DVC Right of First Refusal (ROFR): March ’18 Report

Disney's Saratoga Springs

In the month of March, Disney exercised their right of first refusal (ROFR) on 22 of 295 Disney Vacation Club (DVC) contracts sold through the DVC Resale Market, representing 7.5% of the contracts sold.  The waiver rate for March was 92.5%.

For a third consecutive month, March showed an increase in the buy back rate.  Overall, March raised the year-to-date buy back rate to 5.6%, which is nearly equidistant between the 6.9% for 2017 and the 4.4% for 2016.  The year-to-date waiver rate is now lowered to 94.4%.

The chart below shows the relationship between the average selling price per point and the buy back rate from March 2017 through March 2018.  Generally, as price has risen, the buy back rate has declined and vice versa.  This trend has continued in 2018, as the average resale selling price has dropped by $1/pt. each month, and in the same time period, Disney buy back rate has increased 2 percentage points each month.

Price Per Point and Buy Back Rate Mar. 17 to Mar. 18


What is Right of First Refusal?

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 may take up to 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 2018

Saratoga Springs is in out in front for buy backs much like it was for most of 2017.  It is noteworthy that while Saratoga Springs leads the way in volume of buy backs, Old Key West leads the way in percentage of contracts bought back at nearly 19%.  Often times Disney has a strong advantage in buying back Old Key West in that when they purchase a non-extended Old Key West contract (the vast majority are non-extended), they resell them with the extension automatically included, thus increasing the value.

Please refer to the graph below for the total amount of buy backs at each DVC resort for contracts sold by DVC Resale Market through the month of March in 2018:

Details on DVC Buybacks

In March, DVC Resale Market had buy backs of Animal Kingdom, Grand Floridian, Old Key West and Saratoga Springs.  Saratoga Springs led all resorts for buy backs in March with 10, followed closely by Animal Kingdom with 9.

Grand Floridian made the list with a buy back, which ties 2017 already with 1.  Also, we saw a Grand Californian buy back in January.  While 2 buy backs between both Grand resorts doesn’t signal a significant amount, it is double what we saw last year and we are only a quarter into 2018.  So, the significant direct price increase on those 2 resorts from January might be triggering at least a little more aggressive action by Disney.

Details on the contracts bought back in March are below:

Resort $/Point Pts. on Contract Price Closing Costs Paid by ’18 Dues Paid by Use Year Point Availability
Animal Kingdom $90 200 $18,000 Buyer Seller* Mar. 0 pts.’18 + 5 pts.’19
Animal Kingdom $97 160 $15,520 Buyer Buyer Feb. 160 pts.’18 + 160 pts.’19
Animal Kingdom $97 240 $23,280 Buyer Buyer Dec. 240 pts.’18 + 240 pts.’19
Animal Kingdom $95 220 $20,900 Buyer Pro-Rate Jun. 22 pts.’18 + 220 pts.’19
Animal Kingdom $99 300 $29,700 Buyer Seller Aug. 0 pts.’18 + 300 pts.’19
Animal Kingdom $100 135 $13,500 Buyer Seller Jun. 5 pts.’18 + 135 pts.’19
Animal Kingdom $100 160 $16,000 Buyer Seller Aug. 5 pts.’18 + 160 pts.’19
Animal Kingdom $100 100 $10,000 Buyer Seller Jun. 0 pts.’18 + 100 pts.’19
Animal Kingdom $100 160 $16,000 Buyer Buyer Dec. 54 pts.’17 + 160 pts.’18 + 160 pts.’19
Grand Floridian** $133 350 $46,550 Buyer Seller Feb. 0 pts.’18 + 350 pts.’19
Old Key West $85 230 $19,550 Buyer Buyer Feb. 234 pts.’18 + 230 pts.’19
Old Key West $90 100   $9,000 Buyer Buyer Apr. 109 pts.’18 + 100 pts.’19
Old Key West $90 100   $9,000 Buyer Buyer Apr. 100 pts.’18 + 100 pts.’19
Old Key West $80 150 $12,000 Buyer Seller Mar. 0 pts.’18 + 150 pts.’19
Saratoga Springs $95 130 $12,350 Buyer Seller Jun. 0 pts.’18 + 130 pts.’19
Saratoga Springs $94 150 $14,100 Buyer Seller Apr. 0 pts.’18 + 150 pts.’19
Saratoga Springs $90 160 $14,400 Buyer Seller Apr. 0 pts.’18 + 160 pts.’19
Saratoga Springs $93 175 $16,275 Buyer Pro-Rate Jun. 96 pts.’18 + 175 pts.’19
Saratoga Springs $93 150 $13,950 Buyer Pro-Rate Jun. 30 pts.’18 + 150 pts.’19
Saratoga Springs $90 200 $18,000 Buyer Pro-Rate Sep. 33 pts.’17 + 175 pts.’18 + 200 pts.’19
Saratoga Springs $90 200 $18,000 Buyer Seller Feb. 18 pts.’18 + 200 pts.’19
Saratoga Springs $87 220 $19,140 Buyer Seller Feb. 0 pts. ’18 + 220 pts.’19
Saratoga Springs $91 200 $16,000 Buyer Buyer Aug. 200 pts.’18 + 200 pts.’19
Saratoga Springs $91 150 $13,650 Buyer Buyer Dec. 150 pts.’18 + 150 pts.’19

 *Seller Provides Pro-Rated Dues Credit for 2019            **Guaranteed Week 50, 1 bedroom, lake view


Buy Back Rates for Disney Vacation Club Resorts

The table below shows the percentage of buy backs for all 4 different resorts purchased back in March:

Resort Buy Backs Number Sold Percentage Bought Back
Saratoga Springs 10 80 12.5%
Animal Kingdom 9 51 17.6%
Old Key West 4 18 22.2%
Grand Floridian 1 16 6.3%


Learn more about buying and selling with DVC Resale Market.


  • Melanie
    April 8, 2018

    It has Wilderness Lodge in the bar graph but there is no data listed for it? What was the price? points?

  • Sarah
    April 7, 2018

    I would be interested in the prices per point on the contracts that Disney did not exercise their ROFR.

    • Nick Cotton
      April 7, 2018

      Sarah, if there is a particular contract you are interested in, certainly we can go over comparable contracts that have sold and passed ROFR with you. Please feel free to contact us at 1-844-382-7767. Currently, we do not have a list to provide you of everything that passed ROFR.

  • Melissa M
    April 2, 2018

    Interesting that there are a lot of stripped contracts that were taken. I feel like last year this wasn’t the case.

    • Nick Cotton
      April 2, 2018

      Melissa, I agree. We are seeing price point dominate the decision much more than point availability this year.

      • Meline
        April 7, 2018

        Since point availability doesn’t seem to be important for these FROR buys for Disney how do you negotiation on available points (2x ) etc? We are in the market to buy and really don’t want to waste time with placing offers that will not be approved .

        • Nick Cotton
          April 7, 2018

          Meline, in trying to avoid ROFR I would encourage you to stay above prices of bought back contracts of course. In years past if you were buying a loaded contract you may need to stay $10-$12/pt. over the buy back price of a more stripped out contract, however, that may not be the case now as point availability seems to be a very secondary part of the consideration.

  • John Morales
    April 2, 2018

    Do you ever provided data on sold listings such as sale vs list price? It would be interesting to see what listings actually sell for compared to listing prices to see what Disney doesn’t buy back and to try and determine why.

    • Nick Cotton
      April 2, 2018

      John, thank you for reaching out. We do not currently publish anything listing sales prices on contracts (other than those bought back). However, we are currently working on providing something to this affect in a summarized format.

Post a Reply