Upon Further Review...SSR Public Offering Statement

[RobDoc]

While I still have not had time to thouroughly study the POS for the new SSR, I have picked out a few observations from a casual read.

There are currently 2 Buildings declared into DVC Member Inventory. There are 46 Vacation Homes in each building.

2 GV's

48 Lock-off 2BR's (which can also be used as 48 studios and 48 1BR Villas)

40 Dedicated 2BR Villas.

There are NO dedicated studio or 1BR Villas (at least in these first 2 buildings).

There is some language defining maximum ownership in DVC:
"Owners may not currently aggregate Ownership Interests so as to compile more than 2000 Home Resort Vacation Points per DVC Resort or an aggregate of 5000 Home Resort Vacation Points at all DVC Resorts, and use by corporations or other business entities is strictly limited to recreational use by their directors, officers, principals, or employees. For the purpose of determining the total number of Vacation Points complied, no separation shall be made of Ownership Interests owned by the same person(s) with other person(s) or entity(ies) in which any such person has a partnership, membership, beneficial or ownership interest. ..."

SSR is being developed as a phase condominium and additional land or units may be added from time to time. The current plan is for 12 buildings, but more can be added later (or the full 12 could also be cut back to a smaller number).

DVD can amend the Condominium Documents without approval of Owners or Purchasers. (This is true at all DVC Resorts).

Also included in the current plan are:

Feature Pool and Sun/Bathing Deck- pool capacity 180. Zero entry.

Pool Slide - 104 feet long

2 Hot Tubs located near the feature pool. (100 and 144 sq ')

Children's Interactive Play Area (300 sq" - capacity for 20)

Tennis Courts (Two)

Basketball Court (1/2 Court)

ShuffleBoard Court

Additional Swimming Pool (appears to shaped like Mickey!)

Additional Hot Tub (near additional pool)

Tot Lot - near additional pool (500 sq')



If I find anything unique to SSR "upon further review", I'll be happy to report again.

 

[dianeschlicht]

Thanks Doc. We will go check it out in a couple weeks too. Glad they are giving tours over there.

 

[JimC]

Thanks Doc.

If I understand this, if all 12 buildings are built and declared into inventory, then there will be:

24 GVs
240 dedicated 2 br
288 2 br lock offs
552 total units for the resort.

Assuming that all 12 buildings are configured as the first two. That would make it the largest DVC resort, I believe.

Did the POS have a breakdown of current membership by resort?

 

[RobDoc]

No, they gave me a SSR POS, but to my knowledge, even the Mulit-Site POS doesn't provide any information about membership numbers at the resorts. There is some language about there being no way to predict the number of members, since contracts can be a varying size (25-2000 points).

Info about number of members usually comes from DVC and I can't remember ever seeing any info about resort specific numbers in the past.

 

[Scratch42]

The more info the better!

But I'm suppose to say "No Thank You!"

Oh Oh!

Scratch

 

[InstImpres]

Originally posted by JimC
If I understand this, if all 12 buildings are built and declared into inventory, then there will be:

24 GVs
240 dedicated 2 br
288 2 br lock offs
552 total units for the resort.

Assuming that all 12 buildings are configured as the first two. That would make it the largest DVC resort, I believe.

Doc -

Thinking of these numbers vs. OKW, it seems like a lot of rooms in a much smaller space. With no valet parking, did it look like parking could be an issue (or a hike) if they are at full occuppancy?

Thanks again
Sandy

 

[PamOKW]

I realize we don't know exactly what a "member" is, but the most recent info about DVC refers to over "70,000 members"! I remember being shocked when we were up to 25,000.

 

[JimC]

Doc,

I believe there is a table on membership in the back of the multi-site POS, buried in some language about participants in Buena Vista Trading Company.

If I remember correctly they define a member as an owner of record of an ownership interest in a DVC resort. A great definition that tells me nothing.

Am I counted as 1, 2 or 3 members? I have two membership numbers and three contracts at two resorts. And I am probably an easy example.

Oh well. Enjoy your day before those thunderstorms make their way over from Tampa!

After posting this, I received the DVC mailing for SSR. Nice materials. I got two mailings, one for each membership number, so I am guessing that I am considered two members in their system.

 

[lenshanem]

I was curious...
From what I understand after the first contract date ends if you own at SSR the remaining years on that contract you would only be allowed to stay at SSR and not the other DVC resorts. Correct?

Would they ever be able to stop the ability to make ressies at the other DVC resorts using SSR points before that first contract runs out?

Is there any info about this in the paperwork you received?

I'm wondering, too...
From what anyone has seen will SSR look spanking new or does it look like a hodge podge? (LOL) of the old DI and the new construction mixed together?

Thanks!

 

[Doctor P]

On the July 19 DCL cruise, the correct # of members when the question was asked was given as about 80,000 as I recall! I was shocked.

 

[floridafam]

lenshanem,

I was thinkin the EXACT same thing about SSR looking new or part of it looking new and part of it old.

Will the Fairway Villas (or whatever is being used by CM's now) still be there when SSR opens?

What do you think this will be like at SSR? Will it be noticeable? Will it be a problem? How many CM's are housed in the villas?

Anyone have an opinion?

 

[RobDoc]

Originally posted by floridafam
lenshanem,

I was thinkin the EXACT same thing about SSR looking new or part of it looking new and part of it old.

Will the Fairway Villas (or whatever is being used by CM's now) still be there when SSR opens?

What do you think this will be like at SSR? Will it be noticeable? Will it be a problem? How many CM's are housed in the villas?

Anyone have an opinion?

You can't even see the Fairway Villas from the SSR area. The Fairway Villas are nestled around the golf course itself and are small buildings (housing 4-6 units if memory serves me). They are not eyesores at all, but will not detract, in any way, from the SSR experience. 'm certain they will still be present when SSR opens and are likely to remain unless/until DVC needs the land to expand SSR.

As for the question about stopping exchange opportunities to stay at other DVC resorts, I'm sure there is clause built into the contract that provides the ability to do so. The same clause (if it exists) is probably already in the contracts for all DVC resorts.

I can't find any specific language that would suggest DVC could ever do that, but there are statements (in all DVC contracts- regardless of resort) to the effect that DVC has the right to modify the provisions without consulting with the owner/members.

Is it possible, IMO yes. Is it likely, IMO, never.

 

[RobDoc]

Originally posted by InstImpres
Doc -

Thinking of these numbers vs. OKW, it seems like a lot of rooms in a much smaller space. With no valet parking, did it look like parking could be an issue (or a hike) if they are at full occuppancy?

Thanks again
Sandy

The parking areas appear to be adequate to accommodate a reasonable number of vehicles for each building. I don't see that as a problem at all.

 

[Dean]

Originally posted by lenshanem
I was curious...
From what I understand after the first contract date ends if you own at SSR the remaining years on that contract you would only be allowed to stay at SSR and not the other DVC resorts. Correct?

Would they ever be able to stop the ability to make ressies at the other DVC resorts using SSR points before that first contract runs out?

Is there any info about this in the paperwork you received?

I'm wondering, too...
From what anyone has seen will SSR look spanking new or does it look like a hodge podge? (LOL) of the old DI and the new construction mixed together?

Thanks!

I haven't seen the new paperwork but the old info would allow them to stop usage at the other resorts and/or change the non home resort booking window to a little as 4 months if memory serves. I don't think they can limit one resort over another if it is in the club, I think they'd have to treat them all the same. I bet they do limit it the last year or 2.

Tha makes me wonder with the discussion of SSR members being able to book in Dec and non members not until Feb. That means to me that SSR will not be declared into the DVC until all members have access. It also means that while members may (we'll see) be able to book SSR before non SSR DVC members are allowed to, that also means that SSR members will not be able to use those points at non SSR DVC resorts until all members have 7 month access.

 

[PamOKW]

non home resort booking window to a little as 4 months if memory serves

The home resort priority can actually be as little as 1 month. They sent out feelers a few years ago about reducing it and I think they were discouraged from making a change.

 

[Dean]

Originally posted by PamOKW
The home resort priority can actually be as little as 1 month. They sent out feelers a few years ago about reducing it and I think they were discouraged from making a change.

I was trying to remember but couldn't remember the maximum time. The latest POS I have doesn't say a minimum, only that the min differential is 1 month.

 

[disneyberry]

Doc, just wondering... do they have a new version of the Multi-Site POS now?
it sounds like you only got a copy of the SSR POS, but how come no Multi-Site one?
that seems weird.

 

[RobDoc]

I'm sure there is a Multi-Site POS, but I was only given one specific to SSR (It's even a miniature size).

I was happy to get any information at all and chose not to push for anything else.

...They even offered us some cotton-candy on the way out!