OKW Share Holders - Want 15 more years?

[Ed]

Recent e-mail from the President of DVC to Cast Members:

Dear DVC Cast Family,

As we continue to celebrate “15 Years of Making Vacation Dreams Come True,” I’m pleased to announce an exciting opportunity for Members who call our original resort “home” to add 15 more magical years to their Membership.

In an historic move for our company, we’re preparing to provide Members at Disney’s Old Key West Resort the chance to extend their Disney Vacation Club Membership through January 2057. We’ll hold a special meeting of the Disney Vacation Club Condominium Association on September 24 to vote to extend the resort’s ground lease accordingly and, pending the outcome of that vote, we’ll formally present Members with this opportunity to extend their Membership term, or to decline by deeding their extension to Disney Vacation Development.

We anticipate that a significant number of our Members will take advantage of this unprecedented opportunity, as our Annual Condominium Survey clearly revealed their interest in doing so. As you know, Disney’s Old Key West Resort holds a special place in Members’ hearts, and we look forward to sharing this unique opportunity with our original Member family.

By extending the magic of Membership at our flagship resort, we’ll help families create new memories and pass on the legacy of Disney vacations to their loved ones for years to come. Your leadership team will be providing you with more details on this unique opportunity in coming days. Here’s to “15 More Years of Making Vacation Dreams Come True!”

[Maleficent's Dad]

Wow! This is very cool! (And surprising, I might add!)

I wonder if this will be a trend for the future. Although I don't own points at OKW, I think it's a very positive step for DVC to take.

Now, wondering how much those extra 15 years will cost...

[mprewitt]

One possible interpretation of this is that SSR is selling out, and the Jambo rooms at AKV are also selling out, and DVC might soon have nothing to sell. Since DVC is sitting on a big pile of OKW points, they can market them to new prospective members, as well as get some more cash from OKW members.

If they offer it for BWV, VWL, and BCV, I won't be interested, as I'll be too old anyway!

[scottgr]

This is very interesting. I wonder if this is there plan for the other resorts as the years pass by. :mickey:

[glar42]

Wow....this is interesting news. I will call OKW my "home" in about 4 weeks. Wonder if I will be given the same chance at extension....and at what cost?? We bought at this resort because of the size of rooms and the overall feel of the resort. At the time we really didn't ponder going to a resort with a later date because my children will be in there late 40's by that time. The cost of the extension will definately be a deciding factor for us.

Can't wait to close on my "new home" :mickey:

[Horizon93]

One possible interpretation of this is that SSR is selling out, and the Jambo rooms at AKV are also selling out, and DVC might soon have nothing to sell. Since DVC is sitting on a big pile of OKW points, they can market them to new prospective members, as well as get some more cash from OKW members.

If they offer it for BWV, VWL, and BCV, I won't be interested, as I'll be too old anyway!

This is a great point. Inventory could be getting very low. I imagine if they do this at OKW they will likely do this at the other 2042 expiring resorts.

This would also give Disney the opportunity to raise prices on add ons to match prices for AKV and any other new resorts. They might start using ROFR more frequently if they can sell the points with a 2057 expiration date after paying resale 2042 prices.

[hubbyofadisneyholic]

We are very curious to see what the pricing will be on the extension.
My wife and I won't be here to see 2057, but it would be nice to think that our daughter could be taking her grandchildren to OKW until she's 67...:yes:

[dlpmikki]

If this goes through there will obviously be an impact on resale values for those that do and don't extend.

As others have said the actual cost of extending will be crucial. Those who bought in early (like us) and paid around $51 a point won't want to pay a fortune to extend especially as we will all be getting on a bit by the current end of 2042 ;)

[vizsla]

I think it will be a cost issue for all members at OKW. By 2042 I will be in my 70's so I don't expect I would be able to go to WDW as much as I do now. If the cost is reasonable I would consider extending it and then transfer it to our DD when the time comes.

[SgtTigger]

One possible interpretation of this is that SSR is selling out, and the Jambo rooms at AKV are also selling out, and DVC might soon have nothing to sell. Since DVC is sitting on a big pile of OKW points, they can market them to new prospective members, as well as get some more cash from OKW members.

If they offer it for BWV, VWL, and BCV, I won't be interested, as I'll be too old anyway!

If I am not mistaken the new Contemporary is being built now right?????

Is that going to be DVC???????



:cop: :tigger:

[Horizon93]

If I am not mistaken the new Contemporary is being built now right?????

Is that going to be DVC???????



:cop: :tigger:

It might be. It may not. The post that you quoted may still be right anyway. Kidani is definitely being built but is two years away in terms of reservations. If CRV is a reality, that has to be three years away. If DVC is running out of Jambo and SSR, they need to sell something with a 2057 expiration that new owners can actually make a reservation there. there.

[minnie1956]

Just got the official letter today.
At a fee of $25/pt we can definitely pass on this "offer".

[lockedoutlogic]

Just got the official letter today.
At a fee of $25/pt we can definitely pass on this "offer".

that would be less than the going rate....

[SgtTigger]

Just got the official letter today.
At a fee of $25/pt we can definitely pass on this "offer".

Can you buy as many as you want or is it a set limit.....
Would love to add 100 points maybe.... to bad I dont own there......





:cop: :tigger:

[hubbyofadisneyholic]

Doesn't seem like a bargain to me.
At $25 to extend each point we already own for 15 more years it would cost us $6000 if I did my math right.
Too rich for my blood...:(

[MinnieMommie]

I think the option for OKW members to extend their membership another 15yrs is a very nice thing. My guess is that all the DVC resorts will eventually offer extensions to their members. :mickey:

[Speedy1998]

Sounds to me like DVC is hoping that people will extend there memberships and will them to their children and Grandchildren, ensuring the next generation spends most of their vacations at WDW too.

[mjstaceyuofm]

We go tthe letter today too. We own 230 pts and the prospect of another 15 yrs is very intriguing. I can't remember who said it above, but it has everything to do with our kids and *potential* grandkids. In 2042 DW and I will be 71 and 70 respectively. It'll be pretty funny seeing me tooling around the parks when I'm 85 or so if we add on the extra 15 yrs. Maybe we'll just do it as a goal to reach in our life and marriage..... :cloud9:

[lockedoutlogic]

Doesn't seem like a bargain to me.
At $25 to extend each point we already own for 15 more years it would cost us $6000 if I did my math right.
Too rich for my blood...:(


DVC never really was meant to be a "bargain"

It was meant to ensure repeat business for Disney...and to allow the customers to lock up their future stays at a predetermined captial expense...more or less.

Since the sales are going much faster than when they started in 1992....the point costs have risen with the demand....

This price is about on par with those increases...

[dlpmikki]

DVC never really was meant to be a "bargain"

It was meant to ensure repeat business for Disney...and to allow the customers to lock up their future stays at a predetermined captial expense...more or less.

Since the sales are going much faster than when they started in 1992....the point costs have risen with the demand....

This price is about on par with those increases...

Call me cynical but maybe Disney thinks they didn't get enough money out of those of us who bought back at the begining.......

[mjstaceyuofm]

Call me cynical but maybe Disney thinks they didn't get enough money out of those of us who bought back at the begining.......Not cynical at all. I thought the same thing myself, but judging from what the prices are nowadays for SSR and VAKL, this $25/point extension fee falls right in line with the pricing structure. I don't like it, but we'll probably do it. What's an extra $6,000? ;)

[lockedoutlogic]

Call me cynical but maybe Disney thinks they didn't get enough money out of those of us who bought back at the begining.......


I wouldn't call you cynical....

But just remember that what you have/ are paying for your DVC now is far less than those of us who bought in later....while the point values are actually decreasing in what you get as they change the nightly rates.

Plus there were things like capital discounts, free points, park annual passes, etc. thrown to many in the 1990s when DVC was more of an unknown commodity.

All I'm saying is that 25/point for roughly 1/3-1/4 of an entire contract length is pretty much on par with the 90-105 dollar ranges they are selling the new locations for now....

As far as whether or not Disney has gotten enough money out of you...that is a matter of perspective to the owners...but you know that there is never enough revenue for Disney.

Disney is a basically a retail company selling a variety of products at maximum profit possible. Just a business...not altruistic in any way.

It makes me cringe at times when I see/hear people make statements about what they charge not being "fair" (though I am not including you as one of those people...for the record). There is nothing "Fair" about it...it's retail, baby!!

[DVC2004]

Call me cynical but maybe Disney thinks they didn't get enough money out of those of us who bought back at the begining.......

I don't think the point of this offer is for DIsney to stick it to anyone. Many members over the years, including those who joined more recently, have not been thrilled with the fact the deeds reverts back to Disney within the dates while other timeshares are owned in perpetuity. To me, it appears Disney is responding to the concern and offering a deed extension based on the feedback of members.

As far as I understand this is an option and not a requirement, so those who wish not to extend thier deed need not. I think it's nice that Disney is offering this option to those who want to leave this to thier kids. Of course there is going to be a charge- this is not a non-for-profit organization. I joined later so my deed ends in 2054, but if I owned at OKW I would defnitely take advantage. The charge is less than it would be to purchase an add at a resort with a longer deed.

Just my :twocents:

[hubbyofadisneyholic]

DVC never really was meant to be a "bargain"

It was meant to ensure repeat business for Disney...and to allow the customers to lock up their future stays at a predetermined captial expense...more or less.

Since the sales are going much faster than when they started in 1992....the point costs have risen with the demand....

This price is about on par with those increases...


My "bargain" comment was directed at the tone of the letter. It seemed to me they were trying to get us excited by this wonderful offer they were making.
I don't think anyone is truly naive enough to expect actual bargains from Disney...;)

If we hadn't just bought 50 more pts last month and if we didn't have a daughter starting college next year perhaps our perspective would be different.

[lockedoutlogic]

My "bargain" comment was directed at the tone of the letter. It seemed to me they were trying to get us excited by this wonderful offer they were making.
I don't think anyone is truly naive enough to expect actual bargains from Disney...;)

If we hadn't just bought 50 more pts last month and if we didn't have a daughter starting college next year perhaps our perspective would be different.

gotcha...sorry for the wirecrossing....

You'll notice that all disney marketing materials attempt to instill a sense of value and that each thing offered is something that no one can do with out...it's amusing.

Kinda like when they continue to put in "Meet and Greet" locations and act like everyone will enjoy....where a very small percentage of the paying customers take advantage of that....

[Aurora]

It may not seem like a good deal for OKW owners who bought in the early years, but it certainly raises the value of the ownership for resale because of the added number of years on the contract.

And it also might even be worth it for the extra 15 reservation years, because the price is less per point than if you bought a new contract now from Disney, even with incentives. And it's about the same price with OKW resales.

This at least answers part of my question a few weeks ago about what Disney would do with the older resorts when their contracts expired. Looks like they're planning ahead.

[HOLITRIN]

I wonder if anyone knows the answer to this question. If the offer is extended to a current owner of OKW and they cannot take advantage at this time - can they do so in the future?

We're considering a DVC membership to the BWV and am assuming that this offer will be extended there also, but if it is, we won't be able to take advantage until we could come up with extra $$$. ;)

[hubbyofadisneyholic]

Just to stir things up a bit...

In a discussion of this subject on another Disney related site I saw several comments from people claiming that they had been told by sources at DVC that current owners will have a time frame where they will be able to get the extra yrs for $15/pt rather than the $25 mentioned in the letter we received.

While we all know not to put too much faith in rumors, especially when it comes to Disney, it does give us something ot think about. At $25 a point we will pass, at $15...hmmm maybe our daughter could go to a cheaper college...:silly: