Old Key West Extended Contracts
If you’ve been browsing Disney Vacation Club resale sites, you will have noticed some Old Key West listings are tagged “Extended 2057.” In this article, we’ll cover a little bit of DVC history and dive into what an Old Key West Extended contract actually means.
Back in 2007, Old Key West Resort owners had the option to extend their contract for an additional 15 years, from the original end date of 2042 to 2057. This opportunity cost owners between $15 and $25 per point, on top of what they initially paid for their contract. These contracts would then be extended from the original expiration date of 1/31/2042 until 1/31/2057.
The following is an overview of the Old Key West extension that was offered in September of 2007:
- 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.
Most owners decided against purchasing the extension, so for many years, there were very few Old Key West extended ownerships for sale on the DVC resale market. Fast forward to today and you will see more of these contracts come up for sale because anyone who purchased Old Key West, direct from Disney AFTER October 2007, automatically has a 2057 expiration date.
How Much Does it Cost Today?
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 $205 per point while you can find 2042 expiration date contracts for resale around $85 per point and 2057 expiration dates for around $100 per point.
If you’re thinking of buying an Old Key West extended contract, you can browse Current Resales available at Disney’s Old Key West here. Look for the Extended 2057 special tag!
