DVC Right of First Refusal (ROFR): November ’16 Report

Disney's Boardwalk

In the month of November, Disney exercised their right of first refusal (ROFR) on 12 contracts sold through the DVC Resale Market, representing roughly 10.5% of the contracts sold in that same month.  The 10.5% percentage of buy backs is more than double the year-to-date percentage of 4.3%.  Additionally, November set a record for the most contracts bought back through ROFR in 2016 from the DVC Resale Market.

Nearly all the buy backs in November consisted of Bay Lake Tower and Boardwalk.  Those two resorts included 11 of the 12 buy backs in November.   This continues a 3 month trend of Bay Lake Tower and Boardwalk dominating the buy backs (24 of the last 28).  Not surprisingly, those two resorts have taken over the top 2 spots year-to-date on the number of contracts excercised in ROFR as seen below:

DVC Resorts bought back in ROFR

 

During this heavy buy back trend for Bay Lake Tower, contracts over $110/pt. were typically not touched until this past month.  In November, two Bay Lake Tower contracts were bought back at over $110/pt.  These two buy backs included a 160 point contract at $111/pt. and a 200 point contract at $113/pt.  However, the vast majority of Bay Lake Tower contracts sold over $110/pt. did get waived.  In the course of this recent trend, the top buy back price of Boardwalk also got raised in November from $97/pt. to $99.5/pt.

Disney's Bay Lake Tower

 

For the 3rd straight month, high point availability was not common with the majority of contracts bought back.  While many of the contracts did have some 2016 points available, the most common trait for contracts being bought back was the resort being either Bay Lake Tower or Boardwalk.

ResortPrice Per PointPoints on ContractPriceClosing Costs Paid by2016 Annual Dues Paid byUse YearPoint Availability
Bay Lake Tower$108175$18,900BuyerSellerDec.175 Pts. ’16 + 175 Pts. ’17
Bay Lake Tower$111160$17,760BuyerSellerDec.186 Pts. ’16 + 160 Pts. ’17
Bay Lake Tower$88500$44,000BuyerSellerDec.360 Pts. ’16 + 500 Pts. ’17
Bay Lake Tower$106160$16,960SellerSellerDec.0 Pts. ’16 + 160 Pts. ’17
Bay Lake Tower$113200$22,600BuyerSellerMar.72 Pts. ’16 + 200 Pts. ’17
Bay Lake Tower$101160$16,160Buyer*SellerFeb. 0 Pts. ’16 + 0 Pts. ’17 + 160 Pts. ’18
Bay Lake Tower$101160$16,160Buyer*SellerFeb.0 Pts. ’16 + 0 Pts. ’17 + 160 Pts. ’18
Boardwalk$99200$19,800BuyerSellerJun.200 Pts. ’16 + 200 Pts. ’17
Boardwalk$96150$14,400BuyerSellerFeb.130 Pts. ’16 + 150 Pts. ’17
Boardwalk$99.50150$14,925SellerSellerDec.148 Pts. ’16 + 150 Pts. ’17
Boardwalk$89100$8,900Buyer*SellerDec.0 Pts. ’16 + 0 Pts. ’17 + 100 Pts. ’18
Saratoga Springs$87210$18,270BuyerSellerMar.420 Pts. ’16 + 210 Pts. ’17

* Seller provided credit to buyer at closing for 2017 annual dues

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