Vero Beach for sale???

[Epcotkids]

Why are so many people trying to sell thier DVC points at VB and why isn't anyone buying them?

There are 24 listed for sale on at the Timeshare Store alone and only 1 pending.

 

[lllovell]

Many people are waiting for the "other shoe to drop" at Vero. The hurricanes last summer did a good bit of damage there and there is a great bit of concern that the dues are going to increase substantially (although, some here have posted that this kind of repairs are not included in dues...I dont know either way).

I also think there is growing concern with the addition of SSR that there will be greater competition at the 7 month mark to get into resorts that are not your home resort. People in the know might shy away from VB because of that.

 

[Plus4206]

I wonder how low DVC will let the price drop before they invoke ROFR ? I can't imagine DVC wants VB points back.

 

[Epcotkids]

Is there a certain date that due changes occur?

 

[PamOKW]

I don't expect to see a big dues increase at Vero. They have warned that there may be a special assessment to cover the portion of damage not paid for by other sources....like insurance.

The overall number of sales from Vero is not much different than the other resorts. It could even be lower. The difference is they stay on the boards longer and tend to "backlog". For example (all made up facts & figures just to show the theory), 3 Vero owners put their points up for sale in February. It takes on average 2 months to sell a Vero property. In March 2 more owners put it up for sale. And in April there are 4 properties that go up for sale. At some point, there could be 9 properties listed at the same time. By the end of April, the first 5 are sold.

Boardwalk properties are selling within a week of coming on the market. 3 owners per week are putting up properties. During the same time period as above -- 3 months, 36 BWV owners may have sold in the same time that 5 Vero owners have sold....but no more than 3 BWV properties ever appear on the sale board at any one time.

The ratio of Vero to other resorts on the boards has stayed pretty consistent. I don't see a sell-off, just the regular ebb and flow of ownership. It does take longer to find a buyer for Vero than the other resorts.

 

[tjkraz]

I wonder how low DVC will let the price drop before they invoke ROFR ? I can't imagine DVC wants VB points back.

DVC will invoke ROFR on any points that fall within their scope of interest. The problem with the contracts referred to in this post is that there isn't a big market for the points. DVC doesn't buy contracts outright--first you need a seller and buyer to reach an agreement...then DVC will decide whether they want the contract based upon the terms of the sale.

 

[Plus4206]

..... I understand how and when ROFR is invoked. I'm curious if DVC would excersize ROFR at the same price they would if it were a BCV or VWL contract. In other words , if a seller excepted $60.00 pp for a BCV contract you can be certain DVC wouldn't hesitate to invoke ROFR. Would they do the same though if it were a VB contract selling for $60.00 pp ? Do they really want VB (or even HH) points back ?

 

[PamOKW]

Is there a certain date that due changes occur?

In November, the budget for the upcoming year is established. It's voted on during the annual meeting in early December. The "needs" of the budget are then broken out into "per point" charges and that's how the dues are established. In January, dues for the upcoming year become payable. They can't be arbitrarily raised.

 

[tjkraz]

..... I understand how and when ROFR is invoked. I'm curious if DVC would excersize ROFR at the same price they would if it were a BCV or VWL contract. In other words , if a seller excepted $60.00 pp for a BCV contract you can be certain DVC wouldn't hesitate to invoke ROFR. Would they do the same though if it were a VB contract selling for $60.00 pp ? Do they really want VB (or even HH) points back ?

I'm sure there is some floor on ROFR--you won't see contracts, even at VB, changing hands for $40 pp. But, yes, I'm certain that threshold varies by resort.

 

[AnnMorin]

But I was told that with the way things are right now with so many vero resales that anything north of $63.00 per point should pass ROFR. That the threshold for HH is about four dollars more a point and at the parks ten dollars more a point. Whether this is true I have no idea but it did come from someone who suppossedly is "in the know"