DavidnRobin
TUG Member
- Joined
- Dec 20, 2005
- Messages
- 11,863
- Reaction score
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- Location
- San Francisco Bay Area
- Resorts Owned
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WKORV OFD (Maui)
WPORV (Kauai)
WSJ-VGV (St. John)
WKV (Scottsdale)
First refusal for these MF-delinquent units only, correct? Not every year, unless it's negotiated?
Just being nosey here, but I would love to know what weeks were available?
Why couldn't we have put them up for sale through real-estate companies that handle re-sales? Even if we sold them through MLS for a reasonable amount?
So with turning these over, back to I assume Starwood, should our MF decrease dramatically next year (or for 2018) since we are no longer covering delinquent units?
There is no ROFR for WSJ-VGV - anyway, these were not put on open market.
Did you read section of Phil/Bob email on this?
They decided that this was best approach to get these weeks back into hands of someone to cover the MFs (vs. delinquent or foreclosed upon)
They bought them all. Sales of these weeks prevent our MFs from increasing due to delinquencies. Proceeds of sale going to HOA budget.
IMO - It is highly unlikely these were Plat+ villas as these VOIs have substantial value (as shown in resale prices - and prices for those ones being sold on-site at WSJ). A person that had their Plat+ VOIs foreclosed on them had to be really trying. Plat+ 3Bd weeks are selling for $20K+ - especially now that they get 257K SOs - making the MF/SO some of lowest in the resale system as a SVN Mandatory resort. I suspect most of these VOIs were Gold+ (low) season.
If you want to know which were sold - there are 2 ways I can think of that may get that info 1) write Phil/Bob and request that info, 2) look at USVI site that deals with deed transfers.
me...? I do not care - I am happy that our HOA has been diligent at trying to keep our MFs down (decrease over 5 years from highest), adequate Reserves (increasing), and conditions at VGV appropriate for the MFs and location (for the most part).
IMO
Added - I recall the SVO-WSJ already owned ~10% of VGV VOIs. Not sure of the % increase with these additional 112 purchased (can't recall total VOIs for VGV) - but significant.
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