Westin Mission Hills--Buy Or Wait?

[WalnutBaron]

Hello all TUGgers,

I would like to ask your advice and thoughts on a possible purchase I am considering. I have been watching a WMH Platinum 1 BR week for the past couple of months. The seller (whose reviews on eBay seem to be very positive) has had a reserve on the week but after four failed attempts, I think he is willing to negotiate a private sale to me.

I think I can purchase the week for $5,000 or less. In many posts recently, the consensus seems to be to wait until after the New Year because you think the new MF invoices coupled with a worsening economy will prompt a lot of new sales activity (and I agree).

Since I live in Northern California, I would intend to use the WMH week every year. I also own WPORV and intend to use it quite often (maybe every 2 of 3 years). I understand that neither of these properties is mandatory, but since I plan to use them and not sell them, I should be in good shape with a WMH purchase, correct?

Here are my questions to you: 1) do you think the $5,000 price is a good one for WMH or should I wait for next year and be more opportunistic? 2) I know MF's at the two resorts I would own are quite high, but they are also in locations I really enjoy and have relatively easy access to (especially WMH) 3) with Desert Willow opening sometime next year, do you anticipate WMH losing appeal--both as an internal trader within the SVO network and through II if I ever wanted to go that route?

I really appreciate your advice and thank you in advance for any help you can offer.

 

[Quimby4]

Maybe one of the Moderators could move this to the Starwood Forum. I'm sure they will have lots of advise for you.

 

[stevens397]

Go to eBay and do an advanced search for completed auctions. I believe that two different 2BR Platinums went for just over $3,000 in the last two weeks!

I bought about 6 months ago for $7,000 and thought it was a steal! Then came October.....

 

[thezinfan]

Unless you are in a hurry, prices are only going to continue to drop for at least the next 6 months.

 

[CanadianLawyer]

A "good price" is what someone is willing to pay for a property. If you think $5000 is reasonable and good value for what you want to use it for, then it's a good price.

I've posted some of the recent WMH sales in this thread: http://www.tugbbs.com/forums/showthread.php?t=65595

Plat 2BRs have been in the $4500 to $5500 range over the past month or so, but not that many of them have sold. There has been one Plat week that has been listed 3 or 4 times (the most recent auction expired yesterday) and the highest bid any of those times was about $3200, and it did not sell. If you are talking about a 1 BR, then $5000 is way too high. For me, $5000 is still too high in this market for a 2 BR at a voluntary resort, especially as the economic news keeps getting worse and MFs will have to be paid soon. But that's just me.....

 

[Denise L]

Wow, I am amazed at how far the prices have fallen! That recent ebay auction ended at $2901.00 with the reserve not met. Amazing! I did not realize that prices were that insanely low.

 

[LisaRex]

Wow, I am amazed at how far the prices have fallen! That recent ebay auction ended at $2901.00 with the reserve not met. Amazing! I did not realize that prices were that insanely low.

They aren't. If the reserve wasn't met, the sale didn't take place.

 

[funtime]

I was just at this resort in October and loved it and -- the exchange was a getaway to the smaller one bedroom side of the lockoff. The pool slide was really popular with the kids and kids at heart and this is a top notch resort. I would note that our getaway price was quite reasonable and definately less than 1/2 the maintenance fees. I was also able to trade in to two bedroom units for late June 2008 this August with non Sheraton Vail one bedroom units so I think that the trades into this resort are loosening up. I am definately going again. And, I do not think that Desert Willow will lessen the appeal of this resort. Having the hotel really adds more amenities to this resort and it has an entirely different feel than Desert Willow which appears too "deserty" for my taste. And, there are issues with whether the hotel at Desert Willow will even be built. Lastly, since the maintenance fees are rather high, I think that the ebay prices will be sliding down further. Funtime

 

[Denise L]

They aren't. If the reserve wasn't met, the sale didn't take place.

Well, true . But I guess I was just looking at what someone is willing to bid, and that price is very low compared to a few months ago.

But who wants to pay those MFs right now on top of everything else. Not me, not with many bills about to show up in the mail .

 

[CanadianLawyer]

When at first you don't succeed....

For all of you who have been following the drama :zzz: this unit has been listed once again (http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&ssPageName=STRK:MEWAX:IT&item=110322367778) but this time has been started at $4997 instead of having a "low" reserve. We'll see if this new strategy coaxes a $5K bidder out of the woodwork.