Condo/Timeshare

mclyne · Sep 25, 2016

We own 3 weeks at MFC and would love for them to convert the units into Condos. Do you think that this will ever be??

I am not sure if any company owner has ever done this.

Can't imagine what the selling price would be.

Roger830 · Sep 25, 2016

The ocean front Neptune on Hollywood Beach Florida was purchased from the timeshare owners. Owners that also own at our resort reported receiving $4000-$5000 per week.

Bill4728 · Sep 25, 2016

No way will Marriott (MVC) convert this project to Condos.

That said: some people have have purchased 52 weeks of TS at MVC resorts and used it as a full time residence.

When we first saw newport coast we were told that two people had bought 52 weeks and were living there full time.

dioxide45 · Sep 25, 2016

Caribgirl said:
We own 3 weeks at MFC and would love for them to convert the units into Condos. Do you think that this will ever be??

I am not sure if any company owner has ever done this.

Can't imagine what the selling price would be.

Why would you want them to convert to a whole ownership residential condo. You would be forced out of your three weeks and probably not get much for it. Then you would have to turn around and buy a residential unit there for big bucks. Are you wanting to sell? If by MFC you mean Marriott's Frenchman's Cove, then I agree with Bill. It won't happen.

icydog · Sep 25, 2016

Bill4728 said:
No way will Marriott (MVC) convert this project to Condos.

That said: some people have have purchased 52 weeks of TS at MVC resorts and used it as a full time residence.

When we first saw newport coast we were told that two people had bought 52 weeks and were living there full time.

Is this true? What were the original developer prices for the weeks. I know there's a gold and platinum season but is there a silver season? I wonder if MVCI made a deal with the 52 week purchasers to pay less per week? This idea is intriguing.

Roger830 · Sep 25, 2016

In Hawaii it's common to have 52 week owners at timeshares. They have the best units. I saw a rental on rci for a timeshare, then I checked vrbo and rented a 3rd floor ocean front with a loft from the owner for less than rci. I saw literature referencing a meeting for both timeshare and apartment associations.

Also at Wyndham Royal Gardens in Waikiki, someone that worked there told me that Wyndham had about 2/3 of the building and the rest were private.

icydog · Sep 25, 2016

Roger830 said:
In Hawaii it's common to have 52 week owners at timeshares. They have the best units. I saw a rental on rci for a timeshare, then I checked vrbo and rented a 3rd floor ocean front with a loft from the owner for less than rci. I saw literature referencing a meeting for both timeshare and apartment associations.

Also at Wyndham Royal Gardens in Waikiki, someone that worked there told me that Wyndham had about 2/3 of the building and the rest were private.

Who knew! What an interesting topic!

mclyne · Sep 25, 2016

I know!! That is why I posted my question.

We met people at Aruba Ocean Club who own 12+ weeks. This is their winter vacation which is also their second home.

Many years ago, when we purchased our first unit at Frenchman's Cove, we were told someone purchased 12 weeks and requested a particular unit and got it!

My question is do you think some special considerations were given to those who purchase that many weeks. Even at $1,700 per week mf, this is pricey.

vacationhopeful · Sep 25, 2016

The Ocean Sands (timeshare) in Ocean City, MD is SELLING off via an auction about 8-10 units (id'ed by unit number) as FULL SHARE residences in October, 2016.

Got the notice earlier today ... don't know HOW I got on that email list.

mclyne · Sep 26, 2016

If anyone, who has purchased 12+weeks, would like to share the particulars, I would really appreciate it.

I would be interested in knowing if they received a discount is the original selling price and do they have to pay the usual maintenance fee someone owning a week or two would need to pay.

How are taxes handled.

Many thanks

mjkkb2 · Sep 26, 2016

oceana example

Oceana Palms has maintenance line item for 'Condo' ownership and the fees are only $340/week compared to $1350 for a week owner. I believe this is what MVCI pays on the ownership of the units that are used full time as sales model villas. I would be surprised if same much lower fee offer would be extended to a person owning 52 weeks, but who knows.....
There is also another type fee listed as 'commercial' which is $1240 annually, my guess is it covers restaurant space.

Condo/Timeshare

mclyne

Roger830

Bill4728

dioxide45

TUG Review Crew: Expert

icydog

TUG Review Crew: Expert

Roger830

icydog

TUG Review Crew: Expert

mclyne

vacationhopeful

TUG Review Crew: Rookie

mclyne

mjkkb2