Verifying Staroptions on resale

[kmalencia]

Hi all,

I'm in the process of closing on a 2BO Lockoff at Vistana Villages Key West phase. When I made my offer, the unit was listed at 95,700 SO. On the deed transfer documentation, the unit is listed as Week 49. Looking that the StarOptions value, this week is only 81,000 SO. How can I verify what value of SO is actually associated with this unit? Can I call Owner Services? What phone number or email?

Thanks for all the help!

 

[ada903]

If you are looking at a copy of the estoppel, and it shows two bedroom lockoff deeded week 49, then it will have 81,000 star options. Ask the title company to re-verify the info, since you are not authorized on the account, if you call SVN, they may offer you generic info (which you already know from the star options chart), but they will not give you specific info on that week. Only the title company can double check. As long as the deeded week number is correct, and it is a two bedroom lock-off, it carries 81,000 options and the seller misrepresented it.

 

[DeniseM]

Starwood will provide a "Resale Information Sheet," (their version of an estoppel letter) but the closing company has to request it - they won't send directly to a buyer.

Here is a sample - http://www.tugbbs.com/forums/attachment.php?attachmentid=792&d=1270537155 (click to enlarge)

 

[VacationForever]

Hi all,

I'm in the process of closing on a 2BO Lockoff at Vistana Villages Key West phase. When I made my offer, the unit was listed at 95,700 SO. On the deed transfer documentation, the unit is listed as Week 49. Looking that the StarOptions value, this week is only 81,000 SO. How can I verify what value of SO is actually associated with this unit? Can I call Owner Services? What phone number or email?

Thanks for all the help!

You can call up SVO Title department, phone number is under Owner Resources. I have never received nor asked for a copy of the "resale information sheet" from the sellers. I bought 2 units from resale market and I called up each time to enquire about the units that I was in the process of closing and they provided me on the phone with all information I had asked for. They even told me about missing signature on one of the PCC's form asking for such information and they had refused to send them the "resale information sheet".

 

[YYJMSP]

I'm in the process of closing on a 2BO Lockoff at Vistana Villages Key West phase. When I made my offer, the unit was listed at 95,700 SO. On the deed transfer documentation, the unit is listed as Week 49. Looking that the StarOptions value, this week is only 81,000 SO. How can I verify what value of SO is actually associated with this unit?

I wouldn't assume that the redemption numbers you see on the StarOptions Value Chart are the same as your StarOption entitlement for a particular property/unit/week at the Sheraton Vistana properties.

I'm not sure if the same thing applies to SVV as it does to SVR:

There are different redemption rates for SVR owners vs non-SVR owners. The main StarOptions Value Chart shows the rates for non-SVR owners. There is a second chart that lists a blended Gold Select season that applies to SVR owners. Neither fully and accurately lists the entitlements -- best bet it to contact SVO.

For example, we have a 2-Bedroom Lockoff at Sheraton Vistana Resort (Cascades) week 34. The entitlement (as shown on MSC) is 90,000 SO's. The redemption rate is either 95,700 SO's (to non-SVR owners) or 90,000 SO's (for SVR owners).

For example, we have a pair of 2-Bedrooms at Sheraton Vistana Resort (Spas) weeks 41 and 51. The entitlement is 76,000 SO's. The redemption rate is either 81,000 SO's (to non-SVR owners) or 76,000 SO's (for SVR owners).

Again, I'm not sure if there is a similar situation that applies at SVV...

 

[ada903]

All the SVV I have seen for sale have the same assigned values as the values needed for non-SVV owners to trade in. Of course I could be wrong

I wouldn't assume that the redemption numbers you see on the StarOptions Value Chart are the same as your StarOption entitlement for a particular property/unit/week at the Sheraton Vistana properties.

I'm not sure if the same thing applies to SVV as it does to SVR:

There are different redemption rates for SVR owners vs non-SVR owners. The main StarOptions Value Chart shows the rates for non-SVR owners. There is a second chart that lists a blended Gold Select season that applies to SVR owners. Neither fully and accurately lists the entitlements -- best bet it to contact SVO.

For example, we have a 2-Bedroom Lockoff at Sheraton Vistana Resort (Cascades) week 34. The entitlement (as shown on MSC) is 90,000 SO's. The redemption rate is either 95,700 SO's (to non-SVR owners) or 90,000 SO's (for SVR owners).

For example, we have a pair of 2-Bedrooms at Sheraton Vistana Resort (Spas) weeks 41 and 51. The entitlement is 76,000 SO's. The redemption rate is either 81,000 SO's (to non-SVR owners) or 76,000 SO's (for SVR owners).

Again, I'm not sure if there is a similar situation that applies at SVV...

 

[grgs]

All the SVV I have seen for sale have the same assigned values as the values needed for non-SVV owners to trade in. Of course I could be wrong

There may be some variation for the Bella phase. See this earlier TUG thread:

http://www.tugbbs.com/forums/showthread.php?t=133996

I think we shouldn't delete the older SO charts from the Owner Resources section. It may help with questions like this.

Glorian

 

[grgs]

Dug around in my SVO paperwork and found some additional info.

The SO charts that I have dated 11/07 & 3/08 list different Plat & Gold weeks for Bella vs Key West, Amelia, & St. Augustine:

Bella Plat: 7-17, 23-34, 51-52
Bella Gold: 1-6, 18-22, 35-50

Key West, Amelia, & St. Augustine Plat: 6-17, 23-34, 39-47, & 51-52
Key West, Amelia, & St. Augustine Gold: 1-5, 18-22, 35-38, 48-50

Clearly at some point after March 2008, they redefined the SOs needed to trade into Bella to have it align with the other SVV phases.

Glorian

 

[LisaRex]

I own an EOY odd week 32 2 bdrm unit in the Bella phase. MSC has this unit listed as having 81,000 SOs.

 

[grgs]

I own an EOY odd week 32 2 bdrm unit in the Bella phase. MSC has this unit listed as having 81,000 SOs.

Makes sense. I made a typo in Bella plat weeks listed above which I fixed.

 

[kmalencia]

I wouldn't assume that the redemption numbers you see on the StarOptions Value Chart are the same as your StarOption entitlement for a particular property/unit/week at the Sheraton Vistana properties.

I'm not sure if the same thing applies to SVV as it does to SVR:

There are different redemption rates for SVR owners vs non-SVR owners. The main StarOptions Value Chart shows the rates for non-SVR owners. There is a second chart that lists a blended Gold Select season that applies to SVR owners. Neither fully and accurately lists the entitlements -- best bet it to contact SVO.

For example, we have a 2-Bedroom Lockoff at Sheraton Vistana Resort (Cascades) week 34. The entitlement (as shown on MSC) is 90,000 SO's. The redemption rate is either 95,700 SO's (to non-SVR owners) or 90,000 SO's (for SVR owners).

For example, we have a pair of 2-Bedrooms at Sheraton Vistana Resort (Spas) weeks 41 and 51. The entitlement is 76,000 SO's. The redemption rate is either 81,000 SO's (to non-SVR owners) or 76,000 SO's (for SVR owners).

Again, I'm not sure if there is a similar situation that applies at SVV...

I had my title company get a copy of the "Resale Information Sheet" and they also called and verified the account as 95,700 SO. So it appears that the entitlement can be different than the redemption.

 

[kmalencia]

SO differences between resale sheet and purchase

I had my title company get a copy of the "Resale Information Sheet" and they also called and verified the account as 95,700 SO. So it appears that the entitlement can be different than the redemption.

I completed this purchase and received my title last week. I contacted SVN to get a login for MyStarCentral. They have responded that I have only 81,000 SO. They also stated that I have only 81000 SO for 2012 and 81000 SO for 2014 remaining. I'm not sure why they are stating in this fashion unless MF are already paid or do the SO actually end?

I've responded to the email asking questions about both topics. Is it possible that SVV KeyWest was originally higher then reduced for new purchases? I don't understand how 95700 SO was verified by the title company and now reduced to 81000.

 

[jerseygirl]

As Gloria's chart shows, the original phase (Bella) was sold with 25 platinum weeks:

Bella Plat: 7-17, 23-34, 51-52
Bella Gold: 1-6, 18-22, 35-50

At some point, Starwood upped the ante and decided that there were actually 35 platinum weeks (shades of Lagunamar's sudden bump in value ):

Key West, Amelia, & St. Augustine Plat: 6-17, 23-34, 39-47, & 51-52
Key West, Amelia, & St. Augustine Gold: 1-5, 18-22, 35-38, 48-50

From a timing perspective, perhaps it was during the selling phase at Key West -- and kmalencia's deed was sold under the old schedule when week 49 was gold.

I think we saw this happen at least once before on this board .... someone else had a similar problem.

What's surprising is that the Resale Information sheet listed 95.700. It seems as if it was issued in error, which is kind of scary since a buyer should be able to rely on a document issued by Starwood. I wonder if it contains some sort of "errors and omissions" disclaimer .....

 

[jarta]

jerseygirl, ... "What's surprising is that the Resale Information sheet listed 95.700. It seems as if it was issued in error, which is kind of scary since a buyer should be able to rely on a document issued by Starwood. I wonder if it contains some sort of "errors and omissions" disclaimer ....."

It's really, really surprising since there is no place where a Staroption amount can be listed on a Resale Information Sheet. So, don't be scared.

Maybe you mis-read what was posted here. But I don't think the OP has even seen the Resale Information Sheet. The OP was relying on the representations made by the closing company.

Aside from the StarOption problem (ada told him the 81,000 StarOptions were correct for week 49), it appears that the OP may have purchased an even year use right week since the Starwood agent mentioned Staroptions in 2012 and 2014 - but not 2013. The "Year of Use Rights" is right on the Resale Information Sheet form DeniseM linked in this thread. It can be marked Even, Odd or Annual.

Finally, no number of StarOptions is guaranteed by the deed. StarOptions are assigned by Starwood for internal SVN trading. They can be changed. They may have been reduced at Key West, but they were also raised a few years ago at one of your favorite resorts, WSJ.

If decreasing the StarOptions at Key West (we don't even know if the OP's seller bought when it was 95,700 StarOptions) and that's Starwood "upping the ante", would the increase in StarOptions for the WSJ owners be Starwood "decreasing the ante"? Just asking.

If the OP didn't get what was represented and the misrepresentations were made by an honest seller's broker and closing company (different from title company), the deal can and should be unraveled. If the OP has not been dealing with honest people, it's buyer beware! Salty

 

[alexadeparis]

I agree that it sounds like the OP ended up with a biennial unit. But it's hard to say from what's posted whether that was the fault of the seller misrepresenting or the buyer not knowing how to verify the unit.

 

[alohakevin]

We own a 2br at keywest that lists 81000 so and a 2br/lock that lists 95700 both are supoose to be plat eventhough they are listed as prime in mystar. Maybe there is some confusion as to the unit.

Side note does anyone know the difference between a plat wk and a prime

Thanks

 

[jarta]

We own a 2br at keywest that lists 81000 so and a 2br/lock that lists 95700 both are supoose to be plat eventhough they are listed as prime in mystar. Maybe there is some confusion as to the unit.

Side note does anyone know the difference between a plat wk and a prime

Thanks

alohakevin, ... Because of the larger size and the versatility the configuration of a lockoff unit, the StarOptions for a Plat 2-br (non-lockoff) and a Plat 2-br lockoff differ. The Plat 2-br (non-lockoff) is 1,126 sq. ft. and comes with 81,000 StarOptions. The Plat 2-br lockoff is 1,486 sq. ft. and comes with 95,700 StarOptions.

I assume a prime week and a Plat week both mean the highest season in the Starwood designations of seasons at SVV. Hope this helps. Salty

 

[kmalencia]

You are correct in that is a an even year unit. Knew that at the beginning. The resale sheet is from the closing company which I had asked to verify the SO. The resale sheet was prepared by Starwood in Feb 2012. The amount of SO was verified by the title company which was handwritten on the resale sheet as verified by SVO and dated by the title company agent.

Got into the StarCentral site and do see the 81,000 SO and the 2012 and 2012 years. Under the account balances the 81000 SO is listed but there are no expirations dates. Maybe this is just how they list biennial units?

StarOptions Available for Use:
2012 2013 2014
81,000 0 81,000
Effective Date Expiration Date
Total: 81,000 0 81,000

Going to call tomorrow to ask some questions.

 

[kmalencia]

The original buyers purchased this unit in July 2005. Does anyone know what a 2Br/lock in SVV Key West week 49 was worth at that time? I don't see any charts that go back that far.

 

[alohakevin]

alohakevin, ... Because of the larger size and the versatility the configuration of a lockoff unit, the StarOptions for a Plat 2-br (non-lockoff) and a Plat 2-br lockoff differ. The Plat 2-br (non-lockoff) is 1,126 sq. ft. and comes with 81,000 StarOptions. The Plat 2-br lockoff is 1,486 sq. ft. and comes with 95,700 StarOptions.

Thanks jarta

My post may been a little confusing. I was pointing out the difference between the two units and was wondering if kmalencia may have actually purchased a 2bro for 81000so or if there was some confusion with the seller or star what the unit actually was, a 2br/81000 or 2br/lock for 95700

 

[VacationForever]

Kmalencia, have you checked whether what you received wad a 2BR L/O or 2BR non-L/O unit?

 

[clsmit]

Good point -- did you think you bought a 2BR (81,000 options) or a 2BR LO (97,500 options)? They are different layouts and properties.