someone offering lower and are ok with tying up a little escrow cash to see if it passes, it may be worth taking a shot. Please post your results if/when you take a shot.

The last report I saw was someone who said $4.50 failed but $4.75 passed

 

[Fasttr]

The last report I saw was someone who said $4.50 failed but $4.75 passed

I do recall that, and seems like I saw a post shortly after the reports about MVC letting more things (primarily weeks) slip through ROFR at a cheaper price and somebody tried closer to $4 and slipped it past the goalie.

As we all know, its an ever changing number for sure.

 

[JIMinNC]

I do recall that, and seems like I saw a post shortly after the reports about MVC letting more things (primarily weeks) slip through ROFR at a cheaper price and somebody tried closer to $4 and slipped it past the goalie.

As we all know, its an ever changing number for sure.

I somewhat recall that same post. The thing that makes me think it may generally be closer to the $4.75 level is when I look at DC Points listings on Seth Nock's site (http://www.sellingtimeshares.net), all of his listings are now at $4.75. In the past, I recall he had listings at lower amounts, but it seems he's moved all his listings up to $4.75. I interpreted that as being indicative of what price he feels it will take to pass ROFR.

 

[taterhed]

I think that one report of a lower ROFR may have also been for A smaller or odd number of points as well

sent from my cell phone...

 

[Fasttr]

I think that one report of a lower ROFR may have also been for A smaller or odd number of points as well

sent from my cell phone...

Here's the thread I was thinking of. Post #4 was the one I had recalled. Perhaps JeffandJamie could PM tubulaw and see if their $3.50 offer for a larger quantity passed or not.

http://www.tugbbs.com/forums/showthread.php?t=245151

 

[tubelaw]

Still waiting to hear on ROFR. There was a hold up on the sellers end of contract. Should know soon.

 

[mjm1]

I finally broke down and bought a Ko Olina .

Just passed ROFR at $10K, it is a 2BR OV Annual.

Best,

Greg

Greg, I missed your post earlier. Congratulations! That is great news. It's a great resort.

I also have some great news. Our MOC Lahaina Tower OF unit passed at $28,500 and we just received notice from Marriott that it is in our account. We never thought we would own there, but we fell in love with the resort and view during our last stay. Looking forward to staying there next year.

Best regards.

Mike

 

[nycjimster]

MSE Platinum Week for $1

Just passed ROFR.

 

[m61376]

Just passed ROFR.

wow- congrats! Although a little sad to see a Platinum week go for $1 and Marriott didn't even want it.Hopefully it just luckily slipped through and not an indication that MF's have outstripped the value of ownership.

 

[thinze3]

Just bought 1500 DC points for $1 per point.

I just won an eBay auction for 1500 DC points for $1,576.28.
This price is most certain to not pass ROFR, but let's see what happens.

 

[GregT]

I just won an eBay auction for 1500 DC points for $1,576.28.
This price is most certain to not pass ROFR, but let's see what happens.

Wow - great price - congrats and I hope it clears!

Best,

Greg

 

[thinze3]

Wow - great price - congrats and I hope it clears!

Best,

Greg

I wonder if there is a way to have the closing company word the contract to help the process get past ROFR. Example, first usage in 2018 and simply have them gift the 2017 points to me.

Any ideas?

 

[dioxide45]

I wonder if there is a way to have the closing company word the contract to help the process get past ROFR. Example, first usage in 2018 and simply have them gift the 2017 points to me.

Any ideas?

If they did, then Marriott could just pick up the points under the same deal.

 

[thinze3]

Interesting words in my contract which seem to make the cost to Marriott higher if they choose to grab it.

The Seller(s) hereby agree to pay commission to *****, Orlando FL in the amount of $3450.28. ...... In the event that the Developer exercises their right of first refusal on this unit the Seller hereby authorizes and directs the Developer to pay the commission directly to the Brokers listed above in the amounts stated above from the proceeds of the sale.

 

[suzannesimon]

I remember seeing something here on TUG a few years ago that brokers get paid by Marriott even if ROFR is exercised. It seems fair. A sale is a sale and they should be compensated for their work.

 

[Fasttr]

Interesting words in my contract which seem to make the cost to Marriott higher if they choose to grab it.

This may be the cynic in me...but it sounds like broker/seller combined wanted to get a total of $5K for these and together they likely will come out ahead if MVC does indeed exercise ROFR (as presumably the seller would not pay $3450 commission if you end up getting them...I'm thinking something far less will be charged if they go to you). It appears they are showing the commission as the difference between your bid and the $5K. Who knows if seller and broker have a behind the scenes deal to square up after the fact.






.