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Discussion in 'Timeshares' started by rwoman, May 2, 2012.
USA Today: What smart buyers should know about time shares
Glad I don't do timeshares!
I thought about it but changed my mind after some due diligence.
The secret is to buy resale at a resort where the Board is not controlled by the developer.
SMART PEOPLE DONT BUY TIME SHARES
Just no appeal there.
Tru dat. Seems they turn maintenance into it's own profit center.
Is there an easy way to filter out developer-controlled timeshares when doing a search?
Rick over at Frugal travel guy seems to have done well with his neighborhood timeshare property because he has access to facilities(gym) year round.
A couple of years ago, I bought a "fractional" at a Marriott managed resort in South Lake Tahoe. It was a bank sale and seemed like a really good deal. The board is partially controlled by the owners and partially by Marriott. The owners seem to do a good job of pushing back on maintenance costs and keeping them under control. Property management does seem to always wanting to maintain things that don't yet need to be maintained. The property has remained in immaculate shape since it opened 10 years ago.
It is 13 weeks a year (every 4th week) and I use it about twice per year. Once I removed my weeks from Marriott's rental program, I actually cover my HOA fees each year by renting through a 3rd party.
My experience, though, seems to be the exception to the rule. Most people I know would not touch a timeshare with a 10 foot pole.
Really? Not the kind of comment I would expect to see anywhere on Milepoint but especially on a thread titled "Timeshares" where you have basically called most of us idiots. Heck of a way to may an impression, New Member.
That said, before I read that ridiculous comment, I was considering starting a new thread about our experience in general and this week in particular. I am writing from a luxurious 2 bedroom at the Westin Mission Hills in Rancho Mirage, CA. This will probably be our last time here. In our mid-60's traveling with carry-ons, suitcases and golf clubs can get very old! We have begun the process of researching for a second home purchase in southern Florida. We own three timeshare weeks and will sell two of them, holding on to the Westin Kierland Resort in Scottsdale because we love everything about it.
Our purchase price here through eBay was $7000 - well under the $35,000+ the last developer week sold for. Alas, with the economy being what it is, it is unlikely that we will get more than $2500-3000. So be it. We have loved it and loved the luxury and space (the TRUE luxury!) that it has afforded us. For $1500 per year, we get either one week at a top notch resort in a 1400 square foot suite or two weeks by cutting the unit in half. For someone even mildly considering this, what an amazing opportunity this financial correction offers! There are so many wonderful places that can be had for a song. What I learned years ago still holds true - buy where you want to go; if a trade you want comes through, great, but if not you still get to go to a resort you love. That way, you really can't lose.
We've traveled with family and friends to Scottsdale, Palm Springs, Lake Tahoe, Newport Coast, St John and Marbella. The expenses were controlled and predictable. We will pretty much leave the timesharing arena with good thoughts and great memories and to me, a young family that can buy for a song and use for a lifetime - not a bad move!
And while I am only speaking for myself, I bet a lot of the other idiots on this board agree with me!
While I have no idea of what your IQ is, I do know that mine is in the upper 2% of the world and I personally own two time shares that I purchased on the secondary market for almost nothing.
I usually use one for myself every year in Grand Cayman as I enjoy spending a week in a three bedroom ocean front property where I have already seen everything possible and get to relax and dive as much as I want.
The second unit is also in Grand Cayman and I usually trade it for three weeks in other locations that I often give to my children. It is only a one week property, but as a lock off it splits into two weeks and I almost always get an extra free week for trading it in. My kids have enjoyed nice vacations in Hawaii and other locations that they could not have afforded without my timeshare, so it has been a blessing for all.
I have extensive real estate holdings and I understand the difference between owning real property and owning a timeshare, but there are instances where they do make sense.
While I doubt you meant to be as offensive as your comment was, I would truly suggest you temper such comments as this is a sight where people try to help each other and not put others down.
You said it better than I did Marc. Thanks,