home News forums Reviews Trade links

Go Back   The DVC Boards at MouseOwners.com - the place to talk DVC and Walt Disney World > VACATION CLUB RESOURCES > Questions about Buying and Selling DVC
 Register FAQ Calendar Search Today's Posts Mark Forums Read

 Notices

Reply
 
Thread Tools Display Modes

Old 03-25-2020, 05:26 AM   #51
tomandrobin
DVC Board Guide
 
tomandrobin's Avatar
 
Join Date: Aug 2007
Location: Maryland
Posts: 36,082
Default

Quote:
Originally Posted by Pjferry View Post
Lol..good advice Tom. Patience is a virtue..for now we watch.. I did see some SSR for high 80s low 90s..but at this point I'm waiting for poly..What makes me sad is Reflections is now on hold I assume..I was really interested in that..but the bottom line is the health of this country. I would rather not even be having this conversation..

Reflections will move forward.
__________________
Love, Faith and Pixie dust!
tomandrobin is online now   Reply With Quote
Old 03-25-2020, 05:28 AM   #52
tomandrobin
DVC Board Guide
 
tomandrobin's Avatar
 
Join Date: Aug 2007
Location: Maryland
Posts: 36,082
Default

Quote:
Originally Posted by zafiro View Post
I really think that this is going to be a very temporary opportunity to buy resale at lower than recent average prices. Now is the time to make some bold offers for those who are actively accumulating - the panic level is high and I'm assuming the ROFR focus will be on the back burner until the economy settles upward. Make your offers now...don't wait and don't be timid!

I think that the sell period will not be like the great recession, shorter. But I do think that between this virus situation, the recession that will follow and the changes that are coming.....you will see people changing their reavel habits.
__________________
Love, Faith and Pixie dust!
tomandrobin is online now   Reply With Quote
Old 03-25-2020, 10:03 AM   #53
5 Mouseketeers
One Bedroom
 
Join Date: Apr 2013
Location: Annapolis, Maryland
Posts: 285
Default

Quote:
Originally Posted by zafiro View Post
ACK! Don't know your financial advisor, but:

1. NEVER take out a Home Equity Loan to save your business! Certainly take out the gov't backed loan first - even with an interest rate that is slightly higher. That would be putting too much risk on your own family!

2. DON'T cash in your 401K now because the tax penalties alone would make this the least favorable option to you and your family. You can't ever make up retirement money, and you'll miss out on the rebound of the stocks in which the 401K is invested. You'll be selling into huge losses - cementing your take out at about the lowest point possible - that combined with the penalties would create a hole that would not be recoverable for someone older than 30 years old or younger.

3. You should NEVER use your home as Business Collateral! Ever! This is another unnecessary risk at this time while the gov't is providing some relief. Basically, if you take out a HELOC to cover your business, you're taking on this same risk. This would be putting your family at risk!

4. Your advisor should be telling you to hold tight at the moment since the gov't is working to abate some of the immediate financial strains with family relief and business relief initiatives. You should not do anything in haste or in panic financially!

5. Don't panic and sell your home at a discount! Only the free market over the next few weeks and months will tell what the situation is in any area. You may miss the boom from lower interest rates for mortgages, those learning that they can now work from home and can write off their home office and services, businesses shifting away from urban areas now that they've been able to reduce the need for office space, people realizing they'd rather live either in the more crowded urban areas - or those who are looking to move to the suburbs or even Xburbs since they can work remotely successfully. There is too much flux in the situation currently to make such drastic moves.

My advice is get a good strong favorite beverage, take a lot of deep breaths, go outside if possible, and sit tight. Panic is also a virus.
I am a Financial Advisor (CFP, CMT), and this is excellent advice. Take a deep breath, grab a cold drink, and enjoy the time with your family. This too shall pass...
__________________
5 Mouseketeers is offline   Reply With Quote
Old 03-25-2020, 01:07 PM   #54
SuzanneSLO
Grand Villa
 
Join Date: Jul 2008
Posts: 2,931
Default

Quote:
Originally Posted by 5 Mouseketeers View Post
I am a Financial Advisor (CFP, CMT), and this is excellent advice. Take a deep breath, grab a cold drink, and enjoy the time with your family. This too shall pass...
One thing I will add: if you are a business owner, check your insurance policy. There may be some protection for “business interruption.”
SuzanneSLO is offline   Reply With Quote
Old 03-25-2020, 01:22 PM   #55
henrycpa91
Add-on Aficionado
 
henrycpa91's Avatar
 
Join Date: Jan 2009
Location: Virginia
Posts: 11,425
Default

Honestly, I may start to look at contracts in 6 months with the expectations that we will have some contracts flooding the market in that 6-12 month time frame from defaults or people needing cash.

I picked up my best deal in March 2011. (offer was made in October 2010 but they had a vacation scheduled for Feb 2011 so closing completed in March). Got 200 BWV with 10 banked points from 2010 and all 2011 points for $60 a point all in.

so, if 2008 was the bottom, 2 years was my best purchase.

If I can pick up another 200 points I think we literally have enough points to stay on property for almost 60 days in a studio. That raises food cost and laundry questions but it is a thought that I then would not buy a Florida Condo to live there. We would go the week after New Years and stay to the end of March and that would be our winter retirement.

now saying that, an event like this COVID19 screws that plan but then we just stay in our house here in Virginia.
__________________


MY WDW Visits...


1973 - First Trip out of KY and used Tickets from the Today newspaper
2004 (Alex First), 2005, 2006 (Romantic), 2007,2008,2009,2010, 2011, 2012, 2013, 2014,
2015, 2016, 2017 (Family)

Last edited by henrycpa91; 03-25-2020 at 01:57 PM.
henrycpa91 is online now   Reply With Quote
Old 03-25-2020, 01:40 PM   #56
E2ME2
One Bedroom
 
E2ME2's Avatar
 
Join Date: Mar 2013
Location: MD
Posts: 255
Default

Quote:
Originally Posted by henrycpa91 View Post
Honestly, I may start to look at contracts in 6 months with the expectations that we will have some contracts flooding the market in that 6-12 month time frame from defaults or people needing cash.

I picked up my best deal in March 2011. (offer was made in October 2010 but they had a vacation scheduled for Feb 2011 so closing completed in March). Got 200 BWV with 10 banked points from 2010 and all 2011 points for $60 a point all in.

so, if 2008 was the bottom, 2 years was my best purchase.

If I can pick up another 200 points I think we literally have enough points to stay on property for almost 3 full months in a studio. That raises food cost and laundry questions but it is a thought that I then would not buy a Florida Condo to live there. We would go the week after New Years and stay to the end of March and that would be our winter retirement.

now saying that, an event like this COVID19 screws that plan but then we just stay in our house here in Virginia.
henrycpa91; we're on the same snow-bird-retirement-via-DVC track!
We have 2 weeks in Jan. 2021 booked, waiting for our latest resale contract to close, before we can book 2 to 3 more weeks. YES - we passed ROFR just before COVID-19 blew up bug time. I still think we got a really good deal, and rather than thinking about backing out, I'm already thinking to look for possibly even better deals over the next few months (??). I wish you luck in your pursuit, and we will most likely be DVC neighbors every winter.
__________________
ET
SSR-2011
E2ME2 is online now   Reply With Quote
Old 03-25-2020, 01:43 PM   #57
FessParker1
Grand Villa
 
FessParker1's Avatar
 
Join Date: Mar 2017
Posts: 1,851
Default

See you both there!!!
__________________
FessParker1 is online now   Reply With Quote
Old 03-25-2020, 04:09 PM   #58
zafiro
Grand Villa
 
zafiro's Avatar
 
Join Date: Jun 2007
Location: Land of the Free, Home of the Brave
Posts: 1,185
Default

Quote:
Originally Posted by henrycpa91 View Post
Honestly, I may start to look at contracts in 6 months with the expectations that we will have some contracts flooding the market in that 6-12 month time frame from defaults or people needing cash.

I picked up my best deal in March 2011. (offer was made in October 2010 but they had a vacation scheduled for Feb 2011 so closing completed in March). Got 200 BWV with 10 banked points from 2010 and all 2011 points for $60 a point all in.

so, if 2008 was the bottom, 2 years was my best purchase.

If I can pick up another 200 points I think we literally have enough points to stay on property for almost 60 days in a studio. That raises food cost and laundry questions but it is a thought that I then would not buy a Florida Condo to live there. We would go the week after New Years and stay to the end of March and that would be our winter retirement.

now saying that, an event like this COVID19 screws that plan but then we just stay in our house here in Virginia.
Depending on your taxable income at that point, you should consider making Florida your primary residence vs. Virginia...
zafiro is offline   Reply With Quote
Old 03-25-2020, 04:14 PM   #59
zafiro
Grand Villa
 
zafiro's Avatar
 
Join Date: Jun 2007
Location: Land of the Free, Home of the Brave
Posts: 1,185
Default

Quote:
Originally Posted by Pjferry View Post
Lol..good advice Tom. Patience is a virtue..for now we watch.. I did see some SSR for high 80s low 90s..but at this point I'm waiting for poly..What makes me sad is Reflections is now on hold I assume..I was really interested in that..but the bottom line is the health of this country. I would rather not even be having this conversation..
Reflections will not be put on hold, but I could see reasonable delays due to work stoppages related to the virus quarantines and social distancing. The funding is already allocated and committed to those projects that have already begun.
zafiro is offline   Reply With Quote
Old 03-25-2020, 05:16 PM   #60
capeokw56
Grand Villa
 
capeokw56's Avatar
 
Join Date: Jun 2016
Location: Cape Cod
Posts: 1,416
Default

Quote:
Originally Posted by henrycpa91 View Post
If I can pick up another 200 points I think we literally have enough points to stay on property for almost 60 days in a studio. That raises food cost and laundry questions but it is a thought that I then would not buy a Florida Condo to live there. We would go the week after New Years and stay to the end of March and that would be our winter retirement.
Quote:
Originally Posted by E2ME2 View Post
henrycpa91; we're on the same snow-bird-retirement-via-DVC track!
We have 2 weeks in Jan. 2021 booked, waiting for our latest resale contract to close, before we can book 2 to 3 more weeks. YES - we passed ROFR just before COVID-19 blew up bug time. I still think we got a really good deal, and rather than thinking about backing out, I'm already thinking to look for possibly even better deals over the next few months (??). I wish you luck in your pursuit, and we will most likely be DVC neighbors every winter.
We're in the same situation but a few years ahead of you. We always planned on buying a condo so that we could spend our winters near Disney. As I neared retirement we had already picked out an association in Winter Haven. Then DVC entered our lives and no more condo. We're still accumulating points but we're almost where we want to be.
capeokw56 is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump


All times are GMT -4. The time now is 01:29 PM.

© MouseOwners. "MouseOwners" is a registered servicemark. This is an unofficial fan site and is not affiliated in any way with The Walt Disney Company, the Disney Vacation Club, Disney Vacation Development, or any of their affiliates or subsidiaries. All Disney images © The Walt Disney Company.
Powered by Forum Software