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Re: Diamond Resorts International (DRI) "THE CLUB" Points Program & Converting your Week to Points (by Gary L.):
So here's the question I have, how 'flexible’ is it really?
I own week 27 (2bd/2ba LO) at Mystic Dunes Resort & Golf Club in Orlando a recently, (2011/2012 timeframe), acquired property. I’ve had a couple presentations and a couple nice grabs at what they were offering but this time we seemed to really understand the program and are interested – a lot of this reading is why I’m not a ‘convert’ at this time.
We were offered point value for our week but we had to purchase the bottom line point package (8500 at this time), of course by the end of the time it was more like 4000 is the bottom line… anyway – 8500 points for 50K, something like 6.06 per point (pp), and of course we considered this ridiculous.
Next offer was to bring back in my original equity offer and reduce the PPP so under 3.00 pp and 23K in equity plus 7500 added points… bottom line=20K out of pocket, 20K total points every year and don’t forget the .12 per point for the maintenance, (but there’s a weird catch here as well). Also got another lower offer for 10K net and would end up with 16K points per year but the low level stuff is the same, equity back and additional points.
We would end up having to pay maintenance per point on only the points we were buying, so that the 7500, (or 900.00), but continue to pay annual maintenance for the week that we owned?? This is what I didn’t understand, my current maintenance is over 900 and if I paid their .12 per point on the 12500 they were coverting me to for the week it would be 1,500.00 so it saves me $$ but I guess that’s why I’m skeptical.
Anyway, I’ve been angry over inability to get transfers anywhere of value for the week I have, can’t sell it, (even that would become more difficult as more folks convert), and the frustration has built up that’s why this looked better at face value. I want to investigate anything before I jump in, (like I didn’t do 14 years ago when I first purchased, lol). My main concern is the usage ability and value for point usage.
It sounds like points increase to fast to keep any value for more than a few years and the only way to keep value up is to continue to purchase more points which of course increases maintenance cost that is figured on a per point basis and that cost significantly increases annually as well.
I’m interested in hearing from folks that have converted and have had some time to use the points for a while.
Thanks in advance, great thread for ppl to read.