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Old 08-27-2013, 01:37 PM   #16
fflmaster
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I have to say I was curious as well on this foreclosure idea.

I can't find one time that DVD didn't buy back. Can anyone find any outside buyers that win any of the bids?
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Old 08-27-2013, 01:44 PM   #17
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I have to say I was curious as well on this foreclosure idea.

I can't find one time that DVD didn't buy back. Can anyone find any outside buyers that win any of the bids?
How much are they paying to buy them back?

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Old 08-27-2013, 01:52 PM   #18
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Almost all that I can find were purchased by Tom Yeary, owner of the Timeshare Store, and the last one was in 2008.

On the Orange County web site, search for deeds where the grantor is "ORANGE", put "-DISNEY" for "both parties" and set that to "wildcard search" and then on the second page of criteria put "DISNEY" in the legal remarks field. Then uncheck the "Uncheck to search specific document types" box and select "Deed" as the document type.

I get 98 hits. Some are clearly misfiled, and are not a Disney property at all. A bunch went to Thomas Yeary. Some went to Palm Financial, which is Disney's financing arm. Some went to Baker and Hostetler, which is Disney's law firm. There are a couple where it was bought back by the people who owned it originally. That's about it. There might be one or two others where someone else bought the property.

I would guess in a lot of these cases, there is money owed on the property that is worth more than the property itself, so the only entity interested in bidding on it is Disney. Those are the ones that are transferred for the minimum price to Disney or Palm Financial. The ones where the property is worth something, I would guess there are a few people who are willing to bid it up until it hits a reasonable resale value, and then Disney overbids and takes it.

It's almost always going to be worth more to Disney than to a reseller, so I doubt there are any screaming deals to be had. If there were, Tom Yeary or someone else would be snapping them up.
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Old 08-28-2013, 10:41 AM   #19
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I was curious so I took a look at the web site and found a BLT contract that looked like it might be a good deal, but I am not sure. It said that the unit number was 22A and the ownership interest was 0.5092%. So the big question is how many points is that? I figure the A probably means it is part of a lock off, but is it the one bedroom or the studio? Is it a standard view or a theme park view? Is there any way to know?
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Old 08-28-2013, 11:04 AM   #20
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The unit number on the deed means nothing. It's just a formality that has to go into the deed to show that you are a fractional owner of an actual physical property. The percentage is more important. Not sure exactly how many points that percentage is but for reference, we own 300 points at BLT and our deed states we have a 0.8578% interest.
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Old 08-28-2013, 12:35 PM   #21
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I was curious so I took a look at the web site and found a BLT contract that looked like it might be a good deal, but I am not sure. It said that the unit number was 22A and the ownership interest was 0.5092%. So the big question is how many points is that? I figure the A probably means it is part of a lock off, but is it the one bedroom or the studio? Is it a standard view or a theme park view? Is there any way to know?
You can find the Unit information by looking up the floor plans for the resort on the Orange Country Comptroller's website. Someone here has probably done that for the Units at BLT and could tell you about Unit 22A. However, you would need to know the total points assigned to that Unit and then multiply that by 0.5092% to get the number of points in that contract.

Units can vary in size. For example, at AKV a Unit could be as small as 3 studios or as large as two 2BR lockoffs or a GV. As far as the "A" on the Unit number, some Units have just a number, some have a number with an "A" on the end. There is nothing significant I can see about the AKV Units ending in "A" other than that they are adjacent to Units with the same number without the "A". Just a guess but since all of the Units with an "A" on the end are in the first parts of the resort to be declared, it's possible they split up some Units so they could offer points for all Use Years while still holding down the total number of points in the initial declarations. This is for AKV/Jambo House however. I have no idea about the assignment of Unit numbers at BLT.

The only time your Unit number would matter is if part of a resort was damaged due to a fire, hurricane or other disaster and Disney opted not to rebuild that section. Those members who owned a piece of the damaged Units would receive any insurance proceeds and would no longer be owners at that resort unless they owned other contracts there in areas that remained open.
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Old 08-28-2013, 01:06 PM   #22
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I was curious so I took a look at the web site and found a BLT contract that looked like it might be a good deal, but I am not sure. It said that the unit number was 22A and the ownership interest was 0.5092%. So the big question is how many points is that? I figure the A probably means it is part of a lock off, but is it the one bedroom or the studio? Is it a standard view or a theme park view? Is there any way to know?
Which web site? The Orange County Comptroller's? Or is there a web site listing deeds that are coming up for auction?

A "Unit" in DVC deeds is an arbitrary chunk of rooms that is a convenience for complying with Florida timeshare laws. Units vary in the number of points, though often there are only a handful of sizes. For BLT, most of the units have a total 19,640 or 39,280 points. Unit 22A is one of the 39,280-point units, so 0.5092% of it is 200 points. Each unit has a single use year assigned to it, and 22A's is February.

The "A" is meaningless, as far as I can tell. Some resorts have just numbers, some have numbers and letters, some have numbers and letters for some units and numbers for other units.
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Old 08-28-2013, 05:34 PM   #23
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Which web site? A "Unit" in DVC deeds is an arbitrary chunk of rooms that is a convenience for complying with Florida timeshare laws. Units vary in the number of points, though often there are only a handful of sizes. For BLT, most of the units have a total 19,640 or 39,280 points. Unit 22A is one of the 39,280-point units, so 0.5092% of it is 200 points. Each unit has a single use year assigned to it, and 22A's is February..
Could you please tell me where to find this information and for other DVC resorts as well.
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Old 08-28-2013, 11:48 PM   #24
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Could you please tell me where to find this information and for other DVC resorts as well.
I don't think it's available in any convenient form online. You just have to reverse-engineer it from recorded deeds. Sometimes you have to check multiple deeds to figure out the exact amount a particular unit has, but you don't actually need to calculate the exact amount for a unit in order to get a good approximation of the number of points for a unit. And the use year is right there in all the deeds from Disney.

For example, to see what 22A of BLT is, just search the OC comptroller's site for "Bay Lake Tower" in the legal description, "Disney" as the grantor, and "22A" in the Unit field, and you'll see a ton of deeds. Open up one of them and it'll show the percentage, how many points that deed is worth, and its use year. A little math and you can figure out the equivalent amounts for a different deed with a different percentage of that unit.

In fact the first deed recorded for 22A is a 200-point deed, so that particular one is pretty easy.
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