just a few resale ????'s

[loribell]

Okay, it is pretty well decided that we want to do a resale for either OKW or BWV. First of all, I have 4 children- ages 18, 16, 9 & almost 3. Can some of you give me some pro's and con's for each location? On one hand I'm thinking OKW sounds better for us. I kinda like it not being in the middle of things/noise that the BW would seem to have and I think the maintenance fees are cheaper per point. On the other hand BW sounds great for my older children being able to just go easily as they please.

Is the transportation similar between each? Would OKW with DD be better for the older kids or BW?

Also, what do I need to watch out for with a resale? What questions do I need to ask about points,fees, etc? If I buy a resale at one of these locations is it possible to add on points at the same location from Disney or will they be sold out also?

How do I go about making an offer? I just thought what they listed was what it would sell for. Do I need to use a local realtor to deal with the out of state realtor?

Thanks in advance for all the help. I'm ready to come home!!!!

 

[dbkelly]

You are correct with your analysis. BWV would be great for your older children, and OKW would be great for yourself and your 3 year old. I just bought at OKW because my children are still young and my husband and I liked the lower cost. If you want to keep the cost down, OKW is your better choice, but if you have restless teenagers I would opt for BWV. Also, OKW has a lot more room then BWV. I highly recommend Jaki at atimeshare.com. We just bought from her and she was wonderful. Give Jaki a call because she can help you make your choice between the properties.

 

[drusba]

As to buying a resale, you need only deal through the selling broker. Things to be aware of:

1. Price is usually negotiable. Most buyers will make an offer less than asking price.

2. Buyer pays closing costs (about $500) unless negotiated otherwise. In other words, you can also negotiate who pays closing costs. (With a Disney sale, Disney pays the costs.)

3. There will some kind of proration of dues at closing. Generally, annual dues become due in Jan of any given year; thus they are pre-paid for the year, although many are on a monthly payment program meaning they are prepaid each month for the year. Either way, at closing, all dues for the year will be settled (if the seller had been paying monthly an amount gets paid for what's left of the year to Disney). Thus, at closing there is a matter of who pays what for the annual dues. Sometimes, the buyer will pay all for the year, such as when he is getting a full compliment of points for the year (and possibly some banked points from the prior year). Other times, the seller may pay for the entire year, like when the contract has no current year's points. And other times the seller will pay a portion along with the buyer. The point is that how that proration is to be done is also negotiable. If you are getting a full compliment of current points for the year you may be more willing to pay the dues for the year; if you are not you should be less willing.

4. That leads to another major point with resales. What are you actually getting in points that can be currently used? It is very important to know the status of the sellers points. Often, you will find contracts with all points from the current year that can be used immediately and maybe even some banked points. But just as often you may find the seller has already used all his current year points and possibly even borrowed next years and used them. The former contract is more valuable than the latter and the difference effects both the price you may offer and whether you even want to make an offer. In the latter situation, you could be buying but not able to even go to WDW on points for over 2 years.

5. If you need financing, you will either need to do a home equity loan on your existing home or get financing through a lender for the sale. A home equity loan will have a rate less than Disney is offering. A lender who lends for timeshares will likely have a rate that is significantly higher than what Disney is offering. It is important to consider rates before buying. Many fail to realize that Disney's $75 a point price with loans at its rates is actually cheaper than buying resale at $65 a point but paying the higher rate of market tiemshare lenders. So before eliminating buying through Disney as an option, you need to calculate what you will be actually paying through resale if you are borrowing to do so.

You will get varying views on the resorts. As a BWV owner, I would recommend it. Its location is the best on site--you can walk to both Epcot and MGM (or boat to either; busses elsewhere); there are two dozen or more restaurants within walking distance; you have nightly BW activities. It also has a good pool with a large slide (a must for many kids). Also, the noise factor is a non-issue. Only 15% of the rooms are over the BW where nightly activity takes place and those remain quiet when the balcony doors are closed. Rooms that overlook the quiet pool are in about as quiet an area you could get anywhere including OKW. BW is a "hotel" like resort with hotel services (valet; room service, most things right in the building or right outside on the boardwalk. It is very popular with older kids and teens.

With your family size you would need a 2BR. Thus, in determining points to buy that should be considered. OKW does have much larger 1BR and 2BR units than BWV, the lower point cost (although standard view at BWV is not much different), lower dues, and a very nice, spread out, condo style, living atmosphere surrounding holes of a golf course. Its pool has no slide, and there is one restaurant. It does have boat access to DD, and thus Pleasure Island. Trips elswhere are by bus, and if you have a car you can park it right at the building you are staying in. To a great extent, the choice is one of personality--what kind of atmosphere do you prefer?

OKW and BWV are sold out and thus you will not be able to add on at either except (a) through another resale, or (b) when points becomes available through Disney because it has bought them by exercising its right of first refusal for a resale, and you should not count on that one happening except rarely.

 

[Ralph&Pam]

You will get many opinions regarding the best choice for your family between OKW and BWV. As a BWV owner, I admit to having some bias toward my particular choice, but your circumstances are very different from ours, so YMMV.

In any case, I would say BWV provides a "luxury hotel with some added features" in the studios or "apartment condominium" in the 1-, 2-, and 3-BR units with a location in the middle of the BW entertainment area. Valet parking is available, room service is available, but other food service choices are those on the BW or at other nearby resorts (Y&BC, Swan, Dolphin are all easy walks) and Epcot (a 5 or 10 minute walk). OKW units are more "townhouse apartment" style, one floor units in free-standing multi-storied building each with nearby parking and scattered about a large site around a golf course with bus stops and pools within walking distance. From BWV, you walk or take a short boat ride to Epcot and MGM and bus (or drive yourself) to MK, AK, DD, and the waterparks. From OKW, you walk or take a short boat ride to DD and bus (or drive yourself) to the rest. We really like being on the BW and close to Epcot (our favorite park) and MGM. We do little or no cooking in the room, fixing only simple breakfasts and leftovers, so being close to a lot of nice restaurants is a big plus to us.

Per night point cost for OKW are lower than those for preferred view BWV units (preferred view are about 80% of available units at BWV), and annual dues are lower as well, so your points go further at OKW than at BWV. However, if you use the 11-month window to reserve standard view at BWV, you can reduce the per night point cost difference significantly (although no grand villas are available in standard view so this does not apply to 3-BR villas).

Regarding resale purchasing: we purchased at BWV via resale. Once a DVC member, your are treated exactly the same as if you were the original purchaser. In fact, our membership cards have the original date of purchase of the contract we bought, not the resale date. Both OKW and BWV are sold out and both first-time and add-on purchasers at either location are competing in the resale market. Right now, it appears that there is somewhat better availability of OKW resales compared to BWV, but the market fluctuates. One good plan is to decide how many points you want and where you want to buy and then contact one or both of the resale agents frequently mentioned here to get an agent to start looking for something which matches your purchase parameters. It seems that a good number of resale listings never make it to the agency web sites because there are buyers waiting who make offers as soon as something becomes available. In any case, resales are subject to negotiation. Price is an obvious consideration, but you can also negotiate closing costs and who pays current year dues. Our closing costs on a 220 point contract were $475, which I believe to be typical. Also to be considered in evaluating a resale offering is the number of banked and/or borrowed points which might be available and your ability to then use or bank any points which might otherwise expire during the year of purchase. We ended up paying annual dues on those points we would have the use of during the purchase year with the sellers paying dues on points that had been borrowed and used by them. Our original offer had the sellers paying all current year dues, but the sellers balked at this and we were buying a BWV contract at a time when the market for such was very tight. Another factor in resale purchase is how you finance the purchase. We paid cash, so this was not an issue for us, but if I had financed I would have used my home equity line of credit so interest would be tax deductable. Interest rates available through the resale brokers tend to be much higher than home equity lines and may not be tax deductable. For some buyers, the ready availability of financing from Disney is a factor which makes buying at VWL preferable to a resale at OKW or BWV.

We did not find that we needed our own (buyers') agent in making a purchase offer on the resale we bought. Both of the resale agencies we contacted appeared to be reliable and trustworthy and we would certainly do it the same way again.

Good luck with your buying decision. Keep the questions coming.

Ralph

 

[Laurajean1014]

I own both (OKW and BWV). My families preference is OKW! It has a home feel and is (way less) crowded. We do enjoy BWV, but understand that (in a one bedroom) you compromise space and detail for location. (OKW 1-bed has a 2-3 person jacuzzi, BWV has a tub like jacuzzi). BWV, offers a great lake view and do run higher in points/maintenance.

My preference is OKW -

Enjoy on whatever your decision!

L