Welk Sale

[DayTraveler]

I don't know as much as you folks here on TUG I admire your knowledge base. I am a Welk owner and I feel like I got gypped. I was hoping to share our situation and please ask for feedback because I am not sure I am seeing the big picture: my in-laws joined Welk in the 80’s. We grew up in and around Welk and inherited their 300k points three years ago because they both passed away. Then 2 years ago we spent only 2k to buy a 180k point account not realizing the distinction between the two types of ownership. The big one being the two owner base fees. The other one being the idea that those points had different status and were looked at differently. So just a year ago we paid 7K to add 60k points and blend everything to be 540 Priority Level Platinum owner. We haven’t even had the chance to experience the perks that came along with it nor have we had the chance to recoup by saving the base owner fee each year. These were the reasons we paid those fees. Does that make sense? That’s the part that is hard for me to judge.

 

[bogey21]

The way I look at it is that you would have been better off if you had stuck with what you inherited assuming your parents were happy with it during the 20+ years they owned it. But what is done is done. Take the time to read everything on TUG regarding Welk and learn to maximize what you own...

George

 

[nuwermj]

I don't know as much as you folks here on TUG I admire your knowledge base. I am a Welk owner and I feel like I got gypped. I was hoping to share our situation and please ask for feedback because I am not sure I am seeing the big picture: my in-laws joined Welk in the 80’s. We grew up in and around Welk and inherited their 300k points three years ago because they both passed away. Then 2 years ago we spent only 2k to buy a 180k point account not realizing the distinction between the two types of ownership. The big one being the two owner base fees. The other one being the idea that those points had different status and were looked at differently. So just a year ago we paid 7K to add 60k points and blend everything to be 540 Priority Level Platinum owner. We haven’t even had the chance to experience the perks that came along with it nor have we had the chance to recoup by saving the base owner fee each year. These were the reasons we paid those fees. Does that make sense? That’s the part that is hard for me to judge.

[Thread clean-up.]

As to whether you were gypped ... I suppose there are different ways to look it. You have 540k club qualified point for which you paid $9,000. That is 1.7 cents a point, about 60 or 70% more than you would pay for 540k resale points. Or, you inherited 300k points and paid $9,000 for 240K retail points, i.e. 3.75 cents a point. That price is still better than the retail price.

If you plan to regularly use your time share, this is not a terrible deal. You should be able to get two weeks in a two bedroom unit every year. Welk trades well in Interval which will expand your choice of locations. Book a prime summer week in Escondido or Branson and deposit that week in II.

A personal view of mine: owning only 240k or 300k Welk points is a very bad deal due to the fact they charge a $745 fixed cost per account. The annual fees for owners with small accounts are way too high. On the other had the fees for larger accounts are more reasonable when you figure the cost of fees per week of vacation.

Finally, your 540k point account should hold some value in the resale market. The bigger accounts have better value (at least in the pre-covid world). You should be able to sell it for a penny a point or slight more.

 

[DayTraveler]

I'm not sure why @SueDonJ moved this question to this thread. It has nothing to do with Hyatt and the acquisition.

As to whether you were gypped ... I suppose there are different ways to look it. You have 540k club qualified point for which you paid $9,000. That is 1.7 cents a point, about 60 or 70% more than you would pay for 540k resale points. Or, you inherited 300k points and paid $9,000 for 240K retail points, i.e. 3.75 cents a point. That price is still better than the retail price.

If you plan to regularly use your time share, this is not a terrible deal. You should be able to get two weeks in a two bedroom unit every year. Welk trades well in Interval which will expand your choice of locations. Book a prime summer week in Escondido or Branson and deposit that week in II.

A personal view of mine: owning only 240k or 300k Welk points is a very bad deal due to the fact they charge a $745 fixed cost per account. The annual fees for owners with small accounts are way too high. On the other had the fees for larger accounts are more reasonable when you figure the cost of fees per week of vacation.

Finally, your 540k point account should hold some value in the resale market. The bigger accounts have better value (at least in the pre-covid world). You should be able to sell it for a penny a point or slight more.

Thank you very much that was an amazing and extremely helpful explanation. You helped me see things in a way I never had thought about seeing them.

 

[DayTraveler]

I'm learning this system I wanted to edit but it would not let me so I just added my modified post. I wanted to mention about how Welk deals with after market accounts.
I don't know as much as you folks here on TUG I admire your knowledge base. I am a Welk owner and I feel like I got gypped. I was hoping to share our situation and please ask for feedback because I am not sure I am seeing the big picture: my in-laws joined Welk in the 80’s. We grew up in and around Welk and inherited their 300k points three years ago because they both passed away. Then 2 years ago we spent only 2k to buy a 180k points account (after market account like someone who had Welk but sold it and a third party seller sold it to us something Welk was not crazy about) not realizing the distinction between the two types of ownership. The big one being the two owner base fees (the yearly dues had a base fee and we now had two one for the 300K and one for the 180K) . The other one being the idea that those points had different status and were looked at differently. So just a year ago we paid 7K to add 60k points and blend everything to be 540 Priority Level Platinum owner. We haven’t even had the chance to experience the perks that came along with it nor have we had the chance to recoup by saving the base owner fee each year. When my wife and I decided to spend 7K we did the calculations of saving roughly $500 each year because one base fee would be removed. These were the reasons we paid those fees. Does that make sense? That’s the part that is hard for me to judge.

 

[RunCat]

I'm learning this system I wanted to edit but it would not let me so I just added my modified post. I wanted to mention about how Welk deals with after market accounts.
I don't know as much as you folks here on TUG I admire your knowledge base. I am a Welk owner and I feel like I got gypped. I was hoping to share our situation and please ask for feedback because I am not sure I am seeing the big picture: my in-laws joined Welk in the 80’s. We grew up in and around Welk and inherited their 300k points three years ago because they both passed away. Then 2 years ago we spent only 2k to buy a 180k points account (after market account like someone who had Welk but sold it and a third party seller sold it to us something Welk was not crazy about) not realizing the distinction between the two types of ownership. The big one being the two owner base fees (the yearly dues had a base fee and we now had two one for the 300K and one for the 180K) . The other one being the idea that those points had different status and were looked at differently. So just a year ago we paid 7K to add 60k points and blend everything to be 540 Priority Level Platinum owner. We haven’t even had the chance to experience the perks that came along with it nor have we had the chance to recoup by saving the base owner fee each year. When my wife and I decided to spend 7K we did the calculations of saving roughly $500 each year because one base fee would be removed. These were the reasons we paid those fees. Does that make sense? That’s the part that is hard for me to judge.

IMO, from a maintenance fee perspective, you will be fine; having one account is better than two; provided you have a long term view. You also have more points that will give you more options on destinations. Both of those I would consider to be good things.
Re: Priority Levels: who knows what will happen. Those benefits were offered by Welk Resorts and were subject to change. I suspect they will be. Our family has over 2M points so I am hoping that some quantity benefit remains in place; but I am not assuming it.

 

[nuwermj]

I'm learning this system I wanted to edit but it would not let me so I just added my modified post. I wanted to mention about how Welk deals with after market accounts.
I don't know as much as you folks here on TUG I admire your knowledge base. I am a Welk owner and I feel like I got gypped. I was hoping to share our situation and please ask for feedback because I am not sure I am seeing the big picture: my in-laws joined Welk in the 80’s. We grew up in and around Welk and inherited their 300k points three years ago because they both passed away. Then 2 years ago we spent only 2k to buy a 180k points account (after market account like someone who had Welk but sold it and a third party seller sold it to us something Welk was not crazy about) not realizing the distinction between the two types of ownership. The big one being the two owner base fees (the yearly dues had a base fee and we now had two one for the 300K and one for the 180K) . The other one being the idea that those points had different status and were looked at differently. So just a year ago we paid 7K to add 60k points and blend everything to be 540 Priority Level Platinum owner. We haven’t even had the chance to experience the perks that came along with it nor have we had the chance to recoup by saving the base owner fee each year. When my wife and I decided to spend 7K we did the calculations of saving roughly $500 each year because one base fee would be removed. These were the reasons we paid those fees. Does that make sense? That’s the part that is hard for me to judge.

It might help if you tell what specifically makes you feel gypped.

I think you will find large numbers of people who feel they got a bad or very bad deal when they purchased their timeshare. I feel that way with one of my purchases. But we can't change the past, so the only thing that matters is what we do going forward. Some people never get past these feelings; others learn how to make the best of their past decisions. My impression is that the latter is the better off group.

 

[DayTraveler]

It might help if you tell what specifically makes you feel gypped.

I think you will find large numbers of people who feel they got a bad or very bad deal when they purchased their timeshare. I feel that way with one of my purchases. But we can't change the past, so the only thing that matters is what we do going forward. Some people never get past these feelings; others learn how to make the best of their past decisions. My impression is that the latter is the better off group.

I feel gypped because we came up with 7 thousand dollars to:

1) Save on two base fees
2) Move up in the Welk status
3) combine points to have all "real" welk points.

All of that won't happen now with the sale. does that make sense?

 

[nuwermj]

I feel gypped because we came up with 7 thousand dollars to:

1) Save on two base fees
2) Move up in the Welk status
3) combine points to have all "real" welk points.

All of that won't happen now with the sale. does that make sense?

All of this will happen under the new manager, Hyatt. The legal structure of the points program is a bit complicated, but what you currently have is not going to change much after the merger. What Hyatt will do is create some kind of new "upgraded" product and ask all of us to buy into it. We will get everything we now have plus something more, like access to the some of the current Hyatt locations. If you don't buy their upgrade, you still keep what you now have.

 

[Guitarmom]

I share your concerns, DayTraveler. We are in a similar situation. Late 2018, we took our three separate resale contracts (1 deeded week; 240,000 Platinum Points; a two-bedroom lock-off in Villas on the Greens only), and paid $7,000 to combine all three contracts into 780,000 Platinum Points with Priority status. Two months later, a family crisis necessitated that we be in San Diego on a regular basis. We were SO glad that we had the flexibility that points afforded us.

This Marriott/Hyatt/Whatever merger is throwing me for a loop. I wish someone would let us know what is going to happen and when it will happen, because at this point in life I am super dependent on my Welk timeshare.

 

[RunCat]

I share your concerns, DayTraveler. We are in a similar situation. Late 2018, we took our three separate resale contracts (1 deeded week; 240,000 Platinum Points; a two-bedroom lock-off in Villas on the Greens only), and paid $7,000 to combine all three contracts into 780,000 Platinum Points with Priority status. Two months later, a family crisis necessitated that we be in San Diego on a regular basis. We were SO glad that we had the flexibility that points afforded us.

This Marriott/Hyatt/Whatever merger is throwing me for a loop. I wish someone would let us know what is going to happen and when it will happen, because at this point in life I am super dependent on my Welk timeshare.

It is hard to make a final determinations since the sale has not been finalized; it's only been announced. The final sale will be sometime this Spring with, likely, no change until 2022 at the earliest. At least that is my take.

 

[Guitarmom]

It is hard to make a final determinations since the sale has not been finalized; it's only been announced. The final sale will be sometime this Spring with, likely, no change until 2022 at the earliest. At least that is my take.

Thank you, RunCat. If I recall from another thread, you are Welk Platinum Priority One. You have my admiration! And I appreciate your calming words. I'm just going to continue using Welk as often as I do until I hear something has actually changed.

 

[Oscar923]

Thank you, RunCat. If I recall from another thread, you are Welk Platinum Priority One. You have my admiration! And I appreciate your calming words. I'm just going to continue using Welk as often as I do until I hear something has actually changed.

I know this an old thread. But I have been paying attention to the merger, and have found very little new info. I own a small EOY 240K contract, and almost only use it to spend a few summer days in Northstar EOY, and my family will be there this year in early August. It has worked out for us. Just not sure whether the merger would affect the availability of Northstar.

 

[serjco]

We are thinking of taking over 540k points (someone is giving it away). The maintenance fees are around $2800 per year. Am I better off just renting from another owner? If I'm understanding correctly, it's 540k is good for a 2 Bedroom unit for 2 weeks. Is 2 weeks worth $2800 a year ($100/night)?

 

[Oscar923]

We are thinking of taking over 540k points (someone is giving it away). The maintenance fees are around $2800 per year. Am I better off just renting from another owner? If I'm understanding correctly, it's 540k is good for a 2 Bedroom unit for 2 weeks. Is 2 weeks worth $2800 a year ($100/night)?

A 2-bedroom unit at the old section of Escondido is worth 240k points a week. But if you do only 5 weekdays, it is only 120k. You could get quite a bit with 540k points, so you really have to ask yourself how much time you have for vacation, and if you are going to be able to use the points with your work/school schedule.