Starwood exercising buy back option??

[waterwiz]

I'm staying at the WKORV this week. I went through the "owners meeting".
The sales agent (kellyanne) told me I was lucky to have bought my units on the resell market several years ago as currently Starwood was exercising it's option to buyback units when they came on the resale market. Any one heard of this?? Is it just wishful thinking from a sales agent without much inventory to sell or is it actually happening?

Also heard that Phase III is a "nightmare" and will not be built. Good news to me as it may keep values up and traffic down.

Tony

 

[James1975NY]

I'm staying at the WKORV this week. I went through the "owners meeting".
The sales agent (kellyanne) told me I was lucky to have bought my units on the resell market several years ago as currently Starwood was exercising it's option to buyback units when they came on the resale market. Any one heard of this?? Is it just wishful thinking from a sales agent without much inventory to sell or is it actually happening?

Also heard that Phase III is a "nightmare" and will not be built. Good news to me as it may keep values up and traffic down.

Tony

This is called ROFR (Right of First Refusal). And when they say "Starwood is excercising it's option to buy-back" they really mean....

"I have no other counter for the resale objection"

I have sold plenty of weeks at the Westin Maui in the past 3 months and none of them have been bought back.

 

[DavidnRobin]

Also what the salesperson may be referring to is that they will 'buyback' your unit as part of an upgrade to a 'newer' unit in a different resort.

For example - they keep offering me to 'upgrade' our WKORV OF unit to a WKORVN OF unit for a mere $20K more - thanks but no thanks

There has only been one report of a ROFR for WKORV here on TUG quite a while ago.

I also ask the salespeople, when they tell me that our unit is >$100K, why they are not using their ROFR for resale OF WKORV at ~$50K and reselling them? This is usually returned with a blank look - or a diversion to another topic...

 

[oneohana]

I'm staying at the WKORV this week. I went through the "owners meeting".
The sales agent (kellyanne) told me I was lucky to have bought my units on the resell market several years ago as currently Starwood was exercising it's option to buyback units when they came on the resale market. Any one heard of this?? Is it just wishful thinking from a sales agent without much inventory to sell or is it actually happening?

Also heard that Phase III is a "nightmare" and will not be built. Good news to me as it may keep values up and traffic down.

Tony

I heard this from the sales manager at the Sheraton Waikiki. But he told me that they buy back all WKORV weks.:hysterical:
He was pretty arogant, and I didn't really want to get into it with him. It was funny though that my salesperson was interested in resales and the requalification process. May give them an owners update when I go back next year.

 

[capjak]

When a salesperson says this I say really how much would you give me for my resale unit? That would be good for a laugh. Here I'll give it away to you for 60% of the developer price..What you don't want it?????

Tell you what I'll let you rent it for $2000 to lock in the price for 1 year and if you want in 1 year I'll deduct the money you paid for rent and throw in a 50% off coupon at any starwood (off rack rate, pending availablity of course)....

What don't want that either...hmmmm

 

[Syed]

I'm staying at the WKORV this week. I went through the "owners meeting".
The sales agent (kellyanne) told me I was lucky to have bought my units on the resell market several years ago as currently Starwood was exercising it's option to buyback units when they came on the resale market. Any one heard of this?? Is it just wishful thinking from a sales agent without much inventory to sell or is it actually happening?

Also heard that Phase III is a "nightmare" and will not be built. Good news to me as it may keep values up and traffic down.

Tony

I am a broker in Maui and have done quite a number Westin Ka'anapali resales. Have not seen Starwood exercise their ROFR option.

Also, Phase III is definitely on hold. Probably due to slower economic times and construction financing issues.

 

[dcdowden]

We are at WKORV-N this week and did the owner update as well. Our agent also said that Starwood was actively buying back WKORV properties on the resale market using ROFR. I had told her that I just saw a WKORV-N OF 2 BR L/O listed for $36,000, so she countered with the buy back story. However she only tried to sell us Princeville, not Maui. She also said that they were going ahead with the 3rd phase, but it would be very, very expensive. She said that Starwood paid as much for that land as for the land of the other two WKORV properties combined. She also said that in order to get permission to build it they had to commit to making it 100% Green - whatever that means. They are definitely still moving dirt around on that land - we have an ocean view corner unit in Bldg 7 that also has a view to the North from the balcony. The equipment is out there working all day long. It seems fairly quiet here now. The agent said they are 70% occupied, but it sure seems like less than that.
Doug

 

[SDKath]

I am a broker in Maui and have done quite a number Westin Ka'anapali resales. Have not seen Starwood exercise their ROFR option.

Also, Phase III is definitely on hold. Probably due to slower economic times and construction financing issues.

Hi Syed! Good to see you on this board. I almost bought a OFD WKORV from you this Spring (for what I thought was a steal at $50,000). I am glad I waited although I still dream of owning one of those lovely units!

Katherine

 

[Troopers]

I'll let everyone know if Starwood is exercising ROFR. I'm buying another week at WKORV at a bargain (I think).

 

[clsmit]

My WMH just went to Starwood to let them decide if they want ROFR, so I'll report back here, too.

 

[SDKath]

I'll let everyone know if Starwood is exercising ROFR. I'm buying another week at WKORV at a bargain (I think).

I have seen 2 recent OFD sell in the $35,000-$38,000 range! I would buy the true corner unit now if I had the $$$!!! Good luck on the hunting and let us know what you find.

Katherine

 

[Fredm]

I have three KOR sales in escrow. Two have passed ROFR. The third has just been submitted.

 

[calgarygary]

If Starwood was exercising their ROFR than I wouldn't own Vistana Villages. If they are not going to buy back an every year 2 bedroom for $100 ($ amt. for recording purposes only I paid $0) than I don't for a second believe they would tie up capital for more $. The key for Starwood, they want someone on the hook for mf at all times.

 

[Syed]

Hi Syed! Good to see you on this board. I almost bought a OFD WKORV from you this Spring (for what I thought was a steal at $50,000). I am glad I waited although I still dream of owning one of those lovely units!

Katherine

Aloha Katherine

It is a good thing you waited. See what happens in January; I think there will be more inventory. Have you seen the airfares to Maui? They have come down a lot.
Happy Holidays

 

[DavidnRobin]

Hi Syed - Sorry we missed you - we ran out of time - perhaps next time? (we will be there for 2 weeks)

SDKath - the corner units are great - and we like the layout of the studio better than the center units - but if you are planning on buying to use the 1Bd and rent the center studio - it has a true OF lanai and that should rent better than the corner OF studio which is on the side of the building (although the first lanai).

Plus - the MFs are lower for the center unit, but the corner unit is a bit larger (~100sqft perhaps?) and also has better light.

I would say over all we like (love) the 1Bd corner unit for the size, the light and the panaromic view, but the center OF studio has more value as a rental to cover MFs (which we use our corner studio for). And therefore, why I want clarity on the designation issue (Deluxe or Premium).