Vero Beach @ $176 per point?!?!

[Tina]

I was just doing some DVC searching on Ebay, as I'm looking for some fall points to rent and killing time while I wait for a response from someone here. I came across a listing selling 150 pts at Vero Beach. In the description it says:

"These points originally sold for $26,500 when it was purchased from the developer. Purchase this exact ownership NOW at a fraction of the original price!"

Did Vero Beach once sell at the price of more than $176 per point?? That can't be right.

 

[fishermouse]

I was just doing some DVC searching on Ebay, as I'm looking for some fall points to rent and killing time while I wait for a response from someone here. I came across a listing selling 150 pts at Vero Beach. In the description it says:

"These points originally sold for $26,500 when it was purchased from the developer. Purchase this exact ownership NOW at a fraction of the original price!"

Did Vero Beach once sell at the price of more than $176 per point?? That can't be right.

I'm guessing it's a typo and should be $76.00 a point. That's just my guess since no DVC property that I know of has sold that high. Even $76. is hardly a fraction of the original price! Of course anything less than 100% would be a fraction but not what comes to mind when you hear the term "fraction of the price".

 

[fishermouse]

You made me curious so I went over to TSS and looked up VB resales, going rate seems to be between $55 and $60.00. a point. Sounds like some one is trying to make a great deal of money off folks who don't know any better. If you really want to buy resale DVc visit the DVC resale listings in the upper R/H corner.

 

[Tina]

Its definitely not a typo. They don't list the price paid per point, just the $26k price tag. Also, I'm not in the market to buy (I wish I were!). I recently just sold my SSR contract through TSS. Now I'm in the market to rent, so I was just cruising around the 'net to see what's out there.

 

[cheezNE1]

Its definitely not a typo. They don't list the price paid per point, just the $26k price tag. Also, I'm not in the market to buy (I wish I were!). I recently just sold my SSR contract through TSS. Now I'm in the market to rent, so I was just cruising around the 'net to see what's out there.

Prbly typo on the $26k, should be $16,500 which comes out to about $110 / pt - makes more sense when purchased new. i guess

 

[Brian Noble]

This is an ad from a "Postcard Company", or a PCC. They are notorious for having incorrect information in their ads. They are also just one step removed from outright theives---their "business model" is to convince folks that their timeshares are literally worthless, and that the only way the mark can get rid of the timeshare is to pay them to take it, usually around $3,500. That's right, the "seller" isn't getting paid in this case, they are paying someone else to take any sales proceeds. The PCC doesn't care what price the unit goes for, because they've already got a guaranteed payday.

With this one, they got a gold mine. Oh, and the PCC is "closely affiliated with" the closing company, so they get paid on that end of the deal too.

Usually, the mark signs a power of attorney, and then when the PCC has a buyer for the unit, they flip the deed twice, once to themselves for $1, and again to the buyer for the selling price. Sometimes, the PCC actually takes posession of the deed at the time the mark pays up, and holds it until they get a buyer, but they won't pay MFs in the meantime. They just let them accrue, and get them reimbursed from the eventual buyer. A few will then collect the unsellable deeds into a trust, and bankrupt the trust, to that the PCC is never on the hook for fees.

It would be interesting to see what happens when Disney's ROFR desk gets ahold of it. My guess---they filed a fraudulent transfer application with a higher-than-ROFR floor price, using the power-of-attorney to sign on the seller's behalf, so that the seller is oblivious to the details of the transaction. Then, they'll file another one to transfer to the eventual buyer (or get ROFRd).

It's very sad that someone had such a poor understanding of their contract that they paid these crooks serious money.

 

[Tina]

That is sad. I really hope the original owners weren't taken by this company. However, with the current bidding, it would not pass ROFR. These 150 points are currently at only $5600.

 

[HsvTeacher]

After we got back from VB in June, we received a postcard in the mail from Disney. It said you could by points at VB directly from Disney for $105 per point. I'm not sure why someone would think they could sell them for $176 per point. That's crazy!