EBAY...$1 and $97 timeshares? [merged]

[bdurstta]

I know at this time of the year, people are trying to get rid of timeshares....but $1? And surprisingly...no bidders? These are prime locations...SF! If I didn't already own there, I would buy it. Too good to be true?

Barbara

[falmouth3]

Nope, not too good to be true. People are having a hard time selling their TS so they are just trying to off-load them. If you're a buyer, it's a great time to buy.

Sue

[DeniseM]

Maintenance fees are escalating, and people are out of work and can't afford to travel or pay their maintenance fees - they need to get rid of their timeshares and they have lots of company. There are many decent TS's being giving away. See the TUG Bargain Basement board in the Marketplace for many more examples - it's the real deal.

As far as SF - it's a prime location, but all the TS's are all renovated apartments, so they don't command the prices that the true purpose build resorts do.

[BMWguynw]

I just bought a nice Oregon Coast summer week timeshare on eBay for $1.25. With closing costs and such, my out-of-pocket costs are about $450. Heck of a good deal for a timeshare I know I'll use. Good deal for me - lousy deal for the seller.

By contrast, I have an ad on TUG right now to sell a [timeshare in a popular location] for $1. I've accepted the sales value is low, and am willing to take that loss to pass it on to a new owner.

It's a sign of the times. And as others have said, if you're the buyer, jump on what you want. Prices may not be this low forever.

Dave

[BevL]

And I don't think I've ever seen as many new people coming to TUG with the same question - "How do I dump my timeshare?" There seems to be at least one or two posts almost daily with the same basic question.

[mamiecarter]

Really I only track North East Resorts and only prime weeks 26-32 but I have been seeing amasing Vermont, New Hampshire and Berkshires Mass. weeks going for $1 to $300. Things that would have gone for $1500 or more a couple of years ago. Cape Cod Summer weeks are doing better but prices are still way down. Hope Tuggers are buying some of these. How are other regions prices doing?

[oregonguy]

There are deals, but the uncertainty of it all keeps me out of the market to own, even at $1. Increasing fees to maintain the property, special assessments, inability to sell when you want to. If my situation changes, will I be one of the ones who can't give it away? I would just rather not find out. I think there would need to be some major changes in the way the industry works for me to consider a purchase.

[BMWguynw]

As I posted in another thread, I just bought an Oregon Coast summer week for $1.25 on eBay. There are only a handful of timeshares on the Oregon Coast, and this is one of the better ones. Good deal for me, not so good for the seller. (Although the middle man eBay seller says this week was owned by the resort itself.) Either way, it's still a killer deal for a timeshare I know I'll use.

Dave

[timeos2]

Originally Posted by BMWguynw

As I posted in another thread, I just bought an Oregon Coast summer week for $1.25 on eBay. There are only a handful of timeshares on the Oregon Coast, and this is one of the better ones. Good deal for me, not so good for the seller. (Although the middle man eBay seller says this week was owned by the resort itself.) Either way, it's still a killer deal for a timeshare I know I'll use.

Dave

It seems the resale market is evolving to a trade system where it costs nothing to obtain a week except for closing then the new owner takes over the costs. When they are done with it the process repeats. Not a bad model EXCEPT for those that originally paid the retail price and the fact that anything below the 20% top value times become a negative value for trade (ie to move those the seller PAYS the buyer's transfer fees or even a little more to pass it on). The bottom 50% may simply and truly be worthless and will need some serious work by innovative Associations to regain a minimal value or simply become dead weight that is largely supported by higher fees on the better times. There are some regional variations but overall that appears to be the shakeout that's occurring.

[AwayWeGo]

Originally Posted by timeos2

It seems the resale market is evolving to a trade system where it costs nothing to obtain a week except for closing then the new owner takes over the costs. When they are done with it the process repeats.

I am exerting heavy self-restraint to keep from bidding on this One Dollar -- $1 -- Cypress Pointe Phase One Floating Diamond 3BR lock-off on eBay right now.

Seeing such a nice timeshare offered at a giveaway price is astounding.

Yet I would have to be out of my helmet to take on ownership of any more timeshares even if they paid me to take'm.

Who would have thought ?

-- Alan Cole, McLean (Fairfax County), Virginia, USA.

[bdurstta]

That is part of the problem! The deals are SO good....yet, we have 4 and I can't justify a 5...even at $1! And it seems like maintenance fees are all arond $1000 now (we have 2 ts that hover at $500 per year...a real deal for maintenance fees)...and a Hyatt I am looking at is $1500+ per year Oh my! THat is alot for a ts.

Barbara

[timeos2]

Originally Posted by bdurstta

That is part of the problem! The deals are SO good....yet, we have 4 and I can't justify a 5...even at $1! And it seems like maintenance fees are all arond $1000 now (we have 2 ts that hover at $500 per year...a real deal for maintenance fees)...and a Hyatt I am looking at is $1500+ per year Oh my! THat is alot for a ts.

Barbara

The issue has really become the ongoing fees. It is the only real cost of timeshare and it is very tough to predict if it will remain a good value to the owner over time. If you own only a few and leverage them for bonus weeks and other "insider" (although the exclusivity of that has been greatly compromised from years ago) deals along with a cheap rental or two you can use any and all vacation time you may have available in great, large units. But if you start paying on 6-10 or more annual fees - even if they average $600 or so - it can be tough to get that value out. It's even harder to rent or trade them cost effectively - exchange costs are $150 or more plus the annual membership fee. Renting is always a big risk and may not result in a successful fee recovery. Easy to get to the point where you own far more than you can utilize and the value you had gets spent away in unproductive/unusable or unrentable time. It can be hard to use or rent but those fees are due no matter what. Avoiding over commitment to even the nicest resort / system and best run timeshares is yet another key to successful ownership. The list is getting rather long.

- Buy to use.
- Buy the top times
- Buy where you can drive if needed
- Don't buy more than you can use - do not buy only to trade outside the system
- Never, ever buy retail
- Buy where owners control the resorts if possible

Experience says following those rules practically guarantees a happy ownership yet still does zero to guarantee a high resale value. So you must buy cheap (incredibly easy to do now) then what you sell for doesn't matter. You have your value out with annual use - a sale is just finding a new, happy owner to pay those annual fees and enjoy personal use/limited successful trade or rent.

[AwayWeGo]

Originally Posted by timeos2

- Buy to use.
- Buy the top times
- Buy where you can drive if needed
- Don't buy more than you can use - do not buy only to trade outside the system
- Never, ever buy retail
- Buy where owners control the resorts if possible

- Buy 2BR units
- Steer clear of shady timeshare companies, resale or full freight mox nix
- Shun ROFR

-- Alan Cole, McLean (Fairfax County), Virginia, USA.

[oregonguy]

You make some really good points, and a good observation that the resell market has evolved - I don't think we are coming back, even in good economic times (which might be years away) - There simply is going to be too much "product" out there for there to be a secondary market value. If I ever plunge into the market, it would be something within driving distance (either Mt Hood or Oregon Coast) on a week I know I could use year after year. While both of these are certainly possible, for me, the biggest obstacles remain:

1) If my life changes and I can't get away for a week, I will have a tough time getting out of the timeshare - Even giving it away might be tough to do.

2) Increasing maintenance fees and special assessments - Part of the "deal" of timeshares is that they are supposed to be a good deal over time because the cost of vacationing is always going to increase, and you are in at a fixed price. Well, not so fixed, seems to me the maintenance fees raise higher than the cost of hotel rooms

The first issue is the bigger one though. It really scares me to purchase something that I have to pay for year after year without end, and I may not be able to get out of that obligation if I wanted or needed to. I really do prefer the pay as you use it model. I guess that means for me even with $1 fantastic deals I will remain a renter and not an owner.

[viejoverde]

true, specially for a 3 bedroom, but look at the m.f. $850, you can find a very decent t.s. to rent in that area for less than that.
we got a 2BR lock out unit at Vacation Village thru RCI in the summer for $250

[falmouth3]

Originally Posted by viejoverde

we got a 2BR lock out unit at Vacation Village thru RCI in the summer for $250

Ah, but can you get it for that price in March? Doubtful.

[Piscesqueen]

Originally Posted by oregonguy

The first issue is the bigger one though. It really scares me to purchase something that I have to pay for year after year without end, and I may not be able to get out of that obligation if I wanted or needed to. I really do prefer the pay as you use it model. I guess that means for me even with $1 fantastic deals I will remain a renter and not an owner.

This statement right here is the reason why we didn't buy into timeshares last year when we first started looking ino it.

We figured why pay the high MF's when we could rent for cheaper or equal and not be 'locked in'.

We rented a week vacation on the Oregon coast in a 3 bedroom HOUSE that we had all to ourselves, right on the beach for under $800; that's hard to beat!

Considering we had 2 living rooms, 3 bedrooms, kitchen, 2.5 baths, a deck and yard, plus a 2 car garage.

BUT....

We have decided to buy into timeshares after all because of financial 'convenience'; we figured that if we buy into a timeshare, we KNOW FOR SURE that we will take those family vacations since we've paid for them already and we're obligated to keep paying through MF's.

(OK, maybe 'financial convenience' isn't the right term to use, but you know what I mean )

I do like the idea of a points system because of the multiple locations.

We are looking into buying into RCI Points and WorldMark Credits. WorldMark has some of the lowest MF's I've seen in ALL timeshare point systems and so they are our #1 choice...but, RCI is cheaper to buy-in to (and they offer WM locations) and so we plan to start with RCI. Kind of like our Timeshare-Test-Drive!

We live in the Northwest and are a family of 6, so drive-to locations is very, very important to us. We may only be able to afford fly-to locations once every few years.

Vacationing can be expensive but it's a luxury I refuse to live without!

Growing up I never got to take family vacations and I've promised myself that my children will get the experiences I never had! I enjoy it and my kids look forward to our trips more than anything else. They would even gladly give up Christmas if we had to chose (I'd never do that though, lol)!

[Bill4728]

Originally Posted by Piscesqueen

We are looking into buying into RCI Points and WorldMark Credits. WorldMark has some of the lowest MF's I've seen in ALL timeshare point systems and so they are our #1 choice...but, RCI is cheaper to buy-in to (and they offer WM locations) and so we plan to start with RCI. Kind of like our Timeshare-Test-Drive!

Please be aware there is no such thing a "buying RCI points". To get RCI points, you must buy a TS resort. That TS resort must be affiliated with RCI points. So there may be 100's of resorts associated with RCI points, but you'll not own "RCI points" but a resort associated with RCI points.

[Piscesqueen]

Originally Posted by Bill4728

Please be aware there is no such thing a "buying RCI points". To get RCI points, you must buy a TS resort. That TS resort must be affiliated with RCI points. So there may be 100's of resorts associated with RCI points, but you'll not own "RCI points" but a resort associated with RCI points.

I apologize for not clarifying that, so thank you. I understand that I'm not actually buying points but I like the idea of the point system through RCI.

I like the options of the Resorts and we don't mind traveling during non-peak times and so we're hoping that the RCI point system will work out well for us.

[oregonguy]

Thanks for the great reply - I also think vacationing is a must (as long as I can pay my other obligations, and so far that hasn't been an issue at all) - I'm just worried about something changing in my life that would mean it would be impossible to be gone a week at a time. So far that hasn't been a problem, but you never know. I will be staying at a timeshare next month in Southern California for a couple of days, who knows, maybe that will make me change my mind.

[Piscesqueen]

Originally Posted by oregonguy

Thanks for the great reply - I also think vacationing is a must (as long as I can pay my other obligations, and so far that hasn't been an issue at all) - I'm just worried about something changing in my life that would mean it would be impossible to be gone a week at a time. So far that hasn't been a problem, but you never know. I will be staying at a timeshare next month in Southern California for a couple of days, who knows, maybe that will make me change my mind.

I totally agree with you 100% and I am strongly taking that into consideration as well. With the way things are these days it would be foolish not to think of the future and I'm completely on your side when you say that.

I'm lucky enough to be in a situation where my job is secure (I know nothing is guaranteed), income is stable, and I have outside income ~ ~ that allows me to pay for our vacations without taking from our paychecks.

My husband and I decided that we would use the extra income as our 'Vacation Fund' so that we can continue to take vacations while the kids still like us . I know not everyone has that option but for us, it works.

We are going to plan very carefully and NOT get in over our heads. We're going to take the timeshare experience slow and not rush into buying too many, too fast.

Sure, we would love to own 100K RCI Points, 20K WorldMark Credits, 7K Hilton Points, and 2200 Hyatt Points...BUT, that's just not realistic or financially feasable. Nor do I get that much vacation time a year, LOL. I'm grateful for the 4 weeks paid vacation I do get a year!

Oregonguy, I'm on your team and completely understand what you are saying in regards to the future because if I didn't have the advantage financially that I do, I'd more than likely be a renter rather than timeshare owner.

~I'm not saying that you shouldn't buy timeshares at all but that you are wise for thinking in the long term future~

Thinking about future circumstances is smart and realistic and that's why we are going to start out slowly and carefully. Rushing into things would only get us in over our heads and setting ourselves up for failure.

Okay, enough of my rambling

Have a wonderful time on your vacation!

[BMWguynw]

When I first got interested in timesharing, the resale market prices were far more attractive than the retail prices I saw. I'd never have purchased a timeshare if I'd had to pay retail. It just wasn't worth that much to me to be an owner. But even the (then) resale prices were too high for me to jump on it. There were only two of us, (kids are long grown and gone from home) and it seemed like a lot of money to plunk down on a vacation. Then I found eBay. Suddenly a whole new world opened up. I could buy the kind of timeshare vacations I wanted for a fraction of the (then) resale price. Owning became an option for me.

I decided on my first timeshare, a modest Waikiki studio, to get my feet wet. I got it on eBay for just a few hundred dollars, and counting closing costs, I figured the cost just about amortized out the first time we stayed at the place. I used it as trading fodder with RCI over the next few years, getting some nice exchanges, and have now passed it along to my brother and his wife - as a free gift to them. I'm walking away knowing I got my moneys' worth, and now it's their chance. They own another timeshare that doesn't trade nearly as well, and are excited to get this one for free.

I did the same kind of thing with the next few timeshares I bought, as I continued to explore timesharing and expanding my vacation portfolio. Each time I was getting something I felt was more to my liking, or that had a better vacation value to me. In each case I bought on eBay for very low money (the most expensive one so far cost me just $615, the lowest was only $1.25.) I didn't want to get in over my head, or spend more than I felt was prudent on the places I bought. I've had no regrets.

As I've decided to let them go, each timeshare I've passed along has been for little or no money to the next owner. I got just under $300 for one I sold last year to a coworker; a little over half what I paid for it. Again, I'd already gotten my money's worth, and I was able to make another person happy for a very small investment on their part.

My calculations of the real cost of owning these timeshares has been as was previously mentioned - the ongoing fees. Maintenance fees for me are the deciding factor of the actual cost of owning a timeshare. The purchase price was next to nothing, and the selling price when I was done was about the same. But what did I spend during the years I owned and used the place?

I'm comfortable passing things along to a happy new owner easily and inexpensively, and I can smile, feeling nobody got burned. Except maybe the original owner who bought from the developer. But that's another story.

Dave

[Jennie]

Originally Posted by bdurstta

That is part of the problem! The deals are SO good....yet, we have 4 and I can't justify a 5...even at $1! And it seems like maintenance fees are all arond $1000 now (we have 2 ts that hover at $500 per year...a real deal for maintenance fees)...and a Hyatt I am looking at is $1500+ per year Oh my! THat is alot for a ts. Barbara

You think you have a problem? I just won an Ebay auction that was too good to resist at $97. and the seller is covering all the closing and transfer fees. This will be our 20th timeshare! It's a prime week at a prime resort where we already own several weeks. I've already rented it to a friend at a $300. profit over the maintenance fees. But I have never bought anything just to rent. My family and close friends use most of our units.

I've been good, though. I have resisted 100's of super deals over the past 2 years.

[optimist]

It's a prime week at a prime resort where we already own several weeks. I've already rented it to a friend at a $300. profit over the maintenance fees.

Why do you think the owner of the week you just bought was so desperate to sell it that he was willing to cover all closing costs when you were able to rent it for a profit? couldn't he have rented it too?
When I see prime weeks on ebay selling for a dollar, it makes me think why are they doing that? Why are they giving away a summer week on the Cape for $97 (for example)? maybe they know something about the resort that I don't?

[Rent_Share]

Originally Posted by optimist

Why do you think the owner of the week you just bought was so desperate to sell it that he was willing to cover all closing costs when you were able to rent it for a profit? couldn't he have rented it too?
When I see prime weeks on ebay selling for a dollar, it makes me think why are they doing that? Why are they giving away a summer week on the Cape for $97 (for example)? maybe they know something about the resort that I don't?

You may need to change your name - the tone of your post is hardly optimistic

Seriously - The OP owns 20 and multiple weeks at the resort he/she is in a better position to know how to use it, and if there are any pending assesements or the place is deteriorating

IMHO the great majority of people desperate to sell never should have bought in the first place since they are unable to plan a year in advance or available to adjust and go at the last minute, unwilling to invest the time to learn the system and want out and to stop the bleeding of maintenance fees

I couldn't resist picking up a $ 5.50 + $300 in closing and resort transfer fees at a drive to distance. 2009 usage week thrown in at zero costs, maintenence fees to begin 1/2010. Yes I might have to pay a similar amount or be very patient to get out but . . . . I don't owe 20, just 2