DVC History Lesson Question

[GoofItUp]

I have a question regarding some of the first DVC resorts that were sold. I know they were not all built/sold at the same time, but all the contracts still expire in 2042. So, if OKW was built in 1991 and BCV weren't built until 2002, then why do they have the same contract exp date? Wouldn't the BCV owners be shorted some of their years/points? How was that handled a the time the contracts were being sold?

I have no reason for asking this other than sheer curiousity.

 

[wdwnut]

Hi: I own at BWV - silly me turned down OKW in '93 - but there were no other options available when these resorts were built. 2042 was it.

 

[Granny]

I have a question regarding some of the first DVC resorts that were sold. I know they were not all built/sold at the same time, but all the contracts still expire in 2042. So, if OKW was built in 1991 and BCV weren't built until 2002, then why do they have the same contract exp date? Wouldn't the BCV owners be shorted some of their years/points? How was that handled a the time the contracts were being sold?

I have no reason for asking this other than sheer curiousity.

The short answer is that Disney did it that way "because they could". I bought VWL points in 2002 with only a 40 year life on them. As you point out, I got 10 less years of use life than those who purchased OKW at the beginning and I paid more per point.

I did the math and still found that a 40 year DVC purchase was plenty long for me. We wanted to own at VWL so that's where we bought.

BCV was built right after VWL and demand was so high for a BC/YC DVC resort that it quickly sold out with less than 40 years left on the contract.

By the time they started the next resort (SSR), they did not have anything close to the built-in demand like BCV did to be able to sell with the same end date. So they started up a new end date with SSR and have carried that on with AKV and BLT.

So yes, we purchased with less than a 50 year right-to-use. But on the flip side, I only paid $73 a point for my VWL contract and $62 per point for my BWV resale. So there were some benefits too.

 

[GoofItUp]

Thanks for the explanation, Granny! Makes sense to me -- DH and I bought in at BCV resale last year with less years on the contract and more $$ per point than we could have bought SSR resale, but that's where we wanted. Guess the reasoning still holds true!

 

[Granny]

One additional footnote is that OKW owners were offered (in the past year or so) the chance to extend their contracts to make them end on the same date as SSR. I'm not sure how that ended up as far as takers go.

 

[BEASLYBOO]

One additional footnote is that OKW owners were offered (in the past year or so) the chance to extend their contracts to make them end on the same date as SSR. I'm not sure how that ended up as far as takers go.

I'm one that passed. In 2042 I'll be the 80 year old Grandma on her scooter, visiting Epcot with her grandchildren (one can dream) . My son would be 45, he can figure out what to do after that!

 

[RobDoc]

To date, only very early buyers at OKW, BLT and GCV received a full 50 years of ownership. It's wise to keep in mind that there is no language in the DVC documents discussing fifty years of ownership - only the expiration date for the land-lease for each DVC property. All OKW owners were given the opportunity to extend that expiration for an additional 15 years back in August, 2007 (with a February, 2008 acceptance deadline), but no announcement of any similar offer for other resorts has been forthcoming.

Using the original timetable we might surmise that since OKW opened about 4 years before VB, just under 5 years before HH and BWV, about 10 years before VWL and almost 11 years before BCV those resorts could be offered an extension using a similar timetable (VB in 2011, HH/BWV in 2012, etc.)

While early buyers at SSR and AKV got almost 50 years of use, those resorts opened in May and July respectively and the expiration date remained as January 31 so they both were a few months short of 50 years. BLT and GCV did have just over 50 years, as did OKW - but again, only the very early buyers.

Stay tuned!