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WKORV Owner's Update

clsmit

TUG Review Crew
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The DH is a sucker for the update so we try to plan them early in the morning before the kids get up. Not as easy to do at WKORV, where 6am is noon body time. Regardless, we wandered over for our 8:25 am meeting.

We were loving our OF unit (6th floor building 2, bought resale and retro'd, reserved at 9am 12 months out) so the only thing we might be interested in is trading our OV for another OF or maybe OFD. They were not interested in buying back our OV since it was a resale, even tho they had no inventory other than what they are getting from ROFR. They would happily sell us a new OFD for $124,900 (only 2 or 3 left out of an initial inventory of 12!) or with a net purchase of $75K (sell them back one of a set of properties from our portfolio, add $75K of our own money, and it's ours!). They were interested in WSJ, WKV, and maybe HRA. Not interested in WLR (no surprise), SBP, or WMH. So no deal. They also had a fixed Christmas week WKORV-N OF if we were interested. That doesn't work for our kid schedule, so again, no deal.

Other things we heard: WKORVNN is still in the pushing dirt stage. 2BR (no lockoffs) are still the size that Maui will allow. No plans approved yet.

People had booked the week before Easter through places like AAA -- so clearly Starwood is holding back weeks from Owners for rental. Boo.

Other updates in another note later.
 

gregb

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We talked to Syed last week while in Maui. We both thought that *wood has been picking up units via ROFR and through foreclosure. But rather than put them back into the sales channel, they may be keeping them so they can rent them out in high demand weeks.

If *wood owns a unit, they can use it to reserve a high value week which they can then rent it out. *wood's reservation of those weeks would be in direct competition with other owners requests. It would be interesting to know where the *wood reservations show up in the queue, like maybe they somehow always pop to the top? Just wondering.

Late last week, I went to the *wood site to check on availability of units to rent as hotel use around Easter. For both the week before and the week of Easter they showed availability for many categories, including OF. I wonder if any owners were blocked out of access during those weeks.

Greg
 

fasha39

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Other things we heard: WKORVNN is still in the pushing dirt stage. 2BR (no lockoffs) are still the size that Maui will allow. No plans approved yet.

We were told that Garden View would be $100K "due to land acquisition costs", this of course makes the prices at WKORV/N seem quite reasonable:D
 

jarta

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We talked to Syed last week while in Maui. We both thought that *wood has been picking up units via ROFR and through foreclosure. But rather than put them back into the sales channel, they may be keeping them so they can rent them out in high demand weeks.

If *wood owns a unit, they can use it to reserve a high value week which they can then rent it out. *wood's reservation of those weeks would be in direct competition with other owners requests. It would be interesting to know where the *wood reservations show up in the queue, like maybe they somehow always pop to the top? Just wondering.

Late last week, I went to the *wood site to check on availability of units to rent as hotel use around Easter. For both the week before and the week of Easter they showed availability for many categories, including OF. I wonder if any owners were blocked out of access during those weeks.

Greg

Greg, ... For what Starwood owns (however obtained) it must rent out the weeks or eat the MFs it pays to the WKORV HOA. Those weeks never appear in the WKORV rental pool. They are outside the SVN rules.

You ask a good question when you ask how the assignments are made for those units. I'm not sure, but I had always assumed that the Starwood-owned weeks, being outside the rules of the SVN applicable for both resort owners and SVN traders, were treated like fixed weeks as to Starwood unit week owned and ones where the call need not be made.

Starwood also gets any rental pool weeks that are open 60 days from arrival. I had always assumed that arrival had to be determined by unit week date and these weeks were also treated the same way.

But, I certainly don't know how it really works. Salty
 

spencersmama

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We were told that Garden View would be $100K "due to land acquisition costs", this of course makes the prices at WKORV/N seem quite reasonable:D

Do TUGGERS think this is true, or just another sales ploy? Seems like they will price a lot of people out of the market. I can buy a (foreclosed) condo on the beach in Florida for that price. Yes, it's Florida, not Maui, but I would own all 52 weeks.
 

YYJMSP

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Do TUGGERS think this is true, or just another sales ploy? Seems like they will price a lot of people out of the market. I can buy a (foreclosed) condo on the beach in Florida for that price. Yes, it's Florida, not Maui, but I would own all 52 weeks.

IMO, I read that as "don't wait for those units, they'll be too expensive, take a WKORV/N unit instead, we only have 1 left, buy now, buy now, buy now!"
 

clsmit

TUG Review Crew
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Greg (Great meeting you and your wife, BTW. Hope you had a fun rest of the week and flight home.) -- That's an interesting thought. It's probably some combination of the 2. I'd sell the OF and some OV and rent the IV at WKORV for sure. The people who I met who were renting as a hotel were at WKORVN in the back. And now that I think of it, when we were checking in there was a couple with 3 little kids who were in 2 units not next to each other and were politely furious that they weren't closer. They must have rented either as a hotel or from owners in some way not to have notes on the file to put them next door. The front desk was doing the best they could and the kids were really behaving well for probably being exhausted.
 

Denise L

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The DH is a sucker for the update so we try to plan them early in the morning before the kids get up. Not as easy to do at WKORV, where 6am is noon body time. Regardless, we wandered over for our 8:25 am meeting.

We were loving our OF unit (6th floor building 2, bought resale and retro'd, reserved at 9am 12 months out) so the only thing we might be interested in is trading our OV for another OF or maybe OFD. They were not interested in buying back our OV since it was a resale, even tho they had no inventory other than what they are getting from ROFR. They would happily sell us a new OFD for $124,900 (only 2 or 3 left out of an initial inventory of 12!) or with a net purchase of $75K (sell them back one of a set of properties from our portfolio, add $75K of our own money, and it's ours!). They were interested in WSJ, WKV, and maybe HRA. Not interested in WLR (no surprise), SBP, or WMH. So no deal. They also had a fixed Christmas week WKORV-N OF if we were interested. That doesn't work for our kid schedule, so again, no deal.

Other things we heard: WKORVNN is still in the pushing dirt stage. 2BR (no lockoffs) are still the size that Maui will allow. No plans approved yet.

People had booked the week before Easter through places like AAA -- so clearly Starwood is holding back weeks from Owners for rental. Boo.

Other updates in another note later.

Wow, that seems awful that they are taking up high demand Spring Break weeks for rentals :annoyed: .

Are you there for two weeks or just one? Is the weather lovely?
 

clsmit

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We were only there one week -- kids had to get back to school. It was great, as you know!
 

gregb

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We were there for two weeks, and left on Sunday, April 1 (unfortunately is was not an April Fools joke.) The weather was spotty, for Hawai'i. More wind than normal and a few cool days. But nothing that kept us from doing what we wanted.

It was nice to meet Carol and family.

Greg
 
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