Question about buy back my timeshare

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

It could also give DRI complete control of the HOA/BOD and allow them to do what they want without owner imput if they so choose. It would streamline the decision making process.

It will give the Trust control, it has its on board of five, of which one is an owner now and supposedly Diamond will vote another owner onto the board next year leaving it 3:2 in favor of the developer.

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

From what I can tell here and there, if you've called them at 888-250-6135 or emailed them at devbuyback@diamondresorts.com it is completely legit. They seem to be buying at round about 25% of the cost of NEW points. Gotta remember that the marketing cost for them on the NEW points is tremendous.

I've often wondered why more developers don't do this. It provides an exit strategy for current owners at a price that is probably more than the owner would get in the open market. Given the increases in pricing for new points, often the buyback price will be a reasonable fraction of the price at which the points were originally bought if the ownership is more than five or ten years old. There's got to be some PR value from that.

The price of those points - at 25% of new sale price - must be less than the cost of creating points by building or acquiring new projects.

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

Are there any other phone numbers for Diamond's buyback other than 888-250-6135?

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

Are there any other phone numbers for Diamond's buyback other than 888-250-6135?

Don't know... that one works!

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

DRI buyback offer

I also just got contacted by DRI, offering to buyback my 2 bedroom suite at Polo. Although the offer is about 1/4 of what I paid, i might take it. From what Ive been hearing, maintence fees are headed higher and if construction ever would occur in front of the building blocking the view, the unit would be useless. The offer is only good for 14 days. I spoke with Debra and she has stated that the offers have been going downhill since march 2008 and will cont to go downward. The only bad thing about the offer is once the paperwork is received back to DRI you give up all unused time. I plan and expect to take a loss either way, but was told by my tax advisor that I can write off the loss each year, up to 3000$.

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

do you mind sharing exactly what the offer was?

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

I sold back my Vegas TS to Diamond for almost what I paid for it (on barter!) 2 years before. If you want out, you'll have your $$ in about a month. I was skeptical at 1st but this board helped me with my cajones to do it. Good luck.

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

I plan and expect to take a loss either way, but was told by my tax advisor that I can write off the loss each year, up to 3000$.

Your tax adviser is wrong, wrong, wrong. You can't depreciate personal property, and your timeshare is personal property; that would be like buying a pressure washer, using it for a couple of years, then selling it on Craigslist and taking a deduction for the loss.

It would be extremely unusual if your timeshare met the rules to qualify as a second home or other depreciable form or real estate; your tax adviser is apparently not familiar with the rules and is giving you advice without doing proper research. IMHO, you should consider finding a new tax adviser.

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

That is ALWAYS an ulterior motive. That is essentially what they're doing at any resort in the 'Trust,' even though the Trustee is supposed to act in the interest of the owners of the Trust.... who is the one biggest owner in the Trust?

I don't know how the Mainland Trust is set up. This from the description of voting rights for the Hawaii Trust:

Initially there are two classes of members. The "Class A Members" consist of all Members other than the Developer. They have one vote for every point owned. The Developer and its Appointees are the "Class B Members." The Class B Members have three votes per Point. If, as of July 1st of any year, the Developers Points are less than twenty percent of the total Points, then the Class B Memberships shall cease and be converted to Class A Memberships. From then on, all Members, including the Developer and all Appointees, will have one vote per Point owned.

So that pretty much assures that DRI will control what happens in the Trust. They have absolute control as long as they own more than 25% of the Points in the Trust.

Note also that should their holdings in the Trust begin to get close to 20% they have a strong incentive to start acquiring resales to add to the Trust to bolster their ownership. Unless they simply reserve about 20% or 25% of Points that they keep and don't sell, DRI will have incentive to participate in the resale market as a resort sells out to be able to ensure control of the Trust.

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

5000, good until sept 4th. I just would hate to hold on to this and then for them to build in front. What a view that would be.
Joey

[JustLooking4TheBeach Junior Member Find all posts View Profile Close JustLooking4TheBeach]

Are there any other phone numbers for Diamond's buyback other than 888-250-6135?

I am getting a fast busy signal. Does anyone have a different number?

[dougp26364 Senior Member Find all posts View Profile Close dougp26364]

I am getting a fast busy signal. Does anyone have a different number?

I would say the buy back program is dead at this point. I had an offer to buy both our units back that I had accepted. Now the phone number isn't working and no one answers my E-mails. As it's the end of the year and one must plan on what to do about paying MF's and using their timeshares, it would have been nice if DRI would inform owners of their intentions. As a last resort I have E-mailed S. Cloobeck directly. I prefer not to do that with petty requests for information but there seems to be very few avenue's available for communication.

For now, If I don't hear from them in the next week I'll plan on using some of my points to deposit with I.I. and convert the remaining points I don't need to lower our MF's. I'll still end up with two 2 bedroom exchanges and MF's that are more in line with what they should be for this property.