Restructuring my HGVC holdings

[natarajanv]

Coming back to wrap this up. The points showed up in our account today. So, from initial offer to points available was 47 total days. Not too bad. Now have 19,600 HGVC points and 5250 bHC points annually. Far more than we can use. Hope those Flamingos move

Cheers.

Do you have to do anything special (like give your member number ) for all the contracts to show up in a single login, or does it happen automatically based on same owner names on all the deeds?

 

[PigsDad]

Do you have to do anything special (like give your member number ) for all the contracts to show up in a single login, or does it happen automatically based on same owner names on all the deeds?

As I recall, the enrollment form asks for existing member number so the newly-enrolled deed can be associated with your account.

Kurt

 

[brp]

Do you have to do anything special (like give your member number ) for all the contracts to show up in a single login, or does it happen automatically based on same owner names on all the deeds?

As I recall, the enrollment form asks for existing member number so the newly-enrolled deed can be associated with your account.

Kurt

Yes, I did give the member number up front.

So this is where it got "interesting" (meaning that likely some of the new website "enhancements" worked against me. Went to login using the email and password I've been using for a long time. Was told that there was "no active account associated with this email." Called. Was told that, in fact, this was the case and that the account was associated with mrs. brp's email. Not bloody likely. She lets me deal with this stuff as she actually works at work. I believe she's never logged in. But I conformed the email and it was hers.

So, she said something about "we're not supposed to change the email, but I will do it. You will have to create a new account." Gave her my email, then did a full refresh. Tried "login" again and it popped up a "link account" message." I said yes, it said "you're linked." Then I just did my standard login again, and it went to the same old page as before, just with the additional two allotments of points (under the same contract number) showing up. Added to the regular HGVC point pool starting in 2020.

Actually, pretty seamless despite the errant error message. Not sure she really did anything in the end.

Cheers.

 

[natarajanv]

Do they actually transfer the unit to their LLC ( incurring transfer fee + enrollment fee) and then sell it? BTW, did your estoppel list them as the owner?

Sent from my Pixel 2 XL using Tapatalk

I was curious about whether the brokers who are mentioned here buy them cheap and flip, so I checked Clark county recorder website to see about 100+ units registered/transferred to/from one broker who we all know. Is it possible to just register a deed and transfer but not pay the $609 enrollment fee hoping to flip it before the end of the year? The reason I am asking is the estoppel of my BIL shows that the club activation fee is pending for 2019. Have any of you guys seen an estoppel with Activation fee populated? Here it clearly states that it is due. BTW , the unit in question was recorded on August 2019 to just to be resold in October 2019

 

[alwysonvac]

I was curious about whether the brokers who are mentioned here buy them cheap and flip, so I checked Clark county recorder website to see about 100+ units registered/transferred to/from one broker who we all know. Is it possible to just register a deed and transfer but not pay the $609 enrollment fee hoping to flip it before the end of the year? The reason I am asking is the estoppel of my BIL shows that the club activation fee is pending for 2019. Have any of you guys seen an estoppel with Activation fee populated? Here it clearly states that it is due. BTW , the unit in question was recorded on August 2019 to just to be resold in October 2019

View attachment 14912

Interesting... I’ve never seen one but I guess it’s possible with a flip within months. Please let us know how it works out. I’m assuming HGVC may still want their activation fee each time ownership changes hands.

By the way, which last name are you finding with 100+ unit changing hands in Nevada?

 

[natarajanv]

Interesting... I’ve never seen one but I guess it’s possible with a flip within months. Please let us know how it works out. I’m assuming HGVC may still want their activation fee each time ownership changes hands.

By the way, which last name are you finding with 100+ unit changing hands in Nevada?

https://recorder.co.clark.nv.us/recorderecommerce/

nock

 

[valuemkt]

Great price. What are the MF on that unit? Is that a 3 bdrm or 2 bdrm?

Pretty interesting .. we just stayed at Elara .. went to the mandatory presentation .. the offer was 8400 points for 60 grand .. of course we didnt take it ..

 

[brp]

Yup, 9,600. Structured as 2 x 4800 1BR.

Cheers.

So, I came back to this after all this time as I got some interesting info. As I mentioned, this is structured as 2 x 4800 Pt. 1BR Platinum in one contract. Because of the odd arrangement, I got a very good price since selling would be challenging.

I was talking with Judi Kozlowski about some other things and mentioned this contract. She called me back and said that it seems that contracts can, in fact, be split with a call as she had seen one. No need to do it now, but interesting if true.

Cheers.

 

[brp]

Coming back again with more info. Wanted to wait until all the dust had settled.

The two Flamingos have finally flown the coop!

We decided to lower one to $1000 rather than pay MFs for another year. I had considered the 2020 MFs as sunk cost.

Almost immediately got a bit. It came to the broker through MLS. The net result was $400 for our broker, $400 for other broker, $200 for HGVC (not sure why). Net to us was $0. However, full reimbursement of the $1087 2020 MFs. I considered that a good deal and went for it. Started the process. Then decided to lower the second one to $1000. Got a hit like 2 days later. Same source, same deal. Grabbed it.

The first one was super-smooth. Offer August 3. Papers came signed by buyer, We turned around bu Aug. 4. ROFR waiver August 5. Final docs sent to HGVC by August 12. Transferred out August 19.

Second was less smooth. This all started about August 6 or so, Finally closed out October 11 (truly gone from the account). Buyers kept delaying (for no reason) getting final docs done. Broker called with a "we're going to void the deal" message. They gave her a credit card that day

Check for the MFs is on the way.

So, now down to 5250 W. 57th,
9600 (2x4800) Platinum at Boulevard.

Awaiting ROFR on very cheap 5000 pt. Gold at Boulevard,

Cheers.

 

[bogey21]

The two Flamingos have finally flown the coop!

We decided to lower one to $1000 rather than pay MFs for another year. I had considered the 2020 MFs as sunk cost.

Almost immediately got a bit. It came to the broker through MLS. The net result was $400 for our broker, $400 for other broker, $200 for HGVC (not sure why). Net to us was $0. However, full reimbursement of the $1087 2020 MFs. I considered that a good deal and went for it. Started the process.

I continue to be amazed how (realistically) we are willing to accept $0 as the value of what we own...

George

 

[brp]

I continue to be amazed how (realistically) we are willing to accept $0 as the value of what we own...

George

Also realistically I could have gotten more if I had been willing to wait, or used a different venue. After all, it did sell for $1000, which is more than similar listings on eBay. But working with a solid broker was worth it to me. With MFs over $1000/year, selling now was better than a few months from now.. And it did include the unexpected $1000 in MF reimbursement. I was hesitant until I saw that, and then it was worth it. I really did get $1000 for it.

HGVC ain't Disney. It goes down in value

Cheers.

 

[DazedandConfused]

HGVC ain't Disney. It goes down in value

Ouch, so true. But combining the two is "Dollar cost averaging"

 

[natarajanv]

deleted

 

[brp]

So did you list it through a Broker?

Yup. Broker and Redweek (and if Redweek sold, I was going to pay broker due commission). Nothing on Redweek, but yes with broker.

Cheers.

 

[letsgobobby]

HGVC ain't Disney. It goes down in value

Cheers.

Prices today aren't typical. I've followed certain HGVC resales for a decade and prices had been stable for most of that time. This year they fell another third or more presumably because of COVID and the financial pressures and travel disruptions associated with it. A true buyer's market, kind of the opposite of what's happened in residential real estate, where prices are soaring in most locations leading to a true seller's market.

 

[MPrince]

I continue to be amazed how (realistically) we are willing to accept $0 as the value of what we own...

George

To me, the value is in using the timeshare, not in selling it.

 

[brp]

To me, the value is in using the timeshare, not in selling it.

Unless one has something non-ideal in terms of MFs paid for a given amount of usage. Then selling and buying something different is the better long-term strategy.

Cheers.

 

[bogey21]

To me, the value is in using the timeshare, not in selling it.

I don't dispute with what you say. But if values continue their downward sprial, you should allocate a portion of your anticipated loss when selling into your annual vacation cost.

George

 

[brp]

I don't dispute with what you say. But if values continue their downward sprial, you should allocate a portion of your anticipated loss when selling into your annual vacation cost.

George

Maybe not. I consider 100% of it lost as soon as I buy. I count on zero resale. Complete sunk cost in the calculations. MFs are the ongoing kicker.

Cheers.

 

[MPrince]

I don't dispute with what you say. But if values continue their downward sprial, you should allocate a portion of your anticipated loss when selling into your annual vacation cost.

George

I treat timeshare purchases as a sunk cost. They sit on my balance sheet as an asset, but any loss upon future disposition is a non-cash write-off. The value I get from that sunk cost acquisition is in using the timeshare, not in selling it at some future point in time. MFs I pay are part of my annual vacation budget. I'm retired, with a hefty annual vacation budget.

One of my hobbies is photography. When I buy a camera, I don't care what I might be able to sell it for when I decide to replace it. The value of the camera is in using it. Same with timeshares.

That's how I look at it, you might look at it differently, and that's fine.

 

[bogey21]

Maybe not. I consider 100% of it lost as soon as I buy. I count on zero resale. Complete sunk cost in the calculations. MFs are the ongoing kicker.

Although I understand where you are coming from, purchase directly from a Developer is one heck of a price to pay for the option of paying annual MFs...

George

 

[brp]

Although I understand where you are coming from, purchase directly from a Developer is one heck of a price to pay for the option of paying annual MFs...

George

Who said anything about buying direct from the Developer? This is TUG. Friends don't let friends do that

Cheers.

 

[bogey21]

Who said anything about buying direct from the Developer? This is TUG. Friends don't let friends do that

My comment was purposely at the extreme. My point is that Developer or Resale the price one pays is the cost of an Option to use the Systerm or Resort and should be amortized into their annual cost calculation. You have taken an even more realistic approach; that is mentally writing off the total cost up front...

George

 

[brp]

OK, finally coming back to this as things are wrapped (for now )

In the end, we still have our W. 57th 5250 point studio

Sold: Two Flamingo Gold 5000 for net $0 in actual payment (minus broker fees), but about $1050 each in reimbursement for 2020 MFs cash in the bank.

Bought: Boulevard 9600 points as 2 1BD 4800 Platinum for $6250 ($0.65/point)
Bought: Boulevard 5000 point Gold 2BD for $1075 ($0,22/point). Figured that the very low price made up for the Gold vs. Platinum for a number of years to come.

Annually we have

5250 bHC
14,600 HGVC

For 2021 it seems that the 5000 point Gold had free saved points, so there's:

2300ish bHC (after making 2 reservations
35,000ish HGVC (just about a literal shit ton)

We're good for now

Cheers.