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FYI [SVV Key West re-sale program]

alohakevin

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Will be curious to see prices





Villages Key West Condominium Association, Inc.
April 10, 2014

Dear Villages Key West Owner,

Greetings from your Board of Directors! We are pleased to announce an owner resale program which will allow owners like you the ability to purchase Association owned timeshare weeks. As you know, over the past few years a number of owners have failed to pay their maintenance fees. As a result, these owners were denied the use of accommodations at the resort and their timeshare weeks were eventually foreclosed or they were offered a deed in lieu of foreclosure. The Association now owns approximately 31 timeshare weeks.

As an owner, you are being offered the opportunity to purchase an Association owned timeshare week at a substantially reduced cost. This offer is subject to the following terms:

Timeshare weeks are offered on a first come, first served basis. Please visit mystarcentral.com, "Your Owners Association" on the left side of the screen. Then click on "ownership opportunities" on the right side of your screen. This will take you to a listing of available timeshare weeks, associated price and instructions. If you own weeks at other resorts, please select the link for your Villages Key West timeshare week and you will be directed to the resale offer for this resort. Owners who are interested in purchasing a timeshare week must submit a request to purchase as detailed on the website. Once the submit button is clicked, an offer will be forwarded to us for submission. If you wish to only make an inquiry, please use the email address stated below.
Qualified Requests to purchase available timeshare 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 at time of 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.
Timeshare weeks offered by the Association will be automatically enrolled in the Starwood Vacation Network ("SVN").
Timeshare Weeks offered by the Association do not count toward SVN Elite status and may not participate in the SPG Conversion Program (exchanging the timeshare week for SPG Starpoints). The Elite and SPG Conversion programs are funded by the Developer and are not available for this Association resale program.
This offer is limited to timeshare weeks owned by this Association.
The Association is not offering to take back any timeshare weeks. This is an offer to resell timeshare weeks already owned by the Association.
Please note that this is not a public offering but a limited term internal offer to owners. This offer begins April 15, 2014 and ends May 14, 2014.

The Association website will only be active beginning on April 15, 2014, at 12:00 PM Eastern Time, until May 14, 2014 4:00 PM Eastern Time.

Should you have any questions regarding this information, for the fastest response time, please email us at 00SVO-resaleoffer@starwoodvo.com.

Sincerely,
Villages Key West Condominium Association, Inc.
Board of Directors



* *

* Starwood Vacation Ownership, SPG, Aloft, Element, Four Points, Le Méridien, Sheraton, St. Regis, The Luxury Collection, W, Westin and their respective logos are the trademarks of Starwood Hotels & Resorts Worldwide, Inc. or its affiliates.

This email was sent by SVO Management, Inc. You've received this email as a convenience in the general course of communication regarding your ownership. If you prefer to not receive email communication from Starwood Vacation Ownership in the future, please click here.

To ensure you receive your SVO Management, Inc. emails, please add svomanagement@svomanagementinc.com to your address book. Please do not reply. You may email the Association Management Team at keywest@myassociationdirect.com.

SVO Management, Inc., 9002 San Marco Court Orlando, FL 32819

© 2014 Starwood Hotels & Resorts Worldwide, Inc.

2477 | 14-OOC-0257 *
 

ryanthekiwi

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I was going to post this up as well and ask some questions. I'm a 1st year owner at SVV Key West and also SVV Bella. I got messages from both properties. I've never received such a message for any Marriotts I own nor at Sheraton Desert Oasis. Does anybody have any experience with these sales and have prices historically been reasonable?
 

DeniseM

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Yes - Starwood has had a few of these offers over the last 2-3 years, and the prices have been a lot less than developer prices, but more than resale prices.

The SDO BOD gave Starwood a sweetheart deal to sell their inventory at developer prices... Doesn't benefit owners at the resort.
 
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ryanthekiwi

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.....well, I'll definitely check it out.....but if the prices are above eBay/RedWeek prices, I'm out.
 

sjsharkie

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Don't hold your breath.

There are properties where it is possible to find SVO HOA resale programs useful (i.e. WKV, SMV). SVV is generally not one of them.

-ryan
 

DavidnRobin

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WSJ-VGV had a couple of these HOA sales - and I think started this idea (thanks to Bob and Phil). They are very useful for the HOAs in order to get Owners that pay their MFs since this is pass onto Owners.

The prices will assuredly be above eBay and standard resale prices, but not by too much (if WSJ VGV is any indication) which may give many the confidence of SVO association who may not otherwise buy.

I do not see these sales as a bad thing, and possibly useful to some - and definitely useful to the HOA. (IMO)
 

jkrischt

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I bought a couple units with this program at SMV. And the prices were less than eBay plus I got StarOptions about 1.5 years ago. This last round about a month ago they were equal to eBay Prices. Still a nice deal for SMV since the units bought resale don't come with StarOptions...

Brad
 

blondietink

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SVV St. Augustine is having one of these sales also. Got the notice yesterday via email.
 

sjsharkie

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Bella only had Gold+ weeks for sale. I didn't even bother looking.

Key West had some weeks of note. Annual Plat 3BR (2BR/1BR lockoff) was going for $3500 and Annual 2BR Lockoff for $2500 were notable, but still higher than resale in my opinion. Reg 2BRs and 1BRs also were up. All prices are without $400 closing fee.

I passed, but I can see someone who'd rather go through SVO buying through them for a premium.

-ryan
 

PamMo

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Too bad WKORV & WKORVN owners couldn't pick up cheap VOI's when so many weeks were in default...
 

DeniseM

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Too bad WKORV & WKORVN owners couldn't pick up cheap VOI's when so many weeks were in default...

Since Starwood can re-sell them at full retail, we will NEVER see this happen.....
 

LisaRex

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The foreclosed units actually belong to the HOA, not SVO, so the fact that SVO could sell them for full retail should have no bearing on a fire sale. (Quit laughing.) However, their ROFR would invariably make such a sale fruitless for owners...

IIRC, WKORV did offer foreclosed units for sale a few years ago at discounted rates. But it was odd because they put posters up around the campus, or something like that. Anyone else remember what I'm talking about?
 

DavidnRobin

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IIRC, WKORV did offer foreclosed units for sale a few years ago at discounted rates. But it was odd because they put posters up around the campus, or something like that. Anyone else remember what I'm talking about?

Syed went to this sale.
I have forgotten the details.
 

nokaoi9

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I selected a villa type and hit submit request thinking I needed to do so to view weeks for sale, instead I think they believe I want to buy another week. I hope this isn't binding and will have to go through the rescission process.
 

DeniseM

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I selected a villa type and hit submit request thinking I needed to do so to view weeks for sale, instead I think they believe I want to buy another week. I hope this isn't binding and will have to go through the rescission process.

Nothing is binding until you sign a contract and pay - you are just expressing interest. ;)
 

Ez323

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Nokaoi9 I did the same thing. I got really freaked out and called. She said just decline when they email you

I selected a villa type and hit submit request thinking I needed to do so to view weeks for sale, instead I think they believe I want to buy another week. I hope this isn't binding and will have to go through the rescission process.
 

nokaoi9

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EZ, glad to know I'm not the only one.

Denise, I was thinking that was the case, but feel reassured now. Also, thank you for recommending Mary and LT Transfer, they have been great to work with.
 

BradC

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I selected a villa type and hit submit request thinking I needed to do so to view weeks for sale, instead I think they believe I want to buy another week.
I did the same thing the first time in.

In case you didn't see it already, there's a link on the right side of that same page titled Available Vacation Weeks. That's where you'll find the price list.
 
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