What is an Old Key West “extended” contract? Back in 2007, Old Key West owners were given the opportunity to extend the length of their contract for another 15 years from the original end date of 2042 to year 2057. Those who decided to take the incentive paid $15-$25 per point to extend their ownership, in addition to what they originally paid to purchase the contract. Most owners did not purchase the extension, so you will see very few extended Old Key West ownerships for sale on the DVC resale market. DVC has not offered a contract extension for any other resorts at this time.
The following is an overview of the Old Key West extension that was approved in September of 2007:
- All contracts would be extended from the original expiration date of 1/31/2042 until 1/31/2057.
- The cost was $25 per point, however DVC applied a $10 per point reduction (net $15 pp) for those who committed prior to 2/29/2008.
- Owners who did not wish to extend their contracts for the additional 15 years could decline the extension offer. The extra years will essentially be deeded-back to DVC after 1/31/2042.
- There were no additional fees involved in either accepting or declining the extension, and DVC offered to apply a credit of $30 to the 2008 annual dues of all owners to cover any incidental costs incurred in dealing with paperwork related to the extension.
- Extra goodies were provided to those who committed to the extension including a “Lighthouse Memory Capsule” and a lithograph.
- The extension could be paid in cash, credit card, or financed through DVC at normal terms.
- The extension was a one-time offer. Those who rejected the offer would not be able to extend their contract at a later date.
- Prior to 9/24/07, DVC was selling Old Key West points for $92 per point. After the passing of the resolution, all Old Key West points purchased through DVC were increased to $96 per point and would include the 2057 contract ending date. Today’s current pricing for Old Key West direct from Disney with the 2057 extension is $140 per point.
- SOURCE: DVCNews.com