We sold WKORV-N

[maph]

Actually, I believe the Honua Kai includes furnishings. After all, they need to be consistent across units in order to be rented as a hotel. I suppose if you opt out of the rental program altogether you don't need to furnish it, but I have no idea if this is a separate charge or not. I suspect there are other charges as well, including cleaning etc.

I looked into these when I was there at Christmas. The story I got was that the 1 & 2 bedroom units are sold furnished, but the 3 bedroom units come unfunished so you can decorate yourself.

They had a very nice oceanfront 3 bedroom on the fifth floor than may still be available if anyone's interested - asking price of ~$3,500,000.

 

[LisaRex]

I'd be interested in participating in a consortium to buy one of the $1.5M units, but that's the extent of our discretionary budget.

 

[maph]

I'd be interested in participating in a consortium to buy one of the $1.5M units, but that's the extent of our discretionary budget.

As nice as they are, I think for now I'll have to stick with my WKOR units, warts and all.

For what it's worth, I got skunked on booking OFC week 7, but was able to get week 8.

 

[DavidnRobin]

I'd be interested in participating in a consortium to buy one of the $1.5M units, but that's the extent of our discretionary budget.

The HK villas look very nice, but I wouldn't want an OF villa overlooking Dukes (IMO) - with the noise, food smell, and lack of a privacy - that is a big downside.
I don't get the fascination.

But I do know of some great villas on StJ that I would like to go in on with a few folks.

 

[LisaRex]

But I do know of some great villas on StJ that I would like to go in on with a few folks.

I could be tempted, though I warn you that I'm a view snob.

 

[DavidnRobin]

I could be tempted, though I warn you that I'm a view snob.

Me too - have you seen the latest for a mere 3.5MM - lol. OnStJohn and TradeWinds usually shows the latest/greatest,
Maho camp grounds just sold for 13MM - too bad we couldn't have found 20 people to buy that land - what a bargain - something like 23 acres iirc.

 

[vacationhopeful]

View Snobs: Remember, the IRS has that nasty 14 day personal usage limit. Don't get too attached to a perfect view or the IRS will separate you from your money and tax shelter.

Foreign countries: have different tax codes and rates. Some do not allow foreigners to hold ownership. And you would have to make certain you can deduct your losses on the IRS tax forms. But conversely, those profits would have to be included.

 

[Twinkstarr]

View Snobs: Remember, the IRS has that nasty 14 day personal usage limit. Don't get too attached to a perfect view or the IRS will separate you from your money and tax shelter.

Foreign countries: have different tax codes and rates. Some do not allow foreigners to hold ownership. And you would have to make certain you can deduct your losses on the IRS tax forms. But conversely, those profits would have to be included.

Not sure about the USVI and ownership/taxes. but we know a local family who was on House Hunters International looking for a place in St. John. Can't remember if they found something or not. Every time I manage to catch that show someone is looking for a place on St John.

 

[chrisfromOC]

Ocean front for $22K, not bad. Congrats!

Yep, and they'll sell it to some other poor soul for $75k.

 

[GregGH]

I could be tempted, though I warn you that I'm a view snob.

There might be some deals at bankrupt Ritz Carlton Kapalua ? ... Have a thread started ... remember us in case there is a group ... and yes --I LOVE a good view, too

Greg

http://www.tugbbs.com/forums/showthread.php?t=186502&highlight=ritz+carlton+kapalua

 

[DeniseM]

I thought HOAs were regulated, independent, non-profit entities run by owners, not by and for the benefit of the management company. Is this not the case?

The way the elections are structured, it is virtually impossible to get elected without Starwood's support. At most of the Starwood resorts, the HOA just rubber stamps whatever Starwood recommends.

Starwood literally hand picks the candidates that they allow on the ballot, from the applications submitted by owners. But then they usually they don't get enough ballots to reach a quorum, so the board (as guided by Starwood) selects the new board members anyway.

Here is a long thread about a recent election at a Starwood resort in which the candidate who got the most votes from owners, wasn't even placed on the board:
http://www.tugbbs.com/forums/showthread.php?t=180766&highlight=election

A couple of years ago, a Tugger who is an attorney, forced Starwood to put him on the WKORV ballot by quoting local law that permits an owner to nominate himself. They put him on the ballot, but he reported that the current board members acted suspicious and hostile toward him during the election process, because he nominated himself, instead of being selected by Starwood management to be on the ballot. Of course they didn't get a quorum, and the HOA did not select him to join the board - they selected a candidate supported by Starwood. It's really quite a racket.

 

[DavidnRobin]

USVI is not a foreign country - it is a US territory.

 

[travelplus]

After a few attempts of selling our VOI, only to get cold feet and pull it off the market, we finally went through with the sale of our 2 bdrm OF unit at WKORV-N. Many things converged to make us want to sell now, including:

• Airfare is still sky high, $1100+ from Ohio, which makes it prohibitively expensive for a couple or another family to join us, even with free lodging. I envy those of you who live on the West Coast and can get there so much easier and cheaper.
  
• We’re empty nesters and our travel group has outgrown 2 bedrooms. In '14, we're renting a 5 bdrm home in St. Maarten.
  
• With Starwood now allowing owners to bank SOs, I fear it will be even more difficult to exchange to WSJ via SVN.
  
• With an abundance of Maui rentals on the market, renting my week out may not be the easy fix that it used to be. Plus, renting is a PITA.
  
• Hopefully, they’ll add more resorts soon, but we felt very confined by SVO’s limited selection.
  
• The huge disparity in MFs: SOs among the different resorts made it financially disadvantageous for us to fully utilize SVN.
  
• I’d grown tired of having to call at 9am, 12 months out to secure the best view.
  
• This year, several weeks in Jan/Feb 2014 sold out within minutes of the reservation line opening. That’s the first time I’ve ever not gotten a reservation when calling at 12 months out. It’s limiting enough to have to call 8-12 months ahead of time, especially since at times it's before you can even secure award seats/airline reservations… but calling at 9am 12 months out and STILL being squeezed out? Yikes!

So, those are main reasons we're selling. I hope I haven't left anyone with the impression that I'm bitter. I’m not at all. I actually enjoyed my ownership, and making the decision to sell was difficult. At the end of the day, we THOUGHT we bought at a place that we'd want to visit every other year, but that just didn't turn out to be the case. If I lived closer, I have no doubt that we'd still use our week most years. In fact, If I lived closer, I'd still BUY an OF week if I could get it past ROFR, because I'd take my girlfriends if my husband couldn't go. It's a great resort, even with the $2400/week in MFs!

In the 6 years that I owned WKORV-N, we took some great vacations, though we only traveled to Maui twice during our ownership -- once with another family, and once with just our girls. That last trip remains my favorite family vacation of all time. We went to both Maui and BI that year. Highlights of the trip include celebrating my youngest daughter’s 16th (!) birthday at the Marriott Waikoloa restaurant, visiting Volcanoes National Park and standing on ground younger than we were, swimming with huge manta rays at night, learning to surf, and ziplining. It couldn’t have been better.

In '09, we discovered WSJ, after scoring an SVN exchange on my first try! It is now our favorite SVN resort, for lots of reasons. We returned in '11 and hope to return in '15, if we can luck out and score a 3rd exchange using our SVV week. We love escaping the Ohio winters. There is no better feeling than in the span of 6 hours changing from your heavy clothes into a pair of shorts once you arrive in the USVI. My husband and his friends love the snorkeling, which is outstanding. I love the sandy beaches and beautiful turquoise waters. It's not Hawaii, but it has its own charm, and most importantly, it's close!

Since I know I'll be asked, I sold my unit after listing it on Redweek for $25k on 2/10. On 2/19, we accepted an offer for $22k (to us) all-in. I was just informed that Starwood exercised its ROFR, so it seems that I’ll be dealing with Starwood moving forward. I’ll definitely let you know how soon it takes them to cut me a check, so be on notice Starwood sales department. Overall, we're happy with the price and not to have to worry about renting the week out in '14 since we're heading to St. Maarten instead.

FYI, here's how we used our ownership over the years:

'08 WKORV-N summer 2 bdrm - personally used and brought another family
'09 Exchanged via SVN to WSJ
'10 WKORV-N - used the 1 bdrm side for ourselves, and deposited the studio into II, which we later exchanged for a SVV 2 bdrm for my SIL and her family
'11 Used SVN to book a 3 bdrm at HRA in May, and rented it out on Redweek; used remaining SOs to book 2 nights at WKV
'12 Exchanged via SVN to WSJ
'13 Booked WKORV-N 2 bdrm and rented it out to a co-worker

That's all. Enjoy your day and happy timesharing!

I agree with you for selling your timeshare. When I was young my Parents owned a couple of Time Shares that was hard to use and hard to exchange despite the MF's.

Two years ago I was introduced to Redweek.com and found a resale in Scottsdale and last year a resale at The Ridge Lake Tahoe. Our plan is to exchange the Arizona unit to travel around the USA and abroad. The Ridge Tahoe is our home resort because its a 4 hour drive and if we leave around 5 AM we can be there around 9 or 10.

The Ridge Tahoe gives us not only a week we can use for any season and the MFs are $940 per year it also gives us excellent Bonus Time rates, Day Use and a free shuttle to the Casinos.

What you can do is look for a Timeshare within a 250 mile radius that you can drive to or fly to. You can go to Redweek.com and find a resale that meets your needs. You can take some of the money from your sale to buy a TS that you know you can use.

The $1100 airfaare is a lot and for that much you can go to Europe and trade there.

Hope this is not your exit from timesharing.

 

[LisaRex]

To close the loop on this thread, I received the check for $22.7k from Starwood today - 3 months to the date from when the contract was signed.

I called Starwood on Monday asking where my check was and the rep said that paperwork was completed last Friday, then sent to another department for their approval. He said I should receive the check in 2-3 weeks. I reminded him that the original contract stated that I'd be paid within 45 days, or by April 10th. Per the ROFR letter, I had to give Starwood a "reasonable" extension. I told him that I believed that an additional 45 days, or double the amount of time of the contract, was certainly reasonable, and therefore I was expecting a check no later than May 22nd.

It was FedExed to me today.

 

[Ken555]

Congrats! Glad to hear you got your money, at last.

 

[PamMo]

Yes, congrats on closing the deal! I've heard Starwood and Marriott can drag their feet in paying when they exercise ROFR, so I'm glad your wait was "only" three months. Now you have all that cash on hand to buy another timeshare, right?

 

[LisaRex]

Yes, congrats on closing the deal! I've heard Starwood and Marriott can drag their feet in paying when they exercise ROFR, so I'm glad your wait was "only" three months. Now you have all that cash on hand to buy another timeshare, right?

I'm not ruling out anything, but we'll probably just rent moving forward. I felt really confined by Starwood's limited portfolio because I really enjoy exploring new places. Marriott intrigues me but their two-tier system confuses me. But I have about a dozen places on my travel wish list and I'm going to start knocking them out before I consider another timeshare.

All's well that ends well.

 

[PamMo]

Yeah, I know what you mean. I really like some locations/resorts in SVN, but wanted the option to book in other areas where there is no Starwood presence. (I don't have a lot of patience to wait around for trades in II and RCI.) While I was perusing my options, I was lucky to find some Marriott and Hilton owners who wanted to give away their timeshares. (I love TUG!) Now, we're fortunate to be planning some great vacations with the family, thanks to the generosity of other Tuggers. Owning is better than renting, because I can book at least 12 months out in prime locations. (We live in the Midwest, so airfares are always an issue.) With Marriott, there is a nice network of owners who are very willing to do owner-to-owner trades, which is VERY nice! I traded my summer Marriott Marbella week for a week in Waiohai (Poipu, Kauai) to coincide with another week we own with Marriott. The Hilton timeshare works well for places that none of my other timeshares have access to. Hilton even lets resale buyers trade for Hilton points which can be used for hotel stays.

 

[Tikiman]

To close the loop on this thread, I received the check for $22.7k from Starwood today - 3 months to the date from when the contract was signed.

I called Starwood on Monday asking where my check was and the rep said that paperwork was completed last Friday, then sent to another department for their approval. He said I should receive the check in 2-3 weeks. I reminded him that the original contract stated that I'd be paid within 45 days, or by April 10th. Per the ROFR letter, I had to give Starwood a "reasonable" extension. I told him that I believed that an additional 45 days, or double the amount of time of the contract, was certainly reasonable, and therefore I was expecting a check no later than May 22nd.

It was FedExed to me today.

Sorry if you already said this somewhere but was this an EOY OF or every year?

I am considering selling my Every Year OF.

Thanks

Steve

 

[LisaRex]

Sorry if you already said this somewhere but was this an EOY OF or every year?

Every year.

 

[Tikiman]

Every year.

That seems low for that. How much is Westin selling an every year Ocean Front for right now? We paid $62K the year before it opened.

 

[DavidnRobin]

That seems low for that. How much is Westin selling an every year Ocean Front for right now? We paid $62K the year before it opened.

It appears that the going price for WKORVN OF (resale) is what Lisa just sold for - $22.7K - as it was a successful sale.

As WKORVN is no longer in active sales - I would assume the Developer (SVO) price is more than $70K (guessimate) as SVO increases the price (on paper) once they are no longer in active sales (to show how much they have increased in value for those unaware of resale, and happen to find someone willing to pay that much for a villa that have been returned to SVO). However, that is really a meaningless number to everyone but SVO and that unlucky person that doesn't know about resale.

 

[Tikiman]

It appears that the going price for WKORVN OF (resale) is what Lisa just sold for - $22.7K - as it was a successful sale.

As WKORVN is no longer in active sales - I would assume the Developer (SVO) price is more than $70K (guessimate) as SVO increases the price (on paper) once they are no longer in active sales (to show how much they have increased in value for those unaware of resale, and happen to find someone willing to pay that much for a villa that have been returned to SVO). However, that is really a meaningless number to everyone but SVO and that unlucky person that doesn't know about resale.

I see what you are saying but I could sell mine for $10k and it woud be a successful sale wouldn't it? I do appreciate the input though. It is a tough decision to sell it. We do enjoy it but we have something else the money needs to go towards.

 

[DavidnRobin]

I see what you are saying but I could sell mine for $10k and it woud be a successful sale wouldn't it? I do appreciate the input though. It is a tough decision to sell it. We do enjoy it but we have something else the money needs to go towards.

If you were to sale it for $10K - SVO would exercise their ROFR.
You said her price seemed low - quite the contrary - her price was good comparatively for resale.
If you compare it to SVO's price - then you will be disappointed and is an unrealistic expectation.

As you have already asked this question and were getting figures around $20K, and LisaR is an experienced Tugger and researched this (and her decision) - this is a reasonable expectation. Could be more - but not by much. If you are looking for more - good luck.
Obviously could be less - too much less and SVO picks it up.

btw - I bought and rescinded a WKORVN OF for $74K in Dec 2005. (whew... close one)

 

[SMHarman]

Sayd has a ROFR thread on here. From Lisas perspective this was a successful sale as it meant she had money in her bank account. From the buyer who got ROFRed, it was unsuccessful.