Any updated on OKW extensions?

[dianeschlicht]

I am STILL WAITING for my paperwork to decline the OKW extension. I have called my guide once and Member services twice over the past 4 months about this. STILL NOTHING! Now we are getting close to February and still nothing. Anyone else have any luck getting this stuff?

 

[flechette]

I called my guide at the end of Dec to decline, he told me that he expected all the paperwork to go out in a large batch late January/early February. I took that to mean everyone who had declined at that point.

I will also add he didn't try too hard to convince me to me to extend, which is a bit unlike him.

 

[dianeschlicht]

Thanks, I wont look for if for another month then. My guide didn't try too hard to talk me into extending either. In fact, that made me pause a bit.

 

[dcamdad]

I have a question about the extension? What happens if the majority decline the offer? Say initially DVC had projected 75 - 80% would accept, generating enough revenue to make the extension worthwhile for DVC. Suppose it is reversed and 75 - 80% decline to extend, severly limiting the amount of revenue. Is there a chance that the whole extension plan gets scrapped and cancelled to the minority that want it?

 

[dianeschlicht]

I have a question about the extension? What happens if the majority decline the offer? Say initially DVC had projected 75 - 80% would accept, generating enough revenue to make the extension worthwhile for DVC. Suppose it is reversed and 75 - 80% decline to extend, severly limiting the amount of revenue. Is there a chance that the whole extension plan gets scrapped and cancelled to the minority that want it?

No, because they are free to "sell" the extended points to people who buy a new OKW contract.

 

[dolphingirl47]

We recently bought at Old Key West and the date of the contract is the extended one. So I can't see how they could go back on it if they have been selling it with the new date to new members.

dolphingirl47

 

[dcamdad]

No, because they are free to "sell" the extended points to people who buy a new OKW contract.

Forgive me if I am missing something, how are they able to sell "new contracts" on a "sold out" property? Is the "repo" rate high or is DVC purchasing any and all OKW resales.

 

[dolphingirl47]

Forgive me if I am missing something, how are they able to sell "new contracts" on a "sold out" property? Is the "repo" rate high or is DVC purchasing any and all OKW resales.

When we bought in November Saratoga Springs and Animal Kingdom Villas were mentioned in passing, but from the beginning of the tour Old Key West was actively marketed. The word "resale" was never mentioned. I do think that out of the options available Old Key West is the best fit for us so I have no issue with this at all.

dolphingirl

 

[OlderMan]

Back in July we were told that there were OKW points available through DVC's ROFR.

That's where their 'inventory' is coming from.

 

[dianeschlicht]

Back in July we were told that there were OKW points available through DVC's ROFR.

That's where their 'inventory' is coming from.

Yes, and being a 15 year old resort, there are plenty of folks who have outlived their Disney vacations, so are moving on to something else. I think it's a way for them to actively market a large resort with extended inventory that puts it more on the same plane with AKV and SSR.

 

[dcamdad]

When we bought in November Saratoga Springs and Animal Kingdom Villas were mentioned in passing, but from the beginning of the tour Old Key West was actively marketed. The word "resale" was never mentioned. I do think that out of the options available Old Key West is the best fit for us so I have no issue with this at all.

dolphingirl

Was this an add on or new purchase and is OKW your home resort? It just sounds contrary to what appeared on another thread yesterday, a gentleman wanted to by into BVC or BWV but was told DVC is only selling SSR and AKV at present.

 

[drakethib]

Has there been a poll on something about how many people have extended.

10 buck a point I probably would but that is stretching it IMHO

 

[dolphingirl47]

Was this an add on or new purchase and is OKW your home resort? It just sounds contrary to what appeared on another thread yesterday, a gentleman wanted to by into BVC or BWV but was told DVC is only selling SSR and AKV at present.

This was a new purchase. We did not really know anything about DVC prior to our last vacation and yes, Old Key West is our home resort.

dolphingirl47

 

[OlderMan]

...many long-time OKW owners were selling in order to buy at SSR or AKV.

 

[castleri]

I have a question about the extension? What happens if the majority decline the offer? Say initially DVC had projected 75 - 80% would accept, generating enough revenue to make the extension worthwhile for DVC. Suppose it is reversed and 75 - 80% decline to extend, severly limiting the amount of revenue. Is there a chance that the whole extension plan gets scrapped and cancelled to the minority that want it?

I doubt they can do anything about it now. At the September board meeting they voted to extend all contracts at OKW to 2057. The only question is who is going to pay to have the extra years and who will let Disney have the extra years? Everyone had $30 deducted off this years MFs to compensate for doing the paperworkd no matter which choice they made. It seems like a done deal to me. It is probably more cost effective to send out the mass mailing once they get to the Feb 29 cut off date for the $15 a point cost rather than mail it out piece by piece. I just got the additional info about adding on the years with no interest this past week even though I sent in my card declining the extension when it first came in.

 

[JimMIA]

Forgive me if I am missing something, how are they able to sell "new contracts" on a "sold out" property? Is the "repo" rate high or is DVC purchasing any and all OKW resales.

DVC always has some points available at the sold out resorts, primarily because of ROFR of resale contracts. Occasionally, we get emails offering those points. The last email I got, they had 3,000 or so OKW points in my UY alone, and I remember one industrious member calculating that they had more than 10,000 total OKW points available at one time.

 

[dianeschlicht]

...many long-time OKW owners were selling in order to buy at SSR or AKV.

I suspect that might have been one of the driving forces behind offering the extension. That and the fact that they had a lot of ROFR points from folks just getting out after 15 years.

See, for folks like us who are already in their 60's and whose offspring are 30-40, we have no intention of selling, and the extension seems too costly for something that doesn't kick in for 35 more years. I just don't see how it could be a good deal in our case. It sounds like a lot of OKW folks feel the same way, because my guide said a lot of folks were declining it.

 

[dvc_john]

Diane...

I talked to my guide the other day. He indicated that the decline documents wouldn't go out until sometime in February at the earliest. And that they weren't all that concerned about getting the docs back by March 1 as long as they had your original response back saying you declined/accepted.

He also seemed to indicate that he was quite busy processing the ones that had accepted the extension, although I have no idea what that amounts to percentage wise.

 

[dianeschlicht]

Diane...

I talked to my guide the other day. He indicated that the decline documents wouldn't go out until sometime in February at the earliest. And that they weren't all that concerned about getting the docs back by March 1 as long as they had your original response back saying you declined/accepted.

He also seemed to indicate that he was quite busy processing the ones that had accepted the extension, although I have no idea what that amounts to percentage wise.

Well, one of my concerns is that I did NOT send back the original document! I lost it before it got sent in! That was why I called my guide about it in the first place.

 

[dcamdad]

I suspect that might have been one of the driving forces behind offering the extension. That and the fact that they had a lot of ROFR points from folks just getting out after 15 years.

See, for folks like us who are already in their 60's and whose offspring are 30-40, we have no intention of selling, and the extension seems too costly for something that doesn't kick in for 35 more years. I just don't see how it could be a good deal in our case. It sounds like a lot of OKW folks feel the same way, because my guide said a lot of folks were declining it.

This is part of my concern about the extension: I get the feeling that more are declining the offer than accepting. If there is a significant turn over in DVC OKW ownership that is one thing, what I fear is in 35 years from now original contracts will expire without the extension or being sold and ther is a complete "empty" resort that will turn into predominately CRO. I am sure I my get flamed for this but I feel if you "own" something you tend to take better care of it. Who do you think takes the towels, dishes, and phone for that matter? At first I was all for the extension until I found this board and have read the thoughts of many other owners, even just a couple of days ago I was going to send my payment but the wife and I last night discussed using that money as a down pownment towards a newer DVC property with an experation date further down the road.