Resale value of Vero is down from June of 2007.

[tvwalsh]

I sold two Vero beach contracts, one of 25 and another of 50 points, in June of 2007 and am listing two more, both are 50 point contracts, this year. After looking at comparables and allowing for differeces in the contracts, I will be listing these two contracts for about $5 or $6 less per point than I was able to sell contracts for last year! This is truly an effort to compare apples to apples.

I wonder if this is the result of the struggling economy, or the high maintenance fees at Vero, or people raising money to buy GCV or BLT, or getting tired of DVC or?

 

[BWV Dreamin]

I sold two Vero beach contracts, one of 25 and another of 50 points, in June of 2007 and am listing two more, both are 50 point contracts, this year. After looking at comparables and allowing for differeces in the contracts, I will be listing these two contracts for about $5 or $6 less per point than I was able to sell contracts for last year! This is truly an effort to compare apples to apples.

I wonder if this is the result of the struggling economy, or the high maintenance fees at Vero, or people raising money to buy GCV or BLT, or getting tired of DVC or?

Who set the price, you or the broker? There are a few ways to move those contracts without taking too much of a hit. Do you have any banked points? Is your UY a desirable one? Up the price, offer to pay some closing.Test the market, you can always lower the price. I would not let anyone talk you into a price based on some resales prices. Also, some brokers want you to list lower than is necessary. Remember, they get paid whether it is ROFR'd or not. Also, the brokers rep. is supposed to be for the seller, HOWEVER, since they are also rep. the buyer, they will do what it takes to get the deal done, not necessarily whats in your best interest.

 

[Doug Wolfe]

I am not really surprised. The value of real estate nationwide has plunged so why not the value of time shares?

I don't think people have lost interest in DVC. Just look at the rapidly growing numbers of people buying in. And look at the DVC construction boom. New DVC properties at Animal Kingdom, Disneyland, Hawaii...and of course yesterday I was at the Contemporary where the "don't believe your lying eyes" construction is well underway of another DVC property.

I think the lower dollar amounts for points are a condition of the market. I would not be shocked if the values turn around again in a few years. But then again, I bought DVC for vacations not as a real estate investment!

 

[bobbiwoz]

My guess is that Vero resales suffer from the high maintenance fees. It's a huge reason why we're not adding on. Neither of us wants to give up the 150points we own, but it could be '10 before we get back there, and we figure, why pay the maintenance fee for next year, and prices could probably go down more. We bought ours resale in '04 for $66 a point. There are some listings that interest us...but still we're waiting. We don't need any extra points now.

Bobbi

 

[ACDSNY]

Vero isn't the only resort with decreased pricing...look at SSR.

 

[Mickey'sApprentice]

I'm guessing that the tighter availability at WDW at the 7 month mark, as well as DISSers firmly telling people to not consider HHI or VB has had something to do with it.

I think there are fewer people out there willing to take the chance at VB now.

 

[lisareniff]

I'm guessing it's the higher Maintenance Fees. Being on the ocean is expensive and those hurricanes take their toll. We are willing to pay for that ocean front but others may not, especially if they were planning to use their points for WDW resorts. The difference between VB and the other WDW resorts has increased over the years, with VB now $1 over BWV and $1.5 over OKW. I think the last increase to raising it to over $6 really wakes you up, especially when SSR is $4.21 ...a pretty big difference. If buying the lower buy-in cost makes it 'in the ballpark' cost wise. VB is ~$10pp less then OKW and ~$18pp less then BWV for the initial purchase price.


The Difference in MF between VB and OKW and VB and BWV
...(VB-OKW) (VB-BWV)
2008 1.48 1
2007 1.23 0.78
2006 1.03 0.58
2005 1.01 0.46
2004 0.99 0.42
2003 0.87 0.25
2002 0.95 0.25
2001 0.84 0.15
2000 0.92 0.14
1999 0.83 -0.03


VB OKW BWV
2008 6.04 4.56 5.04
2007 5.63 4.4 4.85
2006 5.27 4.24 4.69
2005 4.87 3.86 4.41
2004 4.67 3.68 4.25
2003 4.36 3.49 4.11
2002 4.17 3.22 3.92
2001 3.97 3.13 3.82
2000 4.08 3.16 3.94
1999 3.99 3.16 4.02