ROFR Thread October to December 2023 *PLEASE SEE FIRST POST FOR INSTRUCTIONS & FORMATTING TOOL*

[Galactic Reversal]

I just think it’s on the low end, even if stripped. But then again I don’t use the $10/pt reduction that some do when deciding.

I mean if you are going a 37 year contract, how can one year be worth $10/pt? And yes, I know people see it as the rental minus dues..but still.

The power of compound interest. By my calculations a stripped BLT contract should actually be about $22/pt less than one with 2024 points in a rational market.

 

[kneely58]

It looks like they paid the 24 dues so I assume they are getting February 2024 points.

Just went back and looked and the Grantee (purchaser) paid the 2024 dues.


And if you add $10 to get to $128 it is still about $8 dollars a point lower than average.

The deed says that the buyer assumes the 2024 dues, which means they will have to pay those to Disney when due. However, it does not mean that it wasn't stripped and they didn't receive a credit from the Seller for those dues at closing.

 

[WillRad]

WillRad---$118.75-$19815-160-BLT-Feb-0/23, 160/24, 160/25-Seller pays MF ‘23- sent 11/1, passed 11/15

Maybe relevant to some earlier posts

 

[DanCali]

The power of compound interest. By my calculations a stripped BLT contract should actually be about $22/pt less than one with 2024 points in a rational market.

By that same logic would you pay an extra $22/pt for a fully loaded contract that has banked 2023 points?

 

[Jlo85]

I just checked the records, and it looks like Disney may have ROFR'd an AKV contract on 10/11. 200 pts at $100/pt.

4 other contracts at VGF were bought back. I didn't check if they were ROFR or surrenders. It appears that Disney is offering surrendered contracts for VGF $115/pt. I doubt AKV is $100/pt surrender since we've seen quite a few ROFRs lower than that...

 

[Galactic Reversal]

By that same logic would you pay an extra $22/pt for a fully loaded contract that has banked 2023 points?

Depending on the use year and when you use the extra points it would be (almost) financially equivalent yes. Would I pay it...no because the market isn't perfectly rational and I could get it cheaper.

 

[Jlo85]

The power of compound interest. By my calculations a stripped BLT contract should actually be about $22/pt less than one with 2024 points in a rational market.

I was curious about this since I recently bought a fully stripped BLT contract at $120/point before all the dues credits. I use Profitability Index for my comparisons, so I plugged in the options, and this was the equivalent I found:

Resort	Status	Price
Bay Lake Tower	Fully Stripped	$120
Bay Lake Tower	Semi-Stripped (Points available next use year)	$128
Bay Lake Tower	Standard (Points available this use year)	$133
Bay Lake Tower	Loaded (2x points available this use year)	$141

These seem pretty in-line with prices on the market from what I can tell.

 

[jrieder]

Am

kim5726---$85-$15607-160-SSR-Jun-0/22, 160/23, 160/24, 160/25- sent 10/16, passed 11/1

How did u score such a good deal?

kim5726---$85-$15607-160-SSR-Jun-0/22, 160/23, 160/24, 160/25- sent 10/16, passed 11/1

Excited to get some more points soon!

 

[HyperspaceMountainPilot]

I was curious about this since I recently bought a fully stripped BLT contract at $120/point before all the dues credits. I use Profitability Index for my comparisons, so I plugged in the options, and this was the equivalent I found:

Resort	Status	Price
Bay Lake Tower	Fully Stripped	$120
Bay Lake Tower	Semi-Stripped (Points available next use year)	$128
Bay Lake Tower	Standard (Points available this use year)	$133
Bay Lake Tower	Loaded (2x points available this use year)	$141

These seem pretty in-line with prices on the market from what I can tell.

They look correct based on market pricing — but if you would actually use all the points in the current year whether or not you get them (I.e. you’d pay cash rates or rent points) you come out ridiculously far ahead on a loaded contract and far behind on fully stripped.

 

[Galactic Reversal]

I was curious about this since I recently bought a fully stripped BLT contract at $120/point before all the dues credits. I use Profitability Index for my comparisons, so I plugged in the options, and this was the equivalent I found:

Resort	Status	Price
Bay Lake Tower	Fully Stripped	$120
Bay Lake Tower	Semi-Stripped (Points available next use year)	$128
Bay Lake Tower	Standard (Points available this use year)	$133
Bay Lake Tower	Loaded (2x points available this use year)	$141

These seem pretty in-line with prices on the market from what I can tell.

Interesting, with the points being the "revenue" cash flows? You must've made an assumption about the value of a point then?

 

[winnieforme]

I just checked the records, and it looks like Disney may have ROFR'd an AKV contract on 10/11. 200 pts at $100/pt.

4 other contracts at VGF were bought back. I didn't check if they were ROFR or surrenders. It appears that Disney is offering surrendered contracts for VGF $115/pt. I doubt AKV is $100/pt surrender since we've seen quite a few ROFRs lower than that...

HI , where are you checking for the ROFR'S?

 

[AwfulWaffle]

where are you checking for the ROFR'S

likely Orange county's website.

 

[DanCali]

HI , where are you checking for the ROFR'S?

It's not necessarily screening ROFRs per se, but you can search on the Orange County website for filings where DVD is the "grantee" and then screen only for deeds (otherwise you get all the buyer mortgages too). This will also include foreclosures and potentially other non-ROFR filings, but if you look at the actual filings you can get a pretty good idea. That AKV deed (dates 10/11, filed on 10/30) just looks like an ordinary deed you'd get from Disney as a buyer, except Disney is the buyer. OTOH, there is a 60-pt Poly foreclosure filed on 10/5 that has this stamp in the deed, and it looks totally different:

 

[AwfulWaffle]

Still waiting on my last and final so maybe next week!
AwfulWaffle---$100-$8240-75-SSR-Dec-0/22, 150/23, 75/24, 75/25- sent 10/25, passed ?
Seller to pay '23 dues and Buyer to pay '24 dues.

 

[station]

station---$240-$25684-100-VGC-Jun-100/23, 200/24, 100/25- sent 11/3

 

[Disfamwa]

station---$240-$25684-100-VGC-Jun-100/23, 200/24, 100/25- sent 11/3

This is a fabulous deal!

 

[AwfulWaffle]

station---$240-$25684-100-VGC-Jun-100/23, 200/24, 100/25- sent 11/3

Love it. Wish I could justify some GCV points but we just don’t get out west enough. Enjoy mate!

 

[jkips]

jkips---$130-$47809-360-PVB-Oct-0/22, 720/23, 360/24, 360/25- sent 10/20, passed 11/3

seller not getting reimbursed for 2023 MFs....just passed today!

 

[DanCali]

jkips---$130-$47809-360-PVB-Oct-0/22, 720/23, 360/24, 360/25- sent 10/20, passed 11/3

seller not getting reimbursed for 2023 MFs....just passed today!

That's a jackpot if Poly2 is in the same association.

 

[jkips]

That's a jackpot if Poly2 is in the same association.

I’ve got a definite root on!