Boardwalk Resale Info

[Dean]

OK, I promised to update everyone on the resale I had going at $54.50 per point. It was 220 points at $12000. All points were there for 2002 (Sept) with 39 to be banked and 128 reservation points for the 2001 points. I would have paid closing and about 7 months worth of fees. Disney did apparently buy it back as I received my deposit back a few days ago. The seller also had 200 points he had offered me at $9000 and was suggesting we could find a way to make sure Disney didn't buy it back but in the end he decided not to sell the second contract or maybe he got a higher offer.

Well, we now have a contract for just over 300 points (December use year). The price is $54 pp with seller paying all closing including title insurance and no fees for 2002. There are no points until Dec available though. The broker is confident this will go through but we shall see. Basically, if I can't buy BW at around this price, I won't buy any more points. If nothing else, I'm helping those that want to add on throug DVC and proving the ROFR buy back level. LOL.

 

[luckytso]

Would you mind telling me where you found these deals? Thanks

 

[chris1gill]

Thanks for following up on the board! Now, I have to ask... if DVC purchased the 220 pt. contract back, what makes your agent think they will let the 300 pt. contract go for the same money?

Oh, by the way Dean, I just realized that first contract was September use year!! That's so awesome, some members are going to be very happy to get those points! We were on the September wait list forever, we were #1 from the beginning & we just got the points about 2 weeks ago!!! So hopefully the people below me on that list will be able to take advantage of these points!

 

[Granny]

Dean,

Very nice public service you are providing....making add-on points available.....a lot of work, though!

I guess I have to echo Chris1gill's question....why would DVD let this sale go through when they evidently exercised their ROFR on a slightly higher selling price?

Thanks for the update....I've been wondering about how this one turned out for you!

 

[mistermouse]

Great information Dean, thanks. For Disney to exercise it ROFR, I would assume the "cutoff" amount varies based on the banked/borrowed situation for that particular contract. therefore it is likely that a range exists for ROFR; say $50 - $58.

 

[Richyams]

There is a chance the 300 point contract will go through. I think that larger contracts are allowed to go for a smaller price per point. This isn't that much larger of a contract, so I will beinterested in hearing the follow up.

I guess the $58??? is that what we heard? Is not really true.

Thanks for the update Dean.

 

[crisi]

Is it possible that there are other factors than price per point and banked/borrowed points that Disney considers when making this decision? Like maybe they consider how long the wait list is for current members who want additional points? So maybe a deal at $55 a point with no waitlist will go through, but if Disney has a dozen people who want those points, they will buy up the contract.

They probably also know what their "real cost" is on buying back these points and selling them to members - I would guess the reason we hear $58 a point is because that is close to Disney's break even amount after they add the administrative costs of buying back and reselling the points.

 

[ralphd]

Good luck Dean!!!! Hope this one goes thru for you.

ralphd

 

[Cinderella]

Good luck Dean. Was wondering how u got on with that contract. I wonder if the seller still has to pay the broker fees if Disney buys back?

 

[Dean]

It's a much larger contract and not as much for available points. As to whether it'll go through, we'll see. Bottom line is that I'm willing to take the chance and wouldn't buy at a higher price unless I got much more in return.

As to Disney's Break even, I suspect it's somewhere around $40 pp and anything over is simply propping up the sales market at a cost to them. Apparently they also let some go through and others not on a whim.

 

[Dean]

OK, looks like it will go through. Just got our closing papers today. I'm assuming that means DVC gave the go ahead for 333 points at BW, December use year. No 2001 points but all there for 2002. $18000 out the door with seller paying closing, Title Insurance and there are no additional fees due the seller. The no maint fees is about right since there are no 2001 points and the fees coming up in Jan would be for 11 months of the 2002 fees. Wish me luck on the final leg, now just have to figure out how to pay for it, LOL.

 

[chris1gill]

Dean, Congratulations on the add on, good luck writing that check

 

[nisiemouse]

Congratulations Dean! What a great deal and worth the wait!

 

[Dean]

Thanks, maybe I should take donations. It may not matter as my wife may kill me for this one.

 

[SINK]

That's awesome Dean. I'm so jealous. I guess I was a very good OKW resale buyer.

 

[ralphd]

Congratulations on your add-on contract Dean, we are happy for you.

ralphd

 

[AnnaS]

Congratulations Dean and enjoy those extra points.

 

[Dean]

I almost forgot to post the company as I'd promised. I worked with ERA Stroman out of TX. They were fine to work with and I have bought now 3 total timeshare with them in addition to having 2 others that didn't go through but not their fault. I won't post contact info but I would be happy to provide that privately. Besides this DVC contact I purchase a Marriott Grande Ocean week through them and I'm pretty sure that my first OKW contract was listed through them though I didn't find it that way, I found it in USA today I believe.

They were willing to play hardball and make the lower offers, something a lot of agents aren't willing to do. I've been pretty successful over the years finding cheaper timeshares. So much so that a friend who works for Marriott resales contacted me recently hoping I could help her find a certain Marriott resale.

The main point is there are many other potential sources than the big three and no reason one can't work with a number of them until you find what you want. Good luck.

 

[chris1gill]

Dean, that's good info to know... now before I purchase any more contracts, I'm going to email you so I can get the best deal!!!!

 

[luckytso]

Dean,

Congratualations and good luck with your closing. I have enjoyed reading your thoughts and analysis on both this board and the TUG board.

Could you send me an e-mail to

buzzlauren@aol.com

regarding the contact at this ERA office? I am thinking about buying a Marriott resale. Thanks very much.

Christine