OKW Extension - Stats

[_auroraborealis_]

More great work by Wil: https://www.dvcnews.com/index.php/d...option-rate-of-okw-15-year-contract-extension

From August 30, to November 1, 2019, Disney filed 8,517 Old Key West “extension” deeds with the Orange County Comptroller for those owners who chose to extend. These extension deeds contained 1,468,764 points, or about 19.1% of Old Key West’s total points.​

Combined with points sold since with the 2057 date, they estimate about 25% of OKW is extended. Pretty low.

 

[minorthr]

Ok so we bought an extended OKW via resale 3 years ago. Other then the sales contract there is no reference to it being extended. I have searched the orange county site and see nothing filed for us or the people we purchased it from regarding an extension.

 

[_auroraborealis_]

Ok so we bought an extended OKW via resale 3 years ago. Other then the sales contract there is no reference to it being extended. I have searched the orange county site and see nothing filed for us or the people we purchased it from regarding an extension.

If it was already 2057, there doesn't need to be a new filing or anything additional in the contract.

 

[kboo]

More great work by Wil: https://www.dvcnews.com/index.php/d...option-rate-of-okw-15-year-contract-extension

From August 30, to November 1, 2019, Disney filed 8,517 Old Key West “extension” deeds with the Orange County Comptroller for those owners who chose to extend. These extension deeds contained 1,468,764 points, or about 19.1% of Old Key West’s total points.​

Combined with points sold since with the 2057 date, they estimate about 25% of OKW is extended. Pretty low.

I think I figured this out ... So my question is - are these recent extension deeds from Disney selling direct OKW points that they ROFR'd (from 2042 contracts)?

I do wonder if there are OKW owners out there who wish they'd extended.

 

[_auroraborealis_]

I think I figured this out ... So my question is - are these recent extension deeds from Disney selling direct OKW points that they ROFR'd (from 2042 contracts)?

No. These are, literally, the deeds for those who extended when offered in 2007 or so. Disney waited a jillion years to file. Points sold as extended don't need a new filing.

 

[kboo]

No. These are, literally, the deeds for those who extended when offered in 2007 or so. Disney waited a jillion years to file. Points sold as extended don't need a new filing.

!!! That's insanity!!!

 

[_auroraborealis_]

!!! That's insanity!!!

YES. But it's also why all numbers on extension were really hazy. They'd never filed the new deeds.

 

[minorthr]

If it was already 2057, there doesn't need to be a new filing or anything additional in the contract.

Looks like it was originally purchased by them in 1996 so at that time it would have been the original end date. There is nothing else showing this thing was extended so really what proof do I have that it was actually extended?

 

[Sandisw]

Looks like it was originally purchased by them in 1996 so at that time it would have been the original end date. There is nothing else showing this thing was extended so really what proof do I have that it was actually extended?

Maybe just give Member Administration a call and ask them where you find this in your documents?

 

[minorthr]

Maybe just give Member Administration a call and ask them where you find this in your documents?

That would be way to easy

 

[The Jackal]

A little over 26% of it is extended with only what people say was a awful extension offer is not bad. I bet if DVC resold points for $130 pp they would sell fast.

 

[poofyo101]

A little over 26% of it is extended with only what people say was a awful extension offer is not bad. I bet if DVC resold points for $130 pp they would sell fast.

Why was the extension offer so awful? I am new to DVC so was not around when they offered it.

 

[Bearval]

Why was the extension offer so awful? I am new to DVC so was not around when they offered it.

It was initially $15.00 a point if you signed up by a certain date. The problem more likely was that if you were an early buyer the extension was not really going to benefit you since you would not live long enough to enjoy it. If you took advantage of it you would have purchased a total of 65 years and if you bought at age 30 well you would be 95 years old by the expiration. It would have been an "inheritance " purchase to leave to your children/grandchildren.

 

[zavandor]

Not many people wanted to pay now for something they might be able to enjoy 40 years in the future.

Also, it was technically a disaster. DVC resorts are linked to the ground lease, they expire because the lease expires and everything on it goes back to Disney. With OKW they extended the lease on the ground, hence extending it for everyone. They they asked everyone who wasn't interested in the extension to sign a quit claim renouncing to the extension. But not all did it. For a time, DVC used at checkin to harass members who didn't sign telling them they should. Until someone tired of it threatened legal action if they didn't stop.
Now DVC requires the signature of the quit claim if one wants to sell, but otherwise there are a few people awaiting for 2042, hoping to get the extension for free.

 

[wdrl]

Looks like it was originally purchased by them in 1996 so at that time it would have been the original end date. There is nothing else showing this thing was extended so really what proof do I have that it was actually extended?

Its possible you have an extension deed already filed with Orange County Comptroller.

Check the Orange County Comptroller's website to see if there is an extension deed in your name, or the name of the original owner. All extension deeds were recorded on the OCC website between 8/30/2019 and 11/01/2019 and are shown on the site as Deeds with Disney as the Grantor and you, or the original owner, as the Grantee.

As I was compiling the data for the article, I noticed a few deeds where the extension deed reflected changes in the ownership from the time the deed was originally purchased. For example, Mom and Dad bought an OKW deed in 1993 and their names were the only two on the deed. They chose to extend the deed in 2007 but the extension deed shows Mom, Dad, and another relative (daughter?) on the deed. Looking at the paper trail for these owners, I noticed that in 2010 or so Mom and Dad added on some other deeds that showed the other relative as a co-owner. I'm assuming that at some point they added the relative as a co-owner on their original OKW.

 

[rg35]

Why was the extension offer so awful? I am new to DVC so was not around when they offered it.

It was just done way too soon. I happen to think if extensions were offered about 5 years out from expiration they'd be more successful.

 

[_auroraborealis_]

It was just done way too soon. I happen to think if extensions were offered about 5 years out from expiration they'd be more successful.

They'd still have the land lease issue, though. This was badly thought out and that's an issue that can't be fixed easily.