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Resale HICV... good deal?

Mysoph

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Edit: These are at Geneva, not South Beach.

I found a resale broker who gave me a couple options for HICV Geneva resort points:

156250 points
$4000
$985/year in maintenance fees (includes taxes, but not club dues)

275000 points
$6000
$1699/yr in maintenance fees (includes taxes, but not club dues)

Closing costs including transfer fees are $1148 for either.

Are any of these a decent deal? Or should I look for better, or try to get for much less? Also, how often is HICV exercising FRoR? Does that factor into the "value"?
 
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Tank

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HICV Lake Geneva
HICV Gatlinburg
HICV Orange Lake Kissemee
They are aggressive on ROFR with Southbeach
So that many points for that money would be a good deal and probably pass ROFR

Good luck!
 

Mysoph

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They are aggressive on ROFR with Southbeach
So that many points for that money would be a good deal and probably pass ROFR

Good luck!

When you say "pass ROFR" do you mean it would be likely that they would exercise that right, or that its a decent enough price point that I might be able to acquire?
 

Mysoph

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An update:

I was mistaken. I had thought it was at South Beach, but it is at Geneva. I have the ability to execute and move forward on the following deal, but since this would be my first purchase, I wanted to do a sanity check with the fine folks here before giving a deposit:

HICV @ Lake Geneva - $4750.00
275,000 Annual points
1699.00 / yr maintenance fees (includes taxes, but not club dues or RCI membership)
First Use 2020
All maintenance and fees paid for 2019
Clear Title
$1148.00 Closing costs
 

Bmatrose

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Its decent...Ive seen South Beach similar points go for less then that. But if you really want into the system and dont want the chance of missing out on a bid, its a decent deal. Remember the points do not count towards status levels.
 

Mysoph

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Its decent...Ive seen South Beach similar points go for less then that. But if you really want into the system and dont want the chance of missing out on a bid, its a decent deal. Remember the points do not count towards status levels.

Thing is, with the 2019 points not being available, I am not really in a hurry. So, if the likelihood of finding a similar or better deal in the coming months is high, I think I would pass. And yes, I am aware the points will not count toward status level. But, is there a real benefit to reaching the next status? I am just a single father of 2 who wants to travel more with and without his kids. A nice hotel room is good enough for me, but the option of having nicer accommodations are good value adds. Would status prevent me from finding basic 1 or 2 bedroom accommodations at the resorts?
 
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Bmatrose

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I wouldn't say the chances are high you will find a better deal. You might find one but if you really are set on buying HICV points, go for it. Also a lot depends on how you plan to use the points. Where you want to go? How big of a room? If you are planning only one trip a year, you are better off renting. Status levels are nice but shouldn't be important unless you are buying a ton of points.
 

Mysoph

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I wouldn't say the chances are high you will find a better deal. You might find one but if you really are set on buying HICV points, go for it. Also a lot depends on how you plan to use the points. Where you want to go? How big of a room? If you are planning only one trip a year, you are better off renting. Status levels are nice but shouldn't be important unless you are buying a ton of points.

I would like to travel minimum 2 weeks per year, up to 3 or 4. Places like Wisconsin, Tennessee.. hell even Florida are doable by car. occasionally, I would like to go International. But not necessarily yearly.

I guess the deal seems good enough to me. I just don't know if it is overkill with the maintenance costs, or if I should try to find something a bit cheaper with less points and less maintenance to get my feet wet.
 

Tank

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HICV Lake Geneva
HICV Gatlinburg
HICV Orange Lake Kissemee
MF,s are not terrible @ Lake Geneva. Also less aggressive on ROFR here.
Plus it will be able to be resold , that's a plus.

barter, or keep an eye out ebay etc they can be found just not as easy and the price keeps going up!
 
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Mysoph

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The maintenance fees are fine for the number of points. I meant, being new, this seems like maybe more of a commitment than what I originally intended. But I think I can get value out if it. And I can afford it. Like you said. There is *some * resale value there, so really my risk is my closing costs..

Why do I overthink everything!!! Lol
 

Mysoph

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I was able to get the price down even further. Here is the final deal, on which I put a good faith deposit down today:

HICV @ Lake Geneva - $4000.00
275,000 Annual points
1699.00 / yr maintenance fees (includes taxes, but not club dues or RCI membership)
First Use 2020
All maintenance and fees paid for 2019
Clear Title
$1148.00 Closing costs


I am excited, but also a bit nervous. Overall, I feel good about the deal.
 

TUGBrian

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1200 in closing costs seems very high?
 

Mysoph

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1200 in closing costs seems very high?

This includes title work, resort transfer fees, etc. Everything except the purchase itself, next years maintenance fees, and club dues.
 

TUGBrian

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that still seems extraordinarily high...unless there is some very large transfer fee the resort charges that im not familiar with.

not that it might not be legitimate, it just seems very very high for just closing costs for a US timeshare.
 

Tank

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HICV Lake Geneva
HICV Gatlinburg
HICV Orange Lake Kissemee
No extra big fee's from HICV
$100 quick claim could do it
 

TUGBrian

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if thats the case id ask them for a breakdown of the 1200 in closing costs they are charging you.
 

tschwa2

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My guess is its from smtn or some such place. The brokers don't really negotiate down their fees. Best hope is just to talk the owner into excepting less. You just have to decide if the all in cost is worth it to you.
 

bizaro86

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Yeah, that's at least 7-800 too much. I always look at total price though, and have paid absurd closing prices on discounted TS units in the past where the total price was still acceptable to me.
 

Tank

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I'll be honest, that amount of points for that $ being able to use ALL the HICV system is a pretty good deal. Yes you could get them cheaper standing a better chance of ROFR.

Changes can always be made on these type of purchases , we see changes a lot NOT to our best interest.

I ran into a guy recently had 80,000 points, wanted to bump him to the 300,000 pt mark for $47,000

These are only going to get harder to get

Business is business , part of the cost.

Barter, barter , barter
Always can wait
 
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Mysoph

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Breakdown is as follows:

Title and closing fee: 699
HICV Transfer: 100
Broker fee: 349

Original listing was for $12,000. I didn't even ask about that one, but was looking at another one which went pending while I was waiting. He mentioned this one was dropping to $7500, I offered $4000, because i wanted to limit my initial investment to around 5 grand. They countered at 5k, i stuck at 4, and a day later they accepted.

In the end, I knew I would be OK with paying around 5 grand total up front for these points. So, while the costs might be higher, I am OK with it.

Now.. to hope there is no ROFR.... <crossing fingers>
 

TUGBrian

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definitely being fleeced for the closing, but if the final number is good for you..best of luck passing ROFR!
 

mr323

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I was told that HIVC resales only transfer to the buyer as the listed week on the deed at the property on the deed; not the points.
 

TUGBrian

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That is true for most HICV resales, but there are 3 resorts in the system that retain those points on resale. Geneva being one of them.
 
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