CNBC story on Timeshares!

[jp10558]

That day is fast approaching for Vero Beach and Hilton Head Island. Maybe in a decade or so for some of the others like OKW. DVC is not immune to the same issue that plagues every timeshare, maintenance fee increases exceeding inflation year after year.

I think they basically have to be cheaper than hotels renting the same number of rooms. So it's not really tied specifically to inflation IMHO. Though things going up faster than inflation (and it always seems to be the news of stuff going up faster) - well, what's going up slower? Or is inflation just not reported correctly (shadow stats alleges this).

 

[jp10558]

Yes. Marriott is currently building in Waikiki and preparing to build in both Savannah and Charleston, although one or maybe both of those will end up under the Westin brand. And Hilton is in the middle of a buildout on Maui, with some buildings already open for business and more to come.

I have to say - does Hawaii need more timeshares? I wish more would build out in different areas TBH - like my sadness more aren't in Lake George. But people also go to Hawaii for vacations a lot so that makes more sense probably.

 

[sponger76]

I have to say - does Hawaii need more timeshares? I wish more would build out in different areas TBH - like my sadness more aren't in Lake George. But people also go to Hawaii for vacations a lot so that makes more sense probably.

They build where they think there is enough demand to justify their investment. There are lots of areas I wish that there were more timeshares, particularly that fall under the Marriott/Vistana umbrella, but apparently there just aren't enough other people that feel the same way to make it worth the developer's time and money.

 

[pedro47]

I wish Marriott’s would build something in North Carolina .

 

[heitmullerj02]

Wonderful video and it was great to see Brian telling it like it is. I too love timeshares, but have bought all resale. Would not give the developers an inch at presentations. Just keep nodding and saying NO, they get you out fast that way.

 

[Larry M]

You don't see as many happy timeshare owners and purchasers posting their comments about how happy they are with their purchase. They don't feel the need to vent.

Iwill! I will! Bought it for $1500. Ten years later, voted to disband the HOA and sell. Got $5500.

 

[rickandcindy23]

I wish Marriott’s would build something in North Carolina .

Anything on the east coast, north of SC would be nice. Boston and NYC, of course NJ, but we need some in the Cape Cod area.

I would love to see something in SD near Mount Rushmore. Lots of areas Marriott missed. Colorado Springs would be awesome too. So much history there.

 

[JanB]

Great article but no mention of owners who are very happy with their purchases for reasons like: making you take time
for yourselves when you otherwise may not; not having to go out for meals all the time; ability to trade and see parts of our country and the world, and many more reasons. We purchased our first timeshare in 1996 and it opened up the world to us that we never thought we could otherwise afford.

 

[robleland]

This was published today on CNBC. Was interviewed for this and happy to see they mentioned TUG and used some of the interview clips in the story!

wow, congratulations on this. I thought i was the lucky one owning timeshares at Marriott Lahaina Villas. But they just jacked up the fees to about $4.5k per week. Renting is nearly unprofitable. I guess I should sell. What a scam!

 

[Sugarcubesea]

Excellent story on Timeshares and so happy that your were featured in this story @TUGBrian . I have purchased all of my TS's via resale thanks to TUG. I just wish the story would have interviewed owners who love and get usage out of their timeshare. This has been a way for me to make memories with my family and still be economical, I wish that side of the story would be told.... I have been able to spend quality time with my family that I otherwise would not have been able to do....

 

[dtdt]

This was published today on CNBC. Was interviewed for this and happy to see they mentioned TUG and used some of the interview clips in the story!

This was a wonderful take on timeshares. Until timeshares figure out how to treat timeshares as pure real estate and have a resale value (BTW, look at your property tax bill!!), timeshares will suffer in the resale market. And if you are onto TUG, you will realize you can benefit tremendously, as we have, from this resale market.

 

[dtdt]

We are very very happy with our timeshares. We own Wyndham oceanside and Marriott Shadow ridge. We use them for local get aways from our home in Los angeles. If you are going to join the timeshare world, be aware of what it can offer and buy RESALE! Otherwise , you are throwing your money away. Maintenance fees are the real burden. Buy for nothing.... Ok , supplement with a LITTLE bit of developer points or whatever to get what you want. But timesale people drool over people who bought on the resale market! Do research, and know your game walking in!

 

[TUGBrian]

story apparently got published on the CNBC site today and is getting even more views now! outstanding!

 

[pedro47]

story apparently got published on the CNBC site today and is getting even more views now! outstanding!

How about asking the reporter to interview you again with the positive side of owning a timeshare in about September. LOL

Maybe, now the major players in the timeshare industry will come up with a viable resale program.

 

[frank808]

Are any of the major developers actually building anything new anymore though?

Disney Vacation Club, Hilton Grand Vacation Club and Marriott Vacation Club are all building new resorts. Might be a trend that the top guys are building nee units. The others are just recycling through deedbacks, foreclosures or ROFR.

 

[TravelJoy]

How about asking the reporter to interview you again with the positive side of owning a timeshare in about September. LOL

Maybe, now the major players in the timeshare industry will come up with a viable resale program.

Nah, it’s a case of why fix that which is not broken for them. Now if every presentation the guest forces this video and asks them why go retail when resale is where it’s at, then maybe they perk up.

 

[adam2013]

Very good reporting. I learn a lot about TS just to be on this site. I will say that the sales practice from the TS industry is misleading and despicable but the people that purchased the TS are equally guilty as well. They want free stuffs and TS sale people prey on that.

The interest on most TS loans is at least 15% or higher. That's like credit card interest rate

 

[DebBrown]

And when I wanted to sunset Foxrun in Lake Lure, NC, I was in the minority. We hit sunset about four years ago. VRI asked for a vote to keep it as a timeshare, I tried to get TUG members to vote for sunset, and I was told that if we didn't vote to keep it as a timeshare, it would be a tenants in common situation. There was no market for the townhouses because real estate in that market was depressed.

Now VRI sold management to Capital Vacations, a company that is selling some point system. We have seen posts here on TUG about this company.

Do you still own Foxrun? We voted for the sunset too but apparently not many did. It's the only timeshare we still own and we trade it every year so it's not wasted. But someday, I'm going to want to get out.

 

[seascapemvy]

I love my resale wyndham points. However, what makes it better for all of us are the new resorts and if it were not for retail buyers we would never get new resorts. But all my 951,000 points cost under $3,000.00 including all closing and transfer fees. Plus I was just at an update and found out those points today sold by Wyndham would cost between $300,000.00 and $400,000.00. Yes, they would get VIP benefits but with a 4% draw on the money $300,000 would give you $12,000 a year while my current monthly fees are $556 or $6672 a year.

 

[Fido Chuckwagon]

Yes, they would get VIP benefits but with a 4% draw on the money $300,000 would give you $12,000 a year while my current monthly fees are $556 or $6672 a year.

It’s actually worse than that given that the retail buyer is also paying the same maintenance fees you are on top of the note (actually likely more since they probably got sold CWA).

 

[rickandcindy23]

Do you still own Foxrun? We voted for the sunset too but apparently not many did. It's the only timeshare we still own and we trade it every year so it's not wasted. But someday, I'm going to want to get out.

I sold our week 26 a few years ago. We still have a week 52. It's an okay trader, but I would much rather give it away.

I am able to type deeds myself, so giving it away will be $26 in recording fees + $200 to Capital Vacations for the transfer fee.

Becky Varn fought me right here on TUG to get votes to keep Foxrun as a timeshare. She died a few years ago. Nice lady. Her arguments were good ones, so were Big Matt's. Real estate values are not great in that area. If those condos were in the Rocky Mountains, they would sell for $1 million each.

 

[DebBrown]

I sold our week 26 a few years ago. We still have a week 52. It's an okay trader, but I would much rather give it away.

I am able to type deeds myself, so giving it away will be $26 in recording fees + $200 to Capital Vacations for the transfer fee.

Becky Varn fought me right here on TUG to get votes to keep Foxrun as a timeshare. She died a few years ago. Nice lady. Her arguments were good ones, so were Big Matt's. Real estate values are not great in that area. If those condos were in the Rocky Mountains, they would sell for $1 million each.

I remember that. Becky Varn was definitely persistent but I think the vast number of owners were not here on TUG. The units are very dated. We did visit once but I don't travel in the summer these days. (We own week 32.) We use the week for a January/February trade to somewhere warm.

 

[Ch73]

This was published today on CNBC. Was interviewed for this and happy to see they mentioned TUG and used some of the interview clips in the story!

Hi Brian, I like the video. it's informative and I was hoping that it would give me more specific information about resale,, which is related to an issue that I posted in the forums on tugg a couple of weeks ago. I got no replys. The question is that I'm trying to sell part of my Worldmark timeshare to a friend for a very modest price. He also has a Worldmark timeshare. So he knows exactly what he's getting into. We both live in California and I want to make sure that everything is done legitimately in my state. What would be the cheapest and least involved way to go about this? Please advise. Thanks.

 

[dioxide45]

Hi Brian, I like the video. it's informative and I was hoping that it would give me more specific information about resale,, which is related to an issue that I posted in the forums on tugg a couple of weeks ago. I got no replys. The question is that I'm trying to sell part of my Worldmark timeshare to a friend for a very modest price. He also has a Worldmark timeshare. So he knows exactly what he's getting into. We both live in California and I want to make sure that everything is done legitimately in my state. What would be the cheapest and least involved way to go about this? Please advise. Thanks.

The problem is, you posted your question on your profile page. You aren't going to get any responses there. You would be better to ask the question in the Worldmark forum.

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