Restructuring my HGVC holdings

[brp]

There have been several threads about buying "the right" HGVC and also about eBay. I have read those and seen good advice. I'm starting a new thread because I want to do more than just buy something new. I want to sell some as well.

Here's the deal:

We have W. 57th and we're not gonna touch that.

We have 2 Flamingo 5000 Gold 2BR. Certainly not ideal in terms of MF/point. We would want to sell these, and know we'll take a loss.

We like the 10,000 point range and I'm currently looking at an eBay listing for 9600 at Boulevard. 2d left, currently just over $8K. Seller indicates "free title and closing." Doesn't want a Credit Card, but I will likely contact and offer them like 3% for taking it.

Overall, this seems a good deal, if I can get it under about $1/point. I don't see MFs for the 3BR here, but they list $1112, which is quite reasonable.

Probably not likely to get them to pay HGVC closing fees, but can certainly ask

We're thinking to buy this first, even though it may mean carrying the extra MF into next year, or maybe listing the sales simultaneously.

If we we work with one of the brokers here, it is on the order of $1K in their fees, and the sales price would not be high, so a lot of loss. Don't really know the ins and outs of selling, but maybe it is worth to research, or enlist the aid of someone here who has done it...for a fee, of course.

Any thoughts on what we're trying to do here are most welcome.

Edit to add: Currently all 10K 2020 points are intact.

Cheers.

 

[terces]

What are you currently paying for annual MF's for the 5000 point units at the Flamingo?

 

[brp]

$1049 per 5000 point contract, so about $0.21/point. This is a little less than twice what the Boulevard contract would cost.

So, let's say I could get like $1500/contract for the ones I have. That's $3000. Let's say I paid even $1/point, so $9600 for this one. Then it would take a bit under 7 years to break even. Hmmm...now seeing if this makes sense with this contract.

Cheers.

 

[Remy]

I like your plan. I went with the same unit after tiring of the constant nickel and dime of multiple weeks and the "buy where you want to stay" theory unnecessarily costing me a small fortune. Best of luck winning the auction at a price that beats ROFR.

 

[bizaro86]

$1049 per 5000 point contract, so about $0.21/point. This is a little less than twice what the Boulevard contract would cost.

So, let's say I could get like $1500/contract for the ones I have. That's $3000. Let's say I paid even $1/point, so $9600 for this one. Then it would take a bit under 7 years to break even. Hmmm...now seeing if this makes sense with this contract.

Cheers.

At the end of that seven years it is likely the larger unit would still have more value than the 2 gold units.

 

[brp]

May I ask how recently you purchased and what you got it for? (Probably in for ROFR database, but may make sense to have it consolidated here).

Cheers.

 

[terces]

We have 7000 point 2 bdrm platinum at the Boulevard and fees are ~ $850 = $0.012.2 per point (HGVC Club fee is on top of this).

 

[hurnik]

Don't forget to add in all the closing costs and activation fees. Although still a pretty good deal, IF you can get it at $9600. Something tells me it'll go for more than that since all the other listings I've seen elsewhere are like $18,000 or more. But there are always some good deals that crop up (like I got that Flamingo 7,000 points for $2500 plus closing costs, so go figure).

 

[brp]

Don't forget to add in all the closing costs and activation fees. Although still a pretty good deal, IF you can get it at $9600. Something tells me it'll go for more than that since all the other listings I've seen elsewhere are like $18,000 or more. But there are always some good deals that crop up (like I got that Flamingo 7,000 points for $2500 plus closing costs, so go figure).

I assume that yours was eBay? For me, I'll just bid what I want to pay and be willing to let it go if it goes over

Cheers.

 

[Bao Nguyen]

I just got Elera 9600 points for $6,478. With closing cost and transfer fee about $7,500.

 

[CalGalTraveler]

I just got Elera 9600 points for $6,478. With closing cost and transfer fee about $7,500.

Great price. What are the MF on that unit? Is that a 3 bdrm or 2 bdrm?

 

[brp]

That really is good. Seems I may want to keep looking as no real hurry
Was it one with few bids (the one I'm looking at is up top 80 bids)

Also curious about the eBay winners: did they want check as opposed to Credit Card? I'm somewhat leery of that and willing to add a few percent (maybe 3%) to have them take the Credit Card.

Cheers.

 

[Bao Nguyen]

Great price. What are the MF on that unit? Is that a 3 bdrm or 2 bdrm?

MF $1136 two bed rooms plus .

 

[Bao Nguyen]

That really is good. Seems I may want to keep looking as no real hurry
Was it one with few bids (the one I'm looking at is up top 80 bids)

Also curious about the eBay winners: did they want check as opposed to Credit Card? I'm somewhat leery of that and willing to add a few percent (maybe 3%) to have them take the Credit Card.

Cheers.

My deal has option to pay with credit card . I don’t bid on any cash deal . 3% about $225 just a piece of mind .
MF is due soon , you will see a lot of people dumb their timeshare . Don’t rush ...

 

[hurnik]

I assume that yours was eBay? For me, I'll just bid what I want to pay and be willing to let it go if it goes over

Cheers.

No, not eBay. Random listing on Judi's website. The seller was just wanting to dump/get rid of it.

 

[hurnik]

That really is good. Seems I may want to keep looking as no real hurry
Was it one with few bids (the one I'm looking at is up top 80 bids)

Also curious about the eBay winners: did they want check as opposed to Credit Card? I'm somewhat leery of that and willing to add a few percent (maybe 3%) to have them take the Credit Card.

Cheers.

Yeah, I'm a little leery of the money order/personal check only. Granted, the seller has a 100% positive rating, but no way I'd pay that way. Credit card to "hold" the transaction and certified check to pay at closing/escrow, IMO.

It would be one thing if it's like a $500 sales price, IMO.

 

[brp]

Another option that has been mentioned in other threads is the Scotland properties. MFs are low as are the transfer fees.

Cheers.

 

[amirh]

Another option that has been mentioned in other threads is the Scotland properties. MFs are low as are the transfer fees.

Cheers.

I can attest to that. Bought a 7000 point 2br week 52 for $6k at Craigendarroch. Start to finish was 3 weeks! No deed, perpetual right to use. You take a gamble on exchange rate, but it was a risk I was willing to take. On top of that, used my Amex aspire (or whatever they call it this week) to pay MF and transfer fees and got the kickback. That property is eligible for II from what I understand but I haven’t looked into it yet.

 

[brp]

We like the 10,000 point range and I'm currently looking at an eBay listing for 9600 at Boulevard. 2d left, currently just over $8K. Seller indicates "free title and closing." Doesn't want a Credit Card, but I will likely contact and offer them like 3% for taking it..

Well, they very quickly (within 1 day) sent the estoppel. All fees paid for this year. Some saved points (estoppel date of July 25). All future points available. And they will take a Credit Card if I add 3%. I believe that Boulevard is one of the properties where "$1/point" is still considered good, yes?

Secondary question: If I want to sell my timeshare myself (and not use a formal Realtor), and I'm willing to list and find the buyer...do I need to know much about the process or just pay a Transfer Company to handle all of that, i.e. is the difference between Realtor and Transfer Company just the listing, marketing and negotiating?

Cheers.

 

[hurnik]

Well, they very quickly (within 1 day) sent the estoppel. All fees paid for this year. Some saved points (estoppel date of July 25). All future points available. And they will take a Credit Card if I add 3%. I believe that Boulevard is one of the properties where "$1/point" is still considered good, yes?

Secondary question: If I want to sell my timeshare myself (and not use a formal Realtor), and I'm willing to list and find the buyer...do I need to know much about the process or just pay a Transfer Company to handle all of that, i.e. is the difference between Realtor and Transfer Company just the listing, marketing and negotiating?

Cheers.

Yes, I'd say $1/point for the 7k or higher points for Blvd is "good". Just my opinion of course.

Yes, if you use LT Transfers, they'll pretty much walk you through everything in terms of handling the sale and such. I'd then list them on TUG first (IMO), not sure about eBay.

If you go through the brokers that are generally recommended for buying resale, they will probably charge a commission or flat fee (probably $1,000 last time I checked), so you have to weigh that into your decision making.

 

[CalGalTraveler]

You can also list on Redweek for a small fee. Use a closing company for the paperwork e.g. LT Transfers as recommended previously.

 

[brp]

You can also list on Redweek for a small fee. Use a closing company for the paperwork e.g. LT Transfers as recommended previously.

Thanks. Got an offer from Judi's group for $750 each (because I've bought several from them). Maybe it's worth it to have them to all the work in this case?

Cheers.

 

[GT75]

Got an offer from Judi's group for $750 each (because I've bought several from them).

That is good to know.

 

[CalGalTraveler]

Easy to do with a broker. Can you list with a broker and also list yourself?

 

[Sapper]

I just got Elera 9600 points for $6,478. With closing cost and transfer fee about $7,500.

I bid on that as well. Glad a TUGGER got it!