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Expecting a Big MF Increase at Grande Vista? [MERGED - FL resorts Fully-Funded Reserves]

jpc763

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I got a call from MVC and that is correct. The proposed budget includes fully funded reserves which the membership votes down every year. I guess I will keep the property for another year!
 

SueDonJ

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Marriott just kind of does what it wants and gets those increases.

I keep thinking how the sales' department hard-sells people on timeshare, and then when owners decided they made a mistake and walk away, Marriott is never hurt by it. It's the owners who are hurt. We pay for the people who don't pay. That is truth. And it's horrible because it's entirely the fault of the salespeople.

While I agree that the sales people never tell the truth, the whole truth and nothing but the truth, I disagree that sales reps are to blame when owners walk away and saddle their fellow owners with MF's in default.

Timeshares are literally the ONLY thing that buyers are routinely given the benefit of the doubt when they don't take the responsibility for knowing what they're buying and what their ongoing financial commitment will be. The only thing! It makes no sense to me, and even less sense when you're talking about sales made by Marriott sales reps because when you buy direct from Marriott, you have to sign a checklist acknowledging that you understand the basics of ownership, you're told that there's a rescission period AND you're given the legal docs to peruse during that period. Docs that do explain that MF's in default are assumed by the other owners, by the way.

You never hear people say that a car dealership should take back a car when the new owner realizes the ongoing fees are a struggle, same with mortgage companies and homes, same with banks and credit cards. I just don't understand why timeshares are any different, at least the big-name timeshares who DO take care to make sure that all the legal mandates re consumer protections are followed. Why is "Buyer Beware" applied to every other thing on the planet BUT timeshares?!

I do have sympathy for the people who come up against unavoidable financial difficulties, wish it were easier for them to get out of timeshare ownership. But be honest - does anybody really think that if it were made easier to get out with just cause, immediately there wouldn't be a line of owners not suffering financial difficulties who figure out a loophole to make it happen for them? And that there wouldn't be TUGgers spreading the word like wildfire?
 

SueDonJ

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I received a Notice of Budget Meeting for Imperial Palms Villas today. I don't usually pay attention to these as I cannot attend but this time I noticed a link to some documents. In the documents I saw a budget proposal.

The budget proposal showed a 42.8% increase in maintenance fees.

Am I missing something here?
The same issue - Fully-Funded Reserves - is being discussed for another Florida resort, Grande Vista, and it's probably a concern with every Florida resort. I'm merging the threads, but if issues come up that are unique to an individual resort those threads will be allowed to stand alone. :)
 

Superchief

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I received a Notice of Budget Meeting for Imperial Palms Villas today. I don't usually pay attention to these as I cannot attend but this time I noticed a link to some documents. In the documents I saw a budget proposal.

The budget proposal showed a 42.8% increase in maintenance fees.

Am I missing something here?
Most of the similar large increase at Royal Palms was do to the inflated reserves and the associated increase in management fees. However, there are 15-45% increases in human resources, front desk, housekeeping, and insurance. A lot of these increases are likely due to the shorter stays from the DC point system. I am concerned that the trust isn't paying their fair share for these expenses. I own a red week and my points cost .68/point based on last year's maintenance fee. If the trust point MF's are .58/pt, they aren't really covering their expenses at some of these resorts.
 

VacationForever

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I also own at Vistana in Orlando and have never seen anything that asks to fully fund reserves. I just received the proposed 2020 MF for a 2BR L/O with the same reserve as 2019, at $259.28. I wonder why it is different with Marriott.
 

dioxide45

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I also own at Vistana in Orlando and have never seen anything that asks to fully fund reserves. I just received the proposed 2020 MF for a 2BR L/O with the same reserve as 2019, at $259.28. I wonder why it is different with Marriott.
What resort is this? I never received a 2020 proposed MF budget this year for either of our Bella or Key West SVV weeks.

Looking at the 2019 proposed budget, for Key West, the 1BR proposed reserve was $97.31 and the actual amount was $48.66. So the proposed budget certainly looks like it had an amount based on fully funded reserves.
 

VacationForever

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What resort is this? I never received a 2020 proposed MF budget this year for either of our Bella or Key West SVV weeks.

Looking at the 2019 proposed budget, for Key West, the 1BR proposed reserve was $97.31 and the actual amount was $48.66. So the proposed budget certainly looks like it had an amount based on fully funded reserves.
SVR Lakes 2BR L/O.
 

Ralph Sir Edward

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Most of the similar large increase at Royal Palms was do to the inflated reserves and the associated increase in management fees. However, there are 15-45% increases in human resources, front desk, housekeeping, and insurance. A lot of these increases are likely due to the shorter stays from the DC point system. I am concerned that the trust isn't paying their fair share for these expenses. I own a red week and my points cost .68/point based on last year's maintenance fee. If the trust point MF's are .58/pt, they aren't really covering their expenses at some of these resorts.

Superchief. What were last year's MF for a red Royal Palms? Nobody put one the MF thread last year.
 

Superchief

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Superchief. What were last year's MF for a red Royal Palms? Nobody put one the MF thread last year.
The MF for Royal Palms Red week in 2019 was $1451, which translates to .68 per point for 2125 points. Increases over the past few years were 4.4%, 6.1 %, 5.3, and 5.2 %. The proposed increase this year appears to be much higher, even without the fully funded reserve amount. I hope it is reduced during the meeting.
 

Ralph Sir Edward

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The MF for Royal Palms Red week in 2019 was $1451, which translates to .68 per point for 2125 points. Increases over the past few years were 4.4%, 6.1 %, 5.3, and 5.2 %. The proposed increase this year appears to be much higher, even without the fully funded reserve amount. I hope it is reduced during the meeting.

WOW! I only paid $1606 for an equivalent week at Bay Club in Hawaii in 2019. Only $155 more a week. . .
 
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