DVC Right of First Refusal Report (ROFR): April 2024
DVC Exercises Right of First Refusal (ROFR)
Year-to-date (YTD), Disney has exercised their right of first refusal (ROFR) on 8 Disney Vacation Club (DVC) contracts, and DVC Resale Market (DVCRM) has sold 1,676, resulting in a 0.5% buyback rate (Contracts Bought Back in 2024/Contracts Sold in 2024). The 2024 waiver rate is 99.5%.
Key ROFR Updates
ROFR Affects Polynesian Resale Prices and Inventory
We will get to Polynesian in a minute because I know it’s why you are probably here reading my ramblings. But let me start off with two pretty eye-catching statistics. DVC Resale Market saw an increase in ROFR activity in April 2024, marking the highest number of buybacks in a single month since November 2022. This month also signifies a significant milestone with 8 total buybacks so far this year, surpassing the total number of buybacks for all of 2023. Despite the ROFR Monster’s apparent slumber, Disney’s active intervention showcases their ongoing attention to maintaining control where necessary when it comes to prices.
The focus on preserving the resale value of the Polynesian Resort appears to be Disney’s strategic approach to ROFR at the moment, especially ahead of sales of the new Polynesian DVC Tower. Despite this attempt to maintain Polynesian’s value, buyers can still save around 40% by purchasing through the DVC Resale Market versus where we anticipate direct pricing to begin. The demand for Polynesian DVC Resale contracts also remains high, reflected in the limited availability of only 5 active listings at this time. These cumulative factors have driven Average Resale prices for Polynesian to $158 per point as of April 2024, and I would expect this to continue to rise in the coming months.
What is Right of First Refusal (ROFR)?
For those new to the concept, Right of First Refusal is the option Disney Vacation Club has to purchase any resale contract after a sales price has been agreed upon, and the contract has been executed. Each contract must be forwarded to DVC for review.
DVC typically takes no more than 30 days to review the contract. At their discretion, Disney may step in and purchase the property themselves at the terms agreed upon by the seller and original buyer. DVC then becomes the buyer, and the purchase is complete. Once DVC is the buyer there is not an opportunity to come back with a better offer in hopes of still purchasing the contract.
Highest Monthly Buy Back Numbers by DVC Resort
Highest Buyback Price Per Point by Resort from April 2023 to April 2024:
| Apr. ’23 | May ’23 | June ’23 | July ’23 | Aug. ’23 | Sept. ’23 | Oct. ’23 | Nov. ’23 | Dec. ’23 | Jan. ’24 | Feb. ’24 | Mar. ’24 | Apr. ’24 | Highest | |
| Animal Kingdom | n/a | n/a | n/a | n/a | $102 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $102 |
| Grand Floridian | n/a | n/a | n/a | n/a | $141 | $152 | $146 | $124 | $147 | $137 | $148 | n/a | n/a | $152 |
| Polynesian | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a | $135 | $144 | $144 |
*n/a: no buybacks for that resort for that month. Also, no buybacks of Aulani, Bay Lake Tower, BoardWalk, Beach Club, Boulder Ridge, Copper Creek, Grand Californian, Hilton Head, Old Key West, Riviera Resort, Saratoga Springs, and Vero Beach in rolling calendar year.
Disney Vacation Club Resort Resale Contracts Bought Back in 2024
The graph below shows the total amount of buybacks at each DVC resort for contracts sold by DVC Resale Market in 2024:
Average Right of First Refusal (ROFR) Timeframe for April 2024
In our continuous effort to provide transparent and useful insights to our clients at DVC Resale Market, we have compiled data to establish an average timeframe for contracts to pass through the Right of First Refusal (ROFR) process. It is important to understand that this duration is an average, indicating that some contracts may be processed more quickly while others might take a longer period. Keep in mind that various factors can influence these timeframes, and this average serves as a general benchmark for your expectations when navigating the ROFR process with us.
Buy Back Rates for Disney Vacation Club Resorts in 2024
The table below shows the percentage of buybacks for the resorts that have had at least one contract bought back in 2024. Note, there have been no buybacks of the following resorts in 2024: Animal Kingdom, Aulani, Grand Californian, Riviera Resort, Bay Lake Tower, Beach Club, Boardwalk, Boulder Ridge, Copper Creek, Disneyland Hotel, Old Key West, Saratoga Springs, Vero Beach, and Hilton Head.
| Resort | Buybacks | Number Sold | % Bought Back |
| Grand Floridian | 2 | 99 | 2.0% |
| Polynesian | 6 | 180 | 3.3% |
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