Extended old key west contract

[Hoppy-tn]

i Have saw several people saying they would not buy a 2042 old key contract because of possible issues when they expire so would there be issues buying an extended contract for old key west?

 

[Wedgeout]

Buying a 2042 will have no issues. All lose it forms will have been filed at closing. Buying 2057, you will continue to make bookings an extra 15 years. For some original contract holders though, we wait and see.

 

[chalee94]

i Have saw several people saying they would not buy a 2042 old key contract because of possible issues when they expire so would there be issues buying an extended contract for old key west?

Maybe.

No resort has expired yet. OKW is the only one that has been extended. The extension was offered on questionable legal terms. At this rate, Disney will take ownership of over half the resort in 2042 - if they also decide to immediately resell BCV, BWV and BRV, reselling OKW-2057 isn't likely to go well. So what will they do with a resort that is only half sold and not a great option for cash rentals?

Nobody knows.

While they technically should not have the option to shutter half the resort, they may attempt to do so. But there are likely to be issues of some kind...

 

[Hoppy-tn]

Sitting here thinking about it some more, guess when 2042 goes by those with extended contracts should have no issues booking what they want at 11 months out??

 

[OKW Lover]

Sitting here thinking about it some more, guess when 2042 goes by those with extended contracts should have no issues booking what they want at 11 months out??

No. That's not how it works. The 2042 contracts will no longer be part of the (existing) Condo association and thus won't be available for points booking.

 

[CarolynFH]

Sitting here thinking about it some more, guess when 2042 goes by those with extended contracts should have no issues booking what they want at 11 months out??

When the 2042 contracts cease to exist, ownership of those units (remember, we're talking actual real estate) will revert to Disney. They will no longer be part of the OKW Condominium Association and will no longer be available to be booked for points. Disney will have all those units to rent for cash (if they want to). The 2057 owners will only be able to book the part of the resort that remains in the OKW Condo Association. That assumes the 2042 owners don't win some legal action based on the contention that when Disney extended the underlying ground lease on the OKW property, it extended the Right to Use to all owners of the resort, whether they paid for the extension or not. It will be interesting!

 

[chalee94]

Sitting here thinking about it some more, guess when 2042 goes by those with extended contracts should have no issues booking what they want at 11 months out??

As the others said, you can't book villa inventory that Disney owns on points.

A lot of people complain here on the DIS that they can see villa availability at BCV or BLT on Disney's website for a cash reservation, but they can't book those dates with their points. We try to explain that even now, Disney owns some points (due to ROFR, foreclosures or trades out of the DVC system for things like cruises) which they use to book villa inventory which then can only be rented for cash. That is definitely a possibility for OKW-2057 owners in 2042.

 

[RoseGold]

There's an argument that all of OKW was extended and that is is up to DVC to collect the money they should have (15$ I think) or quitclaims. There's also an argument that the non-extended owners shouldn't be paying for certain types of repairs as the building ages. There are two classes of OKW owners that do not have the same interests, and maybe this matters if they put on a roof or things like that.

If you buy a non-extended now, the quitclaim will be filed. DVC is still forcing them to be filed now when they change hands. So, it's clear what you have bought. The issue is this legal battle, which may or may not matter or actually happen. Who knows? If it does, I know who is paying for the lawyers.

People already unleashed lawyers on this, and Disney backed down, which is rare. You can see the posts on these boards.