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WKORV resale pricing

Troopers

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About 6 months ago, I was shopping for a second week at WKORV and decided to wait thinking that prices would drop. I've started to window shop again. The prices for a OV EY 2 bdrm seem to about 5% on average less than what I paid about two years ago. I'm quite surprised. I thought pricing would have been at least 10 to 15% lower.

Anyone else notice this?
 

SDKath

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We were excited to have found at OFD for sale for $50,000 in March after fierce back and forth and negotiating. We passed on it in the end to buy a unit for less $ elsewhere.

They are now going for about $45,000 with little or no negotiating. That's 10% in 6 months!

Katherine
 

DeniseM

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About 6 months ago, I was shopping for a second week at WKORV and decided to wait thinking that prices would drop. I've started to window shop again. The prices for a OV EY 2 bdrm seem to about 5% on average less than what I paid about two years ago. I'm quite surprised. I thought pricing would have been at least 10 to 15% lower.

Anyone else notice this?

What did you pay 2 years ago?
 

vacationtime1

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A year ago, the talk on this board was that WKORV OV EY units sold for $30,000 +/-. The asking prices on Redweek for the same type of unit are now $25,000 - $28,000. That would be a 16+% price drop in a year.

During the same time, Starwood was able to raise its retail price on the substantially identical units at WKORV-N next door; I think Starwood stopped selling OV units there at about $70,000. It just shows the enormous information gap between the primary and secondary markets.
 
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Troopers

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A year ago, the talk on this board was that WKORV OV EY units sold for $30,000 +/-. The asking prices on Redweek for the same type of unit are now $25,000 - $28,000. That would be a 16+% price drop in a year.

I'm must be missing something. Just checked redweek and myresortnetwork. 2 bdrm OV EY units are around $29k on average. I didn't find a single listing sub $28k.
 
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Ken555

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There's even one week for sale at RedWeek for only $24,500, with 2008 MFs paid. Assuming it can be used this year, that's a $2000 savings, making this a real value of $22,500.
 

Ken555

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I'm must be missing something. Just checked redweek and myresortnetwork. 2 bdrm OV EY units are around $29k on average. I didn't find a single listing sub $28k.

Ah, correct. The ones I see less than that are all island view.
 

DavidnRobin

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there's a unit on ebay that has no reserve - it will be interesting to see what the bid ends at...
 

Troopers

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We were excited to have found at OFD for sale for $50,000 in March after fierce back and forth and negotiating. We passed on it in the end to buy a unit for less $ elsewhere.

They are now going for about $45,000 with little or no negotiating. That's 10% in 6 months!

Katherine

Hey SDKath, I would expect the more expensive units to come down in price more so than the lower priced units.
 

Ken555

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there's a unit on ebay that has no reserve - it will be interesting to see what the bid ends at...

Is that the 1bed which just got relisted?
 

DeniseM

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Did you notice all the sellers who didn't list their view on Redweek? Or list a view description that doesn't exist at WKORV? "Garden View" "Water view" "Varies" :doh: Do they not realize that the view is critical in selling their TS?
 

Ken555

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An interesting note is that there are more listing >$30k than there are <$30k on redweek right now. The avg price is around $35k on redweek.

Go figure.

Well... in my limited first-hand experience trying to work with RedWeek sellers, I've learned the following:

1. They may be a broker, and have a purposefully deceptive and/or incomplete posting in order to encourage contact.

2. Owners have no idea what they really have to sell.

3. RedWeek asking prices tend to be on the high end of realistic sale prices. I'd think any of those WKORV weeks for sale at RedWeek (excepting the $22.5k week before MF) should easily negotiate another 10% off with a serious bidder, if not more.
 

Ken555

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Did you notice all the sellers who didn't list their view on Redweek? Or list a view description that doesn't exist at WKORV? "Garden View" "Water view" "Varies" :doh: Do they not realize that the view is critical in selling their TS?

Yes, this is true regardless of which t/s listing you view at RedWeek. I think it's either brokers trying to make contact with you to get the full info (or else they don't have it when they post), or a seller who has no idea what they have for sale (much more likely). Not to put too fine a point on it, but I humbly suggest that most/many timeshare (developer) purchasers may be quite ignorant on the process and what they bought. :wall:
 

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SDKath

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Hawaii is sort of wierd right now. There are sooooo much going against these sales right now. Honestly, if I hadn't just bought a million TSs about 6 months ago, I would pick up an OFD in a heartbeat. They are almost becoming a good investment for rental. Almost. Here are some reasons HI is taking a huge bath financially right now. Just wait till MFs come due in Dec and Jan. We will see even more for sale then.

1) 2 airlines went bankrupt in March so tickets are $1000+ unless you book at exactly 12 months out or use FF miles. Most of us are not as organized (as Denise M) so this is just too much. Family of 4 = $4000 in airfare (plus $30-$50 per luggage!!)

2) Maintenance fees are insanely high and increasing by 10%+ each year at WKORV. This is a Starwood specific issue I think as MFs at most Starwood TS locations are increasing by 10%++. That to me is crazy.

3) WKORV and the North property will be overbuilt when they add the 3rd building. Rentals are not going to be as easy as before.

4) The economy is bad. Hawaii is very expensive in general anyway. So when people cut back, the Hawaii vacation is the first to go. Drivable places are much easier and less expensive. My Westin Mission Hills rented SOOO easily this year. ;)

5) People just NEED money. The OFD we negotiated was from a local guy here in San Diego who got laid off from Oracle (a large software firm based here) and just could not afford to keep paying for it. He was desperate to sell it and I felt very bad for him. He had a family to support and guess what was going to be slashed from the budget first -- yup, the luxury $100k purchase.

Just my thoughts. Feel free to tell me I am wrong. Katherine
 
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SDKath

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I looked into the $25k and $27k listing. Both IV not OV.

The $27.95k and $28.9, if legit, are 5%+/- or less than what I paid.

Remember that an advertised price of $27.9 is not going to get the asking price. I bet I can get that down to $25,000 in a heartbeat.

K
 

LisaRex

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If Starwood could get $45k for an IV villa, you'd think that a $25k IV unit would be in danger of not passing ROFR.
 

tlpnet

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If Starwood could get $45k for an IV villa, you'd think that a $25k IV unit would be in danger of not passing ROFR.

You would think, but Starwood RARELY exercises ROFR. I think I've only read one post on this board in the last six months where it actually happened to a Tugger, and my recollection is that it was a really random case.

-tim
 

Ken555

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I think Starwood still has too much inventory in other locations, so why bother with ROFR? Unless it's an absurdly low price... After all, they really only care about the MFs and new sales.
 

DavidnRobin

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Is that the 1bed which just got relisted?

It could be - I do not know if eBay seller 'bracecompany' is just denying a very low bid. Since the final bid is not a contract - there are plenty of ways to get out of it (for both for buyer and seller) w/o getting a bad feedback rating.
 

Ken555

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Not positive on the validity of this eBay classified ad... but $15,900 for a 2bed! It's probably EOY, though they did list $1800 for MF.
 

DavidnRobin

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For the 1Bd mentioned - ebayer: bracecompany states a closing fee of $575 (via JRA - very steep) and a resort transfer fee of $120 (which I do not believe exists...)
 
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