WKV Selling 249 Weeks to Owners

[Ken555]

Just received via email.

Scottsdale Sonoran Villas Vacation Owners Association
March 5, 2018

Dear Ken555,

We are pleased to announce an Owner resale program that will allow Owners like you the ability to purchase Association-owned Vacation Ownership Interest (VOI) weeks at The Westin Kierland Villas at a substantially reduced cost.

The Association now owns 249 VOI weeks as a result of Owners failing to pay their maintenance fees over the years. The Owners have been denied the use of accommodations at the resort and their VOI weeks have either been foreclosed or offered a deed in lieu of foreclosure.

If you are interested in purchasing an Association-owned VOI week, please follow these steps once the sale goes live on March 8, 2018:

1. Click here to log in to your Dashboard on vistana.com. Please see the activation date below in RED.
2. Select and click "View Statement & Make Payments" in the "Owners Association" widget.
3. If you have VOI weeks at other resorts, please select the corresponding week under The Westin Kierland Villas from the drop-down menu.
4. Click on "Ownership Opportunities," then click on "Resale."
5. Click on "Available Vacation Weeks" on the right-hand side of the screen.
6. Review/update your information, select a Villa type from the Villa Type drop-down menu, then click "Submit Request."
7. Once the sale goes live on March 8, 2018, at noon Eastern time, click on the link below to see the available inventory.

This special resale offer is subject to the following terms:

• This is not a public offering, but a limited-term internal offer to Owners only. The Association website will only be active beginning on March 8, 2018, at noon Eastern time, until April 6, 2018, at 4 p.m. Eastern time.
• VOI weeks are offered online on a first-come, first-served basis between March 8, 2018, at noon Eastern time and April 6, 2018 at 4 p.m. Eastern time.
• Qualified requests to purchase available VOI weeks will be processed in the order received. A purchase contract and related disclosure documents will be mailed to Owners with further instructions. An initial deposit of 50% of the purchase price will be required when returning the executed purchase contract.
• Requests will only be deemed as Qualified Requests if the person submitting the request is an Owner in good standing with no outstanding balances due to the Association.
• VOI weeks offered by the Association will be automatically enrolled in Vistana Signature Network™ (VSN), which offers a variety of exchange and reservation services and vacation and travel benefits (including the ability to bank StarOptions) for VSN resorts.
• Owners will be required to pay the 2018 maintenance fees for each VOI week purchased.
• VOI weeks offered by the Association do not count toward Vistana Elite Owner status and may not participate in the Starwood Preferred Guest® program (converting a VOI to Starpoints®), and are not eligible for any other enhanced benefits offered by the Developer.
• The offer is limited to VOI weeks owned by this Association. The Association is not offering to take back any VOI weeks. This is an offer to resell VOI weeks already owned by the Association.

Should you have any questions regarding this information, and for the fastest response time, please email us at resaleoffer@vistana.com.

Sincerely,

Scottsdale Sonoran Villas Vacation Owners Association
Board of Directors

 

[fasha39]

Just received via email.

Also received the same email.

 

[wtrjock]

This is very interesting. We were just at an owner update at WKV...they mentioned nothing about this. Surprised that the weeks from Vistana have the same restrictions as other resales. Might be worth looking at though.

 

[Ken555]

This is very interesting. We were just at an owner update at WKV...they mentioned nothing about this. Surprised that the weeks from Vistana have the same restrictions as other resales. Might be worth looking at though.

They've offered similar sales many times in the past. This is similar to those sales.

I just realized I'll be on a plane when this goes on sale so likely will miss out on any great opportunities. Then again, I'm not counting on any super great prices.

 

[DavidnRobin]

I recall once before for WKV.
The Plat+ went to unknown buyers at a very fair price (at least at the time). The thread must be somewhere that listed the previous prices.

This is the danger with the old SVO model (same MFs for different seasons/SOs) - low season owners bailing and the HOA picking up slack.


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[pacman777]

Prior sale had 148.1k SO annual unit at $10k.

 

[Ken555]

Better prices than I recall. $10k is quite reasonable, but IIRC (and I'm not, clearly) there were only a few of the Platinum weeks available at that time.

 

[dioxide45]

This is very interesting. We were just at an owner update at WKV...they mentioned nothing about this. Surprised that the weeks from Vistana have the same restrictions as other resales. Might be worth looking at though.

They aren't being sold by Vistana. They are being sold by the HOA.

 

[r1lee]

Prior sale had 148.1k SO annual unit at $10k.

That is not just a fair and reasonable price, that’s an awesome price.

 

[pacman777]

"Owners will be required to pay the 2018 maintenance fees for each VOI week purchased."

Given that most platinum weeks (Spring break in March) will have passed by the time the closing and transfer takes place, you're gonna have to pay to bank the staroptions for 2019 usage since the only other platinum weeks are weeks 51 and 52 after April.

 

[DavidnRobin]

"Owners will be required to pay the 2018 maintenance fees for each VOI week purchased."

Given that most platinum weeks (Spring break in March) will have passed by the time the closing and transfer takes place, you're gonna have to pay to bank the staroptions for 2019 usage since the only other platinum weeks are weeks 51 and 52 after April.

I noticed this as well. Be nice if they would at least do this prior to Pat season, but nice to see that they are trying to handle these delinquent villas. WSJ VGV was first to do this.

I guess they were not worthy of Flex?


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[aeroflygirl]

"Owners will be required to pay the 2018 maintenance fees for each VOI week purchased."

Given that most platinum weeks (Spring break in March) will have passed by the time the closing and transfer takes place, you're gonna have to pay to bank the staroptions for 2019 usage since the only other platinum weeks are weeks 51 and 52 after April.

Or you could use the StarOptions to make a reservation at 8 months out or less at any VSN resort including Westin Kierland that has availability before the end of the year.

 

[Ken555]

"Owners will be required to pay the 2018 maintenance fees for each VOI week purchased."

Given that most platinum weeks (Spring break in March) will have passed by the time the closing and transfer takes place, you're gonna have to pay to bank the staroptions for 2019 usage since the only other platinum weeks are weeks 51 and 52 after April.

Or...use the SOs.


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[tomandrobin]

We no longer own our two Westin Kierland weeks, but I always felt they were the best Starwood purchases we ever made.

 

[wtrjock]

Looks like the resales are only available to current owners of WKV. I just looked in my dashboard, and I don't have any opportunities listed. We are thinking of purchasing a week at WKV in the near future.

 

[magicjourney]

I am the WKV owner, but didn't see the owner opportunity option either.
However the inventory link is alive, and they have 7 Plat+ weeks for sale at $15k

 

[mjm1]

I was not able to see the "opportunities." I wonder if this is only available to those who purchased directly from Vistana. We are resale owners. Bummer.

Edit: I was able to see the inventory. Nothing I want for the prices they have listed.

Best regards.

Mike

 

[TDS]

I am the WKV owner, but didn't see the owner opportunity option either.
However the inventory link is alive, and they have 7 Plat+ weeks for sale at $15k

I don’t see the link in my account either. I own 3 WKV units.

 

[KACTravels]

For reference:
7 Available 2BD LO Platinum Annual for $15,000, $594 closing = 148,100 SO with $1,543.15 Maintenance
(36 Gold $5,000 for $5,000 and 46 Silver for $300)
5 Annual 1BD Premium Platinum Float for $9,000, $594 Closing = 81,000 SO with $947.28
(16 Gold for $3,000 and 31 Silver for $200)
1 Annual 1BD Platinum (small side) for $6,000, $594 Closing = 67,100 SO with $595.87 Maintenance
(11 Gold for $2,000 and 23 Silver for $100)

And many other Even and Odd year available units.

 

[KACTravels]

I can't see the inventory on the Website, but did click on the link in the email. I have a pdf, but don't know how to post it. See my earlier post for some of the prices. Better buys on the resale market.

 

[Cornell]

Agreed. I was not particularly impressed with the prices I saw.

 

[Negma]

15k for 148k options with 1500 in MF is not bad. Much cheaper than resale in Maui and lower MF by 1200.

 

[pacman777]

They overpriced it compared to last time they did this. It was $10k for 148.1k and $4k and 6k for the separate units

 

[Negma]

They overpriced it compared to last time they did this. It was $10k for 148.1k and $4k and 6k for the separate units

Better market, or so they think.

 

[vacationtime1]

The pricing on the platinum plus units seems very reasonable to me.

The fact that the escrow will be as close to hassle-free and risk-free as one is likely to ever see in the resale timeshare world adds value.