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SVO Cancun question

S

spkurtz

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May 9, 2007
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My wife and I just purchased a 1br Premium in the Lagunamar resort. With it, we get 81,000 StarOptions. Looking at the StarOption PDF, the value for a 1br during our "week" is only 51,700 - leaving us with just under 30,000 options to use on another trip. Not that I'm complaining, but why aren't the options I get equal to the value of what it would take to stay at our villa for the week I am deeded? (I know it's floating, but my week is in the more expensive time period.)
 
I believe that when the resort first started sales, the Staroptions at the resort were lower than they are now. So the PDF you're looking at may have been the "old" options.
 
I think Bill is right, it originally did have less options. Plus when you book your week at your home resort, and you own a 1bdrm, all of the options are always used up. If you own a 2 bdrm lock off, and you book just the 1 bdrm side, you would then have the options left of the studio side.
 
spkurtz said:
My wife and I just purchased a 1br Premium in the Lagunamar resort. With it, we get 81,000 StarOptions. Looking at the StarOption PDF, the value for a 1br during our "week" is only 51,700 - leaving us with just under 30,000 options to use on another trip. Not that I'm complaining, but why aren't the options I get equal to the value of what it would take to stay at our villa for the week I am deeded? (I know it's floating, but my week is in the more expensive time period.)
Click to expand...

SVO changed the SOs for Lagunamar (WLR) - the SO chart for WLR is not up-to-date.
 
I don't want to take the shine off your purchase, but you might save as much as 50% by rescinding, waiting awhile, and buying resale at this resort. Resales are usually even available before the resort opens.

Example: We bought preconstruction at the Westin Ka'anapali (Maui) for about $45K - those units are selling for just under $30K on the resale market now.

I expect Cancun prices to go down 30% or more on the resale market. With a resale you do lose the ability to exchange within the SVN, if you buy resale (at this resort) but if you plan to go there every year, a resale is just the same as buying from the developer, except 30-50% cheaper!

You have lots of other purchase options as well - my advice: if you are still within the recission period, rescind (100% refund) and research purchasing a resale.
 
DeniseM said:
I don't want to take the shine off your purchase, but you might save as much as 50% by rescinding, waiting awhile, and buying resale at this resort. Resales are usually even available before the resort opens.

Example: We bought preconstruction at the Westin Ka'anapali (Maui) for about $45K - those units are selling for just under $30K on the resale market now.

I expect Cancun prices to go down 30% or more on the resale market. With a resale you do lose the ability to exchange within the SVN, if you buy resale (at this resort) but if you plan to go there every year, a resale is just the same as buying from the developer, except 30-50% cheaper!

You have lots of other purchase options as well - my advice: if you are still within the recission period, rescind (100% refund) and research purchasing a resale.
Click to expand...

Denise,

I am starting to think that rescinding and researching will be the way to go. I've read a few posts about sending a rescind letter via certified mail - but haven't really found suggestions/examples of the proper language to use in the rescind letter. Any suggestions on that would be very helpful.

When we "did the deal" we applied for an AMEX and put the full purchase price on the card in order to get a bunch more StarPoints. Does that pose any problems for rescinding?

Thanks again!
 
spkurtz said:
Denise,

I am starting to think that rescinding and researching will be the way to go. I've read a few posts about sending a rescind letter via certified mail - but haven't really found suggestions/examples of the proper language to use in the rescind letter. Any suggestions on that would be very helpful.

When we "did the deal" we applied for an AMEX and put the full purchase price on the card in order to get a bunch more StarPoints. Does that pose any problems for rescinding?

Thanks again!
Click to expand...

Hmmm....I am not sure about the Starpoints. I don't know if they can take them back or not??? Either way - the value of the Starpoints is not worth the extra cost of purchasing from the developer. But keep the AMEX - the "free points" you get from every day purchases are great. We use ours for absolutely everything and get 2 free tix to Hawaii every year.

As far as rescinding, the instructions are in your purchase materials - and you need to follow them exactly. I don't think that the wording is critical, just make it short and very clear.

Gentlemen:

This is your official notice that we are rescinding our purchase within the required recission period as stated in our contract.

Contract Info.: XXXXX

Please reimburse the full amount of $$$

Please contact me at your earliest convenience at: (xxx) xxx-xxxx

(signatures of both spouses)


The most critical thing is that you rescind within the stated time limit, so you need to do it ASAP. I would send it certified mail - return receipt and also FAX it. Then follow up with a phone call.

Note that they will probably try to talk you out of rescinding and may even sweeten the offer....but don't do it... If you rescind, and then later decide you want the deal after all, they will be more than happy to give you the same deal (or a better one) next week, next month, etc.

Let us know how it goes!
 
I just read a thread on the Carribbean section of TUG about Caymen islands vs. Mexico. Yes crime happens everywhere, but it sounds like it's escalating in Mexico, the latest in Cancun.
 
DeniseM said:
Hmmm....I am not sure about the Starpoints. I don't know if they can take them back or not??? Either way - the value of the Starpoints is not worth the extra cost of purchasing from the developer. But keep the AMEX - the "free points" you get from every day purchases are great. We use ours for absolutely everything and get 2 free tix to Hawaii every year.

As far as rescinding, the instructions are in your purchase materials - and you need to follow them exactly. I don't think that the wording is critical, just make it short and very clear.

Gentlemen:

This is your official notice that we are rescinding our purchase within the required recission period as stated in our contract.

Contract Info.: XXXXX

Please reimburse the full amount of $$$

Please contact me at your earliest convenience at: (xxx) xxx-xxxx

(signatures of both spouses)


The most critical thing is that you rescind within the stated time limit, so you need to do it ASAP. I would send it certified mail - return receipt and also FAX it. Then follow up with a phone call.

Note that they will probably try to talk you out of rescinding and may even sweeten the offer....but don't do it... If you rescind, and then later decide you want the deal after all, they will be more than happy to give you the same deal (or a better one) next week, next month, etc.

Let us know how it goes!
Click to expand...
Denise,

Thanks for the letter example - I'm going to send it out registered mail tomorrow. (I have until the 15th.) Another reason I'm rescinding is that I have yet to receive my welcome packet. I signed the deal on Saturday and they were out of them and said they would FedEx to my house.

I do have copies of all the paperwork I signed, which includes an address to send the cancellation request (Orlando), but there is no phone or fax number. Would that be something that is included in the welcome packet? If that doesn't show up tomorrow, is there somewhere else I can get that from? I'm guessing it's the same contact info no matter the location of the property you purchaed.
 
spkurtz said:
Denise,

Thanks for the letter example - I'm going to send it out registered mail tomorrow. (I have until the 15th.) Another reason I'm rescinding is that I have yet to receive my welcome packet. I signed the deal on Saturday and they were out of them and said they would FedEx to my house.

I do have copies of all the paperwork I signed, which includes an address to send the cancellation request (Orlando), but there is no phone or fax number. Would that be something that is included in the welcome packet? If that doesn't show up tomorrow, is there somewhere else I can get that from? I'm guessing it's the same contact info no matter the location of the property you purchaed.
Click to expand...

A certified letter covers the requirements of the contract - the FAX and phone call are just "back-ups."
 
To those of you who have rescinded...how do you know when Starwood has canceled the contract? Does someone contact you? Do you get papers in the mail? It's been over a week since I sent the certified letter. The mystarwood.com site still shows the property attached to my account.

I paid for the purchase with American Express and the transaction was there as of last Friday. I called AMEX and they've issued me a credit and will be contacting Starwood...but I still would feel more comfortable knowing that everything was officially voided.

Any next steps I should take?
 
spkurtz said:
To those of you who have rescinded...how do you know when Starwood has canceled the contract? Does someone contact you? Do you get papers in the mail? It's been over a week since I sent the certified letter. The mystarwood.com site still shows the property attached to my account.

I paid for the purchase with American Express and the transaction was there as of last Friday. I called AMEX and they've issued me a credit and will be contacting Starwood...but I still would feel more comfortable knowing that everything was officially voided.

Any next steps I should take?
Click to expand...
I found out when they credited my credit card with the downpayment - there was no paperwork to state that I had rescinded.
 
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