DVC Right of First Refusal Report (ROFR): February ’19 Report
Year-to-date, Disney has exercised their right of first refusal (ROFR) on 131 Disney Vacation Club (DVC) contracts, and DVC Resale Market has sold 828, resulting in a 15.8% buy back rate. (Contracts Bought Back year-to-date / Contracts Sold year-to-date). The year-to-date waiver rate is 84.2%.
February 2019 became the highest month ever observed for buy backs with 82. This high volume is due not only to higher increases in buy back rates being observed, 9.2% and 10.5% buy back rates in 2017 and 2018 respectively, compared to 15.8% in 2019, but also a very high volume of sales in 2019, 828 through in just two months. A large spike in sales for January was observed with buyers purchasing prior to resale changes that became effective on January 19th. It is important to note, that post the resale change of January 19th, the sales pace is much stronger than prior year also.
Chances of passing ROFR is highly resort-dependent. For instance, Animal Kingdom, Bay Lake Tower, Beach Club, Hilton Head and Saratoga Springs all have buy back rates of 20% or higher in 2019, while we haven’t observed a buy back of Aulani contract in several years.
The chart below shows the relationship between the average selling price per point and the buy back rate from February 2018 through February 2019. Historically, we have observed resale price per point and buy back rate have an inverse relationship.
What is Right of First Refusal (ROFR)?
For those new to the concept of Right of First Refusal, it 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.
Disney Vacation Club Resort Contracts Bought Back in 2019
Year-to-date, 8 different DVC resorts experienced buy backs (in order of buy back volume): Bay Lake Tower, Animal Kingdom, Saratoga Springs, Beach Club, Boardwalk, Grand Floridian, Hilton Head and Old Key West.
Please refer to the graph below for the total amount of buy backs at each DVC resort for contracts sold by DVC Resale Market year-to-date in 2019:
Details on DVC Buybacks
In February, DVC Resale Market experienced buy backs for Animal Kingdom, Bay Lake Tower, Beach Club, Boardwalk, Grand Floridian, Hilton Head, Old Key West and Saratoga Springs.
Details on the contracts bought back in February are below:
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Animal Kingdom | $98 | 400 | $39,200 | Buyer | Seller | Aug. | 66 pts.’19 + 400 pts.’20 |
| Animal Kingdom | $107 | 160 | $17,120 | Buyer | Pro-Rate | Mar. | 102 pts.’19 + 160 pts.’20 |
| Animal Kingdom | $100 | 200 | $20,000 | Buyer | Seller | Dec. | 0 pts.’19 + 180 pts.’20 |
| Animal Kingdom | $103 | 160 | $16,480 | Buyer | Pro-Rate | Feb. | 96 pts.’19 + 160 pts.’20 |
| Animal Kingdom | $113 | 220 | $24,860 | Seller | Seller | Apr. | 220 pts.’19 + 220 pts.’20 |
| Animal Kingdom | $102 | 270 | $27,540 | Buyer | Pro-Rate | Feb. | 269 pts.’19 + 270 pts.’20 |
| Animal Kingdom | $106 | 160 | $16,960 | Buyer | Seller | Apr. | 3 pts.’19 + 160 pts.’20 |
| Animal Kingdom | $101 | 270 | $27,270 | Buyer | Pro-Rate | Aug. | 99 pts. ’19 + 270 pts.’20 |
| Animal Kingdom | $105 | 220 | $23,100 | Buyer | Buyer | Apr. | 220 pts.’19 + 220 pts.’20 |
| Animal Kingdom | $105 | 225 | $23,625 | Seller | Pro-Rate | Dec. | 202 pts.’18 + 225 pts.’19 |
| Animal Kingdom | $109 | 120 | $13,080 | Buyer | Seller | Oct. | 0 pts.’19 + 120 pts.’20 |
| Animal Kingdom | $98 | 100 | $9,800 | Buyer | Seller | Dec. | 0 pts.’19 + 100 pts.’20 |
| Animal Kingdom | $94 | 300 | $28,200 | Buyer | Seller | Dec. | 0 pts.’19 + 300 pts.’20 |
| Animal Kingdom | $109 | 100 | $10,900 | Buyer | Seller | Aug. | 0 pts.’19 + 100 pts.’20 |
| Animal Kingdom | $103 | 160 | $16,480 | Buyer | Pro-Rate | Feb. | 24 pts.’19 + 200 pts.’20 |
| Animal Kingdom | $105 | 120 | $12,600 | Buyer | Seller | Dec. | 0 pts.’19 + 120 Pts.’20 |
| Animal Kingdom | $108 | 100 | $10,800 | Buyer | Seller | Sept. | 0 pts.’19 + 100 pts.’20 |
| Animal Kingdom | $105 | 120 | $12,600 | Buyer | Pro-Rate | Jun. | 19 pts.’19 + 120 pts.’20 |
| Animal Kingdom | $90 | 170 | $15,300 | Buyer | Pro-Rate | Jun. | 65 pts.’19 + 170 pts.’20 |
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Bay Lake Tower | $130 | 308 | $40,040 | Buyer | Pro-Rate | Feb. | 161 pts.’19 + 308 pts.’20 |
| Bay Lake Tower | $134 | 170 | $22,780 | Buyer | Seller | Aug. | 0 pts.’19 + 170 pts.’20 |
| Bay Lake Tower | $140 | 100 | $14,000 | Buyer | Seller | Jun. | 0 pts.’19 + 100 pts.’20 |
| Bay Lake Tower | $134 | 160 | $21,440 | Buyer | Seller | Mar. | 0 pts.’19 + 160 pts.’20 |
| Bay Lake Tower | $143 | 90 | $12,870 | Buyer | Seller | Mar. | 0 pts.’19 + 6 pts.’20 |
| Bay Lake Tower | $132 | 140 | $18,480 | Buyer | Seller | Mar. | 0 pts.’19 + 140 pts.’20 |
| Bay Lake Tower | $139 | 160 | $22,240 | Buyer | Pro-Rate | Feb. | 19 pts.’18 + 160 pts.’19 |
| Bay Lake Tower | $128 | 200 | $25,600 | Buyer | Seller | Feb. | 0 pts.’19 + 200 pts.’20 |
| Bay Lake Tower | $137 | 170 | $23,290 | Buyer | Pro-Rate | Aug. | 28 pts.’19 + 170 pts.’20 |
| Bay Lake Tower | $133 | 240 | $31,920 | Buyer | Buyer | Aug. | 240 pts.’19 + 240 pts.’20 |
| Bay Lake Tower | $138 | 160 | $22,080 | Buyer | Seller* | Feb. | 0 pts.’19 + 138 pts.’20 |
| Bay Lake Tower | $140 | 160 | $22,400 | Buyer | Seller | Feb. | 0 pts.’19 + 160 pts.’20 |
| Bay Lake Tower | $132 | 160 | $21,120 | Buyer | Seller | Feb. | 0 pts.’19 + 160 pts.’20 |
| Bay Lake Tower | $130 | 500 | $65,000 | Buyer | Buyer | Feb. | 500 pts.’19 + 500 pts.’20 |
| Bay Lake Tower | $138 | 160 | $22,080 | Buyer | Buyer | Apr. | 160 pts.’19 + 160 pts.’20 |
| Bay Lake Tower | $131 | 160 | $20,960 | Buyer | Seller | Dec. | 0 pts.’19 + 160 pts.’20 |
| Bay Lake Tower | $133 | 308 | $40,964 | Buyer | Buyer | Feb. | 367 pts.’19 + 308 pts.’20 |
| Bay Lake Tower | $138 | 170 | $23,460 | Buyer | Seller | Aug. | 0 pts.’19 + 170 pts.’20 |
| Bay Lake Tower | $142 | 125 | $17,750 | Buyer | Seller | Jun. | 0 pts.’19 + 125 pts.’20 |
| Bay Lake Tower | $141 | 100 | $14,100 | Buyer | Seller | Feb. | 0 pts.’19 + 80 pts.’20 |
* Seller Provided Credit to Buyer for 2020 Points Used
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Beach Club | $137 | 120 | $16,440 | Buyer | Buyer | Apr. | 15 pts.’18 + 120 pts.’19 |
| Beach Club | $133 | 150 | $19,950 | Buyer | Seller | Aug. | 0 pts.’19 + 0 pts.’20 |
| Beach Club | $125 | 210 | $26,250 | Buyer | Buyer | Feb. | 17 pts.’18 + 210 pts.’19 |
| Beach Club | $132 | 150 | $19,800 | Buyer | Buyer | Dec. | 7 pts.’18 + 150 pts.’19 |
| Beach Club | $132 | 210 | $27,720 | Buyer | Buyer | Dec. | 210 pts.’19 + 210 pts.’20 |
| Beach Club | $120 | 150 | $18,000 | Buyer | Seller | Mar. | 185 pts.’19 + 12 pts.’20 |
| Beach Club | $135 | 200 | $27,000 | Buyer | Buyer | Aug. | 31 pts.’18 + 400 pts.’19 |
| Beach Club | $137 | 150 | $20,550 | Buyer | Buyer | Feb. | 150 pts.’19 + 150 pts.’20 |
| Beach Club | $122 | 150 | $18,300 | Buyer | Seller | Jun. | 0 pts.’19 + 150 pts.’20 |
| Beach Club | $140 | 121 | $16,940 | Buyer | Buyer | Apr. | 148 pts.’19 + 121 pts.’20 |
| Beach Club | $129 | 165 | $21,285 | Buyer | Pro-Rate | Mar. | 103 pts.’19 + 165 pts.’20 |
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Boardwalk | $114 | 210 | $23,940 | Buyer | Buyer | Mar. | 264 pts.’19 + 150 pts.’20 |
| Boardwalk | $110 | 700 | $77,000 | Seller | Seller* | Sept. | 0 pts.’19 + 6 pts.’20 |
| Boardwalk | $114 | 200 | $22,800 | Buyer | Buyer | Dec. | 200 pts.’18 + 200 pts.’19 |
| Boardwalk | $110 | 210 | $23,100 | Buyer | Buyer | Mar. | 150 pts.’19 + 150 pts.’20 |
* Seller Provided Credit to Buyer for 2020 Points Used
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Grand Floridian | $150 | 170 | $25,500 | Buyer | Buyer | Sept. | 19 pts.’19 + 170 pts.’20 |
| Grand Floridian | $155 | 160 | $24,800 | Buyer | Seller | Aug. | 0 pts.’19 + 160 pts.’20 |
| Grand Floridian | $150 | 160 | $24,000 | Seller | Seller | Mar. | 9 pts.’19 + 150 pts.’20 |
| Grand Floridian | $150 | 100 | $15,000 | Buyer | Seller* | Feb. | 0 pts.’19 + 0 pts.’20 |
* Seller Provided Credit to Buyer for 2020 Points Used
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Hilton Head | $76 | 200 | $15,200 | Buyer | Pro-Rate | Oct. | 51 pts.’19 + 200 pts.’20 |
| Hilton Head | $71 | 150 | $10,650 | Buyer | Seller | Dec. | 0 pts.’19 + 150 pts.’20 |
| Hilton Head | $66 | 150 | $9,900 | Buyer | Seller | Jun. | 30 pts.’19 + 150 pts.’20 |
| Hilton Head | $69 | 165 | $11,385 | Buyer | Pro-Rate | Aug. | 61 pts.’19 + 165 pts.’20 |
| Hilton Head | $72 | 220 | $15,840 | Buyer | Seller | Feb. | 0 pts.’19 + 220 pts.’20 |
| Hilton Head | $70 | 300 | $21,000 | Seller | Buyer | Dec. | 486 pts.’18 + 300 pts.’19 |
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Old Key West | $93 | 150 | $13,950 | Buyer | Seller* | Mar. | 0 pts.’19 + 150 pts.’20 |
| Old Key West | $91 | 230 | $20,930 | Buyer | Seller | Oct. | 0 pts.’19 + 230 pts.’20 |
| Old Key West | $92 | 230 | $21,160 | Buyer | Buyer | Aug. | 230 pts.’19 + 230 pts.’20 |
* Seller Provided Credit to Buyer for 2020 Points Used
| Resort | $/Point | Pts. on Contract | Price | Closing Costs Paid by | ’19 Dues Paid by | Use Year | Point Availability |
| Saratoga Springs | $98 | 200 | $19,600 | Buyer | Seller | Aug. | 0 pts.’19 + 200 pts.’20 |
| Saratoga Springs | $97 | 150 | $14,550 | Buyer | Buyer | Dec. | 160 pts.’19 + 160 pts.’20 |
| Saratoga Springs | $97 | 160 | $15,520 | Buyer | Seller | Apr. | 0 pts.’19 + 160 pts.’20 |
| Saratoga Springs | $94 | 160 | $15,040 | Buyer | Pro-Rate | Dec. | 111 pts.’18 + 58 pts.’19 |
| Saratoga Springs | $99 | 320 | $31,680 | Buyer | Seller | Oct. | 20 pts.’19 + 320 pts.’20 |
| Saratoga Springs | $96 | 160 | $15,360 | Seller | Buyer | Dec. | 288 pts.’18 + 160 pts.’19 |
| Saratoga Springs | $96 | 180 | $17,280 | Buyer | Seller | Feb. | 3 pts.’19 + 180 pts.’20 |
| Saratoga Springs | $94 | 280 | $26,320 | Buyer | Seller | Aug. | 0 pts.’19 + 280 pts.’20 |
| Saratoga Springs | $85 | 250 | $21,250 | Buyer | Seller | Apr. | 0 pts.’19 + 250 pts.’20 |
| Saratoga Springs | $85 | 250 | $21,250 | Buyer | Seller | Apr. | 0 pts.’19 + 250 pts.’20 |
| Saratoga Springs | $97 | 150 | $14,550 | Buyer | Seller | Apr. | 0 pts.’19 + 150 pts.’20 |
| Saratoga Springs | $101 | 150 | $15,150 | Buyer | Pro-Rate | Mar. | 40 pts.’19 + 150 pts.’20 |
| Saratoga Springs | $98 | 160 | $15,680 | Buyer | Seller | Aug. | 0 pts.’19 + 160 pts.’20 |
| Saratoga Springs | $99 | 150 | $14,850 | Buyer | Pro-Rate | Dec. | 56 pts.’19 + 150 pts.’20 |
| Saratoga Springs | $84 | 125 | $10,500 | Seller | Seller | Mar. | 0 pts.’19 + 125 pts.’20 |
Buy Back Rates for Disney Vacation Club Resorts
The table below shows the percentage of buy backs for all 8 different resorts purchased back in January and February of 2019:
| Resort | Buy Backs | Number Sold | Percentage Bought Back |
| Animal Kingdom | 30 | 149 | 20% |
| Bay Lake Tower | 33 | 93 | 35% |
| Beach Club | 14 | 37 | 38% |
| Boardwalk | 8 | 56 | 14% |
| Grand Floridian | 8 | 49 | 16% |
| Hilton Head | 7 | 21 | 33% |
| Old Key West | 7 | 40 | 18% |
| Saratoga Springs | 26 | 173 | 15% |
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