How did OKW extension work?

[aebeauregard]

We are in the early stages of considering DVC. I keep an eye on resale listings to see how things sell and try to get a good understanding before we jump in.

My question is I see that OKW contracts seem to have two different expiration dates. I'm aware they offered an extension but I'm wondering how the whole process went down.

How much was it? How long were people allowed to make that decision? When was it offered? What was the reception like? Is it something Disney will likely offer in the future for other resorts?

 

[disneynutz]

OKW was offered under prior management. It wasn't well done, process was confusing and if I remember correctly there was one price and later a different price.

IMO extensions are a waste. The buildings will be 50 years old, not meeting current code, worn, and should be torn down and something current should be built.

Bill

 

[chalee94]

I'm aware they offered an extension but I'm wondering how the whole process went down.

badly.

How much was it? How long were people allowed to make that decision? When was it offered? What was the reception like? Is it something Disney will likely offer in the future for other resorts?

1) $25 per pt with a "limited time offer" of $15 per pt (if you took the deal, you'd be lucky to get back an extra $5-6 per pt on the resale market for the longer contract)
2) some are still holding out to challenge Disney on the legality
3) about a decade ago
4) frosty for the most part. some were happy to pay for the longer contracts, most of us didn't care to pay that much for pts that we couldn't use for 30+ years, and like I said, a handful challenged the legality of Disney's right to charge for the extension
5) I'd bet against it. Much easier to fix the legal language, refurb the resorts and sell the contracts as new in the early 2040s after the old contracts expire.

This has been covered quite a bit on the boards if you do a search:

https://www.disboards.com/threads/how-did-okw-extension-work.3169504/

https://www.disboards.com/threads/okw-extension.3236288/

https://www.disboards.com/threads/dvcs-old-key-west-extension-ordeal.3078317/

https://www.disboards.com/threads/dvc-contract-extensions.3010299/

https://www.disboards.com/threads/okw-contract-extension-quitclaim-deed.2393247/

https://www.disboards.com/threads/2042.2909939/

 

[Dean]

We are in the early stages of considering DVC. I keep an eye on resale listings to see how things sell and try to get a good understanding before we jump in.

My question is I see that OKW contracts seem to have two different expiration dates. I'm aware they offered an extension but I'm wondering how the whole process went down.

How much was it? How long were people allowed to make that decision? When was it offered? What was the reception like? Is it something Disney will likely offer in the future for other resorts?

The 2057 is likely the best value for OKW but I think owning past 2042 offers some unique issues and risk. One can reserve OKW owning elsewhere consistently, I'd consider other options unless you're going to need OKW almost every trip and/or a 3 BR routinely.

 

[Disneypapa]

I am a long time OKW owner and love the resort. I chose not to pay for the extension. I am in my 60's and would be 93 in 2042. Not likely to live that long, so why extend? My interest in Disney vacations has also waned considerably and now want to go to places on my bucket list, so again no desire to extend something I no longer will get maximum use of going forward, just occasionally.