Desperate for a good price on an OKW resale

[* Potential DVC'er *]

Hello, we've just returned from the most magical trip ever to Disney World and stayed at OKW for the very first time with an awesome AP rate in a two bedroom.

Needless to say, WHERE DO I SIGN? I am just in love with this resort! We were close to the main building in number 23 (my inlaws thought to request either building 62 or 23 and we got lucky) and it was a very short walk over the bridge to the pool and busses.

Took the DVC tour but I have to say and please don't get mad at me but I hated the rooms at Boardwalk and Wilderness Lodge! Firstly, they are SMALL SMALL SMALL! I told my husband that and he didn't believe me (I took the tour by myself while he stayed with his family and our children). Everything about them is small including the balconies. I was quite astonished.

I found this board by doing a search on Yahoo and it was the first that popped up in my search and I am quite overwhelmed by where to go first, but I chose here instead of the resorts field because this is "dvc".

I need an OKW resale like I said, I would * not* take BWV or WL or even Beach Club if it was given to me (well that's pushing it) - but honestly, I just felt really at home at OKW. The pool was so refreshing, the hot tub was enormous and the rooms - just absolutely incredible.

I need to know a few things as I've already visited some of the timeshare websites. Are they really serious that you cannot buy a resale at less than $58 per point? I mean let's get real here, especially people with OKW resales, they've owned since 1991 (some) and were able to buy in at what - $51 OR $52 a point? I think it's pretty safe to say they would be one of the few people in history to actually "make" money on selling a time share?

I don't want to start bidding and not know my facts, but all I do know if that we want OKW so that means resales, so that means I need info.

Thanks

 

[dianeschlicht]

So glad you liked our home for the very same reasons we do!

Do not assume everyone here bought at $52. We purchased our add on at $65 and our original points at $62. Some at OKW would have paid $67.50 from Disney. Besides, haveing it longer does not make it less valuable to us.

 

[* Potential DVC'er *]

Does anyone know if buying a resale is really going to save us money? Well I guess it doesn't matter as that is the only way we can own at OKW so resale is our only option.

I was on a site that I can't remember (it was late last night) and I saw around 275 points I believe for $59 per point (it had hot listed right next to it). I think that is probably the range to buy if we'll be bringing any people with us.

I don't know though, I'm still not convinced it's really that good of an investment and I don't want to step on any toes, but I'm trying to get a good idea of what the lowest we could get in at. Someone I spoke with on the phone said Disney will buy it back from the seller before they let it go for less than $58 per point, but honestly, I don't know whether to believe that or not. I don't see why Disney would care as they've already got their money so what does it matter to them.

I'm obviously new to all this but I'm trying to learn lots. Thanks for any help you here can provide.

 

[Caskbill]

I'm not saying you won't find $58 but I believe it's very doubtful. The lowest point costs usually involve large point holdings (EG a 600 - 1000 point contract) and they're lower because there are so few buyers in that range. Those that hold 200 - 400 point contracts have much more leverege and probably would not consider $58.

Another factor that can lower point cost in a resale is borrowed points. If someone's already used up all of this year's and NEXT year's points already, then the contract would be worth less.

I'd suggest you call a couple of the resale brokers. You can do a search on this board for threads where different brokers have been discussed.

Ask the brokers what recent sales for OKW have been. Don't just get the point cost, but include Resort, Use Year, Banked, Borrowed points, closing costs.

Yes, Disney Timeshare is different, and profits can be made. If you were looking for a new house, you wouldn't expect to pay less than someone paid for it 10 years ago. Unlike other timeshares, Disney is more like traditional Real Estate (so far) in appreciating in value. (Of course, as it gets closer to year 2042, it will then take a downswing. This is something we all understand and expect)

Finally, welcome to the boards. Feel free to post back with any other questions.

 

[dianeschlicht]

In answer to one of your questions.... Yes, Disney will buy back if they think the selling point is too low. It is in our agreement with them that they have a right of first refusal. All resales must be approved by DVC.

 

[PKS44]

"I don't see why Disney would care as they've already got their money so what does it matter to them."

Simple-they will buy it low to sell it to someone else for more. This way they keep the market price close to where they want it and keep making money, too. So far, the market has been good enough that they don't have to do that very often, if at all...

 

[rbuzzotta]

We bought OKW resale from The Timeshare Store. Give them a call and speak with Shontell (or anyone else for that matter) and they will inform you about what is available. You can also follow the link above to the Timeshare Store and see what is available.

We love it!!

 

[TrudyZ]

Potential DVC'r:

I am also another Michigander that got hooked after a trip this year to OKW. We checked them all out, but OKW best fit our needs. We purchased a resale at OKW this summer. We are pretty conservative (we aren't the type that plunks down that kind of change on a whim), and believe me, I did plenty of research, various spreadsheets, as well as head-to head comparisons on contracts before we purchased. Not all resales are the same; and a little education on comparison shopping, associated costs, what's negotiable, etc., etc., as well as market prices helps.

The mantra of this Board is "buy where you want to stay". If you like OKW, then that is where you want to buy.

You can email me direct at wwitte@peoplepc.com and I will be happy to answer any questions and give you the "lowdown".

Trudy

 

[* Potential DVC'er *]

Thanks everyone and to Trudy- I'll definitely email you!!

 

[Mickbee]

IMHO I DO believe that Disney cares about the value of the properties after they have sold out. They do not seem to have the "fire and forget" mentality. If Disney let the value of OKW or any sold out resort go into the hopper, it will certainly impact them long term.

If a potential buyer is looking at a new/currently available resort they may review the selling historical data and the resale market of the sold out resorts to ensure they are not buying a money pit. By Disney maintaining the resale values, they can ensure their new resorts will be able to command the increasing price tag that they seek and are getting. VWL is a good example. To date it requires the highest points to stay, the highest point cost and it is scheduled to sell out in the shortest time (though it is smaller, it is extremely hot).

An earlier post mentioned DVC does follow suite closer to conventional real estate, rather than other time shares or automobiles. It is a great product from a great company. Though no tme share should be purchased as an investment. However, the sustained/increase in value does't hurt.

The folks that took a chance and hopped on board with DVC in the beginning received a great price. They also took a gamble with their investment. Their trust in the product and Disney paid off. Today they are sitting with a home away from home for the next 40+ years, ten years of memories and equity in their investments. I don't think it would be fair that they should only be able to sell their share of DVC for $42 a share because they have enjoyed 20% of the time.

For smaller size contracts (<300), I also believe that it would be difficult to find a $58.00 per point rate with points remaining. If they are out there, I believe you would have a foot race with many people on this board to get the points.

This board is great. The folks here will be able to answer many if not all of your questions. They have been great help to me!

If you are comfortable with the property and you have your "goal" price and property selected (sounds as though you do), do not delay. The really hot ones go quick. I have missed out on several resales because I "thought" about it for an hour or two. I have sinse learned my lesson. Just my $.02...

Best of luck and ENJOY!

I almost forgot... Welcome!

 

[* Potential DVC'er *]

Thanks once again for the warm welcomes and all the added inside information. I did want to add that I've not seen one - not two - but as many as three or four OKW sales down at $58 with some points left over even (I think one of those might be $59 - but still that's awful close).

I'm really going to get serious about this, but please tell me, if I put in a bid at $50 a point - will they present it to the seller? I'm just not sure if I'm really getting the truth about can't go lower than $58 (I thought this was a free country and you could bid whatever?) If Disney does to choose to exercise their right of first refusal, do I still get the opportunity to buy it at the $58 or whatever it was listed or do I lose? I guess I better get on the phone with some of these brokers huh.

 

[RobDoc]

DVC has reportedly been buying contracts below $58. If you find one at $58- you can ask that the seller pay closing costs as part of your offer. Consider all aspects of the sale when making the offer.

The seller may have instructed the broker what offers they will accept- so the broker may well know what offer would be acceptable. You can offer whatever you want, but they can accept whatever they want, also.

For several years, the Disney buy-back level was $50 per point. Then it rose to $55 and most recently has risen to $58.

Good Luck!

 

[dbkelly]

I can't believe that you would get $58 per point with banked points. If you do, I will cry! I bought a resale this year from Jaki at atimeshare.com. Although, I did not get $58 per point, I still feel that I got a good deal. I rented out a lot of banked points and ultimately brought my cost down below $58 per point. Jaki was absolutely wonderful, tell her Doris from Massachusetss says hello.

I also dealt with Shontell at The Timeshare Store and she would not present an offer because she said it was too low. Needless to say, I then dealt with Jaki only.

Gook luck, it is soooooo worth it.

Doris

 

[Towncrier]

I don't know the details of your offer Doris, but if Shontell felt the price was too low (below $58 per point) and that Disney would stop the deal, then she might have been looking out for your interests as well by not making the offer. Or maybe not. Like I said, I don't know. And I haven't dealt with Jaki although I have heard nothing but good things about her.

When we purchased our resale from Shontell in 1999, I offered the seller $4/point less than the seller was asking. I also wanted them to pay all the dues for the 1999 points. Although Shontell wasn't too sure that the seller would accept my offer, they did and I ended up getting the resale for less than what I paid for my original points in 1995. And the seller had not used any of the 1999 points, so I got a real bargain.