Would You Buy Point at Poipu?

[Beefnot]

There have been a number of threads here on TUG recently detailing the unprecedented special assessment situation going on at the Point @ Poipu, with many varied opinions about Diamond Resorts, whether to pay the assessment, legal options, etc.

Simultaneously, there have arisen offers on the part of current owners to pay the special assessment and give away their TS to another good home. If the SA is paid off, how seriously would you consider stepping into P@P at this time? Is the risk of further SAs or jumps in MFs too risky right now?

 

[presley]

I was one who thought it would be a good time buy. Big assessment already paid and people selling for $1.00 sounded good to me. However, I've seen 2 bedroom rentals available for much less than the annual dues on several exchange company websites.

If I can rent a 2 bedroom for $699. or $899. through my campground membership, there is no reason to buy there, ever.

EDIT TO ADD: gpxvacations currently lists almost every 2012 week for rental of $899., all 2 bedroom units.

 

[scrapngen]

I was one who thought it would be a good time buy. Big assessment already paid and people selling for $1.00 sounded good to me. However, I've seen 2 bedroom rentals available for much less than the annual dues on several exchange company websites.

If I can rent a 2 bedroom for $699. or $899. through my campground membership, there is no reason to buy there, ever.

EDIT TO ADD: gpxvacations currently lists almost every 2012 week for rental of $899., all 2 bedroom units.

Side question...Can you rent from them (gpxvacations) even if you don't have a resort to deposit??

 

[Carolinian]

Until the owners can get control of the HOA and management away from the developer, I would not touch it with a 10 foot pole. If it doesn't have a member controlled HOA, I steer clear.

 

[presley]

Side question...Can you rent from them (gpxvacations) even if you don't have a resort to deposit??

If you are a member, you can rent bonus weeks as often as you want without a deposit. For that alone, I think its worth it to buy a Grand Pacific EOY contract on ebay for $1.00.

 

[Beefnot]

Until the owners can get control of the HOA and management away from the developer, I would not touch it with a 10 foot pole. If it doesn't have a member controlled HOA, I steer clear.

Ahhh...Carolinian the veteran guest

I hear you on that, and I am happy that my first purchase is owner-controlled. Based on the points brought up by Presley (holy sh#@, $899?!) and yourself, yes it just seems silly to step into that potential minefield.

I was toying with the idea of scooping up a unit with 2012 MFs prepaid and thus getting a free week, then giving it away later in the year, but it would hurt badly if the only way I could subsequently dump it would be to pay closing costs and prepay 2013. Sometimes, opportunism can be a costly learning experience, of which I've already had more than my share.

 

[artringwald]

I'd buy another week if I could find a fixed unit/fixed week in February. Even with the SA, they're hard to find.

 

[Passepartout]

I gave it some thought, as even with the SA, a giveaway price for a Kauai week isn't all that bad, but what Carolinian said makes some sense. My other TSs are owner controlled, so why step into that minefield? I'll rent or exchange into Hawaii.

Jim

 

[a1000monkeys]

If you are a member, you can rent bonus weeks as often as you want without a deposit. For that alone, I think its worth it to buy a Grand Pacific EOY contract on ebay for $1.00.

I have avoiding a purchase but If I can score Poipu weeks for $899 I may go this route.

 

[ronparise]

Im not interested in Hawaii but if I was Id look at this place.

I recently bought at a property in the middle of fixing a water intrusion problem of their own. The new management had just imposed a big (not huge) special assessment. and announced that they were closing for a year to rebuild.

My thinking was that once the place is re built it will be the best timeshare in town and probably not subject to another special assessment for some time. I hope Im right...I bought 2 weeks

 

[Maple_Leaf]

Wisdom

Until the owners can get control of the HOA and management away from the developer, I would not touch it with a 10 foot pole. If it doesn't have a member controlled HOA, I steer clear.

This is valuable wisdom, cheap. If you buy into this thing while everyone else is leaving, you are left holding the bag.