Will people sell their Vero points?

[lightningcoach]

Do any of you think we will see an increase in Vero resales? Do you think prices will be sent lower?

Predictions can be wrong, but everyone is saying the Hurricane season will be like this for the next five years. Do you feel people will use this as a reason to sell?

Thanks for your opinions.

 

[calypso*a*go-go]

I personally don't think so as there are many people that own points at Vero Beach but never use them there. I guess a lot of it would depend on how extensive the cost is to repair any hurricane damage and how much that might make the annual MF's increase.

 

[bobbiwoz]

I'm a hard core beach and ocean lover. VB is my chance to own a little bit of heaven and share the expenses with others like me. Yes, I do have a limit, but it's going to take more than this before I sell.

Bobbi

 

[Maistre Gracey]

We have no intent to sell our VB points. My wife really enjoys the beach, and I enjoy the laid back, relaxing atmosphere.

I just hope the resort didn't fall into the Atlantic!

MG

 

[Snowgod]

We just made our first beach cottage reservation so it's not time to sell.

 

[Pig Pen]

I bought Vero because we intend to move to Orlando in a few years and I wanted to be able to visit the beach.

 

[mochabean]

Shouldn't a lot of the damage be covered by insurance? Thus there should be no increase in dues because of hurricane damage?

 

[Maistre Gracey]

Originally posted by mochabean
Shouldn't a lot of the damage be covered by insurance? Thus there should be no increase in dues because of hurricane damage?

Yes, BUT... There are deductibles, AND this may cause insurance premiums to rise.

Either way, us Vero folks may pay more.

PS- As long as women wear bathing suits to the beach, there will be men wanting to have points there....

MG

 

[calypso*a*go-go]

 

[LisaR]

Originally posted by mochabean
Shouldn't a lot of the damage be covered by insurance? Thus there should be no increase in dues because of hurricane damage?

Having just moved to FL three months ago I was SHOCKED at how much our deductable is for hurricanes. On top of that, it doesn't cover some things I would have thought would be covered. If our deductable is that high for a house I can't even begin to imagine what it must be for the resort. It must be through the roof (no pun intended). By the way, we own at VB and don't have any intentions of selling.

Lisa

 

[Merilyn]

We won't sale ours. We aren't planning a trip there in a while, but I feel sorry for those who have reservations in the near future. I know Disney will take care of it and all will be fine.

 

[jmminarik]

I'm sure some will try to sell them to avoid the expected higher maintenance costs thanks to the repair/insurance premiums. Selling VB and buying OKW may be eventually a cost savings.

We're not selling. Waking up Christmas morning at dawn is, as the English lady living next door to me would say, is "lovely" and you don't have the insanity of WDW. Now we just need the vacation time to do it every year.

-Joe

 

[kel3420]

Unfortunately, we are going to be selling our Vero points, but decided this way before the last several hurricanes.

Now we are curious how this will affect the resale value.

 

[erikthewise]

Originally posted by Maistre Gracey
PS- As long as women wear bathing suits to the beach, there will be men wanting to have points there....

MG

And when women STOP wearing bathing suits to the beach?....:

 

[Maistre Gracey]

Originally posted by erikthewise
And when women STOP wearing bathing suits to the beach?....:

Good question!!! I guess the resale value will sky rocket!

MG

 

[spiceycat]

I think most of the people who would have gotten rid of VB have done so - VB was like OKW the only other resort where you could get the free tickets (but that stopped in 12/31/1999) - so lots of sales were for that.

I decided I didn't like the Atlantic ocean and brought a much cheaper timeshare elsewhere - when the AF went up. and I don't think I was the only one.

 

[mbhoxsie]

I don't envision us selling anytime in the near future...

If anything, I think the fact that the resort has made it through the eye of two hurricanes proves the sturdy construction of the buildings.

So far, the only significant damage from Frances was the boardwalk, part of Shutter's, and the Tiger Lily...

I haven't heard any damage reports from Jeanne yet, but did locate a post Jeanne picture here: http://www.ircgov.com/Graphics/Views/Jeanne/Image44.jpg

We love VB.... IMHO, there are risks no matter where you live or vacation... In Michigan, we have blackouts, blizzards, and tornados... In Washington state right now, they are talking about Mount St. Helens... California has earthquakes and the midwest has wildfires.

If you look at how many hurricanes have hit the Vero Beach area since the resort was built, I just don't see the risk outweighing the rewards of staying there.

 

[DebbieB]

Originally posted by kel3420
Unfortunately, we are going to be selling our Vero points, but decided this way before the last several hurricanes.

Now we are curious how this will affect the resale value.

That will be interesting to see how low DVC will go before ROFR. I wouldn't pay more than $60.

Regarding insurance deductibles, for wind it's usually 2%-5% of the total property value. So if they insure for $10,000,000, it would be $200,000 to $500,000 deductible (more likely the higher number since they are right on the coast). Another interesting situation is that the deductible is per occurrence. So if they were hit twice, they would have to pay the deductible again for the second storm damage. Then you get into what is first storm damage and what is second storm damage. Interesting situation for adjustors.

 

[Desperado]

I remember people complaining the beach was too narrow at Vero. I wonder if it is wider now, or the fast drop off prohibits that.

I believe last time we were down there was controversy over a beach reclaimation project.

Sad to see how hard the area was hit, especially knowing fellow DVCs live there.

 

[pumpkinboy]

Looks to me like the beach is even narrower now.

And if folks do start to sell off VB points, that could create a buying opportunity for those of us who have a sneaking suspicion that we've always wanted VB points for ourselves (like Bobbiwoz did until they bought this year). I keep flirting with the idea, knowing that we're probably going to be heading back once a year for the forseeable future (Hurricanes or no Hurricanes, darnit!).