ed.k
newbie
We got waylaid into a sales presentation for West 57th while staying at the Hilton Garden Inn in NYC. They bribed us with Broadway tickets. I went in with no intention of listening to a word they said, but walked out with a stake in New York real estate. Sucker!
This forum is full of great advice and very helpful people. I have been reading and doing my due diligence, now that I have signed a contract. This is the end of my first of 7 business days to rescind the deal.
They said that on average owners hold 2.7 shares in the building. I wondered where the .7 came from. Well, that is what I ended up buying. The "closer" made us a slick offer, just for us.
Here is what we came away with:
- 3750 points (0.7 share) in the West 57th building. Points convert to HHonors @ 50:1
- 35,000 bonus points, convertible to HHonors @ 25:1 for 875,000 points
- 2 gold cards
- $1350 HOA fees
- a bill for $42k
Sucker! I have a few questions for some friendly experts.
The bait I took was the HHonors points, because we were going to see the world on them. But after some research into how many points Hilton charges, they don't look all that impressive for the price. Or am I missing something?
The Gold cards are an unknown. There seem to be a few perks, but nothing to get overly excited about. I have been happy with my Silver level, but I am easy to please. Again, what am I missing?
We are fairly young, early 50s, with not much vacation time during the year - one solid week, and a few 3-days here and there. No kids. Are we the type of people who benefit from a timeshare in general? We were thinking that this would be pre-paying our retirement travel plans while we are at the top of our earning potential.
Renting our share for cash is a bit murky. I haven't dug it out of the rules yet. Is it permitted?
We were told that Hilton *always* exercised the RoFR for this property. I have seen several listed on the website of one of the members here - Does anybody have any knowledge about this? Has anybody ever bought West 57th as a resale? I might think about that, if it's possible.
That's a lot of questions, sorry. I am in a cold sweat that I think is going to last a while. Any advice gladly taken.
Ed K
This forum is full of great advice and very helpful people. I have been reading and doing my due diligence, now that I have signed a contract. This is the end of my first of 7 business days to rescind the deal.
They said that on average owners hold 2.7 shares in the building. I wondered where the .7 came from. Well, that is what I ended up buying. The "closer" made us a slick offer, just for us.
Here is what we came away with:
- 3750 points (0.7 share) in the West 57th building. Points convert to HHonors @ 50:1
- 35,000 bonus points, convertible to HHonors @ 25:1 for 875,000 points
- 2 gold cards
- $1350 HOA fees
- a bill for $42k
Sucker! I have a few questions for some friendly experts.
The bait I took was the HHonors points, because we were going to see the world on them. But after some research into how many points Hilton charges, they don't look all that impressive for the price. Or am I missing something?
The Gold cards are an unknown. There seem to be a few perks, but nothing to get overly excited about. I have been happy with my Silver level, but I am easy to please. Again, what am I missing?
We are fairly young, early 50s, with not much vacation time during the year - one solid week, and a few 3-days here and there. No kids. Are we the type of people who benefit from a timeshare in general? We were thinking that this would be pre-paying our retirement travel plans while we are at the top of our earning potential.
Renting our share for cash is a bit murky. I haven't dug it out of the rules yet. Is it permitted?
We were told that Hilton *always* exercised the RoFR for this property. I have seen several listed on the website of one of the members here - Does anybody have any knowledge about this? Has anybody ever bought West 57th as a resale? I might think about that, if it's possible.
That's a lot of questions, sorry. I am in a cold sweat that I think is going to last a while. Any advice gladly taken.
Ed K