DVC resale on Old Key West contracts expiring in 2042

[Orlando58]

As an international "newbie" to DVC I bought 200 points direct from Disney in March 2020 at Riviera Resort. We love Old Key West and are thinking of buying a second resale contract at OKW but noticed they all expire 2042. I get that the contract expires so we would only get 22 years but what happens to the actual resort in 2042? Are Disney going to start selling new contracts at OKW, or demolish the resort? I mean the resort will still physically be there (I hope) but just puzzled as to the future, or maybe the resort will cease to be a DVC resort and just become a normal Disney hotel resort.

Any ideas please?

Thanks

David
from Kent, UK

 

[erionm]

Back in 2007, the expiration date of OKW was extended to 1/31/2057. Owners were given the option to pay to extended their contracts from 2042 to 2057. Some did, many did not. If you purchase OKW direct from DVC now, it will expire in 2057.

 

[_auroraborealis_]

But a 2042 really does expire in 2042 when purchased resale.

Hard to say what happens in 2042 as Disney cannot tear down any of OKW because there are 2057 deeds for every building at this point.

The main thing to know as a 2042 deed holder is that it doesn't matter what Disney does at that time. Your 2042 contract will expire and you will not own any of OKW. Your OKW points will not be usable at any continuing DVC resort. They will be like chewed.up bubble gum you swallowed: Gone.

 

[Rm4OneMore]

When the contract extension was offered, was it also offered to resale contracts or just those who purchased directly?

 

[Ruttangel]

You can get 2057 OKW on resale, you just need to look out for them being listed as such.
I think Disney will probably offer another extension at some point but I can’t see it being generous at all. This is the only WDW 2042 site that I think will get an offer just because they can’t rebadge the resort as new and create a shiny new point chart to match.

 

[erionm]

When the contract extension was offered, was it also offered to resale contracts or just those who purchased directly?

It was offered to all OKW owners. The option to extend a 2042 contract is no longer available.

 

[Spinster Travel]

It remains a mystery as to what Disney is going to do with the resorts that expire in 2042, but OKW has some interesting "what-ifs" associated with it because of the 2057 extension. There is a lot of speculation, but at this point we just don't know. As was already stated, you can buy OKW direct from Disney and they will give you the 2057 expiration or you can find resale contracts that have the 2057 expiration as well. The 2057 resale contracts are a bit harder to find, but they do come up and most brokers to have one or two available at any given time. Good Luck!

 

[chalee94]

When the contract extension was offered, was it also offered to resale contracts or just those who purchased directly?

Back in those days, there was zero difference in any respect between direct owners and resale owners. None at all.

The cost was $25 per pt (temporarily reduced to $15 per pt) for points you couldn't use for 35 years. More discussion can be found here if you are curious:

https://www.disboards.com/threads/2042-expiration.3801259/page-3#post-61883503

 

[The Jackal]

Roughly 26-30% of the points have a 2057 expiration date. They can be found on the resale market and usually sell for about $8-$10 per point more than 2042 points do.

 

[Sandisw]

Just to add, from what I have read, when buying OKW with 2042, they make you, as the buyer, sign something agreeing to it ending in 2042.

 

[Orlando58]

Back in 2007, the expiration date of OKW was extended to 1/31/2057. Owners were given the option to pay to extended their contracts from 2042 to 2057. Some did, many did not. If you purchase OKW direct from DVC now, it will expire in 2057.

Many thanks Michael much appreciated.

 

[Orlando58]

But a 2042 really does expire in 2042 when purchased resale.

Hard to say what happens in 2042 as Disney cannot tear down any of OKW because there are 2057 deeds for every building at this point.

The main thing to know as a 2042 deed holder is that it doesn't matter what Disney does at that time. Your 2042 contract will expire and you will not own any of OKW. Your OKW points will not be usable at any continuing DVC resort. They will be like chewed.up bubble gum you swallowed: Gone.

Many thanks for the clarification. David

 

[Orlando58]

It remains a mystery as to what Disney is going to do with the resorts that expire in 2042, but OKW has some interesting "what-ifs" associated with it because of the 2057 extension. There is a lot of speculation, but at this point we just don't know. As was already stated, you can buy OKW direct from Disney and they will give you the 2057 expiration or you can find resale contracts that have the 2057 expiration as well. The 2057 resale contracts are a bit harder to find, but they do come up and most brokers to have one or two available at any given time. Good Luck!

Thank you too for your reply. Much appreciate the thought. David

 

[Deb & Bill]

When the contract extension was offered, was it also offered to resale contracts or just those who purchased directly?

They didn't treat resale differently from direct back then. Most of the OKW owners said NO. Why pay $15 a point (raised to $$20, then $25) now for 35 years in the future? We'll be long dead by then, so we said no. When DVC resold OKW contracts as direct sales, they automatically extended them to 2057. That should give you an idea of how many owners took the deal.