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WKVORN - About to make an offer.

JSMBC

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Hi TUGG, this site has been useful in researching TS ownership.

I am about to write an offer for a RESALE WKORN, but I was wondering how does one verify the current year operating budget and if the property has adequate reserves in place.

From searching the threads it appears that WKORN doesn't appear to have a history of charging special assessments except for the tax issue. Are there any owners that can comment on the status of the reserves, and if there is anything I should be aware of before making an offer.

I am looking at an EOYO 2bed 2 bath island view unit for about $5K including fees. My intention is to use 1 bedroom in the odd year and the studio in the even year, or perhaps book the small 1 bedroom at WKV in the even year. In about 5-10 years I will only used the 2 bed room at WKVORN in the odd year, and will look at buying another TS then for the even year.

Any thoughts on this purchase would be appreciated.
 

capjak

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I own WKORVNorth OF and Sheraton Vistana Villiages (81,000 star options). I have been going every year for past 7+ years to WKORVNorth and have never had an issue booking. I split the 2 bedroom into a studio and 1 bedroom and than add a week in a 1 bedroom using the star options from the SVV. I have also used all my star options (176,000 from OF and 81,000 from SVV to stay in a 1 bedroom for 21 straight days (no moving rooms) Jan/Feb time of year. So you can be pretty successful booking via star options at 8 months for now anyway, can't predict the future but since you are looking at resort view and not oceanview or oceanfront ...... Regarding reserves...they have them but really have no way of knowing how much is needed they do estimates for replacements etc... MFs are not cheap on Maui and taxes as you know keep going up...
 

5finny

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I do not know enough about this to make a good comment on or evaluation of your proposed offer
I would be interested (if I were you) in what more informed Tuggers think about the island view
Good Luck
 

JSMBC

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I own WKORVNorth OF and Sheraton Vistana Villiages (81,000 star options). I have been going every year for past 7+ years to WKORVNorth and have never had an issue booking. I split the 2 bedroom into a studio and 1 bedroom and than add a week in a 1 bedroom using the star options from the SVV. I have also used all my star options (176,000 from OF and 81,000 from SVV to stay in a 1 bedroom for 21 straight days (no moving rooms) Jan/Feb time of year. So you can be pretty successful booking via star options at 8 months for now anyway, can't predict the future but since you are looking at resort view and not oceanview or oceanfront ...... Regarding reserves...they have them but really have no way of knowing how much is needed they do estimates for replacements etc... MFs are not cheap on Maui and taxes as you know keep going up...
Thanks for the info. Good to know you have no issues booking. I will make all efforts to book at 12 months. I will be targeting March break, so I am sure that is an in demand week.

are there a good amount of island view units in the north resort? Ultimately I would want an ocean view or front, but those are out of my price range, view is not an issue we will be outside most of the time.
 

JSMBC

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I do not know enough about this to make a good comment on or evaluation of your proposed offer
I would be interested (if I were you) in what more informed Tuggers think about the island view
Good Luck
True enough, but i like the property and in my price range I won’t be getting an ocean view or front. Last time I was there I stayed in an ocean view and it was the smallest piece of ocean view. It really didn‘t make a difference for us.
 

vacationtime1

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True enough, but i like the property and in my price range I won’t be getting an ocean view or front. Last time I was there I stayed in an ocean view and it was the smallest piece of ocean view. It really didn‘t make a difference for us.

I think the question is whether you can achieve your goals less expensively than by purchasing an eoy WKORVN IV unit -- $5K upfront + ~$1,550/yr (maintenance fees + mandatory VSE fee of ~$150), your goals being an eoy one bedroom IV at WKORVN + eoy "something else" worth 67100 StarOptions. I think you can do better.

A two bedroom platinum SVV unit (Bella or Key West only) will cost ~$1K + $1,350/yr (MF's + VSE fee) and would have at least three advantages:

You will have 81000 StarOptions every year and lower MF's. You would avoid exchange fees or banking fees to move the 67100 portion into the non-use year (and would have 81000 SO's ready to go instead). Finally, your reservations at WKORVN (made at the eight month mark) will be StarOption reservations, meaning that you may be assigned an IV or an OV unit (many OV units have more than a small slice of ocean). Again, a better situation.
 

JSMBC

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I think the question is whether you can achieve your goals less expensively than by purchasing an eoy WKORVN IV unit -- $5K upfront + ~$1,550/yr (maintenance fees + mandatory VSE fee of ~$150), your goals being an eoy one bedroom IV at WKORVN + eoy "something else" worth 67100 StarOptions. I think you can do better.

A two bedroom platinum SVV unit (Bella or Key West only) will cost ~$1K + $1,350/yr (MF's + VSE fee) and would have at least three advantages:

You will have 81000 StarOptions every year and lower MF's. You would avoid exchange fees or banking fees to move the 67100 portion into the non-use year (and would have 81000 SO's ready to go instead). Finally, your reservations at WKORVN (made at the eight month mark) will be StarOption reservations, meaning that you may be assigned an IV or an OV unit (many OV units have more than a small slice of ocean). Again, a better situation.
I like the idea of trading this way. I would most likely never stay at SVV, I was trying to buy where I would stay. Also because I will be traveling at Spring Break, Canadian spring break, I thought the increased MFs where worth being able to book at the 12 month mark. But I do like the idea of having the 81k SOs annually vs having to slum it 1 year in a 61k booking and having to pay the fee to bank options.
 

DannyTS

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I like the idea of trading this way. I would most likely never stay at SVV, I was trying to buy where I would stay. Also because I will be traveling at Spring Break, Canadian spring break, I thought the increased MFs where worth being able to book at the 12 month mark. But I do like the idea of having the 81k SOs annually vs having to slum it 1 year in a 61k booking and having to pay the fee to bank options.
The price for platinum SVV Bella has risen in the last 2-3 years and will probably continue to do so. It is a truly remarkable way of getting into the Vistana internal exchanges (possibly Marriott as well soon) without spending a lot of money and the MF are very decent.

Until now the resale price increase has been solely based on these facts even if it is a mature resort and many owners are at the stage where they want to get rid of their timeshare. The source of cheap units on the market may disappear though soon when most owners will find out that Vistana does have a buy back program and that will save them the trouble of going through the exit companies. If the demand increases (or even remains the same) and the offer continues to go down, we may see an important increase in prices. It may be a good time to buy.
 

CPNY

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The price for platinum SVV Bella has risen in the last 2-3 years and will probably continue to do so. It is a truly remarkable way of getting into the Vistana internal exchanges (possibly Marriott as well soon) without spending a lot of money and the MF are very decent.

Until now the resale price increase has been solely based on these facts even if it is a mature resort and many owners are at the stage where they want to get rid of their timeshare. The source of cheap units on the market may disappear though soon when most owners will find out that Vistana does have a buy back program and that will save them the trouble of going through the exit companies. If the demand increases (or even remains the same) and the offer continues to go down, we may see an important increase in prices. It may be a good time to buy.
I just sold and bought myself this last week. Sold two bought one. Hoping I don’t regret it. I could have lost out by selling early not knowing if a joint program is coming but I could also have made out by unloading if resale units get the screw. Something tells me they don’t have the owner in mind with these new programs when/if they come since they are so big. I’m sure we will have to pay up.
 

jabberwocky

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If you may also use at WKV, why not also consider an annual resale WKV 1BR Platinum worth 81,000 SO?

Price will be a bit higher than $5k, but you can use the SO each year to get a 1BR at WKORVN with having MF of only around $1k per year vs. the $1.4k annual cost of WKORVN.

SVV option is good in the sense that you have relatively low buy in cost, but the higher MF/SO make it less compelling for me, particularly if you may want to stay at WKV on occasion.
 

JSMBC

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If you may also use at WKV, why not also consider an annual resale WKV 1BR Platinum worth 81,000 SO?

Price will be a bit higher than $5k, but you can use the SO each year to get a 1BR at WKORVN with having MF of only around $1k per year vs. the $1.4k annual cost of WKORVN.

SVV option is good in the sense that you have relatively low buy in cost, but the higher MF/SO make it less compelling for me, particularly if you may want to stay at WKV on occasion.
Buying 1 BR at WKV was my original strategy, but I have been looking for a few months and have never seen an annual 81K option priced around $5K. This will be my first TS purchase and I limited my first purchase to $5K, while a figure this whole TS thing out. Also I haven't stayed at WKV yet. I will be staying there in a few weeks, thought I should try it before I buy it. I have stayed a few times at WKORVN a few times and enjoy it.
 

pchung6

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I've been looking for another WKORVN-OF unit or WKV 2BR Platinum for almost a year. So far nothing really pans out. I can fairly say that Vistana mandatory price has increased in last few years, so I might have to raise my offer if I really want to buy one now.
 
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