Vistana Sheraton Village Bella specific week

[DannyTS]

Hi, i am buying a week at VSV Bella. I was told that the fact that "week 13" is mentioned does not mean much:
Bella Florida Condominium, Annual usage, Week 13, 2 Bedroom, 2 Bathroom, Prime Season Floating Weeks 7-17 /23-34/51-52, 81,000 Staroptions

Do I have any priority for that week?

 

[vacationtime1]

Short answer: no

It is a floating week (the week 13 designation is only for inventory purposes only, unless the week is explicitly fixed).

 

[dioxide45]

No priority to week 13. You have home resort priority 12-8 months out.

 

[r1lee]

Resale, 81k in prime (2 bedroom) for svv is one of the best deals. Hope you got it very cheap. Low mf and they practically give it away.

 

[DannyTS]

Resale, 81k in prime (2 bedroom) for svv is one of the best deals. Hope you got it very cheap. Low mf and they practically give it away.

not that cheap i believe, about 1750 including closing costs. People posted better deals before. I hope we will use it in full and that it will not matter much in the long run.

 

[dioxide45]

not that cheap i believe, about 1750 including closing costs. People posted better deals before. I hope we will use it in full and that it will not matter much in the long run.

That isn't too bad. SVV weeks have increased in price the last couple years. What you could often snag for $1000 or less is now $1500+. I suspect us all talking them up here is in increasing the prices. Perhaps we should start talking about how awful they are.

 

[DannyTS]

That isn't too bad. SVV weeks have increased in price the last couple years. What you could often snag for $1000 or less is now $1500+. I suspect us all talking them up here is in increasing the prices. Perhaps we should start talking about how awful they are.

they are terrible indeed!

Sent from my SM-G930W8 using Tapatalk

 

[vacationtime1]

Those 81K SVV units (assuming 2bd, non-lockout, prime season) are incredibly efficient StarOption generators. Even if one must pay a few hundred more to buy one, the annual cost (including capital costs) is perhaps $1500, meaning it is still a great deal.

My only concern would be if Vistana modifies or terminates the StarOption program -- which it can do.

 

[DannyTS]

Joking aside, I consider ourselves lucky for finding what we wanted at a decent price since merely a month ago i knew nothing about TS. Do i have to mention here that TUG really rocks!?

 

[vacationtime1]

Joking aside, I consider ourselves lucky for finding what we wanted at a decent price since merely a month ago i knew nothing about TS. Do i have to mention here that TUG really rocks!?

Yes.

Because we like hearing success stories.

 

[DannyTS]

By the way,

Yes.

Because we like hearing success stories.

I am feeling actually very grateful to the veteran contributors. For better or worse I am curious by nature and the kind of person who is comfortable after knowing all the details, it would have been a very different story without you guys.

 

[r1lee]

not that cheap i believe, about 1750 including closing costs. People posted better deals before. I hope we will use it in full and that it will not matter much in the long run.

That isn't to bad. I've seen couple go for that amount which included the year use. I was able to pick mine up for $500 + closing.

 

[DannyTS]

The papers we signed for Westin Lagunamar Cancun were addressed to Chicago Title Insurance Company. The ones for Sheraton Vistana Villages Bella had no mention of CTIC. Is the process different for the 2 so one would take less time? Since the WLR is RTU while SVV a deed, should it have not been the other way around?

 

[dioxide45]

The papers we signed for Westin Lagunamar Cancun were addressed to Chicago Title Insurance Company. The ones for Sheraton Vistana Villages Bella had no mention of CTIC. Is the process different for the 2 so one would take less time? Since the WLR is RTU while SVV a deed, should it have not been the other way around?

I think Chicago Title Insurance Company handles all of the closings for Lagunamar just because of the nature of the ownership there. For SVV, you can really use any title company that you want and many brokers will use their in house closing company.

 

[DannyTS]

I think Chicago Title Insurance Company handles all of the closings for Lagunamar just because of the nature of the ownership there. For SVV, you can really use any title company that you want and many brokers will use their in house closing company.

It seems to be that way, i am going to ask this week. If they use their in house closing company do you think it should take less time? I heard CTIC will take up to 10-12 weeks. I have to point out, it is unclear to my wife why I am so anxious to take ownership of these weeks !(first time buyer, right)

 

[dioxide45]

It seems to be that way, i am going to ask this week. If they use their in house closing company do you think it should take less time? I heard CTIC will take up to 10-12 weeks. I have to point out, it is unclear to my wife why I am so anxious to take ownership of these weeks !(first time buyer, right)

It is hit or miss. In house closings can be fast or slow. They have gone both ways for us.

 

[DannyTS]

Those 81K SVV units (assuming 2bd, non-lockout, prime season) are incredibly efficient StarOption generators. Even if one must pay a few hundred more to buy one, the annual cost (including capital costs) is perhaps $1500, meaning it is still a great deal.

My only concern would be if Vistana modifies or terminates the StarOption program -- which it can do.

I think that the StarOption program is a major selling point for the developer. We attended a presentation in March and this was a big chunk of the presentation. If things go well for them (and it seems that way)
they have no reason to change. I also have to point out that they reconfirm in the estoppel that i received for Bella: "
"(Club Resorts) Vistana Signature Network Disclosure Statement: l Membership in the Vistana Signature Network (VSN) must transfer with ownership; however, the benefit of Gold Level Membership in the SPG Program, and access to the SPG Conversion Program are not transferable. Starpoints deposited in the seller's account will remain there and cannot be transferred."
So it looks to me that even if they change the staroptions and they call them something else, the mandatory resorts should still be part of that new system.

 

[vacationtime1]

VSN is a "Club", not a deeded property interest. As such, Vistana can change it.

Will they? Probably not in the short term because their new FlexOption and HomeOption programs have similar attributes, but Vistana has been has made many changes reducing ownership benefits over the years and nothing prevents negative changes in this particular area.

The good news for SVV buyers is that they don't have very much money at risk if this happens.

 

[DannyTS]

VSN is a "Club", not a deeded property interest. As such, Vistana can change it.

Will they? Probably not in the short term because their new FlexOption and HomeOption programs have similar attributes, but Vistana has been has made many changes reducing ownership benefits over the years and nothing prevents negative changes in this particular area.

The good news for SVV buyers is that they don't have very much money at risk if this happens.

I am not a lawyer and too new to TS to really have a firm opinion about this. I doubt though that a change would come with zero PR and legal headaches.

If they do change the system it is clear what the owners at the mandatory resorts loose. But even the voluntary resort owners would be affected when a fresh pool of negative value deeds will be on the market. Just my -0.02.

 

[dioxide45]

VSN is a "Club", not a deeded property interest. As such, Vistana can change it.

Will they? Probably not in the short term because their new FlexOption and HomeOption programs have similar attributes, but Vistana has been has made many changes reducing ownership benefits over the years and nothing prevents negative changes in this particular area.

The good news for SVV buyers is that they don't have very much money at risk if this happens.

Membership in "The Club" is indeed a deeded interest, it is in the recorded condo declaration documents which every owners deed references. Whatever form "The Club" takes of course is not deeded. But as long as a club exists, those at mandatory resorts would be members of it.

 

[vacationtime1]

Membership in "The Club" is indeed a deeded interest, it is in the recorded condo declaration documents which every owners deed references. Whatever form "The Club" takes of course is not deeded. But as long as a club exists, those at mandatory resorts would be members of it.

Actually, it's not a deeded interest. I went back to the document set from my rescinded purchase of WPORV twelve years ago (which is when I learned about TUG and rescission and resale, but that's another story).

The "SVN Owner Membership Agreement" is a contract -- a "separate and distinct contract from any contract with any developer or seller of a vacation ownership interest or vacation membership plan" . It is a contract that "shall be governed by, and shall be construed in accordance with, the laws of the State of Florida" (para. 12) -- something that could not be part of a Hawaii real property deed. The contract is between SVN and "Owner" -- not a deed conveying something to an Owner. This Agreement doesn't reference the deed, CC&R's, or any other recorded document (and the deed doesn't reference the Agreement).

But the best is "The terms and conditions of the SVN Rules [which are elsewhere incorporated by reference] are subject to change by SVN Operator in its sole discretion without Owner's consent, including all SVN fees, benefits, and reservation priorities and procedures." (para. 16j)

So Vistana holds all of the cards. It would be incredibly stupid of it to change the rules, but it can. My concern is a corporate takeover (suppose Apollo buys ILG?); the new operator will try to squeeze out more profit no matter how. Those of us who have been active in timeshares for a few years have seen enough spinoffs of timeshare companies and enough true sleazes in the business that the possibility cannot be ignored.

 

[DannyTS]

Actually, it's not a deeded interest. I went back to the document set from my rescinded purchase of WPORV twelve years ago (which is when I learned about TUG and rescission and resale, but that's another story).

The "SVN Owner Membership Agreement" is a contract -- a "separate and distinct contract from any contract with any developer or seller of a vacation ownership interest or vacation membership plan" . It is a contract that "shall be governed by, and shall be construed in accordance with, the laws of the State of Florida" (para. 12) -- something that could not be part of a Hawaii real property deed. The contract is between SVN and "Owner" -- not a deed conveying something to an Owner. This Agreement doesn't reference the deed, CC&R's, or any other recorded document (and the deed doesn't reference the Agreement).

But the best is "The terms and conditions of the SVN Rules [which are elsewhere incorporated by reference] are subject to change by SVN Operator in its sole discretion without Owner's consent, including all SVN fees, benefits, and reservation priorities and procedures." (para. 16j)

So Vistana holds all of the cards. It would be incredibly stupid of it to change the rules, but it can. My concern is a corporate takeover (suppose Apollo buys ILG?); the new operator will try to squeeze out more profit no matter how. Those of us who have been active in timeshares for a few years have seen enough spinoffs of timeshare companies and enough true sleazes in the business that the possibility cannot be ignored.

It is a good point, i will check the deed from Bella when I get it. The fact that the contract is that way may not necessarily mean that the deed does not have stronger language.
But even in your argument, there is still a contract. I guess that if it was that easy for them to change we would not have mandatory resorts, they would all be voluntary. There must be something there in the papers that made them back off. If they change the rules of the club they will have to change them for everyone. It would be odd I assume (and legally troubling) to say that going forward group number 1 (resale mandatory) has a different set of rules than group number 2. Both part of the club. Again, I am not a lawyer, just my 2c.

 

[dioxide45]

It is a good point, i will check the deed from Bella when I get it. The fact that the contract is that way may not necessarily mean that the deed does not have stronger language.
But even in your argument, there is still a contract. I guess that if it was that easy for them to change we would not have mandatory resorts, they would all be voluntary. There must be something there in the papers that made them back off. If they change the rules of the club they will have to change them for everyone. It would be odd I assume (and legally troubling) to say that going forward group number 1 (resale mandatory) has a different set of rules than group number 2. Both part of the club. Again, I am not a lawyer, just my 2c.

The contract is written in to and also part of the CC&Rs for the resort.

 

[vacationtime1]

The contract is written in to and also part of the CC&Rs for the resort.

How do you know that; do you have a copy of the CC&R's? (I do not)

If SVN/VSE was written into the CC&R's, there would be no reason for a SVN/VSE contract that each purchaser must sign. Also, if it is in the CC&R's, how can Vistana switch units from the "mandatory" SVN/VSE exchange club into the Westin Flex arrangement?

 

[dioxide45]

Here is the link to the recorded CC&Rs on the Orange County Florida Comptrollers website. The Starwood Vacation Club Resort Affiliation Agreement starts on page 69 of the PDF.

For voluntary resorts, membership in the VSN is not required. Technically a direct Vistana buyer can opt out of VSN. Vistana could also allow resale owners at Voluntary resorts in to VSN if they wanted to. By bundling the weeks in to the trust with the different flex programs, they fall under the rules of the trust.