Monthly ROFR Data - UPDATED 05/07/2013

[wdrl]

UPDATED 05/07/2013 -- I have updated the ROFR chart to include data for April 2013. See Post #279.




Whenever Disney reacquires points from DVC members, a deed is recorded with the Orange County Comptroller (OCC). The deed shows Disney Vacation Development as the Grantee and describes the real estate interest being conveyed. The deed shows the name of the DVC resort, the Unit number, and the percentage of the Unit represented by the real estate interest. With this description, it is easy to determine the number of points representing the real estate interest. There are four types of deeds with DVD as the Grantee that commonly appear on the OCC database:

1. Certificates of Title -- A Circuit Court order documenting the sale of the real estate interest to DVD;
   
2. Warranty Deed In Lieu of Foreclosure -- A DVD form used when a DVC member conveys their real estate interest to DVD instead of going through foreclosure;
   
3. Quitclaim Deed -- A DVD form used by OKW owners when foregoing their ownership interest after January 31, 2042; and
   
4. Warranty Deed -- A DVD form used to convey ownership from a DVC member to DVD.

It appears that this last type, the warranty deed, is the document used by DVD when it exercises it Right of First Refusal (ROFR). It is also possible that the warranty deed could also be used when a DVC member sells their real estate interest directly to DVD. However, for the purpose of this thread I assume all warranty deeds with DVD as the Grantee are due to Disney exercising ROFR on a pending sale.

** October 8, 2010 -- The chart below has been updated to show all ROFR warranty deeds recorded at OCC for June, July, August, and September 2010. See Post #58 for more information




Several disboard members believe that BCV is the only resort currently being ROFRed. Thus, it is not surprising that 48 of the 53 warranty deeds are for BCV. It also appears that Disney is not exercising ROFR as frequently as in the past. I randomly looked at deeds recorded in June 2007 and saw that Disney ROFRed 51 deeds in that month.

Hopefully, this data complements the detailed information collected by Donald is #1 on her excellent thread about ROFR on the Operations board (see http://www.disboards.com/showthread.php?t=1960185). That thread has very useful information on deeds that have not passed ROFR, such as the price per point and other acquisition costs. However, its difficult to match up specific records between that thread and this thread because a warranty deed may not be recorded at OCC for several weeks after the ROFR action has been exercised, and Donald is #1 is dependent on disboard members posting to that thread.

When reviewing the data, there are some caveats that must be remembered. First, I manually collected the data from reviewing OCC records and I could have made errors in compiling the data; second, OCC records are accurate, but data retrieval is not 100% accurate. If a record is not labeled as a 'deed' or if the Grantee is not labeled as being DVD, then it would not be included in the data; and third, I am assuming a warranty deed represents a ROFR action when, in fact, it only means that a DVC member has sold his or her points back to Disney. As my wife pointed out to me, the actual title of my chart should be "Warranty Deeds Recorded at OCC For DVC Resorts located at WDW For the Calendar Month That Have DVD as the Grantee." But doesn't "Summary of ROFR Related Deeds" sound better?

In collecting this information, it became obvious that DVD reacquires many more points through foreclosures and Court actions than through the ROFR process. There are far more Certificates of Title and Warranty Deeds in Lieu of Foreclosure that are recorded each month.

I intend to update this chart each month.

[lilpooh108]

Thank you for compiling this information. As always, your posts are amazing and such fun to read

[lilpooh108]

Oooh quick question. Couldn't you tell (based on the cover page which is recorded) the transfer tax. By knowing the transfer tax, wouldn't we be able to figure out the price Disney bought the deed back at?

That would be really great to know!

[skelfbsfb]

Very interesing post, hope we manage to pass ROFR. Still awaiting news.

[WebmasterDoc]

Thanks for taking the time to mine and compile this information. Very interesting!

I'm not surprised that DVC has more foreclosures than ROFR at this point in time. There are a number of members who, for a variety of reasons, simply stop making mortgage payments and/or paying annual fees.

Great summary!

[bobbiwoz]

This is interesting, thank you. So, does this mean that there's still a market for BCV at the price that Disney asks? I've only bought BCV from Disney because it just seemed easier and it would come with all points. However, at the present price, which I'm not sure of, (does anyone know?) I think I would take a chance a resale.

Bobbi

[wdrl]

Originally Posted by lilpooh108

Oooh quick question. Couldn't you tell (based on the cover page which is recorded) the transfer tax. By knowing the transfer tax, wouldn't we be able to figure out the price Disney bought the deed back at?

That would be really great to know!

Yes, there may be a way to figure out the price Disney paid for the ROFRed deed, and it might be easier than using the transfer tax. I forgot that when you click on a record on the OCC database, it brings up a second window that displays the "Sale/Consideration" amount. Based on a handful of the ROFRed deeds for July, it appears the Sale/Consideration amount yields a point cost of $60 to $84. But I'll double check these numbers and post back when I have time.

[mouseaider]

Yes.... thanks for your heard work on this.

Before I offered to buy my resale for BWV, I spoke with my guide at Disney and asked very specifically about buying BCV from Disney and I was told there wasn't any available. That was a little over two weeks ago.

I wonder why ?

[DenLo]

Originally Posted by mouseaider

Yes.... thanks for your heard work on this.

Before I offered to buy my resale for BWV, I spoke with my guide at Disney and asked very specifically about buying BCV from Disney and I was told there wasn't any available. That was a little over two weeks ago.

I wonder why ?

Perhaps the ROFRd contracts are being obtained for people that have committed to buy points and those members are on a waiting list for BCV points. Also if you want a specific use year, they could be out of that use year but have other months available.

[bobbiwoz]

Originally Posted by mouseaider

Yes.... thanks for your heard work on this.

Before I offered to buy my resale for BWV, I spoke with my guide at Disney and asked very specifically about buying BCV from Disney and I was told there wasn't any available. That was a little over two weeks ago.

I wonder why ?

3 years ago, we wanted to buy BCV points and we needed to go on a waitlist with our guide. There had been a thread on this board with people waiting for BCV points and how long they had to wait for their particular UY. I know that I never had to wait more than a month. In the end, I acquired 160 BCV points that way, from our guide via a waitlist. If you want BCV see if there is a waitlist to go on.

Bobbi

[skelfbsfb]

Originally Posted by bobbiwoz

This is interesting, thank you. So, does this mean that there's still a market for BCV at the price that Disney asks? I've only bought BCV from Disney because it just seemed easier and it would come with all points. However, at the present price, which I'm not sure of, (does anyone know?) I think I would take a chance a resale.

Bobbi

The Resale pricesIve seen lately for BCV are priced around $80-$90 per point.

[JimMIA]

Wow, 335 foreclosures (or equivalent) in two months is a LOT.

Especially when you realize that DVC sold most of their financing deals in the secondary market until it dried up a year or two ago. They really should not be holding that many mortgages...at least theoretically unless they had some recourse agreements.

[JimMIA]

Originally Posted by skelfbsfb

The Resale pricesIve seen lately for BCV are priced around $80-$90 per point.

And the DVC direct price is $115. At the lower end of resale, that's a $35 gross for DVC...or about a 44% markup. That's not net, of course...but still.

[PSC]

Great thread - looking forward to seeing a year's worth of trending information.

[work2play]

Love your thread. Very interesting. Watching the resale thread it did look like DVC wanted to buy back more BCV points. I am guessing that you will not see an option to extend the DVC memberships like they did at OKW..