Sheraton Vistana Resort Special Assessment[MERGED]

[damianinpa]

Just started new post, but, thought I would reply also. I own in Palms..cost is $1626 for each owner. If you own in the Spas..it is the same. 3 payments of $542 starting in Jan '09. What is crazy is work doesn't start until April '10, so, we are 'prepaying' the work I guess. Funny thing is..This fee is more than I paid for the unit off Ebay on resale.
Damian


[Sorry, but duplicate posts are not allowed on TUG. This post was moved to this thread to keep topic in one thread.-DeniseM Moderator]

 

[Robert D]

Vistana Cascades Special Assessment

Well, the bad news was in today's mail. It's official. Vistana Cascades is doing a special assessment and full blown refurb. The assessment is as follows:

1BR - $754
2BR - $1,571
2BR Lockoff - $2,042

The assessment will be due in 3 installments with the first due in Feb 2009, second in July 2009, and last in Feb 2010. The refurb cost per unit is $95K! I've seen a refurbed model and they are a nice as any TS I've seen anywhere. But have to say I'm glad I only own a 1BR. The refurb will begin in May 2009 and be completed in May 2010.

 

[SDKath]

Didn't know they had 1BRs there.

WOW! That is a LOT for the LO. I am beginning to see the Falls refurb of $1200 per 2BR as cheap.

Katherine

 

[Ken555]

WOW! That is a LOT for the LO. I am beginning to see the Falls refurb of $1200 per 2BR as cheap.

Yeah... glad that's the section I (randomly) purchased earlier this year... lots of bad news re assessments lately...

 

[arcaneimaginings]

My assessment for a 2 bdrm unit is $1571, payable in 2 installments, I think. I am not happy. Multiplied by 52 weeks, that is $81,692 for updating the furnishings in a small 2 bedroom condo. How long will the plasma tv's last? How can they assess such a large sum without notifying us?

 

[LisaRex]

What are the annual MFs in these units and why weren't reserves built for improvements? Was this always a Starwood TS or did they acquire it?

I pay nearly $2k in MFs for my 2 bdrm LO is Maui. I sure hope our HOA is building up a refurbishment reserve....How do we find this out?

Finally, what are the StarOptions assigned for these units. Because it may be worthwhile to hang on to them and pay the special assessment because owners are usually invited to join SVN for free following the renovations.

 

[DeniseM]

What are the annual MFs in these units and why weren't reserves built for improvements? Was this always a Starwood TS or did they acquire it?

Starwood acquired them.

I pay nearly $2k in MFs for my 2 bdrm LO is Maui. I sure hope our HOA is building up a refurbishment reserve....How do we find this out?

That info. comes with your yearly MF bill and is also available at mystarcentral.com

Finally, what are the StarOptions assigned for these units. Because it may be worthwhile to hang on to them and pay the special assessment because owners are usually invited to join SVN for free following the renovations.

It has been reported that only TS's bought before a certain date (2007?) are being invited into the SVN - new purchases may not qualify.

 

[jemajgram]

assessments

Unfortunately we own one week in Palms and one in Springs and received the assessment letters for both weeks - 1626 each. Since the annual fees of approximately $680 are so high anyway, we are shocked that they didn't accumulate enough funds for this refurbishing. That was certainly the sales pitch. I didn't see any offer of any kind for selling back the units or for any special consideration for owners. They even told us that they had discontinued renting the "weeks" for owners. I am surprised that there isn't a class action suite starting. Amazing that this assessment is hitting long before the scheduled April 2010 start date for rehab. I think it will be even more difficult to sell these weeks with this assessment.

 

[Joshadelic]

I think it will be even more difficult to sell these weeks with this assessment.

My guess is that a lot of people will be giving them away just to get out of paying the assesment.

 

[Ken555]

Lots of eBay sales starting at 0 or close to it...

 

[Jeffy3]

I'm tempted to walk away due to this assessment, too, but i hate to give Starwood the satisfaction as I bet they're hoping most of us do it.

 

[DeniseM]

I'm tempted to walk away due to this assessment, too, but i hate to give Starwood the satisfaction as I bet they're hoping most of us do it.

You can't walk away - they will turn you over to a collection agency and it will damage your credit.

 

[Joshadelic]

I'd be willing to take over someone's deed in exchange for paying the special assesment. I think that would be a pretty good deal.

 

[LisaRex]

I'd be willing to take over someone's deed in exchange for paying the special assesment. I think that would be a pretty good deal.

I don't think it's so bad, either, esp since the MFs are so low. If only I wanted to go to Orlando more often...

 

[Jeffy3]

I'd be willing to take over someone's deed in exchange for paying the special assesment. I think that would be a pretty good deal.

Of course that would be a good deal for the buyer!

 

[Jeffy3]

I don't think it's so bad, either, esp since the MFs are so low. If only I wanted to go to Orlando more often...

Sorry. What are MFs?

 

[Joshadelic]

Maybe the seller too if they didn't want to pay the assesment bad enough! That's a lot of money...more than some of the units are pulling on EBay!!!

 

[clsmit]

Sorry. What are MFs?

Maintenance Fees

We have a ton of acronyms around here!

 

[GKK]

We own in the Courts and have paid a reserve replacement fee every year since 1996. All we have heard for years in reviews etc. is what a dump the Courts are. I wonder what they have been doing with that money! Evidently not putting it into the units. I guess we will just try to give ours away to charity or someone. Probably charity won't even take them now!
GKK

 

[Jeffy3]

I don't know a lot about timeshares. Does anyone have any estimate of what a fixed week in late September would sell for at the Courts AFTER the renovation? What were they going for before the notice of the assessment?
I am talking about the 2 bedroom townhouses.

 

[DeniseM]

I don't know a lot about timeshares. Does anyone have any estimate of what a fixed week in late September would sell for at the Courts AFTER the renovation? What were they going for before the notice of the assessment?
I am talking about the 2 bedroom townhouses.

I don't think we will see much change in the price. Florida is over built with timeshares and supply exceeds demand.

 

[Jeffy3]

I don't think we will see much change in the price. Florida is over built with timeshares and supply exceeds demand.

So what do they sell for?

 

[Joshadelic]

So what do they sell for?

On the resale market - almost nothing from what I can see...especially since the HUGE special assesment.

 

[tlpnet]

I haven't been watching lately, but the Fountains units which were under construction, special assessments paid, and already invited into SVN were selling for a little more than the non-renovated units at the time I was watching. By a little more, I mean around $1,000 or so. I wouldn't expect them to jump alot in price.

-tim

 

[Jeffy3]

When someone on ebay is selling a time share rental, they're just selling a week's vacation to someone right? Not selling the actual timeshare.