Why does everyone want out of Vacation Village in Orlando, FL? What am I missing?

[chriskre]

Your points that you stress about how valuable your Vacation Village/Daily Management Ownership is great. I also have had many great vacations including all of the Major Hawaiian Islands with my Vacation Village/Daily Management Ownership. However, you mention that you own a triennial so your miantenance is around $400/year which is very reasonable. If you owned every year like we and many other do you maintenance would be around $1200/year which is not so reasonable.

Furthermore, the issue about Vacation Village/Daily Management addressing the needs of owners that are no longer using their timeshares and want to stop paying their maintenance is important. They should be offering Deedbacks so that owners don't just stop paying their maintenance which raises the maintenance for the other owners that are paying their maintenance!

I don't think my ownership is valuable, it's actually not valuable but for me is a good value because it's a triennial.
I'm not a fan of every year ownerships for this very reason.
I purposely try to own biennials or triennials if they are available contrary to the usual TUG advice because I don't trust any of these developers.

I used to own a Grandview triennial and had issues with it because for some reason the RCI points never transferred and I couldn't get the closing company nor the resort to help me with it despite several attempts to do so even trying at the "updates", so I let it go into foreclosure because I had no other option to fix my issue with it.
It was only $140 a year MF's on that one yet it was useless to me in TPUs as I already owned a mega TPU producer with a BG CMV UDI so I totally understand what you are saying.

I think it's ridiculous that they won't take these things back for free. It just goes to show that they don't value their own product.
They did eventually take back my unit about 5 years later and I never had a hit to my credit so if anyone is reading this don't feel you need to keep these things if you don't have a mortgage because more than likely absolutely nothing but empty threats and harassing phone calls, will happen if you let it go.
I just received a letter one day in the mail saying it was taken in foreclosure and that was that.
Why they didn't take it back in the first place and save themselves the legal fees is beyond me. Maybe that's part of their ongoing scam. The association pays their scammy lawyers, who knows? Whatever it is, it's just a line item on their spreadsheet to move money into their pockets and it's done.
Surprisingly it didn't affect my Orlando unit but if it had I'd have no issue letting this one go either. I feel no shame with these crooked companies, they have no shame so neither do I. I just get out of them what I need and move about the cabin.

 

[iftravel]

I don't think my ownership is valuable, it's actually not valuable but for me is a good value because it's a triennial.
I'm not a fan of every year ownerships for this very reason.
I purposely try to own biennials or triennials if they are available contrary to the usual TUG advice because I don't trust any of these developers.

I used to own a Grandview triennial and had issues with it because for some reason the RCI points never transferred and I couldn't get the closing company nor the resort to help me with it despite several attempts to do so even trying at the "updates", so I let it go into foreclosure because I had no other option to fix my issue with it.
It was only $140 a year MF's on that one yet it was useless to me in TPUs as I already owned a mega TPU producer with a BG CMV UDI so I totally understand what you are saying.

I think it's ridiculous that they won't take these things back for free. It just goes to show that they don't value their own product.
They did eventually take back my unit about 5 years later and I never had a hit to my credit so if anyone is reading this don't feel you need to keep these things if you don't have a mortgage because more than likely absolutely nothing but empty threats and harassing phone calls, will happen if you let it go.
I just received a letter one day in the mail saying it was taken in foreclosure and that was that.
Why they didn't take it back in the first place and save themselves the legal fees is beyond me. Maybe that's part of their ongoing scam. The association pays their scammy lawyers, who knows? Whatever it is, it's just a line item on their spreadsheet to move money into their pockets and it's done.
Surprisingly it didn't affect my Orlando unit but if it had I'd have no issue letting this one go either. I feel no shame with these crooked companies, they have no shame so neither do I. I just get out of them what I need and move about the cabin.

Weird. RCI couldn't verify it's a points account? BTW, I am getting a Grandview Points EOY hope it's going to be smooth otherwise I have to do the same...

 

[chriskre]

Weird. RCI couldn't verify it's a points account? BTW, I am getting a Grandview Points EOY hope it's going to be smooth otherwise I have to do the same...

No they wouldn’t. They kept sending me back to the resort and since this was a resale purchased on eBay I was going nowhere. Very frustrating.
I hope you have better luck.


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[iftravel]

No they wouldn’t. They kept sending me back to the resort and since this was a resale purchased on eBay I was going nowhere. Very frustrating.
I hope you have better luck.


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Is it possible the previous owner already lost points access? The ebay seller also sent me a copy of their "Broker Verificaiton Request" to RCI, and clearly shows it's in good status and have points in account.

 

[chriskre]

Is it possible the previous owner already lost points access? The ebay seller also sent me a copy of their "Broker Verificaiton Request" to RCI, and clearly shows it's in good status and have points in account.

I imagine so. Who knows what happened but I gave up trying to figure it out.


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[Tamaradarann]

I don't think my ownership is valuable, it's actually not valuable but for me is a good value because it's a triennial.
I'm not a fan of every year ownerships for this very reason.
I purposely try to own biennials or triennials if they are available contrary to the usual TUG advice because I don't trust any of these developers.

I used to own a Grandview triennial and had issues with it because for some reason the RCI points never transferred and I couldn't get the closing company nor the resort to help me with it despite several attempts to do so even trying at the "updates", so I let it go into foreclosure because I had no other option to fix my issue with it.
It was only $140 a year MF's on that one yet it was useless to me in TPUs as I already owned a mega TPU producer with a BG CMV UDI so I totally understand what you are saying.

I think it's ridiculous that they won't take these things back for free. It just goes to show that they don't value their own product.
They did eventually take back my unit about 5 years later and I never had a hit to my credit so if anyone is reading this don't feel you need to keep these things if you don't have a mortgage because more than likely absolutely nothing but empty threats and harassing phone calls, will happen if you let it go.
I just received a letter one day in the mail saying it was taken in foreclosure and that was that.
Why they didn't take it back in the first place and save themselves the legal fees is beyond me. Maybe that's part of their ongoing scam. The association pays their scammy lawyers, who knows? Whatever it is, it's just a line item on their spreadsheet to move money into their pockets and it's done.
Surprisingly it didn't affect my Orlando unit but if it had I'd have no issue letting this one go either. I feel no shame with these crooked companies, they have no shame so neither do I. I just get out of them what I need and move about the cabin.

As you say your ownership is good value for you. You are paying 1/3 of the cost of every year ownership of a unit which is a major savings per year and you have ownership privileges. Therefore, your financial cost on your trienial ownership is much less than if you owed every year.

I totally agree with what you are saying about Vacation Village taking the unit back rather than waiting for 5 years and foreclosing. The other major Timeshare companies; Hilton, Marriott, Wyndham are doing Deedbacks since they realize that it is better than waiting the 5 years to do a foreclosure. It is better because doing a Deedback costs less than a Foreclosure. It is better because they can immediately sell the unit, which costs them nothing to obtain, for profit. Furthermrore, and perhaps most important, It is better for the other loyal owners who are paying their maintenance since they are not saddled with paying higner maintenance due to delinquent maintenance owners for, in your case, 5 years.

 

[iftravel]

I imagine so. Who knows what happened but I gave up trying to figure it out.


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Yeah, unfortunately. I’m curious what happened when it eventually went into foreclose. Did you get a credit hit? Did you get some letter stating your debt in MF is canceled or forgiven? Or even got a 1099 for canceled debt which is also annoying?

 

[chriskre]

Yeah, unfortunately. I’m curious what happened when it eventually went into foreclose. Did you get a credit hit? Did you get some letter stating your debt in MF is canceled or forgiven? Or even got a 1099 for canceled debt which is also annoying?

Nope nada.
My credit score was 760 through out.
It never appeared on my credit report.
I never got a 1099.
All that crap people say will happen never did.
Granted I didn’t have a mortgage so that may be why because they can’t do much about just maintenance fees but I think people are paranoid because of the PR put out there by the timeshare lawyer scam companies wanting you to pay all your money for absolutely no reason.


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[Tamaradarann]

Nope nada.
My credit score was 760 through out.
It never appeared on my credit report.
I never got a 1099.
All that crap people say will happen never did.
Granted I didn’t have a mortgage so that may be why because they can’t do much about just maintenance fees but I think people are paranoid because of the PR put out there by the timeshare lawyer scam companies wanting you to pay all your money for absolutely no reason.


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Perhaps since Timeshares are real estate and the only recourse for those who are owned money is to eventually foreclose there are rules or laws that dictate what happens and what can happen to your credit score. The forclosure process or result may differentiate between foreclosing for not paying your mortage, which is the basis for owning or partially owning the property since the mortgage holder has some ownership rights of the property, or not paying your maintenance which is just that maintaining your property.

 

[chriskre]

Perhaps since Timeshares are real estate and the only recourse for those who are owned money is to eventually foreclose there are rules or laws that dictate what happens and what can happen to your credit score. The forclosure process or result may differentiate between foreclosing for not paying your mortage, which is the basis for owning or partially owning the property since the mortgage holder has some ownership rights of the property, or not paying your maintenance which is just that maintaining your property.

It appears to be so. At least that’s how it was in Grandview in Vegas.
When the time comes I will find out if it’s the same in Florida but for now I am still getting some value out of it so it stays in my portfolio.


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[Sugarcubesea]

I am not sure what FL 3 story condo law is?

@Tamaradarann , Florida's new condo laws, including Senate Bill SB-4D, require that buildings that are three stories or taller and over 30 years old undergo structural inspections every 10 years. These inspections must be conducted by licensed engineers or architects to identify and address any potential structural deficiencies. Buildings that are already 30 years or older must have inspections completed before the end of 2024.

The law requires reserves to be funded, and the study determines the reserve funds required for future major repairs and replacement of the common area based on visual inspection of the common areas. Effective December 31, 2024, unit-owner controlled associations must properly fund items identified in the structural integrity reserve study.

 

[Cyberc]

@Tamaradarann , Florida's new condo laws, including Senate Bill SB-4D, require that buildings that are three stories or taller and over 30 years old undergo structural inspections every 10 years. These inspections must be conducted by licensed engineers or architects to identify and address any potential structural deficiencies. Buildings that are already 30 years or older must have inspections completed before the end of 2024.

The law requires reserves to be funded, and the study determines the reserve funds required for future major repairs and replacement of the common area based on visual inspection of the common areas. Effective December 31, 2024, unit-owner controlled associations must properly fund items identified in the structural integrity reserve study.

Just earlier today at a board homepage for a Hilton timeshare I read that if more than 50% of all owners vote to not fully fund the reserves then it’s possible to waive the full funding. However ot has to be more than 50% of all owners not just those that attend the meeting.

 

[Sugarcubesea]

Just earlier today at a board homepage for a Hilton timeshare I read that if more than 50% of all owners vote to not fully fund the reserves then it’s possible to waive the full funding. However ot has to be more than 50% of all owners not just those that attend the meeting.

@Cyberc , That information is incorrect - Senate Bill 4-D (SB-4D) in Florida does not allow unit owners to vote to fully defer funding reserves for buildings with three or more stories. SB-4D, which was passed in May 2022, aims to improve the structural safety of multi-story buildings by requiring condominium associations to set aside funds for deferred maintenance and replacement costs. These costs include fireproofing, plumbing, electrical systems, waterproofing, exterior painting, and windows. As of December 31, 2024, associations can't waive or reduce funding for these reserves, known as "SIRS Reserves", in budgets that are adopted after that date. The funds can only be used for the specific purpose identified in the Structural Integrity Reserve Study (SIRS) and can't be pooled.

 

[Cyberc]

@Cyberc , That information is incorrect - Senate Bill 4-D (SB-4D) in Florida does not allow unit owners to vote to fully defer funding reserves for buildings with three or more stories. SB-4D, which was passed in May 2022, aims to improve the structural safety of multi-story buildings by requiring condominium associations to set aside funds for deferred maintenance and replacement costs. These costs include fireproofing, plumbing, electrical systems, waterproofing, exterior painting, and windows. As of December 31, 2024, associations can't waive or reduce funding for these reserves, known as "SIRS Reserves", in budgets that are adopted after that date. The funds can only be used for the specific purpose identified in the Structural Integrity Reserve Study (SIRS) and can't be pooled.

This is the text I read

An Important Update About Your Vacation Ownership

The Florida legislature recently changed the voting threshold required to waive the full funding of association reserves, affecting all deeded Owners of condominiums in Florida. Your vote in the upcoming Annual Owners’ Meeting or Special Owners’ Meeting is crucial, as it will impact how your maintenance fees are calculated.

The board of directors and management company recommend voting to waive the requirement to fully fund the reserves. Previously, we needed a vote from more than 50% of Owners who attended the meeting. Now, it requires a “yes” vote from more than half of all Owner interests, regardless of attendance.

Historically, this has passed by an overwhelming majority, but with the new requirements, your vote is more important than ever. Without a majority vote to waive the statutory funding requirement, you’ll see a significant increase in your maintenance fees starting in 2025.

Look for detailed information via email or mail from HGV’s Association Management Services team on how to vote in the upcoming virtual Annual Owners’ Meeting or a Special Owners’ Meeting.

Please make sure you vote at the next Owners’ Meeting and make your opinion count.

 

[chriskre]

This is the text I read

An Important Update About Your Vacation Ownership

The Florida legislature recently changed the voting threshold required to waive the full funding of association reserves, affecting all deeded Owners of condominiums in Florida. Your vote in the upcoming Annual Owners’ Meeting or Special Owners’ Meeting is crucial, as it will impact how your maintenance fees are calculated.

The board of directors and management company recommend voting to waive the requirement to fully fund the reserves. Previously, we needed a vote from more than 50% of Owners who attended the meeting. Now, it requires a “yes” vote from more than half of all Owner interests, regardless of attendance.

Historically, this has passed by an overwhelming majority, but with the new requirements, your vote is more important than ever. Without a majority vote to waive the statutory funding requirement, you’ll see a significant increase in your maintenance fees starting in 2025.

Look for detailed information via email or mail from HGV’s Association Management Services team on how to vote in the upcoming virtual Annual Owners’ Meeting or a Special Owners’ Meeting.

Please make sure you vote at the next Owners’ Meeting and make your opinion count.

Given how apathetic most condo owners are let alone TS owners are I doubt that they are going to get 50% of the owners signatures unless they start calling everyone and even then nobody answers their phone these days.
I know in our Miami condo we are facing this reserve assessment and even that has not been enough to get people out to the meetings
I know once the budget passes they will all be complaining on the WhatsApp group


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[Ski-Dad]

These are the condo associations you do not want to be part of, ones that are constantly deferring maintenance. It eventually comes back as a large special assessment.

Even if 50% plus owners elect to not fully fund the reserves, Florida's legislation mandates structural integrity assessments, known as Milestone Inspections, for condominiums and cooperative buildings 25 or 30 years old, with three or more stories. There is no way around this.

 

[TimeshareTraveller]

I see a flood of listings for Vacation Village in Orlando, FL. for $1. It is central to Disney Springs and ESPN. I believe it is RCI points. What am I missing?

Could the maintenance fees be rising faster than other places outside of Florida due to Florida's new laws on condo maintenance and structural inspections? The new law in Florida demands that enough in condo reserves is kept for structural maintenance with a required structural inspection every 10 years. The condos in Florida that have been holding off on maintenance to keep condo fees low have been socking their owners with massive condo reserve fee costs.

 

[Tamaradarann]

These are the condo associations you do not want to be part of, ones that are constantly deferring maintenance. It eventually comes back as a large special assessment.

Even if 50% plus owners elect to not fully fund the reserves, Florida's legislation mandates structural integrity assessments, known as Milestone Inspections, for condominiums and cooperative buildings 25 or 30 years old, with three or more stories. There is no way around this.

At our Condo in Honolulu, which is over 50 years old, our reserve fee is more than 50% of the operating maintenance fee to deal with issue such as painting and spalling and waste pipe replacement. Without having a substantial reserve fee built up the Condo would have a large special assessment. Votiing to not fund the reserve is a strategy with an eventual cost.

Perhaps one should also look at the owners who are delinquent on their maintenance fees for why the maintenance costs are going up. Someone must pay the maintenance so the other that are must make up for those that are NOT.

 

[Cyberc]

I don’t know the new law in detail but it seems that if 50% or more of all owners opt not to fund the reserves then it’s possible not to.

That’s assuming what they are suggesting is not against the law

 

[Tamaradarann]

I don’t know the new law in detail but it seems that if 50% or more of all owners opt not to fund the reserves then it’s possible not to.

That’s assuming what they are suggesting is not against the law

The problem in getting 50% or more of ALL THE OWNERS is that many of the owners are not involved mentally with their ownership. This happens in our Condo also with many absentee owners all over the world since Waikiki is so international and a vacation Mecca. (All Timeshares owners are absentee owners!). Therefore, needing 50% of all owners to approve something instead of 50% of those that vote is difficult.

 

[Cyberc]

The problem in getting 50% or more of ALL THE OWNERS is that many of the owners are not involved mentally with their ownership. This happens in our Condo also with many absentee owners all over the world since Waikiki is so international and a vacation Mecca. (All Timeshares owners are absentee owners!). Therefore, needing 50% of all owners to approve something instead of 50% of those that vote is difficult.

Yeah I assume that would be very difficult to accomplish.

But what I don’t understand is WHY would they try and make sure that the reserves are not fully funded? Yes I know that funding the reserves costs money - but not as much paying for a new roof or whatever the building is in need of. By pushing the payment the one time cost will be much higher for the individual owner.

Unless the current BOD is thinking that we know we need maintenance done for $10 million in 10 years. By not funding we can sell our own stake here and be done in a few years. Then the new owners and new BOD can pick up the bill.

 

[Tamaradarann]

Yeah I assume that would be very difficult to accomplish.

But what I don’t understand is WHY would they try and make sure that the reserves are not fully funded? Yes I know that funding the reserves costs money - but not as much paying for a new roof or whatever the building is in need of. By pushing the payment the one time cost will be much higher for the individual owner.

Unless the current BOD is thinking that we know we need maintenance done for $10 million in 10 years. By not funding we can sell our own stake here and be done in a few years. Then the new owners and new BOD can pick up the bill.

The only thing I can say about not funding the reserve fully is that the Reserve Study is just an estimate of what needs to be replaced and when. Our Condo has a reserve study and we are funding it fully with Reserve Contributions. However, some of the items in the reserve study are not done, some are pushed back years, others are added all the time. Therefore, with careful and skillful management a 50% funding of the reserve can be workable and I guess at many timeshares it has for many years.