SBP 3BR LO trading/use strategy

We've bought a 3BR lock-off in the Palmetto section, Gold Plus (weeks 15-23, 36-42). Given that the MFs are barely more than those for a 2BR LO in the Plantation section, and given that we paid very little via resale (low three-figures, including closing costs), I assume this was a decent deal. So...now what?

SC is a 7-hour drive from us, and with our toddler not in school for a few more years, I can see us using this a third to half the time and trading/renting out otherwise. What I don't know, is whether there's an optimal strategy for which side to use, trade via II (as I understand it, Palmetto is a no-go with RCI), rent, etc. assuming we lock off at all.

There are three different scenarios, it seems:

Use, trade, or rent 3BR unit in its entirety

First of all, is it even possible to deposit this as a 3BR in II? I don't have an account yet with II, but judging from their SBP page, it doesn't even seem like they recognize 3BR as a possibility here. If I have no choice but to do it as a 2BR+1BR, so be it, but the added flexibility would be nice.

Also, assuming that I reserve it for weeks 22-23, it seems likely that I could at least recoup the MF costs, right? There appear to be no listings on Redweek, TUG, or anywhere else to give me a sense of what the "market price" may be for a 3BR rental in late May/early June unless I looked at Marriott properties in town, but that really isn't apples to apples.

Trade 1BR side, use/rent 2BR side

From reading older SBP discussion threads, it sounds like the 1BR side could pull just about any other Starwood 1BR in shoulder season, which is fine and good. What about 2BR units? The Sightings threads seem to indicate that Starwood 2BR availability in HI, WSJ, or HA is getting pretty rare. Assuming for the sake of argument that there were any leftover units from ongoing searches, would the 1BR SBP even be able to see 2BR units at these "better" Starwood properties?

Also, any sense as to how 1BR Gold Plus in Palmetto compares in trading power to the 1BR Gold Plus Plantation (which includes the summer months, but also some of the less desirable winter weeks)?

Trade 2BR side, use/rent 1BR side

I assume, based on other SBP threads, that the 2BR side could pull any other Starwood 2BR unit with an ongoing search for shoulder season. Are there any Starwood properties that a 2BR Gold Plus in Palmetto could reasonably pull for high season if available?

Also, are 3BR units in a high supply area like SVV ever available as leftovers through II? I couldn't find the answer one way or the other in perusing the Sightings threads.

sb74 said:

We've bought a 3BR lock-off in the Palmetto section, Gold Plus (weeks 15-23, 36-42). Given that the MFs are barely more than those for a 2BR LO in the Plantation section, and given that we paid very little via resale (low three-figures, including closing costs), I assume this was a decent deal. So...now what?

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No idea about the rental market for SBP, so I will leave that to people in the know.

For trading, it depends on what you are trading for. Off season in Orlando for example would require no more than the 1BR. However, if you are trading for peak seasons in high demand locations, you are better off using the 2BR or 3BR. In II, you get the blend of the season, and frankly trading with the 1BR will most likely be behind all of the Plat+ and Plat seasons, and a good chunk of the other Gold+ weeks at other locations.

SVO doesn't have as many 3BR units in Orlando as say Marriott does. I see Marriott 3BRs available much more often than Orlando ones (often with Marriott preference of course).

In general, size trumps season in II -- but this is anecdotal rather than purely scientific.

-ryan

Was this the one from Sumday? Have you seen the estoppel? The legal description below the ad had info about a 2 br unit so you will want to double check everything. I have been keeping an eye out for a platinum 3 br there but so far only off season and a few gold plus have popped up.

tschwa2 said:

Was this the one from Sumday?

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It was, and the transfer went smoothly -- took slightly over a month from end of auction to Starwood processing the deed and the unit showing up on mystarcentral!

So regarding one of the questions I posed initially, II advised that our 3BR LO *cannot* be deposited as a 3BR, so it looks like there's no choice but to lock off and deposit as a 2BR/1BR, which isn't necessarily a bad thing though the chances of getting 3BR units through II via ongoing searches seem nonexistent now. Oh well.

Also, I called Owner Services at Starwood to make a reservation for 2015 (just in case) and they claim that, because I'm still within a "5-day rescission period," I can't actually reserve anything yet until September 28. Even though I bought resale via eBay and the contract was signed weeks ago, as far as Starwood is concerned the date of sale to them is today. Was the agent right, or do I call back and hope to get someone more knowledgeable?

II advised that our 3BR LO *cannot* be deposited as a 3BR

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First of all - It is Starwood the determines what is deposited, rather than II. Did you talk to Starwood about this? - I would call Starwood Owner Services, and ask for Owner Resolution Services.

they claim that, because I'm still within a "5-day rescission period," I can't actually reserve anything yet until September 28.

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I have never heard of the Rescission thing with Starwood. - Did you talk to the Starwood title office?

Also, I called Owner Services at Starwood to make a reservation for 2015 (just in case)

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You know that you can't deposit a reservation - right?

It maybe that you just got one of many starwood agents who don't know the rules for SBP and decided to make up a reason. Have you paid your 2015 mf? You are required to pay before you can make a reservation OR deposit with II. Most other properties you only have to pay when depositing but not reserving.

And as Denise stated you would actually have to cancel the reservation before you could deposit with II or even do a request first ongoing search. You can have a reservation and manually search although you would have to make sure you cancel it if you are manually confirming anything.

DeniseM said:

First of all - It is Starwood the determines what is deposited, rather than II. Did you talk to Starwood about this? - I would call Starwood Owner Services, and ask for Owner Resolution Services.

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You were exactly right, and the Starwood folks were super-helpful. I think I was placing too much meaning in the II page for SBP, and the fact that only 1BR and 2BR units are listed there is unrelated to whether Starwood could deposit a 3BR unit into my II account, should I go that route.

And sorry for conflating the reservation/exchange issue. As I understand it from other threads, I can reserve a week at SBP and try to rent it out, but if there aren't good offers before the week approaches, I can still cancel the reservation with Starwood and deposit/try to exchange later?

I can reserve a week at SBP and try to rent it out, but if there aren't good offers before the week approaches, I can still cancel the reservation with Starwood and deposit/try to exchange later?

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Yes - you have until the last day of 2015 to deposit the week.