OKW DVC Lease Extended??

[DisneyPirate85]

I received this Today from the Time Share Store. Old Key West Lease is due to expire in 2042. Wonder if they'll option all the DVC's this way. Nice way to make little more money from current OKW owners, ESPECIALLY those that have there lease's paid off.:wave:

*This is from Disney:
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.

 

[Yanks07]

Not quite sure what to make of it. I guess I will stay tuned. DVC owner Wilderness Lodge & Beach Club

 

[DisneyPhD]

So far there are lots of questions and few answers. Here is a thread from a week or so ago. http://forums.wdwmagic.com/showthread.php?t=223192

 

[JWG]

There's usually very in depth and knowledgeable DVC discussion at disboards.com (sorry for the outside site reference).

They've been talking about this for quite awhile.
It would appear they're going to try and keep expiration dates similar.

I don't know how I'd feel about that - it adds 15 years to your lease and by then Old Key West is 65 years old - will the resort still be in good repair by then?

I guess the Disneyland hotel has stood the test of time, but they just don't build things the way they used to. I was of the impression after 50 years they may want to start over with new buildings, but that's obviously a high cost option.

 

[Imagineer Mitch]

Me and my whole family are thankful for this if it does get extended. We are vacation club members and my parents said it wouldn't matter to them by 2042 because they will be in heaven but i absoluetely love OKW and i would love to have my kids experience disney magic at that resort. So thank goodness!:sohappy:

 

[DisneyPirate85]

I don't know how I'd feel about that - it adds 15 years to your lease and by then Old Key West is 65 years old - will the resort still be in good repair by then?

Good point hadn't thought about it from that point of view?

 

[dizzney]

We have Braodwalk and I would be interested for my children so they can own the magic, it has to be cheaper than buying new, but they need to make the price reasonable considering when the leases currently expire anyway. A dollar a year would make sense.

 

[Brian Noble]

Take a look at the discussion over on www.tugbbs.com The short form: if you believe OKW and SSR are similar in demand, then the only main difference between them is the expiration dates. Right now, SSR resales are only about $8 more per point than OKW resales. That suggests that "longer" OKW resales would only be worth about that much more. You could quibble, as I think OKW is slightly preferable to SSR for location and unit size. So, maybe $10. The 64,000 question is what happens to "short" OKW resales. Objectively, they are worth no less than they are right now modulo depreciation, but subjectively, their value will go down even more.

Don't get sucked in to the "dollar a year" argument---that ignores the time value of money. Remember, the years you are paying for are FAR into the future, not present-value years.

 

[MeTa]

Yea we own at OKW and got that letter. I heard it is just because it was the first one. But I am sure for $$$ reasons they would extend everyones when they reach the same time frame.