One more question on recinding

blackbearskiing · Apr 24, 2009

HELP! My husband and I just got back from florida. We did the 90 minute tour and bought into the courts townhouse. After reading the paperwork and reading the tugbbs it looks like we made a BIG mistake. Two weeks back to back was offered to us at the same price as one week at the villages. We thought at the time it was a great deal. What do you think our chances are for actually cancelling our contract. We signed on wednesday so its only been two days. Thanks

Redrosesix · Apr 24, 2009

You need to recind.

If you really want to own there you can buy it much cheaper by resale. You have to follow the details in your contract exactly to cancel it, plus the link below will give you some more tips:

http://www.tugbbs.com/forums/showthread.php?t=74493

TUG is great -- you'll know a lot more about TS's before you purchase resale if you keep reading. You should start with the Newbies Forum, which is where I would have put this thread -- you would have been inundated with responses within minutes. :hysterical:

DeniseM · Apr 24, 2009

You should definitely rescind - you can get a resale at this resort for nearly nothing.

Please read this article about rescinding for all the details. Time is critical, so don't delay - you need to follow the instructions exactly and mail it TODAY.

DeniseM · Apr 24, 2009

Redrosesix said:
You should start with the Newbies Forum, which is where I would have put this thread

Actually, for any Starwood question, the Starwood Board is the best place to post it.

James1975NY · Apr 24, 2009

blackbearskiing said:
HELP! My husband and I just got back from florida. We did the 90 minute tour and bought into the courts townhouse. After reading the paperwork and reading the tugbbs it looks like we made a BIG mistake. Two weeks back to back was offered to us at the same price as one week at the villages. We thought at the time it was a great deal. What do you think our chances are for actually cancelling our contract. We signed on wednesday so its only been two days. Thanks

I am guessing that they had you under contract for about 12k per week for the Courts Villas which would be just under the cost for one ownership at the Vistana Villages for 81,000 StarOptions each year.

The question is; what do you really WANT. If you want to own two weeks (81,000 StarOptions per week) at the Vistana Villages, you can get them on resale for even much less than what you are paying for the two Courts weeks.

Purchasing at the Sheraton Vistana Villages (Bella or Key West phase) on the secondary market WILL provide you with StarOptions; however, the items that will NOT transfer are the following:

1.) Ability to redeeom your ownership into SPG Points
2.) Guaranteed Gold+ status with SPG
3.) Corporate membership with Interval International (I.I.)

You can still join II but you will maintain the membership on your own and it will not be covered in your annual dues / SVN membership.

If you have any questions, please let me know.

Jim

blackbearskiing · Apr 24, 2009

Thanks for the info. I just signed with tugs today so I wasn't sure how to post my question. I will go to the newbies. I did send my letter out today, thanks for the site. There was not a form to follow just a paragraph stating how long I had to cancel and were to send my letter. I have been online most of the day reading up on timesharing. I'm still not sure what I loose if I buy resale.
Thanks

DeniseM · Apr 24, 2009

That advice was incorrect - This IS the correct forum for a Starwood questions. :hi:

If you read the Starwood FAQ at the top of the page, it spells out the difference between buying resale and developer - there is very little difference of any value and you will save thousands of dollars.

Good luck and please let us know if you have any questions.

blackbearskiing · Apr 24, 2009

buying resale

Just one day on tugs and I'm finding this is the most helpful place to be for timesharing. I sent my recinded letter to the developer today and I hope things go smoothly. I like the Sheraton Vistana Resort or Village. I would still like to purchase a 2 bd unit. I can't believe the price difference with the resales. Would I go thru a broker to purchase and if so how would I find a good one. Also, I'm still confused on what I'll loose if I don't buy from the developer. I would like the option of staying at the resort, exchanging it and options to use hotels. Thanks

DeniseM · Apr 24, 2009

To start your research, read the Starwood FAQ at the top of the page, and then come back and let us know what questions you have.

If you buy resale, you won't be able to exchange into hotels, but the exchange rate is so poor, that it's not a good value anyway, and certainly not worth paying thousands more to the developer. You can get a TS at SVR or SVV for nearly nothing these days on the resale market. In fact, I just got one for free and there are some listed in the TUG Classified Ads for $1.

I would not go through a broker - you will pay far more that way, because of his commission. There are many other avenues for purchasing a TS, but don't rush into a purchase, because there is a lot to learn about timesharing before you buy.

LisaRex · Apr 25, 2009

blackbearskiing said:
Also, I'm still confused on what I'll loose if I don't buy from the developer. I would like the option of staying at the resort, exchanging it and options to use hotels. Thanks

Okay, now that you've rescinded you have plenty of time to research and make a decision that makes the most sense for you.

Generally speaking, when you buy a Starwood resale, you will always lose the ability to convert your timeshare (TS) to StarPoints (SPs), which is Starwood hotel currency. (As an example, you can book a Category 4 hotel for 10,000 SPs per night.) You will also lose SPG Gold status, which is once again geared toward hotel stays only. They mean nothing on the timeshare side.

What you MAY lose when you buy on the resale market, depending on where you buy, is the ability to do an internal trade in the internal Starwood timeshare network, called SVN. If you buy a "mandatory" Starwood resort, you will still be able to trade in SVN. If you buy a "voluntary" Starwood resort, you will not be able to trade in SVN. Certain sections of Sheraton Vistana VILLAGES are mandatory; all of Sheraton Vistana RESORTS are mandatory. So if you want to use SVN, you must buy at a mandatory resort.

SVN can be very useful and valuable for trading to other resorts depending on where you bought and what season you own. What you should do is print out the StarOption chart in the Owner's Resource sticky and study it carefully. What you will find, is that a 3 bdrm platinum unit may not even be assigned enough points to get you into a 2 bdrm platinum unit at most other resorts. And if you buy a gold or silver season, the SOs you'll get are even worse. IMO, I'd never buy a mandatory unit in Orlando because I'd only buy there if I wanted to go there every year and the voluntary resorts can be purchased for a lot less.

Once you delve deeper into the system, I think you'll soon see that Orlando resorts are overpriced relative to other Starwood resorts. One other note is that it's very, very easy to trade into Orlando via II, or to rent a week via II Getaways for less than you'll pay in MFs.

abdibile · Apr 26, 2009

Are you aware that a lot of Sections will have a special renovation fee being charged to the owners currently? I think it is Courts, Spas, Palms and Cascades that will be charged between $ 1,800 - $2,600 for an upgrade of the interior to bring the Villas back to Sheraton standard. That is the main reason why you can buy these units for next to nothing currently, as lots of owners just can not pay these high special assessments in this economy.

The other sections (Lakes, Fountains, Falls and Springs) had that renovation fees already due but you have to be careful to check if the owners really paid when you buy one resale!

Vistana Resorts units are good traders with Interval International. Everytime someone deposits his Starwood unit into Interval it can only be seen by other Starwood owners for three days and even afterwards Starwood units have priority and see more and bigger units at other Starwood (Sheraton and Westin).

Vistana resort is way cheaper on the resale market compared with the mandatory sections at Vistana Villages as lots of folks want to be in SVN Starwood internal trading system (StarOptions). My experience is that you get at least 80% of the value through Interval International exchanges with Vistana resort for way lower resale price and annual maintenance fees compared with Vistana Villages.

I see lots of Hawaii, Cancun and other desirable Starwood properties with my Vistana Resort weeks in II. Westin St. John and Harborside Atlantis in good seasion are hard through II, but also not an easy trade through SVN.

Often I can see 2 Bedroom units in Hawaii or Cancun with a 2 Bedroom Vistana Resort on II. If I were in SVN and would book using Staropions I would have to use the Staroptions of two Vistana Resort units to get one of the 2 Bedromm Hawaii or Cancun units. With Interval it is one for one.

blackbearskiing · Apr 26, 2009

When you send your recind letter to the developer and they have signed for it, what is the next step. How do I know that my contract was cancelled? Thanks

[Since you already have an on-going thread on this topic, I moved your new questions to the original thread. If you have any more questions or comments, please post them here. - DeniseM Moderator.]

Talent312 · Apr 26, 2009

You ought to get an acknolwedgement -- they may even try to change your mind. But absent that, look for a refund by check or credit, in the manner in which you paid in 15 - 30 days. If you paid w- credit card, look for the credit on your next statement, and if its not there, dispute the charge to avoid any fees or interest.

SBK · Apr 26, 2009

abdibile said:
Are you aware that a lot of Sections will have a special renovation fee being charged to the owners currently? I think it is Courts, Spas, Palms and Cascades that will be charged between $ 1,800 - $2,600 for an upgrade of the interior to bring the Villas back to Sheraton standard. That is the main reason why you can buy these units for next to nothing currently, as lots of owners just can not pay these high special assessments in this economy.

The other sections (Lakes, Fountains, Falls and Springs) had that renovation fees already due but you have to be careful to check if the owners really paid when you buy one resale!

I am flabbergasted -- even assuming that only one half of the weeks per unit were sold, that would be $46,800 to $67,600 per unit! :wall:

What on earth are they doing for that amount, or probably even more, per unit? Gold spigots? Sub Zero Fridges? Could someone please describe what they did or will do for the money? Is it in any way worth it?

Thanks

DeniseM · Apr 26, 2009

SBK said:
I am flabbergasted -- even assuming that only one half of the weeks per unit were sold, that would be $46,800 to $67,600 per unit!

What on earth are they doing for that amount, or probably even more, per unit? Gold spigots? Sub Zero Fridges? Could someone please describe what they did or will do for the money? Is it in any way worth it?

Thanks

If you use the search function, there are extensive threads discussing the renovations and links to pictures.

Here is one of the main threads about it - http://www.tugbbs.com/forums/showthread.php?t=79997&highlight=special+assessment

*BTW - there is no poll associated with this thread - the TUG Gremlins posted that!

pointsjunkie · Apr 26, 2009

blackbearskiing said:
When you send your recind letter to the developer and they have signed for it, what is the next step. How do I know that my contract was cancelled? Thanks

[Since you already have an on-going thread on this topic, I moved your new questions to the original thread. If you have any more questions or comments, please post them here. - DeniseM Moderator.]

if you paid with American express put in a stop payment so you know it is done.

James1975NY · Apr 27, 2009

LisaRex said:
Okay, now that you've rescinded you have plenty of time to research and make a decision that makes the most sense for you.

Generally speaking, when you buy a Starwood resale, you will always lose the ability to convert your timeshare (TS) to StarPoints (SPs), which is Starwood hotel currency. (As an example, you can book a Category 4 hotel for 10,000 SPs per night.) You will also lose SPG Gold status, which is once again geared toward hotel stays only. They mean nothing on the timeshare side.

What you MAY lose when you buy on the resale market, depending on where you buy, is the ability to do an internal trade in the internal Starwood timeshare network, called SVN. If you buy a "mandatory" Starwood resort, you will still be able to trade in SVN. If you buy a "voluntary" Starwood resort, you will not be able to trade in SVN. Certain sections of Sheraton Vistana VILLAGES are mandatory; all of Sheraton Vistana RESORTS are mandatory. So if you want to use SVN, you must buy at a mandatory resort.

SVN can be very useful and valuable for trading to other resorts depending on where you bought and what season you own. What you should do is print out the StarOption chart in the Owner's Resource sticky and study it carefully. What you will find, is that a 3 bdrm platinum unit may not even be assigned enough points to get you into a 2 bdrm platinum unit at most other resorts. And if you buy a gold or silver season, the SOs you'll get are even worse. IMO, I'd never buy a mandatory unit in Orlando because I'd only buy there if I wanted to go there every year and the voluntary resorts can be purchased for a lot less.

Once you delve deeper into the system, I think you'll soon see that Orlando resorts are overpriced relative to other Starwood resorts. One other note is that it's very, very easy to trade into Orlando via II, or to rent a week via II Getaways for less than you'll pay in MFs.

She meant to say that all Vistana Resort phases are VOLUNTARY which means you do not get StarOptions (SVN) at all here. You are basically purchasing the resort and ability to trade with Interval International, RCI or RCI Points.

SDKath · Apr 27, 2009

Yes but once you rescind, you can buy Sheraton Vistana VILLAGES, which would still be a fraction of what you paid to SVN just now AND you could use StarOptions to trade to other Starwood timeshares!

First and foremost though, I would rescind like advised above. Then take a look at what is out there for resale. No matter what, you are saving $1000s of dollars to get the same thing. The only thing you will never get by buying resale is conversion to StarPoints and hotel stays. BUt SVR resorts have VERY FEW SPs associated with them so you'd only be missing out on 1-2 night stays per year, which is nothing compared to how much they are charging you up front for the unit that is otherwise worth $200 at most on the resale market!

Katherine

LisaRex · Apr 27, 2009

SDKath said:
Yes but once you rescind, you can buy Sheraton Vistana VILLAGES, which would still be a fraction of what you paid to SVN just now AND you could use StarOptions to trade to other Starwood timeshares!

True, but compared to what they pay in MFs, SVV owners get a very modest amount of SOs -- Just 95,700 SOs for a 2 bdrm platinum lockoff.

Given that Orlando owners pay roughly the same MFs as WKV, and given the relative ease of trading into SVV/SVR (or simply booking with an II Getaway), I'd much rather buy a platinum 2 bdrm at WKV and get 148,100 SOs to work with. OR I'd simply buy a cheap trader, such as 1 bdrm platinum SDO, and use its trading power in II to get into a 2 bdrm at SVV/SVR for less MFs.

pointsjunkie · Apr 27, 2009

i do agree with Lisarex. both resorts are nice but there are sooooo many TS's in Orlando and WKV is mandatory and sold out. try to get yourself a 2 br l/o platinum and you will get the most bang for you buck.

One more question on recinding

blackbearskiing

Redrosesix

DeniseM

DeniseM

James1975NY

blackbearskiing

DeniseM

blackbearskiing

DeniseM

LisaRex

TUG Review Crew

abdibile

blackbearskiing

Talent312

TUG Review Crew: Veteran

SBK

DeniseM

pointsjunkie

James1975NY

SDKath

LisaRex

TUG Review Crew

pointsjunkie