Kaanapali Beach Club, Ocean View, Odd Years, Sold For $1.25 on Ebay

[tennisWalt Super Moderator Find all posts View Profile Close tennisWalt]

As an Owner at KBC, Ocean View, Odd Years, this makes me sick to think what I paid for the unit.

Is this happening because of the Maintenance Fee at the KBC?


Walt

Kaanapali Beach Club Timeshare MauiHawaii
Biennial Odd 1bed 1bath Weeks 1-52, Ocean View

Winning bid: US $1.25



Kaanapali Beach Club Timeshare MauiHawaii - eBay (item 390220394195 end time Jul-29-10 10:00:29 PDT)

[Laurie Senior Member Find all posts View Profile Close Laurie]

Here's another one to close tomorrow - have you thought of cost-averaging?

http://cgi.ebay.com/Kaanapali-Beach-...05566859286472

[wackymother Senior Member Find all posts View Profile Close wackymother]

As an Owner at KBC, Ocean View, Odd Years, this makes me sick to think what I paid for the unit.

Walt, really, try not to look at eBay auctions for resorts you own. It's just too depressing.

[ArtsieAng Super Moderator Find all posts View Profile Close ArtsieAng]

Walt, really, try not to look at eBay auctions for resorts you own. It's just too depressing.

I agree....No point in torturing yourself.

We're all seeing the value of our timeshares drop, unfortunately. I think it's just a sign of the times.

[djyamyam Senior Member Find all posts View Profile Close djyamyam]

As an Owner at KBC, Ocean View, Odd Years, this makes me sick to think what I paid for the unit.

Is this happening because of the Maintenance Fee at the KBC?


Walt

Kaanapali Beach Club Timeshare MauiHawaii
Biennial Odd 1bed 1bath Weeks 1-52, Ocean View

Winning bid: US $1.25



Kaanapali Beach Club Timeshare MauiHawaii - eBay (item 390220394195 end time Jul-29-10 10:00:29 PDT)

That's what I've seen for the last year, with some annuals going for that up to $150. The MFs are high as you can rent a private condo for that in just as nice a location and not have to worry about ownership on the island
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[winger Senior Member Find all posts View Profile Close winger]

... The MFs are high as you can rent a private condo for that in just as nice a location and not have to worry about ownership on the island
Posted via Mobile Device

The ironic thing, with the apparent mismanagement of resorts in general, the MF today will look CHEAP in a few years.

[odaddy Gold Contributor Find all posts View Profile Close odaddy]

The ironic thing, with the apparent mismanagement of resorts in general, the MF today will look CHEAP in a few years.

Sad but true.

[Carlos Senior Member Find all posts View Profile Close Carlos]

But They Tell Me It's Hard to Get In There...

I just left KBC. It was my first time at the resort and was there for a week. I did like the resort. In my opinion it is one of the nicer DRI resorts. I think The Point at Poipu is just as good if not better.

I went on an owner's update at of course the saleswoman tried to sell me on buying there. With 30,000 points there was no way I was going to let maintenance fees go any higher. I can barely afford what I have. I shared with her that I don't need any more points. However, she kept telling me how I would not be able to get in there in the future and how DRI has the right to first refusal, etc. etc.etc. I did not buy that because after all, there I was at KBC for a full week and had no problems booking it. In fact, the resort did not seem that full. For that matter, Maui in general did not seem to full. There were no long lines at restaurants or any attraction that I participated.

Anyhow, to see KBC going for less than bus fare and an ocean view at that makes me wonder why DRI did not use right of first refusal. Could it be that they cannot afford their own maintenance fees? I don't know whaat the answer is but something has to be done or all of us owners are going to be going to the poor house real soon and there will be no vacations for anyone.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

Anyhow, to see KBC going for less than bus fare and an ocean view at that makes me wonder why DRI did not use right of first refusal. Could it be that they cannot afford their own maintenance fees? I don't know whaat the answer is but something has to be done or all of us owners are going to be going to the poor house real soon and there will be no vacations for anyone.

You don't know that they did not (or will not) exercise the right of first refusal. They don't decide until after the deal is finalized and they are notified that the deal has been struck.

[PHILL12 Senior Member Find all posts View Profile Close PHILL12]

You don't know that they did not (or will not) exercise the right of first refusal. They don't decide until after the deal is finalized and they are notified that the deal has been struck.

You are right in the fact that if this resort has this right they would be out of their minds not to use it.

At this price it is a steal and might keep values higher for the resort. This is a larger name resort and doesn't need to see their prices cut because of one silly sale at a ridiculous price like this.

If I owned there I would hope the resort tries to keep the value up because so many people think if one unit sells at a price like this all timeshares should sell for this pricing.

PHILL12

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

You are right in the fact that if this resort has this right they would be out of their minds not to use it.

At this price it is a steal and might keep values higher for the resort. This is a larger name resort and doesn't need to see their prices cut because of one silly sale at a ridiculous price like this.

If I owned there I would hope the resort tries to keep the value up because so many people think if one unit sells at a price like this all timeshares should sell for this pricing.

PHILL12

I'm not sure how ROFR supports sales prices.

The unit presumably sold for $1.25, regardless of whether ROFR is exercised or not. so how did ROFR support the price for this transaction?

*******

I've never understood how ROFR maintains selling price. It's always seemed to me that ROFR drives away buyers - when a resort has ROFR there are buyers who simply have no interest wasting their time making offers that for sales that will probably won't be completed.

Color me stupid maybe, but unless there has been a fundamental change in the laws of economics anything that reduces demand necessarily reduces price.

*****

In this case, it's entirely possible (if not likely) that the price was this low because of ROFR. If there weren't knowledgeable buyers who had been driven away by the ROFR, perhaps some of them would have entered the bidding.

********

Suppose DRI exercises it's ROFR, so the winning bidder doesn't get the property. What happens in the next auction for a unit like this?

If you were that bidder, would you likely bid again knowing that the resort is simply going to buy it away from? Not likely you would even bother, right? This auction had two bidders and sold for $1.25, so the other bidder bid $1.25 maximum.

So now we've knocked out one bidder, and unless some new bidders enter that next auction has only that one bidder. Who wins the auction for $1. And if the process repeats now there are no buyers, so a unit won't even sell for $1. So how is ROFR supporting the price, when its primary effect is to drive away buyers?

[Jerry Udell Junior Member Find all posts View Profile Close Jerry Udell]

Does anyone know what happened to Bill Burns. I know he was ill. Hopefully he recovered.
I am interesting in knowing how to contact him
He had an email list of owners at the KBC. I am interesting in running for the Board. I am the Vice President on a HGVC Board. Time to hold the Board accountable for fee increases that end up in the developers pockets!
Thanks

[Kpaul Junior Member Find all posts View Profile Close Kpaul]

New websites for KBC owners and Poipu owners

I'm not sure if you are aware that two resorts managed by Diamond Resorts International, Poipu Point and Kaanapali Beach Club have formed websites designed to keep owners informed in an effort to gain enough support to regain control of the boards that make the decisions for these two resorts.

Http://kbcowners.com
CDOPP Home Page

Bill Burns was threatened by lawsuits by Diamond for his efforts to help the Kaanapali Beach Club owners while he was on the board. As most of you know he lost his wife and resigned due to health reasons. I think he is under a gag order from threats of a lawsuit from Diamond and unable to help us. Just my opinion.

You think selling the timeshare for $1.50 is upsetting? Try this one on:
Diamond is taking them back for FREE.... Not! They are actually charging the owner $250 to give it back to them. UNBELIEVABLE!

I wish I would have been on this board when the Ebay sale went through.
It's easy to contact the seller at that point and ask if DRI exercised it's first right of refusal. The First Right of Refusal clause, if exercised, is a good thing under normal conditions because it does keep values up. For an owner, you receive the same sales price regardless. But when these are sold at such a discount (thanks to high MFees), Diamond wins if the exercise the option because they throw it in their inventory or sell it. Regardless it goes in the Trust and the voting rights are given to the trust, not the new buyer.

Go to the websites that I listed above and get involved if you want any chance of protecting the value of your vacation in Paradise.