Presidential Villas -- selling back to the resort?

[flybefree]

I own two weeks at Presidential Villas in Surfside Beach, SC. One is an annual in points and the other an EOY odd year week. With life circumstances and changing travel plans, we haven't been able to use our points and they're racking up (it's a 3 BR lockoff that gets 104,500 points a year!!). I've decided to sell it, and probably the weeks one, and I know through a recent conversation with the resort that they have no inventory of their own to sell. It's a floating 20-38 summer week unit, so it's the one everyone wants. I'm wondering if I'd command a higher price selling it back to the resort instead of online. Has anyone sold a unit back to them? Or do they offer a resale service?

Thanks!

 

[theo]

I own two weeks at Presidential Villas in Surfside Beach, SC. One is an annual in points and the other an EOY odd year week. With life circumstances and changing travel plans, we haven't been able to use our points and they're racking up (it's a 3 BR lockoff that gets 104,500 points a year!!). I've decided to sell it, and probably the weeks one, and I know through a recent conversation with the resort that they have no inventory of their own to sell. It's a floating 20-38 summer week unit, so it's the one everyone wants. I'm wondering if I'd command a higher price selling it back to the resort instead of online. Has anyone sold a unit back to them? Or do they offer a resale service?

I don't know your resort or anything about it, but did someone in authority at your resort actually express that they would buy back your ownership?
The mere fact that they are no longer in developer sales and have no inventory does not necessarily mean they ever actually buy back ownerships.

Some resorts will accept "deedbacks" (voluntary acceptance, but no compensation). Some resorts will exercise "right of first refusal" (ROFR), matching (but not exceeding) the agreed purchase figure if and when you first find a willing buyer on your own. However, precious few resorts will ever just unilaterally "buy back" ownerships. If your resort is somehow a noteworthy and unusual exception, that's great and good on 'ya.

I'd suggest looking for listed comparables (on RedWeek, TUG, eBay, etc.) to get a feel for resale market pricing before proceeding in any direction. If your purchase was developer-direct, it's important (albeit likely also disappointing and humbling) to learn and accept that the resale market cares not one bit what you may have originally paid to the developer. The actual resale market value of your ownership today simply "is what it is".

If your resort has a resale program, chances are that the sales commission will be a minimum of 25%, possibly more. Food for thought. Good luck.

 

[northovr]

I believe Presidential Villas now have an agreement with Wyndham. Wyndham will be selling points there.

thanks Daniel

 

[flybefree]

I didn't buy from the resort. I got both on the resale market. I haven't asked if they buy from owners, but I figured I'd check it out as one option.

I haven't heard anything from the resort about an agreement with Wyndham. Interesting...

 

[flybefree]

I wonder if the email about this went to my husband, who assumes they're also sending it to me (but they don't always!).

http://www.plantationresort.com/2017/11/wyndham-partnership/

 

[flybefree]

If this meant we'd no longer have to pay RCI membership fees, I'd be all for it! But I'd like to know what it's really going to do to my ownership. I own in both points and weeks and may be selling both. I'm wondering how this could affect all that.

 

[WinniWoman]

This is what happened at Smugglers Notch where we own a fixed and attached floating week. Wyndham is now in charge of sales and marketing. Snapped up some inventory. Now- a few years later- Smuggs management came up with the "Farewell" program - a version of Wyndhams' Ovation program- for owners who want out. They are very selective of what they take and management did not come out and directly say the inventory they acquire is going to Wyndham but that is what is happening.

The resort is a convoluted mix of deeded fixed week owners (either yearly or EOY), 1 week or 2 weeks with/without floaters attached, RCI points owners, Smuggs owners who converted to Wyndham, full share and quarter share owners, etc. More RCI points and Wyndham exchangers there now, as well as some renters. The resort has also changed the way amenity benefits are used and purchased by both owners and exchangers and renters in different categories. It's all become very confusing.

BTW- that is what I never liked about RCI points- you are locked into using them, though you can revert back to a weeks ownership I believe- to the underlying week the points are based on-where as with a fixed week you do not have to belong to any exchange company at all.

So how will this affect your ownership? Well- your ownership will stay the same and Wyndham will try like hell to get you to convert to their system- for mega bucks. They might have a special "deal" for current owners- LOL!

I will tell you, though, at Smuggs there are still some people buying/acquiring the ol' fixed week model via resale. We, and a lot of others, are perfectly happy with that as well and we enjoy the resort just as well as any other guest coming in either through RCI or Wyndham.

 

[flybefree]

Thanks for that info! Did you get any benefit out of the relationship with Wyndham, or only if you converted to their system?