Do you regret buying your FIRST timeshare?

phil1ben said:

OK. If the Owners own the foreclosed units, what is the process normally followed to return them to a third party owner paying MFs. Are they left to the management company to sell at full retail (which could take a protracted period of time) or are they sold as quickly as possible for whatever the market will bear to obtain a dues paying owner as soon as possible? So the question is, how do the Boards dispose of repossessed units?

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Varied!

However, some like AVP and Dolphins Cove have aggressive rental program and hopefully recover MF until they can get rid of.

phil1ben said:

OK. If the Owners own the foreclosed units, what is the process normally followed to return them to a third party owner paying MFs. Are they left to the management company to sell at full retail (which could take a protracted period of time) or are they sold as quickly as possible for whatever the market will bear to obtain a dues paying owner as soon as possible? So the question is, how do the Boards dispose of repossessed units?

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That’s the rub. Neither management nor BOD know how to sell the units owned by the HOA other than throw up a Craigslist ad or let other owners know. They have no expertise. They will have the same problem as an owner does. It is worthless as a TS especially since the HOA has it. The HOA has it because the owner couldn’t get rid of it.

"3) But if resorts take back intervals, the remaining owners are forced to pick up the slack."
TS are managed much like many cities are. A projected yearly Budget is generated at the beginning of the fiscal year estimating expenses to maintain and operate the TS and includes all units in the TS plan. If there are 10 unit with 50 weeks each unit (50 easier maths) is 500 owner/weeks. Suppose history says that the expenses are projected at $250,000. Then MF would project to about $500 each for a fully subscribed TS. That generally acceptable except let’s now suppose that there are 150 delinquent owner weeks. There are only 350 paying owners and the operation has no choice but to spread the bad debt to other owners. Now the MFs are now $714. Not sure this is legal since it hasn’t been tested in court. 5-10% could possibly be handled but it quickly spirals out of control. If an owner is OK with fully subscribed MF at 50% of walk in rental rates then 40% delinquency rate pushes MF close to what he could rent an equivalent place. Thus the TS becomes worthless because most buyers are resale buyers and that’s probably the single most important parameter.

bdh said:

No doubt the poll is slanted against developer sales. While there are frequent loud voices on TUG slamming developers and retail prices, the reality is that the average TS owner is not aware of TUG. There are lots of happy TS owners (retail & resale) - however, due to basic internet and TUG member tendencies, there are more negative opinions/voices than positive. The irony in the TUG mantra of "buy resale" is that without a developer sale, there can be no resale. Myself, I'm extremely thankful that there was a developer and retail sale.

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I completely agree with BDH about there having to have been a developer sale originally before there can be a resale
The expert tuggers' advice is to optimize timeshare advantage :
1. Buy resale
2. Buy prime week or holiday week, like christmas or new year's
3. Buy some place you like to use

However for #2, aren't all the really good weeks at good resorts taken, and don't become available very often? (I'd imagine mostly becoming available because too old to travel, financial hardship, no one else in family interested. ) So that leaves the low season, shoulder weeks, mud weeks to sell or give away. They have the same financial MF obligations as the "better" weeks but with far less trading power.
I'd be interested in a poll to see how long it took tuggers to find that prime resale TS at the resort(s) they wanted.

I bought from the developer. I am completely happy. My only regret is that I didn't buy more points. I purschased 230 points at was then the Disney Vacation Club --- later renamed "Old Key West." I bought in 1994 for 63 per point. After happily using my points for 20 years, I could sell them today for 65 per point --- what's not to love?

I recently sold my more recent DVC purchase and made a small profit on it, also.

Everything else, I have purchased resale. I am not sure I would do the resale units again.

dsmrp said:

However for #2, aren't all the really good weeks at good resorts taken, and don't become available very often? (I'd imagine mostly becoming available because too old to travel, financial hardship, no one else in family interested. ) So that leaves the low season, shoulder weeks, mud weeks to sell or give away. They have the same financial MF obligations as the "better" weeks but with far less trading power.
I'd be interested in a poll to see how long it took tuggers to find that prime resale TS at the resort(s) they wanted.

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Not true at all - people sell prime weeks for the same reasons they sell off-season weeks. Prime weeks are available on the resale market - but of course you don't get them for $1, and there are fewer prime weeks in the year, so there are fewer for sale.

I eventually came to regret one of mine, though I don't recall what order it falls in my purchases. Nice resort and I use it often, but it is the only one I have that is II only. I'd really like to drop II. I have much better luck with RCI. Also, Diamond took over management and the maintenance fees went up quite a bit.

If resale values were better, I'd sell it, but I will probably hold onto it for the grandkids-to-be, since it is week 52 in Orlando.

Sheila

I am happy with all of our purchases. I may eventually get rid of one or two that are farther away and replace them with ones that are closer as I like having short weekend getaways. Right now we are alternating between our timeshares and hotels to capture all the weekend destinations that interest us.

I bought on EBay after I rented four places

i took the tour at Grande Vista, Rented a week from a TUGger. Then I rented at three more locations including Cypress Harbor, Barony Beach and Four Seasons Troon. I took the tour at Marriott Canyon Villas in Phoenix with the asking price of $28,000. I paid just $4,000 for two EOY Grande Vista packaged as a single annual.

My advice to anyone who will listen is

1. Always rent before you own (rent 4-6 times)
2. Never buy a timeshare unless you are smarter and plan more in advance than 90% of timeshare owners. Most people are probably better off if you just keep renting. You can rent the week you want 60 days ahead or you can reserve the week you own 12-13 months ahead.
3. Never buy a timeshare in the wrong location and wrong season hoping you can trade for what you want.

I later bought that Canyon Villas week for $7,000 and got a second one for $6,000.

4Reliefnow said:

i took the tour at Grande Vista, Rented a week from a TUGger. Then I rented at three more locations including Cypress Harbor, Barony Beach and Four Seasons Troon. I took the tour at Marriott Canyon Villas in Phoenix with the asking price of $28,000. I paid just $4,000 for two EOY Grande Vista packaged as a single annual.

My advice to anyone who will listen is

1. Always rent before you own (rent 4-6 times)
2. Never buy a timeshare unless you are smarter and plan more in advance than 90% of timeshare owners. Most people are probably better off if you just keep renting. You can rent the week you want 60 days ahead or you can reserve the week you own 12-13 months ahead.
3. Never buy a timeshare in the wrong location and wrong season hoping you can trade for what you want.

I later bought that Canyon Villas week for $7,000 and got a second one for $6,000.

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Your number 3 is right on target. I have a friend who purchased a resell timeshare in Williamsburg for over five thousand dollars for a January week. His stock broker sold him this week.

Not at all. I bought a Marriott Sabal Palms Week Pre-Construction sight unseen and within two or three years bought 3 more Marriott Weeks. With that experience under my belt I thought it through and decided the value was in HOA Controlled Independent Fixed Weeks in locations I would use. Sold my 4 Marriotts for about $85,000 and spent about $8,500 for six Weeks at HOA Controlled Independent Resorts. When I decided to curtail my traveling I gave all six away, four via Deed Backs, one to a fellow Tugger and one to my Son. It was a great run.

George

No regrets

Price for first two was developer, pre-construction, we picked our specific location and weeks, and have never regretted it.

We bought additional weeks via developer resale, via TUG, eBay, and elsewhere, sold some, rented to others, rented from others, exchanged, and of course use our own. Very happy to go back to beautiful TS every year and see long-time friends, and happy also to use the flexibility to go elsewhere.

None of the options really fit our position.
We bought resale from the resort. We are happy with the resort, unit and location, but if I could, I'd go back in time and tell us not to buy it. We have found some other great vacation rentals through the web (sites like VRBO) without the hassle of exchanging and ever increasing MF's.

Absolutely not! We bought all our timeshares for use and hope to continue that as long as our health will allow it.

We also bought several timeshares from a picture on the wall and haven't regretted that either. The only thing that I do not like that much anymore is moving from one condo to another when we are staying multiple weeks at the same location like we do on Maui. We are in our fourth week now and going home tomorrow.

The only answer for that is traveling very light but I haven't mastered that yet.

Beefnot said:

That seems nitpicky and silly. But bless you for being so accommodating.

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It is not at all silly for purchases back in the 1980's, or even much of the 1990's. The market was not always like it is now. Our first timeshare purchase--a developer purchase of Sabal Palms pre-opening in 1987 was actually one of the best financial investments we have ever made. I have posted in other threads over the years on this purchase and its fantastic benefits. And we sold it back to Marriott a few years ago at approximately our original purchase price--we could have doubled our money if we had sold it five years earlier. A common mistake of many TUGGERS is to assume that conditions have always been like they are now, but everything was different back then. I really wish there was more fact checking before offering expert opinions on things that have not been experienced.

dioxide45 said:

I find all of the "no" responses to be rather odd. Why no simple "No! I love the resort, and it got me involved in timesharing!"? Some people bought developer but don't believe they spent too much. In some cases, they had no choice given the possible options at the resorts they were interested in.

I find the whole poll seems to make it look like developer purchasers were dumb for their purchase decision. Kind of goes against the "Be Courteous" guideline. There are a lot of developer purchasers out there that don't frequent TUG that are very happy with their decision.

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Very well said. All valid points. And some TUGGERS who bought developer are also very happy. Like me.

Yes our first TS was from a developer and yes we paid to much. We have decided to make the best of it. We purchased a unit that was in the points system. We have learned to use the system and can usually get 3 or 4 weeks per year at resorts across the US, Mexico etc. Yes I wish we had found TUG sooner but there is no sense crying over spilled milk. It has become a learning experience which we will use to our best advantage

Bought at the Flamingo in SXM in 1990. Felt we got our money's worth out of it before letting it go for a song a couple of years ago after Diamond took over and wanted $1200 in Maint. fees for a studio unit. We did discover the world of timesharing and now have weeks on Maui, Kauai, and at Lake Tahoe. All bought through resales. We followed the rule of buying where you want to go. And the trading value has been beneficial too. Was on Maui in Feb.
Will be going to New Orleans on a trade this year and also visiting our resort in Kauai.

Tug Members seem to not like time share developers?

I can honestly say that I am not unhappy with my time shares as I learned early on from a sales person that treated me well. You can buy with full benefits from a time share for 40 to 60% of the going price by purchasing a unit or points that came back in for what ever reason. While buying a time share for near nothing is not a bad deal and I have bought some, someone paid full price so someone could pay next to nothing.

I can travel every month for one to three weeks by knowing how to use my timeshares and its still a good way to travel. Its certainly not for everyone and first time buyers often are buying on impulse and sales techniques without learning the business. I have average 3 to 5 sales presentaions a year to learn as well as belonging to pubications and research.

If one spends a dime or 10,000 dimes it should be with some idea of the benefits they are going to get.

BocaBoy said:

It is not at all silly for purchases back in the 1980's, or even much of the 1990's. The market was not always like it is now. Our first timeshare purchase--a developer purchase of Sabal Palms pre-opening in 1987 was actually one of the best financial investments we have ever made. I have posted in other threads over the years on this purchase and its fantastic benefits. And we sold it back to Marriott a few years ago at approximately our original purchase price--we could have doubled our money if we had sold it five years earlier. A common mistake of many TUGGERS is to assume that conditions have always been like they are now, but everything was different back then. I really wish there was more fact checking before offering expert opinions on things that have not been experienced.

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No, that is indeed nitpicky and silly that by putting in "I spent too much" in the choice that folks get indignant and demand another option. I say just accept the "no" and "it got you into timesharing".

Don't get me wrong, it's great that you we were able to sell it at psychologically acceptable inflation-adjusted loss when you may have been able to possibly break even on an inflation-adjusted basis just a few years earlier. Many do not have that same opportunity.

First Timeshare Purchase

Purchased a 2Br 2Ba Lockoff Red season for $25.00 Total including title transfer. Traded many times over the years.

I did buy from the developer when the TS was being developed and I have no regrets! I've leveraged it into lots of great vacations and many happy memories.

With the perks I was given when I bought, I banked one week and turned it into 4 vacations with family and friends, including a week in a remote village in Germany - loved that!

My initial price was much lower than what I hear other people paying. I considered it my midlife "plastic surgery" money, so no face work for me. LOL.

I was very, very familiar with RCI when I bought and had stayed at many properties. Today my MF's are still lower than other properties in the area and I really, really love my unique property and its amenities. Mine's only a biennial which is plenty for me. I enjoy returning every couple of years and it's a location which is enjoyable year round.

It sounds like the people who are smart about their TS know how to get the most out of ownership. Because I enjoy returning to my own property, I daresay that my costs are probably similar to folks who have bought resale and have the add'l expense of membership (I dropped my RCI years ago) and transfer fees. I paid up front while you are paying as you go. To each his own - figure out what you enjoy and make the most of it!

I do love TUG! I treasure all the wise souls on here and the great tips which have been shared over the years.

No i don't all my 9 weeks are from resale thanks to Tug, ebay and Google

My answer isn't an option in the poll. Bought in '86 before we had a computer at home. We still own it and love going. Have thought about getting rid of it but haven't seriously tried to.

we stumbled into it quite by accident and was eventually pitched the smallest offering, which was at least an onramp to seeing the world. I have seen much of the world and more to go. Sure, I spent more than was necessary, but it was before the internet made information on everything so available.

I have bought more, resale, and then one more little dev pkg to grandfather in the resale points. Holding firm with what I have, which provides flexibility and more options than I am likely to ever use.

Timesharing changed my life in a really good way. It was worth it and if the landscape today were the same as then, I might do it the same way. I am a happy Bluegreen owner 15 years down the road.

No we dont regret our purchase (from developer, pre-construction in'81 or '82) but we do regret not buying a 2 bedroom for slightly more than what we paid for a 1 bedroom (approx $2400.). We did not realize that years down the road that we would have 3 children & often other family members in tow! We attended 3 or 4 timeshare presentations before buying ours. We bought where we wanted to vacation (almost across the street from in-laws trailer park) and bought a floating week so we could travel on the weeks we wanted to travel. At first we booked Easter week then when our kids were in school we booked their spring-break week.

Now that it's just DH & I again we are back to booking Easter week. We have been tempted to buy repossessed weeks from our HOA for almost what we paid over 30yrs ago, but with our recent resale points purchase we have more timeshare time than what I have vacation time off work (DH retired 1 yr ago).

Owning a timeshare has enabled our family (immediate & extended) to enjoy many vacations in nicer places and roomier accomodations than what we would have normally afforded.

~Diane