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Riverfront Owner needs to Sell Or Forfeit Winter week - Any Suggestions ?

janusgalt

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I own a 2 BDRM Floating Week at the Westin Riverfront in Avon Co (Beaver Creek) - annual and a biennial Summer. I can no longer afford the monthly payment and trying to figure a way out.

I've always been able to reserve Spring Break 365 days in advance.

I owe $29k total on these 2 weeks. I'm thinking of trying to get Starwood to do a Deed in Lieu and then they can just sell it again. I doubt anyone would pay $29k for these weeks, since they would probably lose the Starpoints convertibility and maybe ?? even the SVN StarOptions convertibility.

I was an owner at Sheraton for 10 years and then upgraded when they built Riverfront. It is an awesome place, my family loves it, but I can no longer afford it and trying to figure out how to get out. Any ideas most welcome.

What are the chances Starwood would take the deed and relieve me of the debt obligation?

more info.

[Link removed. Advertising is NOT permitted in this forum. Please review the TUG BBS Posting Rules before posting again. Makai Guy, TUG BBS Administrator]


Thanks for any help
 
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ValleyGirl

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WNOR-3BR OF ANN WK #52
WNOR-3BR OF ANN WK #1
WNOR-3BR OF ANN WK # 2
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WRMV-2BR ANN SKI
WSJ-3BR WK #26 (Jul 4th)
Riverfront - weeks

Sorry to hear you can no longer afford this resort!:(

If you have a Ski Week - I think you would be able to sell it using TUG
http://tug2.com/timesharemarketplace

Or Red Week or E-Bay. There are no Ski weeks left except re-sales (developer might take it off your hands). The Summer week will be harder to sell!

Good Luck (If I didn't already own 2 X 2br I would be interested)
 
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LisaRex

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I highly doubt you'd be able to convince Starwood to buy back your week. They simply don't do this.

I'd try to sell it here or on Redweek.com. It's possible you could get $25 pr $30M for it, but there's not a lot of data out there.

And, yes, any resale buyer will lose the ability to convert to both StarPoints and StarOptions. But most people who are interested in Westin Riverfront would undoubtedly be buying there because they love to ski.
 

pathways25

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I highly doubt you'd be able to convince Starwood to buy back your week. They simply don't do this.

I disagree with that statement. Starwood takes back weeks all the time when owners still have a mortgage on them and can no longer pay. If the annual week is in ski season, I am certain that Starwood will take it back because there is a waiting list for people who want to buy there. In fact, the OP should make it a condition that they take back their summer week also when they take back their ski week.
 

DeniseM

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Hi pathways :hi: - Do you think Starwood will BUY them back? - that's what Lisa was saying.
 

pathways25

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Hi pathways :hi: - Do you think Starwood will BUY them back? - that's what Lisa was saying.

I believe the OP was asking about a deed-in-lieu which is essentially the same as selling the week to Starwood for the amount owed on the mortgage. If Lisa was saying that Starwood wouldn't pay more than what is owed on the weeks, then I agree that that's true. I think it's quite likely that the OP wouldn't be able to get 29K for those units on the open market so returning them to Starwood would be a good deal and it would close a heck of a lot sooner.
 

DeniseM

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Gotcha! Thanks for the clarification!
 

LisaRex

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I disagree with that statement. Starwood takes back weeks all the time when owners still have a mortgage on them and can no longer pay. If the annual week is in ski season, I am certain that Starwood will take it back because there is a waiting list for people who want to buy there. In fact, the OP should make it a condition that they take back their summer week also when they take back their ski week.

Thanks for the information. If Starwood does this, it's the first I've heard about it. I didn't think they'd take a unit back even if it was free of a mortgage, let alone encumbered. Good to know.
 

aeroflygirl

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Sorry to hear you can no longer afford this resort!:(

If you have a Ski Week - I think you would be able to sell it using TUG
http://tug2.com/timesharemarketplace

Or Red Week or E-Bay. There are no Ski weeks left except re-sales (developer might take it off your hands). The Summer week will be harder to sell!

Good Luck (If I didn't already own 2 X 2br I would be interested)

OP stated, "annual and a biennial Summer".
 

RLG

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I didn't think they'd take a unit back even if it was free of a mortgage, let alone encumbered.

They might not take it back if it's free and clear.

The key thing you seem to be missing about a mortgaged unit is that Starwood is the lender so they're getting it back whether they want it or not. It might make sense for them to save themselves the cost of a foreclosure and just take it back directly.
 

LisaRex

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They might not take it back if it's free and clear.

The key thing you seem to be missing about a mortgaged unit is that Starwood is the lender so they're getting it back whether they want it or not. It might make sense for them to save themselves the cost of a foreclosure and just take it back directly.

I thought that they bundled up the mortgages and sold them off...?
 

Fredm

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I thought that they bundled up the mortgages and sold them off...?

They do. Mostly. Some are retained for various reasons.
Nonetheless, Starwood services the mortgages. There is also recourse for non-performing loans in the bundle. Starwood can be on the hook for performance of the loans. So, they are essentially insuring the bundle being sold. If a loan defaults, Starwood forcloses, gets the deed back, and can resell it. But, they have paid the loan buyer something. A form of Credit Default Swap.
 
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janusgalt

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More info from owner

Many thanks to all the great info on this site. I appreciate it.

I'll keep you posted on what happens.
 

ronparise

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deleted..my comment has already been made
 

janusgalt

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Update on Deed in Lieu - Process

I checked with the sales manager. He gave me the 800 - owner servicing number, He did tell me there was no winter inventory to sell.

I then called the Loan dept - and like before - they say "Starwood never takes back the deed." I asked to speak to her boss and they basically repeated the same thing - but then mentioned the "Legal Dept" I said, "Can I speak to someone in the legal dept" They put over to a woman who was very nice and said. " Once you go 4 months overdue, we send a letter requesting a deed in lieu of foreclosure." By signing that letter you can avoid a foreclosure - even though your credit will be hurt by being 4 months overdue on a bill. I'm current now on the loan and the maintenance. They evidently don't negotiate before you are 4 month's overdue - maybe its a legal requirement ? I just have to trust her right now that is what will happen.

So I guess I will stop making payments - endure a bunch of annoying phone calls for a few months and then hopefully do what I desire - get a deed in lieu of foreclosure. Since my summer week is not tied to this debt (I believe), I will be able to keep my summer week and have to give up my winter week.

Funny that I write this from the Villas on a beautiful sunny March morning. The snow is terrible, but the weather is great - lots of other stuff to do. I will miss our winter week here but can always use points to get back to this place. So sweet with the gondola at your feet and easy shuttle buses down from Beaver Creek Village if you end up in the Village at the end of a day of skiing. The bike path along the River is gorgeous. I've always thought being in Avon is better than being in Beaver Creek village. You have the town, the Rec center, the Lake, and the library close by - and in the summer much more life in the town of Avon than in Beaver Creek Village.

It's too bad that transferring of title does not convey StarOptions and StarPoints features. That would probably double the value of this asset. I may be wrong - maybe only the Starwood options are lost in title transfer.

I just wonder if a contract could be created that would transfer the use to other party but not the title - that way we could keep the conversion features. Probably too difficult unless both parties strongly trusted each other.

Thanks for all your help. I'll let you know in 4 months if it occurs this way.
 

LisaRex

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Since my summer week is not tied to this debt (I believe), I will be able to keep my summer week and have to give up my winter week.

I would check on that. For instance, it MAY be that any funds you pay towards your MFs will automatically count towards defaulted MFs (on your winter week) before it is applied to your summer week. I don't know one way or another, but it's a question I'd ask before I made assumptions.

Personally, I would at the very least attempt to sell it either with an agent or on Redweek for $30M. I don't think anyone knows the value on the resale market until some are actually sold on the resale market.

*ETA: There are a few weeks listed at ShareMyTimeshareNow for higher than you'd be asking.**

http://www.sellmytimesharenow.com/timeshare/westin+riverfront/vacation/
 
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Pmuppet

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I also recommend contacting an attorney for consultation. Dont trust anything starwood tells you cause they inverse goals from you (they want to extract as much $$$ from you they can and you want to spend as little $$$ with them that is required).

Definitely hold the ski week as long as possible. To me, that looks like leverage and you will need as much leverage as you can when dealing with Starwood.
 

oldfool19

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I checked with the sales manager. He gave me the 800 - owner servicing number, He did tell me there was no winter inventory to sell.

I then called the Loan dept - and like before - they say "Starwood never takes back the deed." I asked to speak to her boss and they basically repeated the same thing - but then mentioned the "Legal Dept" I said, "Can I speak to someone in the legal dept" They put over to a woman who was very nice and said. " Once you go 4 months overdue, we send a letter requesting a deed in lieu of foreclosure." By signing that letter you can avoid a foreclosure - even though your credit will be hurt by being 4 months overdue on a bill. I'm current now on the loan and the maintenance. They evidently don't negotiate before you are 4 month's overdue - maybe its a legal requirement ? I just have to trust her right now that is what will happen.

So I guess I will stop making payments - endure a bunch of annoying phone calls for a few months and then hopefully do what I desire - get a deed in lieu of foreclosure. Since my summer week is not tied to this debt (I believe), I will be able to keep my summer week and have to give up my winter week.

Funny that I write this from the Villas on a beautiful sunny March morning. The snow is terrible, but the weather is great - lots of other stuff to do. I will miss our winter week here but can always use points to get back to this place. So sweet with the gondola at your feet and easy shuttle buses down from Beaver Creek Village if you end up in the Village at the end of a day of skiing. The bike path along the River is gorgeous. I've always thought being in Avon is better than being in Beaver Creek village. You have the town, the Rec center, the Lake, and the library close by - and in the summer much more life in the town of Avon than in Beaver Creek Village.

It's too bad that transferring of title does not convey StarOptions and StarPoints features. That would probably double the value of this asset. I may be wrong - maybe only the Starwood options are lost in title transfer.

I just wonder if a contract could be created that would transfer the use to other party but not the title - that way we could keep the conversion features. Probably too difficult unless both parties strongly trusted each other.

Thanks for all your help. I'll let you know in 4 months if it occurs this way.

Maybe I missed something here but if you have a deeded platinum ski week you might do OK on the secondary market. Starwood says they are sold out and when they get one that comes back on the market they are asking 55K. Resale units for ski weeks are relatively uncommon for both the Steamboat and the Riverfront properties and may have more of demand than say a Harborside July.

People like myself who are looking for a ski week to use and not trade don't see the loss of starpoints or staroptions as an insurmontable obstacle and there are more than a few of us out there.

So I would second the advice to explore the resale market as you may do better than you think you might. No guarantees but at least worth a shot.
 

DeniseM

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Maybe I missed something here but if you have a deeded platinum ski week you might do OK on the secondary market. Starwood says they are sold out and when they get one that comes back on

He owes $29K
 

Pmuppet

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He owes $29K

Considering i paid $2,500 (yes, $2,500) for a fixed Presidents week EOY 2bed/2bath at whistler, i doubt he will get $30k for his ski week.

People definitely have them listed for sale for $30k, but i dont think selling it is likely. Definitely should look into it, but i wouldnt be too optimistic.
 

jimgior

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I'm not clear. Does the OP owe 29k on two weeks, or just the EY Winter Week?
 

bizaro86

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Considering i paid $2,500 (yes, $2,500) for a fixed Presidents week EOY 2bed/2bath at whistler, i doubt he will get $30k for his ski week.

People definitely have them listed for sale for $30k, but i dont think selling it is likely. Definitely should look into it, but i wouldnt be too optimistic.

I think there's a 0% chance your Whistler TS has the same quality/newness/brand recognition of the Westin Riverfront. My opinion only, obviously.
 

Pmuppet

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I think there's a 0% chance your Whistler TS has the same quality/newness/brand recognition of the Westin Riverfront. My opinion only, obviously.

You are 100% correct that my TS doesnt have the same brand recognition as the Westin.

While from a quality/newness perspective, the actual difference is closer than you would think (the resort did a massive renovation for the olympics). Westin's brand is unquestionably perceived much high (it isnt even close).

Perception is reality, even when, it really isnt truly the case. That is why marketing budgets are so high at Nike, Coke, and the Westin. ;)
 

janusgalt

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Sold - Winter Week - Riverfront - Approx $30k - 2 Bedroom

Hi Folks,

Just wanted to say thanks to all members of the board who helped me as I figured out how to sell the Riverfront Week. Fortunately I did not need to forfeit my week back to Starwood, with all those repercussions.

Closed recently on the sale with a person I met here on the forum. The sale price was approx $30k. The purchaser bought it for their personal use and did not care about the points or options. I guess location, supply and time do make a difference in valuation.

I just wanted to post this so others can get a sense of current market pricing for Riverfront.


Janus
 
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