What's Unique About Hyatt's Siesta Key Resort?

[DanCali]

We don't own with Hyatt, but attended a presentation in Key West and have been trying learn more about resales in general.

I saw this listing come up for Siesta Key - looks like it includes 3 weeks but still.... What's so unique about this resort to justify this kind of resale price? What's the "Cabana Club" mentioned in the listing? The point value is not even mentioned, so presumably it's not particularly high for June in Florida.

I don't see any other listing at this resort - is it just an issue of supply and demand? Or is it just an unrealistic seller?

Hyatt Siesta Key Beach - A Hyatt Residence Club Resale $99,888

Siesta Key, Florida / Posting R1054287

www.redweek.com

 

[silentg]

Siesta Key is nice, we used to own at Calini Beach Club. Our week was 42. We bought from a TUG member and sold it to a Tug member. Nowhere near the price of Hyatt.

 

[ScoopKona]

We don't own with Hyatt, but attended a presentation in Key West and have been trying learn more about resales in general.

I saw this listing come up for Siesta Key - looks like it includes 3 weeks but still.... What's so unique about this resort to justify this kind of resale price? What's the "Cabana Club" mentioned in the listing? The point value is not even mentioned, so presumably it's not particularly high for June in Florida.

I don't see any other listing at this resort - is it just an issue of supply and demand? Or is it just an unrealistic seller?

Hyatt Siesta Key Beach - A Hyatt Residence Club Resale $99,888

Siesta Key, Florida / Posting R1054287

www.redweek.com

View attachment 71826

Very likely an overly optimistic seller trying to sell their three weeks for what they paid.

I'm considering selling my gold Key West Beach House week for $4K-ish plus the MF I just paid. I've gone all over the world with it. But the places I'm traveling to these days don't have timeshares. I'll miss having access to Carmel. But I'm inching closer to "just sell the thing."

 

[travelhacker]

Siesta Key is a bit different. That seller won't get their asking price, but I could see it going for 50-60K.

Redweek is the wrong place to ask....this really should be in the Sarasota area MLS instead.

I took my FIL with me to the HRC Siesta Key, and ever since then he's kept an eye on real estate in the area (his dream would be to buy one of the whole ownership units there).

I've looked a few times and I'll see the fractionals come up, and they do get sold. I've seen some deluxes go for as much as 100K during peak spring break season (which is probably a pretty big haircut from the original purchase).

Here's a couple of recent sales:

https://www.realtor.com/realestateandhomes-detail/915-Seaside-Dr-Unit-607_Sarasota_FL_34242_M66636-21348

https://www.movoto.com/realestate/915-seaside-drive-apt-402-weeks-2-3-sarasota-fl-34242-431_a4150590

 

[SmithOp]

Location location location, named best beach several times, always in the top 20 US beaches.

Siesta Key Florida - Things to Do & Attractions in Siesta Key FL

Siesta Key offers something for everyone. Known for its brilliant quartz sand, turquoise waters and many beachside amenities, Siesta Key is a must-visit island paradise.

www.visitflorida.com

 

[andre10056]

We don't own with Hyatt, but attended a presentation in Key West and have been trying learn more about resales in general.

I saw this listing come up for Siesta Key - looks like it includes 3 weeks but still.... What's so unique about this resort to justify this kind of resale price? What's the "Cabana Club" mentioned in the listing? The point value is not even mentioned, so presumably it's not particularly high for June in Florida.

I don't see any other listing at this resort - is it just an issue of supply and demand? Or is it just an unrealistic seller?

Hyatt Siesta Key Beach - A Hyatt Residence Club Resale $99,888

Siesta Key, Florida / Posting R1054287

www.redweek.com

View attachment 71826

To me, $100,000 plus $7006 annual maintenance for three weeks there is an absurdity.

Siesta Key is nice as there are many other nice beaches in Florida. Maybe a bit more volleyball games than on other beaches but that's about the only thing that was at all remarkable to me. But there are no shortage of lodging opportunities in Siesta Key as Airbnb has literally more than a thousand of them. Including very low cost lodging opportunities. And at both neighboring gulf front locations as well as "across the street" or "in blocks in back" locations.

And, of course, Siesta Key is not somehow immune from karenina brevis (i.e., red tide) that not only kills fish and birds and gulf mammals like manatees but is also toxic (in the air as well as the water) to humans. And those blooms are mostly spring/summer occurrences but can occur anytime.

So I guess you'd be paying for the resort. And what's so special about the resort? Perhaps a bit more pampering in terms of eating onsite. Maybe units a bit bigger than usual. But nothing I'd want to pay up for to that extent.

But you never know what might motivate someone to buy ... and that goes for anything. But, in this case, I believe that this is a sales transaction characterized by the "greater fool" theory. The seller is seeking a greater fool than he might have been to possibly take this off his hands at a profit and not at a loss (or at least for not as big of a loss).

 

[ScoopKona]

To me, $100,000 plus $7006 annual maintenance for three weeks there is an absurdity.

Siesta Key is nice as there are many other nice beaches in Florida. Maybe a bit more volleyball games than on other beaches but that's about the only thing that was at all remarkable to me. But there are no shortage of lodging opportunities in Siesta Key as Airbnb has literally more than a thousand of them. Including very low cost lodging opportunities. And at both neighboring gulf front locations as well as "across the street" or "in blocks in back" locations.

When we were selling these in Key West, many of our customers were "people who wanted a snowbird vacation house in Key West, but didn't want to maintain it." So they'd buy a full month at a clip and felt they made out like bandits. "We're Key West residents now!"

 

[andre10056]

When we were selling these in Key West, many of our customers were "people who wanted a snowbird vacation house in Key West, but didn't want to maintain it." So they'd buy a full month at a clip and felt they made out like bandits. "We're Key West residents now!"

I can sorta see that logic, but only because Key West is a legitimate snowbird destination. I don't know what you'd do there for a whole month aside from drink on Duval Street since its beaches are awful, but at least the weather is pretty good. But even it gets freezing cold at times in January. In fact, I spent last weekend in Miami Beach and it only got up to 50s/low 60s as a high for the two days, and down to the 30s at night. Not usually that cold I know, so I guess southern Florida (Key West, greater Miami area, greater Marco Island/Naples) might work.

But Siesta Key? Freezing in January. Gulf water ice cold. People playing volleyball on the beach are pretty well bundled up. Still not as cold as northern Minnesota I know, but not my choice as a potential snowbird destination.

And the OP wrote about a June opportunity. By then, Siesta Key is unbearably hot and humid. Gulf water is like a sauna and not at all refreshing. And karenina brevis is a strong possibility. And then consider that Siesta Key is a barrier island. Barrier islands protect the mainland from hurricane storm surge, etc. but are themselves entirely unprotected. Which was not a good thing for Fort Myers Beach, Sanibel and Captiva Islands, and the college football coach playground of Boca Grande (Nick Saban owns a house there as well as other coaches) during Hurricane Ian..

Nope. I'll take my $100,000 and $7006 in potential annual maintenance fees elsewhere, thank you.

 

[ScoopKona]

I don't know what you'd do there for a whole month aside from drink on Duval Street since its beaches are awful, but at least the weather is pretty good.

I don't disagree with you. But perspective: These were people who were winding down their careers in Buffalo, International Falls, Green Bay, or some other dreadfully-chilly locale.

Key West winter weather was "beach day" for them.

And the timeshare made financial sense. A "cheap" house when I left was pushing $1 million. And any property that low needed a LOT of work.

"So buy this timeshare instead, and use it for ten years. Make some contacts and learn how much a total renovation costs. THEN jump in."

Of course, by then, that $1 million fixer-upper cost five times more. It's basically the same in Hawaii. Get in while you can -- waiting costs much, much more.

 

[GTLINZ]

Not sure this was said, but Siesta Key is a fractional ownership. I think they are basically an affilate and their week is not available unless turned in.

Hopefully someone can confirm the full details.

 

[Sullco2]

Just to add some local perspective—Siesta Key has been affected by red tide. Most people experience throat irritation and coughing. When it gets bad fish die and stink. That can be bad but it’s episodic and not a reason to not buy there. But certainly not the Hyatt at those prices. Traffic in the Sarasota area is getting incrementally worse and the not quite completed traffic Circle downtown may not actually help. You don’t have to come off Siesta Key, but until the inevitable over development strangles the life out of the city (I give it three years) it’s a cool place. The hot whole ownership market has cooled a bit but our town home on Longboat Key has almost doubled in value since 2018. Many of our neighbors cashed out and we’re contemplating doing the same. Barrier island life means being controlled by bridge traffic backups plus being vulnerable to the vagaries of storms. We were very lucky when Ian veered south at the last minute.

 

[Tucsonadventurer]

The timeshare itself is gorgeous , comparable in quality to Park Hyatt in Breckenridge with free use of paddleboards and kayaks and the beach is quite lovely except during red tide. For us though it's the same distance to Hawaii so there is no comparison.It makes Maui pricing look like a bargain

 

[DanCali]

Not sure this was said, but Siesta Key is a fractional ownership. I think they are basically an affilate and their week is not available unless turned in.

Hopefully someone can confirm the full details.

So do those weeks even get Hyatt points?

 

[travelhacker]

Not sure this was said, but Siesta Key is a fractional ownership. I think they are basically an affilate and their week is not available unless turned in.

Hopefully someone can confirm the full details.

So do those weeks even get Hyatt points?

Actually the HRC Siesta Key is a fractional like the Colorado Ski Resorts are. It's a bit different in that the owners of 3 weeks get 2 consecutive weeks and a floating week. There are some 1/8th owners that own 6 weeks (I think that is a bit less common).

They are fully part of the HRC System. They have points associated with their weeks, they need to confirm their reservations within HRPP, their points convert to CUP, etc.

The whole building was supposed to be fractional. However, my understanding is that the financial crisis hit, the developer got in trouble or sales just took a huge nose dive (probably both), and so the remaining units were sold as whole ownership.

There are 11 units that are part of HRC and the rest are owned wholly by owners.

My understanding is that whole owners can take advantage of the rental pool with Hyatt hotels.

 

[lawboy2001]

That's just a very overpriced listing is all. It is a 'summer fractional' with usage end of May to mid June. Less value than winter. 2 bedroom plus a pull out couch, to sleep 6. So less value than a 3 bed, 3 bath. I haven't seen similar units listed for sale before but as someone else posted recent sales, I would expect a winter 1/16 fractional for a larger 3 bedroom unit would sell in the 60-80k range. Particular usage weeks matter too. Early January I would expect would sell for less than mid Feb to mid March -- which are my usage weeks