NEW VGF Building

[Sandisw]

I'm tempted here, regretted not buying when it first went on sale, just scared of what the price will be

Me too and we have decided to add on points when it goes on sale.

The price will determine how many. My hope is it will come down some.

 

[stwaldman]

So does this add to the always present rumor that part of the Yacht Club will be converted to DVC?

The only interesting difference there is the term of the contract. VGF is already into the 2060s, not a 2042. Yacht club couldn't join the current association unless it was sold as a 20 year timeshare.


But yeah clearly this is "in their playbook" right now

 

[jennypenny]

DVC sells OKW direct with a 2057 date even though it's the same condo association as the 2042 contracts, right? If true, I would think that VGF2 contracts could be modified (date, restrictions) and still share the association. I'm not saying they will, only that there's precedent.

Are the current GF rooms connecting? I'm actually a fan of the connecting studios at Poly so I hope they're able to do that again at VGF2.

 

[Sandisw]

DVC sells OKW direct with a 2057 date even though it's the same condo association as the 2042 contracts, right? If true, I would think that VGF2 contracts could be modified (date, restrictions) and still share the association. I'm not saying they will, only that there's precedent.

Are the current GF rooms connecting? I'm actually a fan of the connecting studios at Poly so I hope they're able to do that again at VGF2.

The ground lease of OKW was extended for all. So the new expiration is 2057. Owners who bought with 2042 had to pay for an extension or sign a quitclaim deed waiving their right to the extra years.

If a 2042 owner who didn’t sign or pay sells today, they are required to sign that document.

Given the debacle of it all, these rooms will end like all VGF, just as the addition of the treehouses did.

 

[CLE2WDW]

The ground lease of OKW was extended for all. So the new expiration is 2057. Owners who bought with 2042 had to pay for an extension or sign a quitclaim deed waiving their right to the extra years.

If a 2042 owner who didn’t sign or pay sells today, they are required to sign that document.

Given the debacle of it all, these rooms will end like all VGF, just as the addition of the treehouses did.

This begs the question... does DVC go to existing VGF owners and give the option to extend their existing contracts to match up with the new contracts being sold? Obviously, this is making the assumption that DVC gives the new contracts a new expiration date.
This would be a way to get some extra cash infused into DVC as they continue to recover from 2020.

 

[stwaldman]

This begs the question... does DVC go to existing VGF owners and give the option to extend their existing contracts to match up with the new contracts being sold? Obviously, this is making the assumption that DVC gives the new contracts a new expiration date.
This would be a way to get some extra cash infused into DVC as they continue to recover from 2020.

How many people would pay for a 7 year extension though? Wasn't OKW kinda a debacle (both in interest, and administrative headache)

 

[Marionnette]

This begs the question... does DVC go to existing VGF owners and give the option to extend their existing contracts to match up with the new contracts being sold? Obviously, this is making the assumption that DVC gives the new contracts a new expiration date.
This would be a way to get some extra cash infused into DVC as they continue to recover from 2020.

I doubt that would happen. The OKW debacle created such a mess that DVC isn't going to repeat that mistake. If VGF2 joins the VGF condo association, it will have the same expiration date.

 

[Starport Seven-Five]

This begs the question... does DVC go to existing VGF owners and give the option to extend their existing contracts to match up with the new contracts being sold? Obviously, this is making the assumption that DVC gives the new contracts a new expiration date.
This would be a way to get some extra cash infused into DVC as they continue to recover from 2020.

New contracts will very likely be same expiration as current VGF.

 

[jennypenny]

I agree that the OKW extensions were a debacle, and I don't see the need to extend the GF contracts anyway. What I'm wondering, though, is whether it shows that DVC can tweak the contracts within associations, like adding resale restrictions. That's the $64K question ... if DVC plans to continue with resale restrictions going forward.

 

[JDirrim]

I agree that the OKW extensions were a debacle, and I don't see the need to extend the GF contracts anyway. What I'm wondering, though, is whether it shows that DVC can tweak the contracts within associations, like adding resale restrictions. That's the $64K question ... if DVC plans to continue with resale restrictions going forward.

I really hope they don’t impose restrictions. As a current VGF owner who wants to add on when it goes on sale, I just wonder what kind of nightmare that be. Instead of just adding new points to my current membership number, would it be a whole separate number given those points would have restrictions if sold?

 

[Starport Seven-Five]

I agree that the OKW extensions were a debacle, and I don't see the need to extend the GF contracts anyway. What I'm wondering, though, is whether it shows that DVC can tweak the contracts within associations, like adding resale restrictions. That's the $64K question ... if DVC plans to continue with resale restrictions going forward.

My understanding is that they can only change conditions of the contract by creating a new resort. By putting this new building into existing VGF, all the same rules have to apply. This is the same reason Aulani and other O14 resorts do not have resale restrictions even if you buy direct today.

We shall see though. I'm sure Disney has lawyers with far more qualifications than me.

 

[Ruttangel]

Yeah, they are basically saying that the rules that applied in 2014 will apply to this resort so no restrictions.

 

[CastAStone]

I disagree they were too high. I bought in the 150s over the summer, because VGF was priced cheaper than SSR for SAP. Even now, in the 180s, VGF is right up there with the cheapest points in the system.

This is the flagship hotel. It should be a heck of a lot more expensive than SSR. I think it has a lot of room for a way increased price. I wouldn’t be surprised to see 250 or 275 direct. Of course, resale will follow. I don’t think Disney is too worried about VGF resale. There just isn’t very much of it.

I disagree, I think all of the premium for Grand Floridian is intended to be baked into its point chart. It’s a lot of points! The reason the resale prices have been so high is that there’s only 47 studios, and they’re all part of two bedroom lock offs, further restricting Studio availability, so you absolutely have to own to have confidence you will get a studio, which is what most people want nowadays.

The quintupling of the number of studios will change that pretty sharply. It will have more studios than Old Key West. It will have (significantly) more than both Wilderness Lodge resorts combined. It will have nearly as many as Animal Kingdom. Availability to non-owners likely won’t be anywhere near as big of an issue as it is now. Any old schmo with Saratoga Springs points should be able to get a room most of the time. So yeah, I expect the long-term Resale value of Grand Floridian to drop.

I expect to see a new theme park view category with an eye watering chart.

I’m surprised the chart didn’t increase the VGF studio price for 2022 so they could add more total points. It’s the same as 2021. That makes me think this is a recent decision. It also might have something to do with why the 2022 revision may or may not be happening.

Unless they’re force-fitting these new rooms into the two existing categories, they will need to put our a new points chart, right?

The building only has 28 theme park view rooms today according to their current classification, but you have to be on the balcony to see the theme park, and you have to crane around the privacy wall to see the castle well (and even then, it’s small). I don’t disagree they might put some into that category, because Disney, but if they charge a premium of more than a point or 2 vs the lagoon view rooms, I think they’ll be the last rooms to go.

 

[rick1zoo2]

this is very interesting! We just bought our DVC in July at Animal Kingdom and are already talking about buying another. I was amazed to learn that the current Villas at GF are only 100 units.

 

[emg]

Forgive me if someone else brought this up. I'm really hoping that with this being in the existing association that this new building will fall under the original 14 resorts, meaning that all owners, resale or not, will have the opportunity to book here based on availability for the 7 month window. We own resale at Poly and would love the opportunity to book these studios (we prefer studios), and the 30 standard view are impossible at 7 months. I also hope that all contracts resale from VGF will have full availability at the 11 month window. I'd love a small contract at VGF, but don't need to pay 30+ more per point for direct, and now that ceiling is too high for me to even consider the benefits. What a confusing nightmare to separate that out.

 

[CSLucas]

not sure if this has been noted (sorry, baby's bed time!) but it looks like VGF disappeared from the add on request tool page.

I just saw that too. I know that there was a waitlist for all UYs when I added on last month so maybe they are just going to hold onto anything they get in ROFR until the new one opens up. I take it as a good sign that they will drop the price significantly when the new building starts to be sold - I imagine people would be pretty annoyed if they added on for $255 and then someone else bought 11 days later for closer to $220. Glad I added on when I did, though, because we will need those extra point to book before summer 2022!

 

[DerekDeBoer]

How many people would pay for a 7 year extension though? Wasn't OKW kinda a debacle (both in interest, and administrative headache)

Yes. I was a direct DVC guide at the time and can attest the words 'kinda a debacle' fit perfectly. The interest just wasn't there honestly - people didn't want to pay for something that wasn't going to take effect for decades to come. So many said "No thanks, I'll just maybe use that money to add on points I can use NOW" - not to mention everyone that said no still had to fill out paperwork stating they are declining the offer so the amount of time DVC cast spent chasing down paperwork for those that didn't want it (which was most members) was..,.a lot

 

[CSLucas]

Forgive me if someone else brought this up. I'm really hoping that with this being in the existing association that this new building will fall under the original 14 resorts, meaning that all owners, resale or not, will have the opportunity to book here based on availability for the 7 month window. We own resale at Poly and would love the opportunity to book these studios (we prefer studios), and the 30 standard view are impossible at 7 months. I also hope that all contracts resale from VGF will have full availability at the 11 month window. I'd love a small contract at VGF, but don't need to pay 30+ more per point for direct, and now that ceiling is too high for me to even consider the benefits. What a confusing nightmare to separate that out.

The general consensus here is that they will be unrestricted. I will eat my hat (happily) if that is the case. Page 25 of the POS (which deals with future expansions) states
"DVD also specifically reserves the right to amend the Condominium Documents, without the approval of the Owners or Purchasers, as may be necessary in DVD's sole, absolute and unfettered discretion to conform to applicable government requirements, to expedite the sale of Ownership lnterests, or as permitted under Florida law and which DVD determines in its sole, absolute and unfettered discretion would be beneficial to the use of the declared property to its fullest and best use and which would not prejudice or impair to any material extent the rights of the Owners or any mortgagee of record,"

Adding resale restrictions will not impair the rights of existing owners. My bet is that the rooms are available to book for all O14 resorts and any direct owners at new resorts, but they will carry the same resale restrictions as RIV.

 

[KAT4DISNEY]

The only interesting difference there is the term of the contract. VGF is already into the 2060s, not a 2042. Yacht club couldn't join the current association unless it was sold as a 20 year timeshare.


But yeah clearly this is "in their playbook" right now

If the converted rooms at YC they would almost certainly have 50 year contracts. I think the better thought with YC was always that they would build new onto it though.

 

[zavandor]

So does this add to the always present rumor that part of the Yacht Club will be converted to DVC?

The rumors were that they would never convert YC into DVC because they wouldn't want to mess with the comvention business. With that currently down the sink and not being known if it'll ever go back to previous levels... who knows, it might happen.