Read my situation please...To buy at SSR or not to buy, need advise please

[biohzrd8]

I don't really want to stay regularly at SSR but I was considering buying at SSR for several reasons...1. the extra 12 years of ownership 2. it's what Disney is selling and there are good promotions (They will finance for 10 years and I don't have to make first payment until October plus no maintenance fees for the first year...the price works out to $87 a point...it's strange but they finance it for $95 a point with 20% down then refund an amount towards your down payment that brings the overall cost down to the $87 per point. It allows you to get your 20% down without a lot of it coming out of your pocket...quite a benefit) It makes it affordable for us which I don't know if it would be if we bought resale. Because I'm a teacher I can only go during peak times(Christmas, spring break, summer), and I'm afraid of always getting stuck at SSR. I was told that points at SSR are going up by $11 in June to $98 per point. Plus, I'm also afraid the price increase in June will drive up resale prices as well. I'm afraid that if I don't buy now, I'll miss out on a decent deal. Any advise?

 

[tjkraz]

Summer probably won't be a problem. It's not a peak travel season for DVC members. Holiday periods could be a little more difficult.

If you are planning to consistently stay at VWL, BWV or BCV, then I think it would be a mistake to purchase points at SSR. Many speculate that reservations at those resorts will only get more and more difficult over time as people buy into SSR with a strong desire to stay elsewhere. If your mindset is such that any stay at SSR would be a letdown, then it's the last resort you should be considering.

If you need the DVC financing, you could go on their waiting list for points at VWL, BWV or BCV. But it may take months before the points are available. Current cost is $89 each with no promotional discounts and a contract that ends in 2042. You'll also need to come up with the full 20% of $89 ea as your down payment.

A much better option would be looking on the resale market, but you'll have to finance that yourself.

Incidentally, the price increase coming is only $3--from $95 to $98. The $87 price you were quoted includes a promotional discount. DVC is ALWAYS running some sort of discount program. The net price increase may be more or less than $3 each when all is said and done, but it will certainly be much less than $11 per point.

Good luck.

 

[penguin77]

I am on my second day of ownership at SSR... I fact I'm on my second day as a DVC member. I was attacted to SSr foe the exact same points you brought up. I did a LOT of research and asked a LOT of newbie questions before deciding to buy in.
I read all the reviews and heard all the bashing SSR took and the only thing I have to say is..... So What...... I am now a DVC member. Sure SSR might be not up to someones snuff, but it'll be a far sight better than the all stars {I'll be staying there next month.} I have to think that like you and me the SSR is the rookie. It's the Newbie in the group. But in time I know that my new home will be beautiful like the others. For now I am Very proud and happy with my decision. You should be too.

 

[JimMIA]

Because I'm a teacher I can only go during peak times(Christmas, spring break, summer), and I'm afraid of always getting stuck at SSR.

I think it is unlikely that you would "get stuck" at SSR every time. Most people report pretty good luck at seven months, with the possible exceptions of VWL at Christmas and BCV during October-November due to Wine and Food.

I was told that points at SSR are going up by $11 in June to $98 per point.

You were told wrong. They are reportedly going up from the current $95 to $98 ...$3, not $11!

Plus, I'm also afraid the price increase in June will drive up resale prices as well. I'm afraid that if I don't buy now, I'll miss out on a decent deal. Any advise?

The effect on resale prices is anybody's guess. My personal guess is that resale prices will move up a little. It seems like resale prices ought to move depending on what Disney does with their prices on sold out resorts (currently $89) and how aggressively they ROFR to maintain the spread they want between resale and their prices.

One option you don't seem to have considered is buying at one of the sold out resorts directly from Disney. You pay $89, but you don't pay closing costs and you can get Disney financing. Those points are subject to availability, of course, but the only place anyone is having trouble getting points seems to be Beach Club, and then only for certain use years. Something to think about.

If you want to buy OKW or one of the other less-expensive sold out resorts, buying direct does not make as much sense as it might if you were interested in BCV, BWV, or VWL. You just have to consider all options, do the math, and select whatever works best for you.

 

[TammyAlphabet]

Because I'm a teacher I can only go during peak times(Christmas, spring break, summer), and I'm afraid of always getting stuck at SSR.

I got on the waiting list at disney for a sold out resort for EXACTLY the same reasons that you quoted. I got my points in three weeks at BWV. Email me if you have any questions. And, the convention wisdom is, to buy where you most want to say,(insert grain of salt here). I bought at BWV but, SSR is nice, I toured there before deciding on BWV. I just liked BWV better. No matter where you buy, you will be glad you did. It is a great company with great people.

 

[disneyberry]

[SIZE=+0]That's true... if you insist w/ your guide, they might let you get on the waitlist to buy one of the sold out resorts. That way you get financing through Disney, plus get to buy the resort you want to stay at. Good luck.[/SIZE]

 

[JimMIA]

I'm afraid that if I don't buy now, I'll miss out on a decent deal. Any advise?

One piece of advice I would give you about resale - you'd better be ready to pull the trigger! Attractive resale contracts go very quickly - sometimes they never even make it to being advertised - so you need to have made several basic decisions before you start looking at resale contracts.

The first decision you need to make is that you want to go resale in the first place. That means researching the process, looking generally at the prices (and also the annual dues at the various resorts), learning all about ROFR, and loaded contracts, and stripped contracts, etc. etc. It also means figuring out the financing. If you can do a home equity line of credit (like through the teacher's credit union, for example) you may find the financing a lot better that way than through Disney.

For some general ideas on this, go here; http://www.disboards.com/showthread.php?t=778634

Then, you need to figure out which resort you prefer to buy, and what a good contract would look like there.

You also need to have as good an idea as you can about what will pass ROFR. And don't get all wrapped up in the asking price for a particular contract -- you may find that your best price for a contract is MORE than the asking price, because the asking price may not stand a snowball's chance in Hell of getting through ROFR.

For information on current ROFR activity, go to the last page of this thread: http://www.disboards.com/showthread.php?t=720134

For some ideas on how you might structure your offer to get past ROFR, look here: http://www.disboards.com/showthread.php?t=794010

Two other things you should do:

1) Call one of the resale brokers and discuss things with them. They know the market inside out, and they will be very helpful.

2) Read everything you can find on this board about buying, resale, waitlists through Disney for sold-out resorts, ROFR, etc.

Good Luck!

 

[JimC]

These are just my views.

1. If you need to finance for 10 years then DVC may not be a wise decision. It substantially increases the cost of your acquiring your membership, particularly at the rates they are charging.

2. If you don't want to stay at SSR, then buying there is probably not the best approach. All of the other resorts will be smaller than SSR (although OKW by just a small amount). During peak DVC times those resorts will likely be harder to get into at the 7 month window. I suspect summer will not be a problem, but the other school holidays will be. I would not spend that kind of money unless I am going to enjoy staying there.

3. A good deal is one that meets your needs and fits within your budget. Don't rush in unless it is right for you.

4. Take some time to consider the resale market or waitlist for a sold out resort from Disney.

5. Here are links to threads on the history of point price and maintenance fee increases:

http://130.94.75.33/showthread.php?t=698847&page=1&pp=15
post #12

http://130.94.75.33/showthread.php?t=483351

Good luck.

 

[JimMIA]

And this would be the thread on the latest info and angst over the Disney waitlists for ownership at sold-out resorts:
http://www.disboards.com/showthread.php?t=735842

Any questions, teach?

 

[ArRzrbk]

Have you toured SSR? If at all possible, do so. Also, unless one of the other resorts is really screaming your name, you are probably OK with SSR. We are beach/hotel people, so SSR just wasn't for us, and I felt that from the start. When our guide first talked to us about it (it was just being offered - brochures hadn't even gone out at the time), something told me no.

We turned down those extra 10 years to buy-in at BCV, but at that time both BCV and SSR were being offered with incentives - BWV too, now that I think about it. Had no incentives been offered, we might have gone resale route, but may not have been able to swing it money wise. Had we been in the same shoes you are in, we may have bought in at SSR.

Do your research. Read trip reports on SSR. Look at photos of the property and rooms. Be well informed on the decision you're making and the trade-offs. Consider the cost and what you can truly afford. Then, and most importantly, don't beat yourself up over your decision.

 

[JimMIA]

...plus no maintenance fees for the first year

And one other correction then I'll leave you alone. It's not for the first year. It is until January 2006, which in your case would only be 3-4 months of maintenance fees.

 

[keef22]

I am on my second day of ownership at SSR... I fact I'm on my second day as a DVC member.I have to think that like you and me the SSR is the rookie. It's the Newbie in the group. But in time I know that my new home will be beautiful like the others. For now I am Very proud and happy with my decision. You should be too.

Penguin, you weren't the rookie for long! I'm working on my paperwork to send back to MS as I type this.

Doin' the "Using My Newly-Purchased DVC Points for My Cruise" dance.

 

[Sully]

It makes sense to me to buy at SSR because of the extra 12 years you receive. It is a nice place. We have never had a problem trading out at 7 months for a different resort. Tried HHI once in June, put on a wait list, got an opening one week later all at the 7 month window.

 

[goodcook5]

I had the same dilemma in not being sure I wanted ssr every trip. The little contract at bw allows 11 month window. I still get the extra years. Disney financed both. It is the best of both worlds.

 

[magicmama]

It's nice to know that there is another teacher that can only go during those peak times!! If the 11th month window is important to you, you will want to own where you want to be. Otherwise, SSR would be fine. Being a teacher, it's still hard for me to make plans 11 months ahead and I don't feel stuck yet. (I'm fairly new...2003) I booked at OKW (to have fewer points) for xmas only 5 months out and had to move my arrival up by two days in late November. I waitlisted but it came through in two days. Reading this board has helped me learn few things. (Thanks everyone!) Whatever you decide....you'll enjoy DVC!

 

[katedrew94]

My dh and I bought at VWL in 2002, and just added on at SSR. I have never had a problem getting a room at the 7-month window, and since I work in the school system I have typically only had summers or holidays to travel. Good luck with your decision.

 

[biohzrd8]

thanks to everyone for their helpful comments, I really appreciate it.

 

[lcsmom]

I have to second, read these boards. Do look at the maintenence fee threads. The Disney financing is pretty high, but simple. My old teacher CU would have been as easy, but probably better rates.
This former teacher can't stand for DD to miss school. We always go in the summer. A month ago, the only room I couldn't book for late July was a studio at BCV or VWL. But if the family wants to join us for Spring Break, I will book at the 11 month window.
Check out your options and Good Luck.

 

[jade1]

I just called 2 days ago for VWL and BWV XMAS week and the are down to just 1BR's (over 8 months). I plan to check at 7 months and a few days to see whats left just for 2006 planning. We own at VWL and BCV so I will reserve ahead to be safe. You also will have a tough time for BCV at Spring Break also if you are interested in that. Still a comfortable financial choice is very important and waitlist/trading are also options. Good Luck.