The Dreaded 2042

[MICKIMINI]

Why one is your favorite out of the two and why?

VBR reminds DH of his grandparent's home in Gloucester MA on the ocean. When we sit on that porch, rocking away in the afternoon it is like being there again. Enjoying that huge porch lined with rockers, listening to the waves and squawking gulls. He spent summers there with all his cousins, aunts and uncles as a kid while I was traveling the US with my family. We had very different vacations as children, but I agree that whiling away an afternoon on that porch at Vero is absolute bliss!

 

[kanerf]

I will be 83 so I don't really care. I imagine that I will dump all of my contracts before then.

 

[Girlstar30]

Im

VBR reminds DH of his grandparent's home in Gloucester MA on the ocean. When we sit on that porch, rocking away in the afternoon it is like being there again. Enjoying that huge porch lined with rockers, listening to the waves and squawking gulls. He spent summers there with all his cousins, aunts and uncles as a kid while I was traveling the US with my family. We had very different vacations as children, but I agree that whiling away an afternoon on that porch at Vero is absolute bliss!

I'm almost afraid to go there because I know my wife is going to want to purchase after

 

[MICKIMINI]

Im
I'm almost afraid to go there because I know my wife is going to want to purchase after

Not when she sees the MF's! It is dirt cheap to buy now, but you may regret it in the future. Better to buy SAP IMO!

 

[Girlstar30]

Not when she sees the MF's! It is dirt cheap to buy now, but you may regret it in the future. Better to buy SAP IMO!

I am more the math person, she is the emotional one lol. She was driving me crazy with wanting akv just because she wants that to be the one to call "her home". I'm like we will get 13 more years with Riviera and lots of avail for animal kingdom sv. Nope doesn't care "I like AKV and that's where I want my home to be"

 

[MICKIMINI]

I am more the math person, she is the emotional one lol. She was driving me crazy with wanting akv just because she wants that to be the one to call "her home". I'm like we will get 13 more years with Riviera and lots of avail for animal kingdom sv. Nope doesn't care "I like AKV and that's where I want my home to be"

Okay, well I guess I know where you will be staying LOL!!

 

[Girlstar30]

Okay, well I guess I know where you will be staying LOL!!

Yes we will be there many times lol

 

[CarolynFH]

Feel free to not answer this or post a link because I'm sure this has been discussed numerous times here lol, but why was the OKW extension such a disaster? Is it because people were just not interested and now they will be stuck with selling that hotel again after 2042?

Basically, DVD tried to force OKW owners to pay for points they wouldn’t be able to use for 30 years by telling them that their choices were to pay up or sign a quit claim deed for the extension. Some owners did pay and some did sign the quit claim, but others who did nothing had their accounts suspended. Lawyers got involved and contended that extending the ground lease automatically extended the ownership term to everyone. Disney backed down, so that issue hasn’t been litigated. The result is that a percentage of ownership of every building at OKW ends in 2042, and another percentage ends in 2057. When 2042 rolls around, ownership of the other 2042 resorts reverts entirely to Disney, so they can tear down, rebuild, remodel, whatever. They cannot do the same to OKW because they won’t get full ownership until 2057.

 

[Girlstar30]

Basically, DVD tried to force OKW owners to pay for points they wouldn’t be able to use for 30 years by telling them that their choices were to pay up or sign a quit claim deed for the extension. Some owners did pay and some did sign the quit claim, but others who did nothing had their accounts suspended. Lawyers got involved and contended that extending the ground lease automatically extended the ownership term to everyone. Disney backed down, so that issue hasn’t been litigated. The result is that a percentage of ownership of every building at OKW ends in 2042, and another percentage ends in 2057. When 2042 rolls around, ownership of the other 2042 resorts reverts entirely to Disney, so they can tear down, rebuild, remodel, whatever. They cannot do the same to OKW because they won’t get full ownership until 2057.

Wow why would they ever think this was a good idea. If they came at me like that i wouldn't sign it either...

 

[CarolynFH]

Wow why would they ever think this was a good idea. If they came at me like that i wouldn't sign it either...

Well, it was presented like “Look what a wonderful opportunity you have! You can extend your ownership for an additional 15 years for only $25 a point!” And considering how many posts I’ve read here over the years from people wishing they could extend their ownership at BWV or BCV, etc., I’m not surprised that some OKW owners took them up on it. And I’m sure the DVD execs were surprised that not everyone wanted to jump on it.

 

[Girlstar30]

Well, it was presented like “Look want a wonderful opportunity you have! You can extend your ownership for an additional 15 years for only $25 a point!” And considering how many posts I’ve read here over the years from people wishing they could extend their ownership at BWV or BCV, etc., I’m not surprised that some OKW owners took them up on it. And I’m sure the DVD execs were surprised that not everyone wanted to jump on it.

$25 a point is actually really good, I would be signing

 

[CarolynFH]

$25 a point is actually really good, I would be signing

Well, I can’t remember what the cost of direct points was at the time. It was much less than now, for sure.

 

[Girlstar30]

Well, I can’t remember what the cost of direct points was at the time. It was much less than now, for sure.

They probably should have put some kind of clause like "if enough owners sign, then this will go through"

 

[keishashadow]

Alright, so this one's just for fun, but what do y'all think will happen when the dreaded 2042 rolls around and all these contracts expire?

I’ll respond tongue in cheek here.

we are retired. I can see one of two options for me:

1. I roll over in my grave

2. I pat myself on the back for also buying AK with longer expiry date. The plan was to hedge my bets and give the “kids” a few years before the gig is up.

I’d very much prefer option #2

Well, I can’t remember what the cost of direct points was at the time. It was much less than now, for sure.

We don’t own @ OKW. at the time I remember thinking it sounded like a great deal to me and had hoped DVC would put out another offer to extend the stated expiration at other resorts down the road.

Thinking that ship may have sailed. Too easy for DVC to resale them at much higher rates per point after the expiry date.

Although, it crossed my mind during recent stay @ OKW. Talk at the pool was how DVC is buying up the lower priced resales. Assume that’s true, haven’t followed the trend.

Will be interesting to see if the resale market rate for the earliest expiring resorts will start to dive as the date nears. I’m sure somebody here will work up a spread sheet as to $ value/break even point.

 

[Girlstar30]

I’ll respond tongue in cheek here.

we are retired. I can see one of two options for me:

1. I roll over in my grave

2. I pat myself on the back for also buying AK with longer expiry date. The plan was to hedge my bets and give the “kids” a few years before the gig is up.

I’d very much prefer option #2



We don’t own @ OKW. at the time I remember thinking it sounded like a great deal to me and had hoped DVC would put out another offer to extend the stated expiration at other resorts down the road.

Thinking that ship may have sailed. Too easy for DVC to resale them at much higher rates per point after the expiry date.

Although, it crossed my mind during recent stay @ OKW. Talk at the pool was how DVC is buying up the lower priced resales. Assume that’s true, haven’t followed the trend.

Will be interesting to see if the resale market rate for the earliest expiring resorts will start to dive as the date nears. I’m sure somebody here will work up a spread sheet as to $ value/break even point.

Me too! I'd pay a few thousands for a few beach club stays before RIP. And we're with you on the longer resorts, one of the many reasons were buying BLT

 

[juliebee]

The point has been made in the past that the executives that will be making this decision about the 2042 resorts probably haven't even been hired yet. So much can change between now and then. I'd imagine they will be seriously discussing it around 2036 when they starting making their 5-year future plans.
There are only 6 resorts in the 2042 category. I agree that Vero and Hilton Head are likely to be sold to competitors. Beach Club, Boardwalk, and Boulder Ridge are still popular and in good locations. Then there is the Old Key West with the 2042/2057 issue. It will be interesting to see how this plays out.
I'm a 2042 owner and not worried about it at all. It will be when my husband and I are probably not traveling as much since we will be in our 70s/80s. At this point, I'm hoping to keep the contract until the end.

 

[ClaraOswald]

My guess is VBR and HHI will be sold. BCV and BWV are valuable real estate. I would expect both to be rebuilt as DVC 2.0. OKW is anybody's guess. An option would be to wall off a neighborhood and rebuild the beginnings of a new resort, however DVC owners actually own a fraction of specific villas so I am not sure if that is legal. Will they have to wait out those of us who are 2057 owners?

I do not believe DVC will offer any extensions.

The last two years will be a nightmare. I would borrow 2041 into 2040 and use up those points as soon as possible. If you have a reservation in 2041 and can't go for some reason, you could be out of luck with availability.

We sold all our 2042's and will be too old to worry about it anyway!

So June is my UY. I'm confused on when my last chunk of points will be for exactly. June 2041? We do our WDW trips in January. Would I be able to use those June 2041 points to book January 2042? Or would I need to borrow 2041 and use it in January 2041?

 

[Sandisw]

So June is my UY. I'm confused on when my last chunk of points will be for exactly. June 2041? We do our WDW trips in January. Would I be able to use those June 2041 points to book January 2042? Or would I need to borrow 2041 and use it in January 2041?

The last set with will June 2041 points, good until January 31st, 2042 until the resort ends.

But, none of us know what types of rules DVC will out in place toward the end in terms of how they will handed it all.

 

[MICKIMINI]

So June is my UY. I'm confused on when my last chunk of points will be for exactly. June 2041? We do our WDW trips in January. Would I be able to use those June 2041 points to book January 2042? Or would I need to borrow 2041 and use it in January 2041?

Keep in mind, 2042 resorts expire 1/31/2042. If it were me, I would use all points in 2040 borrowing any 2041 points. I think it is possible that DVC puts in some special rules for 2040, 2041 and 2042. No one really knows what will happen, but I still believe it better to use points sooner than later! I hope it works out for you.

 

[JackosinDIS]

Keep in mind, 2042 resorts expire 1/31/2042. If it were me, I would use all points in 2040 borrowing any 2041 points. I think it is possible that DVC puts in some special rules for 2040, 2041 and 2042. No one really knows what will happen, but I still believe it better to use points sooner than later! I hope it works out for you.

I guess they will have to put limits on banking in the last year, otherwise they may end up with way too many points in the system which can’t be used. They may also restrict borrowing to ensure that people don’t borrow all 2041 points and just disappear without paying the last year’s dues!