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ROFR for Starwood may increase

PamMo said:
And we thank you for your contributions to the collective knowledge in this forum!

Posting ROFR updates can be helpful to buyers and sellers. Starwood seems to be picking off all the low hanging fruit anyway, whether the sales price is posted or not. Knowing what price point is being bought through ROFR helps a buyer to make an offer which might stick.
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Why wouldn't they.
They buy at 20, and can sell at 60, thats 40k gross profit.
Say it takes them a couple of years to sell it well thats 6k of MF (and there is a lot of fuzzy math lazy rounding going on here) remember some of that goes back to starwood for running the booking systems and the hotel services, but they now have that room to put into Starwood inventory at 700/night for the 2 bed (IV so more for the ones they are buying back). Thats $4200 a year or a profit on carry over MF of $1200.
A chunk of the $60/40k is going on salesperson commission but there is very little negative about this math.
I guess over time they have realized that the island view is hard to sell so let those pass ROFR but the OV and OF sell themselves after a few days of sitting on the Lanai in one of those.
 
How long are they taking to exercise, or not, at WKORV?
 
Hi Fred - How do you hold them to the letter of the law? Do you send them Docs "return receipt" to document the date, or what's the procedure?
 
DeniseM said:
Hi Fred - How do you hold them to the letter of the law? Do you send them Docs "return receipt" to document the date, or what's the procedure?
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Hi Denise.

The quickest/easiest thing to do is transmit the documents electronically.
The email date serves as the delivery date (keeping in mind that receipt is ET). If after 5pm ET, delivery is not until the next business day. The clock starts the first business day after the delivery date.
Starwood has always honored the email date for our submissions.

Email them to: 00SVO-LoanServicingTeam@Starwoodvo.com

The submission must be complete with correct seller names/signatures. All documents must have the ICN on them.
If anything is incorrect/incomplete the documents will not be accepted. It may take SVO some days to even get to it. If not complete it will then be bounced back, resubmitted, and the clock starts over.

eta: several years ago (before Starwood became active w/ROFR) our closing agents submitted via US Mail, return receipt.
If using the mail, it is a good idea to get a return receipt, or express mail delivery confirmation.
 
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PamMo said:
The Maui News had a couple of interesting articles about increased condo sales and tourism (see below).


Maui sales of condos strongest in 5 years
March 16, 2013
Condominium sales on Maui hit a five-year high for February, reflecting a generally brightening real estate market, according to a report by the Realtors Association of Maui. A total of 100 condos were sold last month, compared to 62 in January and 83 the same month last year, the report out this week showed. This year's February sales are the best for the month in the last five years, topping the 98 sales in 2011. The median price, with half the prices higher and half lower, rose 27 percent year over year in February to $364,950 and was 25 percent higher than January's $292,000. That price was still lower than the five-year high of $692,500 in 2009.

Revenue per room reaches new high for Maui
March 13, 2013
Maui hit a new high for the month of January with an average daily room rate of $289.98, which was in keeping with a record-setting month statewide, Hospitality Advisors and Smith Travel Research reported. The daily room rate was up 6.3 percent from the previous January, part of a strong start of the year buoyed by a 1.2 percentage point growth in occupancy to 78.7 percent for Maui. Maui also benefitted from a 6.5 percent increase in visitor arrivals, which included travelers from the U.S. West, up 9 per-cent; U.S. East, up 2.7 percent; Japan, up 27 percent; and Canada, up 12 percent. The Valley Isle's revenue per available room, or RevPAR, jumped 8 percent from last January to $228.21.​
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Not to change the subject I hope the mayor and council read this. Havent heard much about tax rate this year.
 
Not to change the subject I hope the mayor and council read this. Havent heard much about tax rate this year.
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That's because the people who usually complain about the Maui County assessment or tax rate are busy reserving rooms on Maui. Or, taking Starwood's ROFR.

When the daily room rate jumps 6.3% in a year and the occupancy rate still goes up for hotels, TS ownership on Maui, despite the tax, looks like a bargain. Salty
 
WMH pending

My WMH EOY 2 bedroom lock-off, Gold Plus season, passed ROFR.
Took 2 weeks to hear back from SVO. I picked this up off EBay for $1! (Seller paid closing fees)
Plan on splitting the unit for a 1 week premium for my personal use, and use the other to trade in II. :)
 
WKORV and WKORVN Starwood Exercise update
WKORV
Deluxe Oceanfront $41,000 waived
2 bed OV annual $22,000 was waived and one for $21,000 exercised
1 bed OV annual for $9500 exercised.

WKORVN
Ocean Front annual for $29,800 waived
Ocean view annual for $24,000 waived
Island villa annual for $12,500 exercised
Island Villa even year for $10,200 exercised
 
Recent ROFR

Per Syed these are recent ROFR numbers at WKORV-N:

North OF-$28,500 exercised
North OF-$29,000 waived

South OFD-$38,800 exercised
South OFD-$41,000 waived

South OFC-$41,000 pending Starwood response

Starwood became even more aggressive with ROFR in mid February.
 
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I know most of the ROFR's on this thread relate to WKORV & WKORVN, but we just passed ROFR on WMH. The unit was an annual platinum 2br for $3,500 & the 2013 use was included (seller wanted to be reimbursed for 2013 use). I was a little concerned $3,500 might not pass ROFR, so we just made the purchase price $5,100 & did not reimburse seller for 2013 use, it passed. Now in the process of retro-ing unit, so having the 2013 use was a big bonus for us. A letter to the Riverside tax collector should set our taxes based on $3,500 instead of the $5,100 as well.
 
It does have ROFR at princeville, not too many reports since westin5stars post early in this thread.
 
No ROFR have been reported for WPORV - I do not think SVO uses their ROFR for resorts that are in active sales. They have been selling cheaply on the resale market - maybe around $5-6K?
 
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Bob808 said:
Why doesn't 't Starwood cherry pick villas off the Internet?
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Because Starwood has a ROFR and will get notice of the terms of the sale. It has no need to chase around tracking Internet sales (or any other type of sale). Salty
 
DavidnRobin said:
No ROFR have been reported for WPORV - I do not think SVO uses their ROFR for resorts that are in active sales. They have been selling cheaply on the resale market - maybe around $5-6K?
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ROFR exercised on my WPORV 2 bedroom ocean view unit @ $1883. :bawl:
EBay bankruptcy auction...I knew it was a long shot, but my fingers were crossed.
 
Maybe this will make it easier - WPORV has no ocean view deeds - they are all island view - every unit at the resort.
 
tomandrobin said:
Ditto.....I was pumped for Westin Aruba and was really let down when Starwood cancelled its development. Hence why I own Cancun now.
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SVN customer service called me last week for a satisfaction survey. I shared with her I would be very excited about Aruba.:banana:
 
WPORV RoFR

Doesn't anyone have a copy of the exact wording for Right of First Refusal for Princeville? SVO just exercised on a purchase outside the 10 days I was told was their contractual option. Is it 10 days, or 10 business days?

Thanks,

Bob
 
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