Being landlocked out here in Dallas, my wife and I decided it would be great for our family to periodically combine a few days at Vero Beach with some of our DisneyWorld trips -- adding a more relaxing option to DVC stays. I wanted to be able to obtain the Beach Cottages, so I began searching for a small add-on contract we could use at Vero with the 11-month reservations window.
I found a great 100 point contract with all of the 2003 points banked and all 2004 points available. I negotiated a terrific deal for $64 per point in addition to $400 in closing costs, but no reimbursement to the seller for dues already paid in January, 2004. My hope was that Disney was letting the Vero contracts make it through at relatively low prices, since it had so much difficulty selling out the units and because current demand in the resale market is low. (There are quite a few Vero resales out on the market with asking prices in the low $60s.)
Unfortunately, the broker notified me 15 days after contract signing that Disney was opting to exericize its ROFR at the negotiated contract price.
The silver lining is that my broker was very prompt in notifying me. I was able to quickly renegotiate a revised contract with the seller for an additional $5 per point (essentially, I was offering to pay for the 2004 annual dues in the revised contract terms). The revised contract was resubmitted to Disney and we received word another 15 days later that Disney has waived its ROFR this time through.
Closing should be complete in about 2 weeks, giving us enough time to book a Beach Cottage for next June ... Now I just need to master the complications revolving around holding contracts in two different use years.
I found a great 100 point contract with all of the 2003 points banked and all 2004 points available. I negotiated a terrific deal for $64 per point in addition to $400 in closing costs, but no reimbursement to the seller for dues already paid in January, 2004. My hope was that Disney was letting the Vero contracts make it through at relatively low prices, since it had so much difficulty selling out the units and because current demand in the resale market is low. (There are quite a few Vero resales out on the market with asking prices in the low $60s.)
Unfortunately, the broker notified me 15 days after contract signing that Disney was opting to exericize its ROFR at the negotiated contract price.
The silver lining is that my broker was very prompt in notifying me. I was able to quickly renegotiate a revised contract with the seller for an additional $5 per point (essentially, I was offering to pay for the 2004 annual dues in the revised contract terms). The revised contract was resubmitted to Disney and we received word another 15 days later that Disney has waived its ROFR this time through.
Closing should be complete in about 2 weeks, giving us enough time to book a Beach Cottage for next June ... Now I just need to master the complications revolving around holding contracts in two different use years.
