The Villas at Disney's Grand Californian Owners & Lovers Group - 3.0

[AstroBlasters]

They didn’t even change the wall paper in the bathroom.

I do like the Pinocchio border…

 

[ajiuo]

The patio definitely looks like it got all repainted and everything…. They are still working on the 6th floor deck.

 

[VGCgroupie]

I do like the Pinocchio border…

They can get new Pinocchio border. I can possibly accept keeping wallpaper in the sleeping areas but not bathrooms. I cannot imagine what that looks like under a blacklight.

In case anyone cant tell I am a bit weird about a clean bathroom. Clean mattress and clean bathroom thats all I need. I can wear shoes or slippers on dirty carpets.

 

[ajiuo]

Also… on a side note… I have a room that offers me the unique opportunity to hop up on the roof to the Grand California and then go running around up there… should I do it???

J/k. I don’t want to get blacklisted.

This room has an amazing view though!!

 

[Dobermanns]

I will hold my anger until after my stay later this month…

Edited to add that I am glad they left the opening above the jetted tub in the one-bedroom. I don’t use the tubs but I like the opening. I don’t feel as claustrophobic in there.

 

[VGCgroupie]

I will hold my anger until after my stay later this month…

What type of room will you be in?

 

[Dobermanns]

Just a studio.

 

[VGCgroupie]

Just a studio.

Still looking forward to your thoughts on the "new" room

 

[Dobermanns]

Will be there with another long time owner of VGC (she booked her own studio), our annual pool day kind of trip. We’ll stop by the DVC office for sure.

 

[ehh]

Looking at the Public Offering Statements may provide some hints about what has and hasn't happened here.

Date of end of year	Estimated capital reserves available at end of year	Estimated cost of interior refurbishment
Dec 31, 2019	$4.97mil	$12.27mil
Dec 31, 2020	$6.01mil	$13.29mil
Dec 31, 2021	$7.28mil	$15.15mil
Dec 31, 2022	$9.07mil	$16.94mil
Dec 31, 2023	$11.22mil	$33.38mil
Dec 31, 2024	$10.67mil	$35.28mil

(Credit to https://dvcfieldguide.com/public for hosting all the Public Offering Statements from the last few years!)

I don't know how much work the "Expected cost of interior refurbishment" includes, I'm assuming a total gutting beyond a normal hard goods, but I can surmise four things:

1. They did accelerate the contributions to the capital reserves in recent years
2. They never got all that close to amassing the capital reserves needed to satisfy the full expected cost of interior refurbishment
3. They started spending in 2024
4. Their estimates for how much money they needed jumped up dramatically from 2022 to 2023

EDITED above after @JackosinDIS pointed out an issue with the dates!

 

[VGCgroupie]

Looking at the Public Offering Statements may provide some hints about what has and hasn't happened here.

Date of end of year	Expected capital reserves available at end of year	Expected cost of interior refurbishment
Dec 31, 2020	$4.97mil	$12.27mil
Dec 31, 2021	$6.01mil	$13.29mil
Dec 31, 2022	$7.28mil	$15.15mil
Dec 31, 2023	$9.07mil	$16.94mil
Dec 31, 2024	$11.22mil	$33.38mil
Dec 31, 2025	$10.67mil	$35.28mil

(Credit to https://dvcfieldguide.com/public for hosting all the Public Offering Statements from the last few years!)

I don't know how much work the "Expected cost of interior refurbishment" includes, I'm assuming a total gutting beyond a normal hard goods, but I can surmise five things:

1. They did accelerate the contributions to the capital reserves in recent years
2. They never got all that close to amassing the capital reserves needed to satisfy the full expected cost of interior refurbishment
3. They started spending in 2024 (the line for "Dec 31, 2025" was from a document written in 2024)
4. Their estimates for how much money they needed jumped up dramatically from year ending in 2023 (the document was written in 2022) to the year ending in 2024 (a document written in 2023)
5. They still expect to have a good chunk of capital reserves at the end of 2025
   • No idea what to make of this

Wonder how this compares to BLT. Clicked on BLT and decided I will have my husband look. Too much info for my brain to process

 

[JackosinDIS]

Wonder how this compares to BLT. Clicked on BLT and decided I will have my husband look. Too much info for my brain to process

BLT had capital reserves of just over $36m as at Dec 2024, with an estimated internal refurb cost of $81m.

But keep in mind that BLT has 281 units compared with VGC at 48 units.

The budget anticipates spending $28m of the cap reserves in 2025.

 

[ehh]

Wonder how this compares to BLT. Clicked on BLT and decided I will have my husband look. Too much info for my brain to process

Bay Lake Tower, for comparison:

Date of end of year	Expected capital reserves available at end of year	Expected cost of interior refurbishment
Dec 31, 2019	$24.9mil	$56.3mil
Dec 31, 2020	$30.3mil	$58.0mil
Dec 31, 2021	$38.1mil	$62.7mil
Dec 31, 2022	$38.8mil	$64.6mil
Dec 31, 2023	$45.8mil	$87.8mil
Dec 31, 2024	$36.7mil	$81.5mil

 

[VGCgroupie]

Bay Lake Tower, for comparison:

Date of end of year	Expected capital reserves available at end of year	Expected cost of interior refurbishment
Dec 31, 2020	$24.9mil	$56.3mil
Dec 31, 2021	$30.3mil	$58.0mil
Dec 31, 2022	$38.1mil	$62.7mil
Dec 31, 2023	$38.8mil	$64.6mil
Dec 31, 2024	$45.8mil	$87.8mil
Dec 31, 2025	$36.7mil	$81.5mil

Thank you. My husband thanks you too!

 

[AstroBlasters]

Bay Lake Tower, for comparison:

Date of end of year	Expected capital reserves available at end of year	Expected cost of interior refurbishment
Dec 31, 2020	$24.9mil	$56.3mil
Dec 31, 2021	$30.3mil	$58.0mil
Dec 31, 2022	$38.1mil	$62.7mil
Dec 31, 2023	$38.8mil	$64.6mil
Dec 31, 2024	$45.8mil	$87.8mil
Dec 31, 2025	$36.7mil	$81.5mil

Something happened from 23-24…. maybe increased cost of food or labor charges….

If the reason we didn’t get the bathroom is because there wasn’t enough money to pay for it…. then I am OK with that answer as long as it is spelled out for me and I understand what that may mean for potential dues increases moving forward.

Obviously the bathrooms will have to be done at some point…. I actually really like the tile work in the villa showers…. MUCH more than on the hotel side…

 

[ehh]

Bay Lake Tower, for comparison:

Date of end of year	Expected capital reserves available at end of year	Expected cost of interior refurbishment
Dec 31, 2020	$24.9mil	$56.3mil
Dec 31, 2021	$30.3mil	$58.0mil
Dec 31, 2022	$38.1mil	$62.7mil
Dec 31, 2023	$38.8mil	$64.6mil
Dec 31, 2024	$45.8mil	$87.8mil
Dec 31, 2025	$36.7mil	$81.5mil

Commonalities that BLT has with VGC:

• Expected capital reserves never got close to the total expected cost of interior refurbishments
• A drop in capital reserves available at the end of the 2024 (with refurb expected to complete mid-2025), but not a depletion, more like a regression to a recent year
  • Nevermind, thanks @JackosinDIS for pointing out the wrong dates listed!
• Also an increase in cost of interior refurbishment in the 2022 and 2023 years, though a much lower % increase

 

[JackosinDIS]

Commonalities that BLT has with VGC:

• Expected capital reserves never got close to the total expected cost of interior refurbishments
• A drop in capital reserves available at the end of the 2025 (with refurb expected to complete mid-2025), but not a depletion, more like a regression to a recent year
• Also an increase in cost of interior refurbishment in the e2023 and e2024 years, though a much lower % increase

I’m seeing a drop in capital reserves at VCG to $1.8m and a drop at BLT to $8m

I think the figures you have quoted are the opening balance as at 31 Dec 2024

 

[VGCgroupie]

Commonalities that BLT has with VGC:

• Expected capital reserves never got close to the total expected cost of interior refurbishments
• A drop in capital reserves available at the end of the 2025 (with refurb expected to complete mid-2025), but not a depletion, more like a regression to a recent year
• Also an increase in cost of interior refurbishment in the e2023 and e2024 years, though a much lower % increase

So who mismanaged the books? How do you underestimate so badly? Or what unexpected thing specifcally happened to have such a shortfall? I for one would have chosen higher dues and a decent refurb.

 

[VGCgroupie]

I was so grossed out by the showers at AKV I will not stay there again no matter how amazing the animals are. I really hope VGC doesn't get this way for me

 

[ehh]

I’m seeing a drop in capital reserves at VCG to $1.8m and a drop at BLT to $8m

I think the figures you have quoted are the opening balance as at 31 Dec 2024

I did make a mistake with the dates, everything above should be pulled back by 1 year in my tables. Will make those edits (originals can still be found in quote posts).

However, the Estimated Capital Reserves Budget that I also see $1.8mil and $8mil is the budget for 2025, not the Estimated Capital Reserves Fund Balance for the end of 2025. If you look at prior years reports, you can see they separate the annual budget from the fund balance at the end of the year similarly.